Boston Properties (BXP) 10-Q 2011 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, 2011 and the five years ended December 31, 2010 were as follows:

	Six Months Ended June 30, 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	$	101,074		$	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		1,829			2,660			2,498			2,315			2,394			3,387
Distributions from unconsolidated joint ventures		9,642			10,733			6,676			5,988			7,157			8,206
Fixed charges (see below)		219,249			422,403			375,243			345,834			346,731			331,140
Subtract:
Interest capitalized		(23,197	)		(40,981	)		(48,816	)		(46,286	)		(33,322	)		(6,105	)
Preferred distributions of consolidated subsidiaries		(1,665	)		(3,343	)		(3,594	)		(4,226	)		(10,429	)		(22,814	)
Total earnings	$	306,932		$	545,025		$	594,448		$	616,366		$	1,578,691		$	1,324,295
Fixed charges:
Interest expensed	$	194,387		$	378,079		$	322,833		$	295,322		$	302,980		$	302,221
Interest capitalized		23,197			40,981			48,816			46,286			33,322			6,105
Preferred distributions of consolidated subsidiaries		1,665			3,343			3,594			4,226			10,429			22,814
Total fixed charges	$	219,249		$	422,403		$	375,243		$	345,834		$	346,731		$	331,140
Preferred dividends		—			—			—			—			—			—
Total combined fixed charges and preferred dividends	$	219,249		$	422,403		$	375,243		$	345,834		$	346,731		$	331,140
Ratio of earnings to fixed charges		1.40			1.29			1.58			1.78			4.55			4.00
Ratio of earnings to combined fixed charges and preferred dividends		1.40			1.29			1.58			1.78			4.55			4.00