EX-12.1 2 d556999dex121.htm EX-12.1 EX-12.1

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 DIVIDENDS

Boston Properties, Inc.’s ratios of earnings to fixed charges and ratios of earnings to combined fixed charges and preferred dividends for the six months ended June 30, 2013 and the five years ended December 31, 2012 were as follows:

 

    Six Months
Ended
June 30,
2013		     Year Ended December 31,  
      2012     2011     2010     2009     2008  
    (dollars in thousands)  

Earnings:

            

Add:

            

Income from continuing operations before income (loss) from unconsolidated joint ventures

   $ 101,512      $ 245,144      $ 226,049      $ 149,377      $ 249,376      $ 279,884   

Gains on sales of real estate

     —          —          —          2,734        11,760        33,340   

Amortization of interest capitalized

     2,702        5,278        4,188        2,660        2,498        2,315   

Distributions from unconsolidated joint ventures

     10,689        20,565        22,451        10,733        6,676        5,988   

Fixed charges (see below)

     242,068        469,083        449,972        423,224        376,059        345,429   

Subtract:

            

Interest capitalized

     (32,854 )      (44,278 )      (48,178 )      (40,981 )      (48,816 )      (46,286 ) 

Preferred distributions of consolidated subsidiaries

     (2,303 )      (3,497 )      (3,339 )      (3,343 )      (3,594 )      (4,226 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings

   $ 321,814      $ 692,295      $ 651,143      $ 544,404      $ 593,959      $ 616,444   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

            

Interest expensed

   $ 203,573      $ 413,564      $ 394,131      $ 378,079      $ 322,833      $ 294,126   

Interest capitalized

     32,854        44,278        48,178        40,981        48,816        46,286   

Portion of rental expense representative of the interest factor

     3,338        7,744        4,324        821        816        791   

Preferred distributions of consolidated subsidiaries

     2,303        3,497        3,339        3,343        3,594        4,226   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

   $ 242,068      $ 469,083      $ 449,972      $ 423,224      $ 376,059      $ 345,429   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Preferred dividends

     2,764        —          —          —          —          —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total combined fixed charges and preferred dividends

   $ 244,832      $ 469,083      $ 449,972      $ 423,224      $ 376,059      $ 345,429   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

     1.33        1.48        1.45        1.29        1.58        1.78   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to combined fixed charges and preferred dividends

     1.31        1.48        1.45        1.29        1.58        1.78