Equity Commonwealth (EQC) 10-Q 2003 Q1 Quarterly report

Exhibit 12.1

HRPT PROPERTIES TRUST

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Interest Only)

(dollars in thousands)

	Three Months Ended March 31,						Year Ended December 31,
	2003			2002 (1)			2002 (1)			2001 (1)			2000 (1)			1999 (1)			1998 (1)
Earnings:
Income before equity in earnings (loss) of equity investments	$	23,004		$	17,870		$	88,923		$	87,510		$	108,992		$	116,638		$	134,616
Fixed charges	25,079			22,022			89,417			91,305			104,337			91,420			66,612
Distributions from equity investments	6,851			6,683			27,195			26,651			30,294			18,606			10,320
Capitalized interest	—			(160		)	(3,057		)	(787		)	(1,680		)	(1,488		)	(447		)
Adjusted Earnings	$	54,934		$	46,415		$	202,478		$	204,679		$	241,943		$	225,176		$	211,101
Fixed Charges:
Interest expense (including amortization of note discounts and deferred financing fees)	$	25,079		$	21,862		$	86,360		$	90,518		$	102,657		$	89,932		$	66,165
Capitalized interest	—			160			3,057			787			1,680			1,488			447
Total Fixed Charges	$	25,079		$	22,022		$	89,417		$	91,305		$	104,337		$	91,420		$	66,612
Ratio of Earnings to Fixed Charges	2.2		x	2.1		x	2.3		x	2.2		x	2.3		x	2.5		x	3.2		x

(1)   Reclassifications have been made to the prior years’ financial statements to conform to the current year’s presentation.