EX-12.1 2 dex121.htm CALCULATION OF RATIOS OF EARNING Calculation of Ratios of Earning

EXHIBIT 12.1

BOSTON PROPERTIES LIMITED PARTNERSHIP

CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES

CALCULATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS

Boston Properties Limited Partnership’s ratios of earnings to fixed charges and ratios of earnings to combined fixed charges and preferred distributions for the nine months ended September 30, 2008 and the five years ended December 31, 2007 were as follows:

 

    Nine
Months
Ended
September 30,
2008		     Year Ended December 31,  
   
    2007     2006     2005     2004     2003  
    (dollars in thousands)  

Earnings:

            

Add:

            

Income before minority interests in property partnerships, income from unconsolidated joint ventures, gains on sales of real estate and other assets, discontinued operations, cumulative effect of a change in accounting principle and preferred distributions and allocation of undistributed earnings

   $ 228,131     $ 361,249     $ 298,767     $ 290,947     $ 290,984     $ 276,132  

Gains on sales of real estate and other assets

     31,394       957,406       727,131       188,546       9,822       70,627  

Amortization of interest capitalized

     1,705       2,394       3,387       3,298       2,845       2,640  

Distributions from unconsolidated joint ventures

     4,950       7,157       8,206       7,179       6,663       8,412  

Combined fixed charges and preferred distributions (see below)

     234,348       327,362       326,995       340,589       334,082       342,244  

Subtract:

            

Interest capitalized

     (30,486 )     (31,046 )     (5,921 )     (5,718 )     (10,849 )     (19,200 )

Preferred distributions

     (3,151 )     (10,429 )     (22,814 )     (26,780 )     (17,063 )     (23,608 )
                                               

Total earnings

   $ 466,891     $ 1,614,093     $ 1,335,751     $ 798,061     $ 616,484     $ 657,247  
                                               

Fixed charges:

            

Interest expensed

   $ 200,711     $ 285,887     $ 298,260     $ 308,091     $ 306,170     $ 299,436  

Interest capitalized

     30,486       31,046       5,921       5,718       10,849       19,200  
                                               

Total fixed charges

   $ 231,197     $ 316,933     $ 304,181     $ 313,809     $ 317,019     $ 318,636  
                                               

Preferred distributions

     3,151       10,429       22,814       26,780       17,063       23,608  
                                               

Total combined fixed charges and preferred distributions

   $ 234,348     $ 327,362     $ 326,995     $ 340,589     $ 334,082     $ 342,244  
                                               

Ratio of earnings to fixed charges

     2.02       5.09       4.39       2.54       1.94       2.06  
                                               

Ratio of earnings to combined fixed charges and preferred distributions

     1.99       4.93       4.08       2.34       1.85       1.92