Equity Office Properties Trust (EOP) 10-K 2005 FY Annual report

Exhibit 12.1

Equity Office Properties Trust
Statement of Earnings to Fixed Charges
(Dollars in thousands)

	For the years ended December 31,
	2005			2004			2003			2002			2001
Income before income taxes, allocation to minority interests, income from investments in unconsolidated joint ventures and gain on sales of real estate	$	99,050		$	205,598		$	340,463		$	440,863		$	342,072
Plus Fixed Charges:
Interest expense		819,868			833,393			806,812			795,179			710,327
Capitalized interest		441			4,648			10,089			21,447			25,871
Loan amortization cost		11,857			15,284			6,492			4,422			14,622
Fixed charges		832,166			853,325			823,393			821,048			750,820
Plus amortization of capitalized interest		1,764			1,790			1,490			1,345			1,165
Plus distributed income of investments in unconsolidated joint ventures		52,690			66,829			87,268			129,753			82,409
Less capitalized interest		(441	)		(4,648	)		(10,089	)		(21,447	)		(25,871	)
Less minority interest in pretax income of subsidiaries that have not incurred fixed charges		(2,263	)		(2,070	)		(2,217	)		(2,345	)		(2,333	)
Total		51,750			61,901			76,452			107,306			55,370
Earnings	$	982,966		$	1,120,824		$	1,240,308		$	1,369,217		$	1,148,262
Fixed charges	$	832,166		$	853,325		$	823,393		$	821,048		$	750,820
Earnings to fixed charges		1.2			1.3			1.5			1.7			1.5