EX-12.1 3 d908830dex121.htm EX-12.1 EX-12.1

EXHIBIT 12.1

BOSTON PROPERTIES, INC.

CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES

CALCULATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

Boston Properties, Inc.’s ratios of earnings to fixed charges and ratios of earnings to combined fixed charges and preferred dividends for the three months ended March 31, 2015 and the five years ended December 31, 2014 were as follows:

 

     Three Months
Ended
March 31,
2015		     Year Ended December 31,  
       2014     2013     2012     2011     2010  
     (dollars in thousands)  

Earnings:

             

Add:

             

Income from continuing operations before income from unconsolidated joint ventures and gains on consolidation of joint ventures

    $ 99,252      $ 345,249      $ 242,583      $ 236,378      $ 217,054      $ 140,698   

Gains on sales of real estate

      95,084        168,039        —          —          —          2,734   

Amortization of interest capitalized

      2,489        8,211        5,522        5,278        4,188        2,660   

Distributions from unconsolidated joint ventures

      1,350        7,372        17,600        20,565        22,451        10,733   

Fixed charges (see below)

      118,193        515,891        528,116        469,083        449,972        423,224   

Subtract:

             

Interest capitalized

      (7,965 )      (52,476 )      (68,152 )      (44,278 )      (48,178 )      (40,981 ) 

Preferred distributions of consolidated subsidiaries

      (3 )      (1,023 )      (6,046 )      (3,497 )      (3,339 )      (3,343 ) 

Noncontrolling interests in income of subsidiaries that have not incurred fixed charges

      (9,993 )      (28,958 )      (5,818 )      —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

 $ 298,407    $ 962,305    $ 713,805    $ 683,529    $ 642,148    $ 535,725   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

Interest expensed

 $ 108,757    $ 455,743    $ 447,240    $ 413,564    $ 394,131    $ 378,079   

Interest capitalized

   7,965      52,476      68,152      44,278      48,178      40,981   

Portion of rental expense representative of the interest factor

   1,468      6,649      6,678      7,744      4,324      821   

Preferred distributions of consolidated subsidiaries

   3      1,023      6,046      3,497      3,339      3,343   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

 $ 118,193    $ 515,891    $ 528,116    $ 469,083    $ 449,972    $ 423,224   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Preferred dividends

   2,589      10,500      8,057      —        —        —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total combined fixed charges and preferred dividends

 $ 120,782    $ 526,391    $ 536,173    $ 469,083    $ 449,972    $ 423,224   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

   2.52      1.87      1.35      1.46      1.43      1.27   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to combined fixed charges and preferred dividends

   2.47      1.83      1.33      1.46      1.43      1.27