BOSTON PROPERTIES INC - FORM 10-Q - EX-12.1 - CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES - May 6, 2010

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EXHIBIT 12.1

BOSTON PROPERTIES, INC.

CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES

CALCULATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED DIVIDENDS

Boston Properties, Inc.’s ratios of earnings to fixed charges and ratios of earnings to combined fixed charges and preferred dividends for the three months ended March 31, 2010 and the five years ended December 31, 2009 were as follows:

 

    Three
Months
Ended
March 31,
2010		     Year Ended December 31,  
      2009     2008     2007     2006     2005  
    (dollars in thousands)  

Earnings:

            

Add:

            

Income before income (loss) from unconsolidated joint ventures, gains on sales of real estate and other assets, discontinued operations, cumulative effect of a change in accounting principle and net income attributable to noncontrolling interests

   $ 52,832      $ 250,681      $ 279,401      $ 336,375      $ 290,655      $ 288,300   

Gains on sales of real estate and other assets

     1,765        11,760        33,340        929,785        719,826        182,542   

Amortization of interest capitalized

     640        2,498        2,315        2,394        3,387        3,298   

Distributions from unconsolidated joint ventures

     900        6,676        5,988        7,157        8,206        7,179   

Fixed charges (see below)

     101,008        375,243        345,834        346,731        331,140        340,589   

Subtract:

            

Interest capitalized

     (8,087 )      (48,816 )      (46,286 )      (33,322 )      (6,105 )      (5,718 ) 

Preferred distributions of consolidated subsidiaries

     (892 )      (3,594 )      (4,226 )      (10,429 )      (22,814 )      (26,780 ) 
                                               

Total earnings

   $ 148,166      $ 594,448      $ 616,366      $ 1,578,691      $ 1,324,295      $ 789,410   
                                               

Fixed charges:

            

Interest expensed

   $ 92,029      $ 322,833      $ 295,322      $ 302,980      $ 302,221      $ 308,091   

Interest capitalized

     8,087        48,816        46,286        33,322        6,105        5,718   

Preferred distributions of consolidated subsidiaries

     892        3,594        4,226        10,429        22,814        26,780   
                                               

Total fixed charges

   $ 101,008      $ 375,243      $ 345,834      $ 346,731      $ 331,140      $ 340,589   
                                               

Preferred dividends

     —          —          —          —          —          —     
                                               

Total combined fixed charges and preferred dividends

   $ 101,008      $ 375,243      $ 345,834      $ 346,731      $ 331,140      $ 340,589   
                                               

Ratio of earnings to fixed charges

     1.47        1.58        1.78        4.55        4.00        2.32   
                                               

Ratio of earnings to combined fixed charges and preferred dividends

     1.47        1.58        1.78        4.55        4.00        2.32   
                                               

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