Boston Properties (BXP) 10-Q 2013 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 nine months ended September 30, 2013 and the five years ended December 31, 2012 were as follows:

	Nine Months Ended September 30, 2013			Year Ended December 31,
				2012			2011			2010			2009			2008
	(unaudited)
	(dollars in thousands)
Earnings:
Add:
Income from continuing operations before income (loss) from unconsolidated joint ventures	$	167,911		$	245,144		$	226,049		$	149,377		$	249,376		$	279,884
Gains on sales of real estate		—			—			—			2,734			11,760			33,340
Amortization of interest capitalized		4,099			5,278			4,188			2,660			2,498			2,315
Distributions from unconsolidated joint ventures		14,607			20,565			22,451			10,733			6,676			5,988
Fixed charges (see below)		384,393			469,083			449,972			423,224			376,059			345,429
Subtract:
Interest capitalized		(50,252	)		(44,278	)		(48,178	)		(40,981	)		(48,816	)		(46,286	)
Preferred distributions of consolidated subsidiaries		(3,385	)		(3,497	)		(3,339	)		(3,343	)		(3,594	)		(4,226	)
Total earnings	$	517,373		$	692,295		$	651,143		$	544,404		$	593,959		$	616,444
Fixed charges:
Interest expensed	$	325,746		$	413,564		$	394,131		$	378,079		$	322,833		$	294,126
Interest capitalized		50,252			44,278			48,178			40,981			48,816			46,286
Portion of rental expense representative of the interest factor		5,010			7,744			4,324			821			816			791
Preferred distributions of consolidated subsidiaries		3,385			3,497			3,339			3,343			3,594			4,226
Total fixed charges	$	384,393		$	469,083		$	449,972		$	423,224		$	376,059		$	345,429
Preferred dividends		5,411			—			—			—			—			—
Total combined fixed charges and preferred dividends	$	389,804		$	469,083		$	449,972		$	423,224		$	376,059		$	345,429
Ratio of earnings to fixed charges		1.35			1.48			1.45			1.29			1.58			1.78
Ratio of earnings to combined fixed charges and preferred dividends		1.33			1.48			1.45			1.29			1.58			1.78