EX-12.1 2 a08-26339_1ex12d1.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,

 

 

 

2007

 

2006 (1)

 

2005 (1)

 

2004 (1)

 

2003 (1)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

94,320

 

$

221,910

 

$

127,213

 

$

138,942

 

$

95,210

 

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

 

—

 

(119,423

)

(26,115

)

(45,443

)

(23,525

)

Fixed charges

 

171,459

 

165,903

 

143,663

 

118,212

 

101,144

 

Distributions from equity investments

 

—

 

5,387

 

22,646

 

24,572

 

27,404

 

Capitalized interest

 

(489

)

(335

)

—

 

—

 

—

 

Adjusted Earnings

 

$

265,290

 

$

273,442

 

$

267,407

 

$

236,283

 

$

200,233

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

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

 

$

170,970

 

$

165,568

 

$

143,663

 

$

118,212

 

$

101,144

 

Capitalized interest

 

489

 

335

 

—

 

—

 

—

 

Total Fixed Charges

 

$

171,459

 

$

165,903

 

$

143,663

 

$

118,212

 

$

101,144

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.5

x

1.6

x

1.9

x

2.0

x

2.0

x

 

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