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EXHIBIT 12.1
EQUITY OFFICE PROPERTIES TRUST AND
EQUITY OFFICE PREDECESSORS
STATEMENTS REGARDING COMPUTATION OF RATIOS
(DOLLARS IN 000'S)
Equity Office Equity Office
Equity Office Predecessors Equity Office Predecessors
Properties Trust Combined Historical Properties Trust Combined Historical
for the three for the three for the period for the period
months ended months ended from July 11, 1997 from Jan. 1, 1997
March 31, 1998 March 31, 1997 to Dec. 31, 1997 to July 10, 1997
-------------- -------------- ------------------ -----------------
Net income before preferred dividends, minority interests- $ 87,427 $ 36,235 $ 94,962 $ 49,173
Operating Partnership, gains from sales of property,
provision for value impairment and extraordinary items
Plus Fixed Charges:
Interest expense 69,884 36,355 76,675 80,481
Interest expense from unconsolidated subsidiaries 1,907 - - -
Loan amortization cost 1,871 709 4,179 2,771
Taxes 557 278 - -
-------- -------- -------- ---------
Earnings $161,646 $ 73,577 $175,816 $132,425
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Fixed Charges:
Interest expense $ 69,884 $ 36,355 $ 76,675 $ 80,481
Interest expense from unconsolidated subs 1,907 - - -
Capitalized interest 3,452 1,622 1,890 3,669
Loan amortization cost 1,871 709 4,179 2,771
Preferred dividends 6,271 - 649 -
-------- -------- -------- ---------
Total Fixed Charges $ 83,385 $ 38,686 $ 83,393 $ 86,921
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Ratio of Fixed Charges to Earnings 1.94 1.90 2.11 1.52
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Equity Office Predecessors
Combined Historical
Years Ended December 31,
1996 1995 1994 1993 1992
--------------------------------------------------------
Net income before preferred dividends, Minority interests-
Operating Partnership, $ 68,087 $ 23,436 $ 14,857 $ 8,471 $ 6,330
gains from sales of property,
provision for value impairment and extraordinary items
Plus Fixed Charges:
Interest expense 119,595 100,566 59,316 36,755 25,775
Interest expense from unconsolidated subsidiaries - - - - -
Loan amortization cost 4,275 2,025 1,568 636 500
Taxes - - - - -
-------- -------- -------- -------- -------
Earnings $191,957 $126,027 $ 75,741 $ 45,862 $32,605
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Fixed Charges:
Interest expense $119,595 $100,566 $ 59,316 $ 36,755 $25,775
Interest expense from unconsolidated subs - - - - -
Capitalized interest 4,640 1,682 - - -
Loan amortization cost 4,275 2,025 1,568 636 500
Preferred dividends - - - - -
-------- -------- -------- -------- -------
Total Fixed Charges $128,510 $104,273 $ 60,884 $ 37,391 $26,275
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Ratio of Fixed Charges to Earnings 1.49 1.21 1.24 1.23 1.24
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