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 three months ended March 31, 2007 and the five years ended December 31, 2006 were as follows:
Three 2007 | 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, minority interest in Operating Partnership, gains on sales of real estate and other assets, discontinued operations, cumulative effect of a change in accounting principle and preferred dividend | $ | 82,172 | $ | 313,697 | $ | 304,324 | $ | 304,864 | $ | 288,475 | $ | 263,625 | ||||||||||||
Gains on sales of real estate and other assets | 731,584 | 719,826 | 182,542 | 9,822 | 70,244 | 232,304 | ||||||||||||||||||
Amortization of interest capitalized | 854 | 3,387 | 3,298 | 2,845 | 2,640 | 2,526 | ||||||||||||||||||
Distributions from unconsolidated joint ventures | 2,438 | 8,206 | 7,179 | 6,663 | 8,412 | 8,692 | ||||||||||||||||||
Combined fixed charges and preferred distributions (see below) | 76,465 | 326,995 | 340,589 | 334,082 | 342,244 | 316,835 | ||||||||||||||||||
Subtract: | ||||||||||||||||||||||||
Interest capitalized | (4,308 | ) | (5,921 | ) | (5,718 | ) | (10,849 | ) | (19,200 | ) | (22,510 | ) | ||||||||||||
Preferred distributions | 1,769 | (22,814 | ) | (26,780 | ) | (17,063 | ) | (23,608 | ) | (31,258 | ) | |||||||||||||
Total earnings | $ | 890,974 | $ | 1,343,376 | $ | 805,434 | $ | 630,364 | $ | 669,207 | $ | 770,214 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expensed | $ | 73,926 | $ | 298,260 | $ | 308,091 | $ | 306,170 | $ | 299,436 | $ | 263,067 | ||||||||||||
Interest capitalized | 4,308 | 5,921 | 5,718 | 10,849 | 19,200 | 22,510 | ||||||||||||||||||
Total fixed charges | $ | 78,234 | $ | 304,181 | $ | 313,809 | $ | 317,019 | $ | 318,636 | $ | 285,577 | ||||||||||||
Preferred distributions | (1,769 | ) | 22,814 | 26,780 | 17,063 | 23,608 | 31,258 | |||||||||||||||||
Total combined fixed charges and preferred distributions | $ | 76,465 | $ | 326,995 | $ | 340,589 | $ | 334,082 | $ | 342,244 | $ | 316,835 | ||||||||||||
Ratio of earnings to fixed charges | 11.39 | 4.42 | 2.57 | 1.99 | 2.10 | 2.70 | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred distributions | 11.65 | 4.11 | 2.36 | 1.89 | 1.96 | 2.43 | ||||||||||||||||||