Exhibit 12.1
Equity Office Properties Trust
Statement of Earnings to Fixed Charges
(Dollars in thousands)
Statement of Earnings to Fixed Charges
(Dollars in thousands)
| For the years ended December 31, | ||||||||||||||||||||
| 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||
| Income before income taxes, allocation to minority interests, income from investments in unconsolidated joint ventures | $ | 123,952 | $ | 402,068 | $ | 516,496 | $ | 401,891 | $ | 355,739 | ||||||||||
| Plus Fixed Charges: | ||||||||||||||||||||
| Interest expense | 833,408 | 806,874 | 796,133 | 713,991 | 508,407 | |||||||||||||||
| Capitalized interest | 4,648 | 10,089 | 20,467 | 23,592 | 14,277 | |||||||||||||||
| Loan amortization cost | 15,298 | 6,506 | 4,494 | 14,700 | 10,874 | |||||||||||||||
| Fixed charges | 853,354 | 823,469 | 821,094 | 752,283 | 533,558 | |||||||||||||||
| Plus amortization of capitalized interest | 2,159 | 1,663 | 1,345 | 1,165 | 1,000 | |||||||||||||||
| Plus distributed income of investments in unconsolidated joint ventures | 66,289 | 87,624 | 149,224 | 82,409 | 63,942 | |||||||||||||||
| Less capitalized interest | (4,648 | ) | (10,089 | ) | (20,467 | ) | (23,592 | ) | (14,277 | ) | ||||||||||
| Less minority interest in pretax income of subsidiaries that have not incurred fixed charges | (2,070 | ) | (2,217 | ) | (2,345 | ) | (2,333 | ) | (721 | ) | ||||||||||
| Total | 61,730 | 76,981 | 127,757 | 57,649 | 49,944 | |||||||||||||||
| Earnings | $ | 1,039,036 | $ | 1,302,518 | $ | 1,465,347 | $ | 1,211,823 | $ | 939,241 | ||||||||||
| Fixed charges | $ | 853,354 | $ | 823,469 | $ | 821,094 | $ | 752,283 | $ | 533,558 | ||||||||||
| Earnings to fixed charges | 1.2 | 1.6 | 1.8 | 1.6 | 1.8 | |||||||||||||||