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, 2012 and the five years ended December 31, 2011 were as follows:
| Six Months Ended June 30, 2012 | Year Ended December 31, | |||||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||
Income from continuing operations before income (loss) from unconsolidated joint ventures | $ | 120,276 | $ | 227,930 | $ | 150,819 | $ | 250,681 | $ | 279,401 | $ | 336,375 | ||||||||||||
Gains on sales of real estate | — | — | 2,734 | 11,760 | 33,340 | 929,785 | ||||||||||||||||||
Amortization of interest capitalized | 2,593 | 4,188 | 2,660 | 2,498 | 2,315 | 2,394 | ||||||||||||||||||
Distributions from unconsolidated joint ventures | 8,791 | 22,451 | 10,733 | 6,676 | 5,988 | 7,157 | ||||||||||||||||||
Fixed charges (see below) | 225,982 | 445,648 | 422,403 | 375,243 | 345,834 | 346,731 | ||||||||||||||||||
Subtract: | ||||||||||||||||||||||||
Interest capitalized | (21,278 | ) | (48,178 | ) | (40,981 | ) | (48,816 | ) | (46,286 | ) | (33,322 | ) | ||||||||||||
Preferred distributions of consolidated subsidiaries | (1,566 | ) | (3,339 | ) | (3,343 | ) | (3,594 | ) | (4,226 | ) | (10,429 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total earnings | $ | 334,798 | $ | 648,700 | $ | 545,025 | $ | 594,448 | $ | 616,366 | $ | 1,578,691 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expensed | $ | 203,138 | $ | 394,131 | $ | 378,079 | $ | 322,833 | $ | 295,322 | $ | 302,980 | ||||||||||||
Interest capitalized | 21,278 | 48,178 | 40,981 | 48,816 | 46,286 | 33,322 | ||||||||||||||||||
Preferred distributions of consolidated subsidiaries | 1,566 | 3,339 | 3,343 | 3,594 | 4,226 | 10,429 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | $ | 225,982 | $ | 445,648 | $ | 422,403 | $ | 375,243 | $ | 345,834 | $ | 346,731 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Preferred dividends | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total combined fixed charges and preferred dividends | $ | 225,982 | $ | 445,648 | $ | 422,403 | $ | 375,243 | $ | 345,834 | $ | 346,731 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to fixed charges | 1.48 | 1.46 | 1.29 | 1.58 | 1.78 | 4.55 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to combined fixed charges and preferred dividends | 1.48 | 1.46 | 1.29 | 1.58 | 1.78 | 4.55 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||