Boston Properties (BXP) 10-Q 2015 Q3 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, 2015 and the five years ended December 31, 2014 were as follows:

	Nine Months Ended September 30, 2015			Year Ended December 31,
				2014			2013			2012			2011			2010
	(dollars in thousands)
Earnings:
Add:
Income from continuing operations before income from unconsolidated joint ventures and gains on consolidation of joint ventures	$	318,058		$	345,249		$	242,583		$	236,378		$	217,054		$	140,698
Gains on sales of real estate	294,563			168,039			—			—			—			2,734
Amortization of interest capitalized	7,536			8,211			5,522			5,278			4,188			2,660
Distributions from unconsolidated joint ventures	6,484			7,372			17,600			20,565			22,451			10,733
Fixed charges (see below)	355,810			515,891			528,116			469,083			449,972			423,224
Subtract:
Interest capitalized	(25,915		)	(52,476		)	(68,152		)	(44,278		)	(48,178		)	(40,981		)
Preferred distributions of consolidated subsidiaries	(6		)	(1,023		)	(6,046		)	(3,497		)	(3,339		)	(3,343		)
Noncontrolling interests in income of subsidiaries that have not incurred fixed charges	(30,045		)	(28,958		)	(5,818		)	—			—			—
Total earnings	$	926,485		$	962,305		$	713,805		$	683,529		$	642,148		$	535,725
Fixed charges:
Interest expensed	$	326,018		$	455,743		$	447,240		$	413,564		$	394,131		$	378,079
Interest capitalized	25,915			52,476			68,152			44,278			48,178			40,981
Portion of rental expense representative of the interest factor	3,871			6,649			6,678			7,744			4,324			821
Preferred distributions of consolidated subsidiaries	6			1,023			6,046			3,497			3,339			3,343
Total fixed charges	$	355,810		$	515,891		$	528,116		$	469,083		$	449,972		$	423,224
Preferred dividends	7,854			10,500			8,057			—			—			—
Total combined fixed charges and preferred dividends	$	363,664		$	526,391		$	536,173		$	469,083		$	449,972		$	423,224
Ratio of earnings to fixed charges	2.60			1.87			1.35			1.46			1.43			1.27
Ratio of earnings to combined fixed charges and preferred dividends	2.55			1.83			1.33			1.46			1.43			1.27