Boston Properties LTD Partnership 10-Q 2018 Q1 Quarterly report

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 three months ended March 31, 2018 and the five years ended December 31, 2017 were as follows:

	Three Months Ended March 31, 2018			Year Ended December 31,
				2017			2016			2015			2014			2013
	(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	$	121,398		$	551,726		$	433,554		$	409,246		$	353,758		$	254,536
Gains on sales of real estate	98,907			8,240			82,775			377,093			174,686			—
Amortization of interest capitalized	2,886			10,976			10,685			10,203			8,211			5,522
Distributions from unconsolidated joint ventures	847			26,858			24,955			8,469			7,372			17,600
Fixed charges (see below)	108,784			440,269			456,710			471,435			514,868			522,070
Subtract:
Interest capitalized	(17,378		)	(61,070		)	(39,237		)	(34,213		)	(52,476		)	(68,152		)
Noncontrolling interests in income of subsidiaries that have not incurred fixed charges	(10,446		)	(39,429		)	(37,171		)	(40,248		)	(28,958		)	(5,818		)
Total earnings	$	304,998		$	937,570		$	932,271		$	1,201,985		$	977,461		$	725,758
Fixed charges:
Interest expensed	$	90,220		$	374,481		$	412,849		$	432,196		$	455,743		$	447,240
Interest capitalized	17,378			61,070			39,237			34,213			52,476			68,152
Portion of rental expense representative of the interest factor (one-third of rental expense)	1,186			4,718			4,624			5,026			6,649			6,678
Total fixed charges	$	108,784		$	440,269		$	456,710		$	471,435		$	514,868		$	522,070
Preferred distributions	2,625			10,500			10,500			10,506			11,523			14,103
Total combined fixed charges and preferred distributions	$	111,409		$	450,769		$	467,210		$	481,941		$	526,391		$	536,173
Ratio of earnings to fixed charges	2.80			2.13			2.04			2.55			1.90			1.39
Ratio of earnings to combined fixed charges and preferred distributions	2.74			2.08			2.00			2.49			1.86			1.35