EX-12.1 4 a07-25534_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,

 

 

 

2007

 

2006 (1)

 

2006 (1)

 

2005 (1)

 

2004 (1)

 

2003 (1)

 

2002 (1)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operating

 

$

94,368

 

$

211,607

 

$

247,756

 

$

156,716

 

$

160,917

 

$

115,674

 

$

106,135

 

Equity in earnings and gains (losses) on equity transactions of equity investments

 

—

 

(119,423

)

(119,423

)

(26,115

)

(45,443

)

(23,525

)

(17,840

)

Fixed charges

 

127,116

 

126,317

 

166,229

 

143,663

 

118,212

 

101,144

 

89,417

 

Distributions from equity investments

 

—

 

5,387

 

5,387

 

22,646

 

24,572

 

27,404

 

27,195

 

Capitalized interest

 

(489

)

—

 

(335

)

—

 

—

 

—

 

(3,057

)

Adjusted Earnings

 

$

220,995

 

$

223,888

 

$

299,614

 

$

296,910

 

$

258,258

 

$

220,697

 

$

201,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

126,627

 

$

126,317

 

$

165,894

 

$

143,663

 

$

118,212

 

$

101,144

 

$

86,360

 

Capitalized interest

 

489

 

—

 

335

 

—

 

—

 

—

 

3,057

 

Total Fixed Charges

 

$

127,116

 

$

126,317

 

$

166,229

 

$

143,663

 

$

118,212

 

$

101,144

 

$

89,417

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.7

x

1.8

x

1.8

x

2.1

x

2.2

x

2.2

x 

2.3

x

 

(1)

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