EX-12.1 2 dex121.htm CALCULATION OF RATIOS OF EARNINGS Calculation of Ratios of Earnings

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 DISTRIBUTIONS

Boston Properties, Inc.’s ratios of earnings to fixed charges and ratios of earnings to combined fixed charges and preferred distributions for the six months ended June 30, 2009 and the five years ended December 31, 2008 were as follows:

 

    Six
Months
Ended
June 30,
2009		     Year Ended December 31,  
    2008     2007     2006     2005     2004  
    (dollars in thousands)  

Earnings:

            

Add:

            

Income before income (loss) from unconsolidated joint ventures, gains on sales of real estate and other assets, discontinued operations, cumulative effect of a change in accounting principle and net income attributable to noncontrolling interests

   $ 122,069      $ 279,401      $ 336,375      $ 290,655      $ 288,300      $ 289,259   

Gains on sales of real estate and other assets

     7,288        33,340        929,785        719,826        182,542        9,822   

Amortization of interest capitalized

     1,230        2,315        2,394        3,387        3,298        2,845   

Distributions from unconsolidated joint ventures

     2,905        5,988        7,157        8,206        7,179        6,663   

Combined fixed charges and preferred distributions (see below)

     183,722        345,834        346,731        331,140        340,589        334,082   

Subtract:

            

Interest capitalized

     (24,197 )      (46,286 )      (33,322 )      (6,105 )      (5,718 )      (10,849 ) 

Preferred distributions

     (1,962 )      (4,226 )      (10,429 )      (22,814 )      (26,780 )      (17,063 ) 
                                               

Total earnings

   $ 291,055      $ 616,366      $ 1,578,691      $ 1,324,295      $ 789,410      $ 614,759   
                                               

Fixed charges:

            

Interest expensed

   $ 157,563      $ 295,322      $ 302,980      $ 302,221      $ 308,091      $ 306,170   

Interest capitalized

     24,197        46,286        33,322        6,105        5,718        10,849   
                                               

Total fixed charges

   $ 181,760      $ 341,608      $ 336,302      $ 308,326      $ 313,809      $ 317,019   
                                               

Preferred distributions

     1,962        4,226        10,429        22,814        26,780        17,063   
                                               

Total combined fixed charges and preferred distributions

   $ 183,722      $ 345,834      $ 346,731      $ 331,140      $ 340,589      $ 334,082   
                                               

Ratio of earnings to fixed charges

     1.60        1.80        4.69        4.30        2.52        1.94   
                                               

Ratio of earnings to combined fixed charges and preferred distributions

     1.58        1.78        4.55        4.00        2.32        1.84