EXHIBIT 12.1
BOSTON PROPERTIES LIMITED PARTNERSHIP
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Boston Properties Limited Partnership’s ratios of earnings to fixed charges for the five years ended December 31, 2006 were as follows:
Year Ended December 31, | ||||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
(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 | $ | 317,848 | $ | 306,971 | $ | 306,589 | $ | 289,575 | $ | 264,425 | ||||||||||
Gains on sales of real estate and other assets | 727,131 | 188,546 | 9,822 | 70,627 | 233,304 | |||||||||||||||
Amortization of interest capitalized | 3,387 | 3,298 | 2,845 | 2,640 | 2,526 | |||||||||||||||
Distributions from unconsolidated joint ventures | 8,206 | 7,179 | 6,663 | 8,412 | 8,692 | |||||||||||||||
Fixed charges (see below) | 304,181 | 313,809 | 317,019 | 318,636 | 285,577 | |||||||||||||||
Subtract: | ||||||||||||||||||||
Interest capitalized | (5,921 | ) | (5,718 | ) | (10,849 | ) | (19,200 | ) | (22,510 | ) | ||||||||||
Preferred distributions | (22,814 | ) | (26,780 | ) | (17,063 | ) | (23,608 | ) | (31,258 | ) | ||||||||||
Total earnings | $ | 1,332,018 | $ | 787,305 | $ | 615,026 | $ | 647,082 | $ | 740,756 | ||||||||||
Fixed charges | ||||||||||||||||||||
Interest expensed | $ | 298,260 | $ | 308,091 | $ | 306,170 | $ | 299,436 | $ | 263,067 | ||||||||||
Interest capitalized | 5,921 | 5,718 | 10,849 | 19,200 | 22,510 | |||||||||||||||
Total fixed charges | $ | 304,181 | $ | 313,809 | $ | 317,019 | $ | 318,636 | $ | 285,577 | ||||||||||
Ratio of earnings to fixed charges | 4.38 | 2.51 | 1.94 | 2.03 | 2.59 | |||||||||||||||
The ratio of earnings to fixed charges was computed by dividing earnings by fixed charges. Earnings consist of income before minority interests in property partnerships, income from unconsolidated joint ventures, discontinued operations, cumulative effect of a change in accounting principle and preferred distributions and allocation of undistributed earnings, plus amortization of interest capitalized, distributions from unconsolidated joint ventures, and fixed charges, minus interest capitalized and preferred distributions. Fixed charges consist of interest expensed, which includes credit enhancement fees and amortization of loan costs, and interest capitalized.