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, 2014 and the five years ended December 31, 2013 were as follows:
| Three Months Ended March 31, 2014 | Year Ended December 31, | |||||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||
Income from continuing operations before income from unconsolidated joint ventures and gains on consolidation of joint ventures | $ | 64,940 | $ | 242,583 | $ | 236,378 | $ | 217,054 | $ | 140,698 | $ | 246,723 | ||||||||||||
Gains on sales of real estate | — | — | — | — | 2,734 | 11,760 | ||||||||||||||||||
Amortization of interest capitalized | 1,445 | 5,522 | 5,278 | 4,188 | 2,660 | 2,498 | ||||||||||||||||||
Distributions from unconsolidated joint ventures | 1,431 | 17,600 | 20,565 | 22,451 | 10,733 | 6,676 | ||||||||||||||||||
Fixed charges (see below) | 133,544 | 528,116 | 469,083 | 449,972 | 423,224 | 376,059 | ||||||||||||||||||
Subtract: | ||||||||||||||||||||||||
Interest capitalized | (17,709 | ) | (68,152 | ) | (44,278 | ) | (48,178 | ) | (40,981 | ) | (48,816 | ) | ||||||||||||
Preferred distributions of consolidated subsidiaries | (619 | ) | (6,046 | ) | (3,497 | ) | (3,339 | ) | (3,343 | ) | (3,594 | ) | ||||||||||||
Noncontrolling interest in income of a subsidiary that has not incurred fixed charges | (6,655 | ) | (5,818 | ) | — | — | — | — | ||||||||||||||||
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Total earnings | $ | 176,377 | $ | 713,805 | $ | 683,529 | $ | 642,148 | $ | 535,725 | $ | 591,306 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expensed | $ | 113,554 | $ | 447,240 | $ | 413,564 | $ | 394,131 | $ | 378,079 | $ | 322,833 | ||||||||||||
Interest capitalized | 17,709 | 68,152 | 44,278 | 48,178 | 40,981 | 48,816 | ||||||||||||||||||
Portion of rental expense representative of the interest factor | 1,662 | 6,678 | 7,744 | 4,324 | 821 | 816 | ||||||||||||||||||
Preferred distributions of consolidated subsidiaries | 619 | 6,046 | 3,497 | 3,339 | 3,343 | 3,594 | ||||||||||||||||||
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Total fixed charges | $ | 133,544 | $ | 528,116 | $ | 469,083 | $ | 449,972 | $ | 423,224 | $ | 376,059 | ||||||||||||
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Preferred dividends | 2,589 | 8,057 | — | — | — | — | ||||||||||||||||||
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Total combined fixed charges and preferred dividends | $ | 136,133 | $ | 536,173 | $ | 469,083 | $ | 449,972 | $ | 423,224 | $ | 376,059 | ||||||||||||
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Ratio of earnings to fixed charges | 1.32 | 1.35 | 1.46 | 1.43 | 1.27 | 1.57 | ||||||||||||||||||
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Ratio of earnings to combined fixed charges and preferred dividends | 1.30 | 1.33 | 1.46 | 1.43 | 1.27 | 1.57 | ||||||||||||||||||
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