EX-12.1 3 a04-12928_1ex12d1.htm EX-12.1

Exhibit 12.1

 

HRPT PROPERTIES TRUST

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

 

 

Nine Months Ended
September 30,

 

Year Ended December 31,

 

 

 

2004

 

2003

 

2003

 

2002

 

2001

 

2000

 

1999

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before equity in earnings (loss) of equity investments

 

$

89,856

 

$

67,455

 

$

90,921

 

$

88,923

 

$

87,510

 

$

108,992

 

$

116,638

 

Fixed charges

 

82,849

 

74,187

 

101,144

 

89,417

 

91,305

 

104,337

 

91,420

 

Distributions from equity investments

 

18,601

 

20,553

 

27,404

 

27,195

 

26,651

 

30,294

 

18,606

 

Capitalized interest

 

—

 

—

 

—

 

(3,057

)

(787

)

(1,680

)

(1,488

)

Adjusted Earnings

 

$

191,306

 

$

162,195

 

$

219,469

 

$

202,478

 

$

204,679

 

$

241,943

 

$

225,176

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

82,849

 

$

74,187

 

$

101,144

 

$

86,360

 

$

90,518

 

$

102,657

 

$

89,932

 

Capitalized interest

 

—

 

—

 

—

 

3,057

 

787

 

1,680

 

1,488

 

Total Fixed Charges

 

$

82,849

 

$

74,187

 

$

101,144

 

$

89,417

 

$

91,305

 

$

104,337

 

$

91,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.3x

 

2.2

x 

2.2

x 

2.3

x 

2.2

x 

2.3

x 

2.5

x