EX-12.1 7 j8808_ex12d1.htm EX-12.1

Exhibit 12.1

 

HRPT PROPERTIES TRUST

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

 

 

Year Ended December 31,

 

 

 

2002

 

2001(1)

 

2000(1)

 

1999(1)

 

1998(1)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income before equity in earnings (loss) of equity investments and extraordinary item

 

$

92,427

 

$

89,659

 

$

110,086

 

$

116,638

 

$

136,756

 

Fixed charges

 

89,417

 

91,305

 

104,337

 

91,420

 

66,612

 

Distributions from equity investments

 

27,195

 

26,651

 

30,294

 

18,606

 

10,320

 

Capitalized interest

 

(3,057

)

(787

)

(1,680

)

(1,488

)

(447

)

Adjusted Earnings

 

$

205,982

 

$

206,828

 

$

243,037

 

$

225,176

 

$

213,241

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense (including amortization of note discounts and deferred financing fees)

 

$

86,360

 

$

90,518

 

$

102,657

 

$

89,932

 

$

66,165

 

Capitalized interest

 

3,057

 

787

 

1,680

 

1,488

 

447

 

Total Fixed Charges

 

$

89,417

 

$

91,305

 

$

104,337

 

$

91,420

 

$

66,612

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.3

x 

2.3

x 

2.3

x 

2.5

x 

3.2

x 

 

(1)          Reclassifications have been made to the prior years’ financial statements to conform to the current year’s presentation.