Boston Properties (BXP) 10-Q 2010 Q2 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 DIVIDENDS

Boston Properties, Inc.’s ratios of earnings to fixed charges and ratios of earnings to combined fixed charges and preferred dividends for the six months ended June 30, 2010 and the five years ended December 31, 2009 were as follows:

	Six Months Ended June  30, 2010			Year Ended December 31,
				2009			2008			2007			2006			2005
	(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	$	116,885		$	250,681		$	279,401		$	336,375		$	290,655		$	288,300
Gains on sales of real estate and other assets		2,734			11,760			33,340			929,785			719,826			182,542
Amortization of interest capitalized		1,294			2,498			2,315			2,394			3,387			3,298
Distributions from unconsolidated joint ventures		3,174			6,676			5,988			7,157			8,206			7,179
Fixed charges (see below)		207,622			375,243			345,834			346,731			331,140			340,589
Subtract:
Interest capitalized		(17,110	)		(48,816	)		(46,286	)		(33,322	)		(6,105	)		(5,718	)
Preferred distributions of consolidated subsidiaries		(1,728	)		(3,594	)		(4,226	)		(10,429	)		(22,814	)		(26,780	)
Total earnings	$	312,871		$	594,448		$	616,366		$	1,578,691		$	1,324,295		$	789,410
Fixed charges:
Interest expensed	$	188,784		$	322,833		$	295,322		$	302,980		$	302,221		$	308,091
Interest capitalized		17,110			48,816			46,286			33,322			6,105			5,718
Preferred distributions of consolidated subsidiaries		1,728			3,594			4,226			10,429			22,814			26,780
Total fixed charges	$	207,622		$	375,243		$	345,834		$	346,731		$	331,140		$	340,589
Preferred dividends		—			—			—			—			—			—
Total combined fixed charges and preferred dividends	$	207,622		$	375,243		$	345,834		$	346,731		$	331,140		$	340,589
Ratio of earnings to fixed charges		1.51			1.58			1.78			4.55			4.00			2.32
Ratio of earnings to combined fixed charges and preferred dividends		1.51			1.58			1.78			4.55			4.00			2.32