Equity Commonwealth (EQC) 10-Q 2004 Q2 Quarterly report

Exhibit 12.1

HRPT PROPERTIES TRUST

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

	Six Months Ended June 30,				Year Ended December 31,
	2004		2003		2003		2002			2001			2000			1999
Earnings:
Income before equity in earnings (loss) of equity investments	$	57,059	$	46,722	$	90,921	$	88,923		$	87,510		$	108,992		$	116,638
Fixed charges	51,426		50,141		101,144		89,417			91,305			104,337			91,420
Distributions from equity investments	12,726		13,702		27,404		27,195			26,651			30,294			18,606
Capitalized interest	—		—		—		(3,057		)	(787		)	(1,680		)	(1,488		)
Adjusted Earnings	$	121,211	$	110,565	$	219,469	$	202,478		$	204,679		$	241,943		$	225,176
Fixed Charges:
Interest expense (including amortization of note discounts and deferred financing fees)	$	51,426	$	50,141	$	101,144	$	86,360		$	90,518		$	102,657		$	89,932
Capitalized interest	—		—		—		3,057			787			1,680			1,488
Total Fixed Charges	$	51,426	$	50,141	$	101,144	$	89,417		$	91,305		$	104,337		$	91,420
Ratio of Earnings to Fixed Charges	2.4x		2.2x		2.2x		2.3x			2.2x			2.3x			2.5x