Exhibit 12.1 Boston Properties Predecessor Group Boston Properties, Inc. ------------------------------------------------- ------------------------------- Years Ended December 31, 9 months ended 6/23/97- 1/1/97- ------------------------------------ 9/30/98 12/31/97 6/22/97 1996 1995 1994 1993 -------------- --------- -------- ------ ------ ------ ------ Net income before minority interest, and extraordinary items 96,744 38,878 4,840 8,657 (3,707) 7,583 17,477 Plus Fixed Charges: Interest Expense 80,163 38,264 53,324 109,394 108,793 97,273 90,335 Interest capitalized 3,612 1,168 1,111 366 1,543 -- -- Loan amortization expense 1,763 934 943 2,273 1,841 1,942 1,892 Total Fixed Charges 85,738 40,366 55,378 112,033 112,177 99,215 92,227 Less: Interest capitalized 3,812 1,168 1,111 366 1,543 -- -- Adjusted earnings 178,670 78,076 59,107 120,324 106,927 106,798 109,704 Ratio 2.08 1.93 1.07 1.07 0.95 1.08 1.19