Boston Properties (BXP) 10-Q2014 Q1 Quarterly report

Filed: 9 May 14, 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, 2014 and the five years ended December 31, 2013 were as follows:


	Three Months Ended March 31, 2014			Year Ended December 31,
	Three Months Ended March 31, 2014			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	)		—			—			—			—

Total earnings	$	176,377		$	713,805		$	683,529		$	642,148		$	535,725		$	591,306

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

Total fixed charges	$	133,544		$	528,116		$	469,083		$	449,972		$	423,224		$	376,059

Preferred dividends		2,589			8,057			—			—			—			—

Total combined fixed charges and preferred dividends	$	136,133		$	536,173		$	469,083		$	449,972		$	423,224		$	376,059

Ratio of earnings to fixed charges		1.32			1.35			1.46			1.43			1.27			1.57

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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