Boston Properties (BXP) 10-Q2011 Q1 Quarterly report

Filed: 9 May 11, 12:00am

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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 three months ended March 31, 2011 and the five years ended December 31, 2010 were as follows:


	Three Months Ended March 31, 2011

				Year Ended December 31,
				2010			2009			2008			2007			2006
	(dollars in thousands)
Earnings:
Add:
Income from continuing operations before income (loss) from unconsolidated joint ventures	$	40,218		$	150,819		$	250,681		$	279,401		$	336,375		$	290,655
Gains on sales of real estate		—			2,734			11,760			33,340			929,785			719,826
Amortization of interest capitalized		856			2,660			2,498			2,315			2,394			3,387
Distributions from unconsolidated joint ventures		4,663			10,733			6,676			5,988			7,157			8,206
Fixed charges (see below)		111,213			422,403			375,243			345,834			346,731			331,140
Subtract:
Interest capitalized		(11,239	)		(40,981	)		(48,816	)		(46,286	)		(33,322	)		(6,105	)
Preferred distributions of consolidated subsidiaries		(823	)		(3,343	)		(3,594	)		(4,226	)		(10,429	)		(22,814	)

Total earnings	$	144,888		$	545,025		$	594,448		$	616,366		$	1,578,691		$	1,324,295

Fixed charges:
Interest expensed	$	99,151		$	378,079		$	322,833		$	295,322		$	302,980		$	302,221
Interest capitalized		11,239			40,981			48,816			46,286			33,322			6,105
Preferred distributions of consolidated subsidiaries		823			3,343			3,594			4,226			10,429			22,814

Total fixed charges	$	111,213		$	422,403		$	375,243		$	345,834		$	346,731		$	331,140

Preferred dividends		—			—			—			—			—			—

Total combined fixed charges and preferred dividends	$	111,213		$	422,403		$	375,243		$	345,834		$	346,731		$	331,140

Ratio of earnings to fixed charges		1.30			1.29			1.58			1.78			4.55			4.00

Ratio of earnings to combined fixed charges and preferred dividends		1.30			1.29			1.58			1.78			4.55			4.00

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