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 five years ended December 31, 2008 were as follows:
| Year Ended December 31, | ||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Add: | ||||||||||||||||||||
Income before minority interests in property partnerships, income (loss) from unconsolidated joint ventures, minority interest in Operating Partnership, gains on sales of real estate and other assets, discontinued operations and cumulative effect of a change in accounting principle | $ | 302,751 | $ | 353,468 | $ | 294,616 | $ | 288,300 | $ | 289,259 | ||||||||||
Gains on sales of real estate and other assets | 33,340 | 929,785 | 719,826 | 182,542 | 9,822 | |||||||||||||||
Amortization of interest capitalized | 2,315 | 2,394 | 3,387 | 3,298 | 2,845 | |||||||||||||||
Distributions from unconsolidated joint ventures | 5,988 | 7,157 | 8,206 | 7,179 | 6,663 | |||||||||||||||
Combined fixed charges and preferred distributions (see below) | 318,081 | 327,362 | 326,995 | 340,589 | 334,082 | |||||||||||||||
Subtract: | ||||||||||||||||||||
Interest capitalized | (41,883 | ) | (31,046 | ) | (5,921 | ) | (5,718 | ) | (10,849 | ) | ||||||||||
Preferred distributions | (4,226 | ) | (10,429 | ) | (22,814 | ) | (26,780 | ) | (17,063 | ) | ||||||||||
Total earnings | $ | 616,366 | $ | 1,578,691 | $ | 1,324,295 | $ | 789,410 | $ | 614,759 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expensed | $ | 271,972 | $ | 285,887 | $ | 298,260 | $ | 308,091 | $ | 306,170 | ||||||||||
Interest capitalized | 41,883 | 31,046 | 5,921 | 5,718 | 10,849 | |||||||||||||||
Total fixed charges | $ | 313,855 | $ | 316,933 | $ | 304,181 | $ | 313,809 | $ | 317,019 | ||||||||||
Preferred distributions | 4,226 | 10,429 | 22,814 | 26,780 | 17,063 | |||||||||||||||
Total combined fixed charges and preferred distributions | $ | 318,081 | $ | 327,362 | $ | 326,995 | $ | 340,589 | $ | 334,082 | ||||||||||
Ratio of earnings to fixed charges | 1.96 | 4.98 | 4.35 | 2.52 | 1.94 | |||||||||||||||
Ratio of earnings to combined fixed charges and preferred distributions | 1.94 | 4.82 | 4.05 | 2.32 | 1.84 | |||||||||||||||