EX-12.1 2 bxpbplp63018-ex121.htm EXHIBIT 12.1 Exhibit


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, 2018 and the five years ended December 31, 2017 were as follows:
  
 
 
Six Months Ended
June 30, 2018
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
(dollars in thousands)
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income from unconsolidated joint ventures, gains on consolidation of joint ventures and gain on sale of investment in unconsolidated joint venture
 
$
260,958

 
$
543,586

 
$
421,927

 
$
401,253

 
$
345,249

 
$
242,583

Gains on sales of real estate
 
114,689

 
7,663

 
80,606

 
375,895

 
168,039

 

Amortization of interest capitalized
 
5,920

 
10,976

 
10,685

 
10,203

 
8,211

 
5,522

Distributions from unconsolidated joint ventures
 
1,663

 
26,858

 
24,955

 
8,469

 
7,372

 
17,600

Fixed charges (see below)
 
219,805

 
440,269

 
456,710

 
471,441

 
515,891

 
528,116

Subtract:
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
(34,999
)
 
(61,070
)
 
(39,237
)
 
(34,213
)
 
(52,476
)
 
(68,152
)
Preferred distributions of consolidated subsidiaries
 

 

 

 
(6
)
 
(1,023
)
 
(6,046
)
Noncontrolling interests in income of subsidiaries that have not incurred fixed charges
 
(21,002
)
 
(39,429
)
 
(37,171
)
 
(40,248
)
 
(28,958
)
 
(5,818
)
Total earnings
 
$
547,034

 
$
928,853

 
$
918,475

 
$
1,192,794

 
$
962,305

 
$
713,805

Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed
 
$
182,424

 
$
374,481

 
$
412,849

 
$
432,196

 
$
455,743

 
$
447,240

Interest capitalized
 
34,999

 
61,070

 
39,237

 
34,213

 
52,476

 
68,152

Portion of rental expense representative of the interest factor (one-third of rental expense)
 
2,382

 
4,718

 
4,624

 
5,026

 
6,649

 
6,678

Preferred distributions of consolidated subsidiaries
 

 

 

 
6

 
1,023

 
6,046

Total fixed charges
 
$
219,805

 
$
440,269

 
$
456,710

 
$
471,441

 
$
515,891

 
$
528,116

        Preferred dividends
 
5,250

 
10,500

 
10,500

 
10,500

 
10,500

 
8,057

Total combined fixed charges and preferred dividends
 
$
225,055

 
$
450,769

 
$
467,210

 
$
481,941

 
$
526,391

 
$
536,173

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
2.49

 
2.11

 
2.01

 
2.53

 
1.87

 
1.35

Ratio of earnings to combined fixed charges and preferred dividends
 
2.43

 
2.06

 
1.97

 
2.47

 
1.83

 
1.33