Boston Properties (BXP) 10-Q 2009 Q3 Quarterly report

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 nine months ended September 30, 2009 and the five years ended December 31, 2008 were as follows:

	Nine Months Ended September 30, 2009			Year Ended December 31,
				2008			2007			2006			2005			2004
	(dollars in thousands)
Earnings:
Add:
Income before income (loss) from unconsolidated joint ventures, gains on sales of real estate and other assets, discontinued operations, cumulative effect of a change in accounting principle and net income attributable to noncontrolling interests	$	190,975		$	279,401		$	336,375		$	290,655		$	288,300		$	289,259
Gains on sales of real estate and other assets		9,682			33,340			929,785			719,826			182,542			9,822
Amortization of interest capitalized		1,858			2,315			2,394			3,387			3,298			2,845
Distributions from unconsolidated joint ventures		4,876			5,988			7,157			8,206			7,179			6,663
Combined fixed charges and preferred distributions (see below)		274,566			345,834			346,731			331,140			340,589			334,082
Subtract:
Interest capitalized		(37,179	)		(46,286	)		(33,322	)		(6,105	)		(5,718	)		(10,849	)
Preferred distributions		(2,734	)		(4,226	)		(10,429	)		(22,814	)		(26,780	)		(17,063	)
Total earnings	$	442,044		$	616,366		$	1,578,691		$	1,324,295		$	789,410		$	614,759
Fixed charges:
Interest expensed	$	234,653		$	295,322		$	302,980		$	302,221		$	308,091		$	306,170
Interest capitalized		37,179			46,286			33,322			6,105			5,718			10,849
Total fixed charges	$	271,832		$	341,608		$	336,302		$	308,326		$	313,809		$	317,019
Preferred distributions		2,734			4,226			10,429			22,814			26,780			17,063
Total combined fixed charges and preferred distributions	$	274,566		$	345,834		$	346,731		$	331,140		$	340,589		$	334,082
Ratio of earnings to fixed charges		1.63			1.80			4.69			4.30			2.52			1.94
Ratio of earnings to combined fixed charges and preferred distributions		1.61			1.78			4.55			4.00			2.32			1.84