EXHIBIT 12.2
BOSTON PROPERTIES LIMITED PARTNERSHIP
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES
CALCULATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED DISTRIBUTIONS
Boston Properties Limited Partnership’s ratios of earnings to fixed charges and ratios of earnings to combined fixed charges and preferred distributions for the nine months ended September 30, 2017 and the five years ended December 31, 2016 were as follows:
Nine Months Ended September 30, 2017 | Year Ended December 31, | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Add: | ||||||||||||||||||||||||
| Income from continuing operations before income from unconsolidated joint ventures, gains on consolidation of joint ventures and gain on sale of investment in unconsolidated joint venture | $ | 422,638 | $ | 433,554 | $ | 409,246 | $ | 353,758 | $ | 254,536 | $ | 244,561 | ||||||||||||
| Gains on sales of real estate | 7,368 | 82,775 | 377,093 | 174,686 | — | — | ||||||||||||||||||
| Amortization of interest capitalized | 8,188 | 10,685 | 10,203 | 8,211 | 5,522 | 5,278 | ||||||||||||||||||
| Distributions from unconsolidated joint ventures | 8,563 | 24,955 | 8,469 | 7,372 | 17,600 | 20,565 | ||||||||||||||||||
| Fixed charges (see below) | 329,536 | 456,710 | 471,435 | 514,868 | 522,070 | 465,586 | ||||||||||||||||||
| Subtract: | ||||||||||||||||||||||||
| Interest capitalized | (43,286 | ) | (39,237 | ) | (34,213 | ) | (52,476 | ) | (68,152 | ) | (44,278 | ) | ||||||||||||
| Noncontrolling interests in income of subsidiaries that have not incurred fixed charges | (29,149 | ) | (37,171 | ) | (40,248 | ) | (28,958 | ) | (5,818 | ) | — | |||||||||||||
| Total earnings | $ | 703,858 | $ | 932,271 | $ | 1,201,985 | $ | 977,461 | $ | 725,758 | $ | 691,712 | ||||||||||||
| Fixed charges: | ||||||||||||||||||||||||
| Interest expensed | $ | 282,709 | $ | 412,849 | $ | 432,196 | $ | 455,743 | $ | 447,240 | $ | 413,564 | ||||||||||||
| Interest capitalized | 43,286 | 39,237 | 34,213 | 52,476 | 68,152 | 44,278 | ||||||||||||||||||
| Portion of rental expense representative of the interest factor (one-third of rental expense) | 3,541 | 4,624 | 5,026 | 6,649 | 6,678 | 7,744 | ||||||||||||||||||
| Total fixed charges | $ | 329,536 | $ | 456,710 | $ | 471,435 | $ | 514,868 | $ | 522,070 | $ | 465,586 | ||||||||||||
| Preferred distributions | 7,875 | 10,500 | 10,506 | 11,523 | 14,103 | 3,497 | ||||||||||||||||||
| Total combined fixed charges and preferred distributions | $ | 337,411 | $ | 467,210 | $ | 481,941 | $ | 526,391 | $ | 536,173 | $ | 469,083 | ||||||||||||
| Ratio of earnings to fixed charges | 2.14 | 2.04 | 2.55 | 1.90 | 1.39 | 1.49 | ||||||||||||||||||
| Ratio of earnings to combined fixed charges and preferred distributions | 2.09 | 2.00 | 2.49 | 1.86 | 1.35 | 1.47 | ||||||||||||||||||