EX-12.1 2 bxpbplp-201510xkexhibit121.htm EXHIBIT 12.1 Exhibit


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 five years ended December 31, 2015 were as follows:
 
 
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
(Dollars in thousands)
Earnings:
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income from unconsolidated joint ventures and gains on consolidation of joint ventures
 
$
401,253

 
$
345,249

 
$
242,583

 
$
236,378

 
$
217,054

Gains on sales of real estate
 
375,895

 
168,039

 

 

 

Amortization of interest capitalized
 
10,203

 
8,211

 
5,522

 
5,278

 
4,188

Distributions from unconsolidated joint ventures
 
8,469

 
7,372

 
17,600

 
20,565

 
22,451

Fixed charges (see below)
 
471,441

 
515,891

 
528,116

 
469,083

 
449,972

Subtract:
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
(34,213
)
 
(52,476
)
 
(68,152
)
 
(44,278
)
 
(48,178
)
Preferred distributions of consolidated subsidiaries
 
(6
)
 
(1,023
)
 
(6,046
)
 
(3,497
)
 
(3,339
)
Noncontrolling interests in income of subsidiaries that have not incurred fixed charges
 
(40,248
)
 
(28,958
)
 
(5,818
)
 

 

Total earnings
 
$
1,192,794

 
$
962,305

 
$
713,805

 
$
683,529

 
$
642,148

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expensed
 
$
432,196

 
$
455,743

 
$
447,240

 
$
413,564

 
$
394,131

Interest capitalized
 
34,213

 
52,476

 
68,152

 
44,278

 
48,178

Portion of rental expense representative of the interest factor
 
5,026

 
6,649

 
6,678

 
7,744

 
4,324

Preferred distributions of consolidated subsidiaries
 
6

 
1,023

 
6,046

 
3,497

 
3,339

Total fixed charges
 
$
471,441

 
$
515,891

 
$
528,116

 
$
469,083

 
$
449,972

        Preferred dividends
 
10,500

 
10,500

 
8,057

 

 

Total combined fixed charges and preferred dividends
 
$
481,941

 
$
526,391

 
$
536,173

 
$
469,083

 
$
449,972

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
2.53

 
1.87

 
1.35

 
1.46

 
1.43

Ratio of earnings to combined fixed charges and preferred dividends
 
2.47

 
1.83

 
1.33

 
1.46

 
1.43