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Content analysis
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Exhibit 12.1
HRPT PROPERTIES TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
|
| Year Ended December 31, |
| |||||||||||||
|
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
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Earnings: |
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|
|
|
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|
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|
|
| |||||
Income before equity in earnings and gains (losses) on equity transactions of equity investments |
| $ | 117,386 |
| $ | 90,921 |
| $ | 88,923 |
| $ | 87,510 |
| $ | 108,992 |
|
Fixed charges |
| 118,212 |
| 101,144 |
| 89,417 |
| 91,305 |
| 104,337 |
| |||||
Distributions from equity investments |
| 24,572 |
| 27,404 |
| 27,195 |
| 26,651 |
| 30,294 |
| |||||
Capitalized interest |
| — |
| — |
| (3,057 | ) | (787 | ) | (1,680 | ) | |||||
Adjusted Earnings |
| $ | 260,170 |
| $ | 219,469 |
| $ | 202,478 |
| $ | 204,679 |
| $ | 241,943 |
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Fixed Charges: |
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Interest expense (including amortization of note discounts and premiums and deferred financing fees) |
| $ | 118,212 |
| $ | 101,144 |
| $ | 86,360 |
| $ | 90,518 |
| $ | 102,657 |
|
Capitalized interest |
| — |
| — |
| 3,057 |
| 787 |
| 1,680 |
| |||||
Total Fixed Charges |
| $ | 118,212 |
| $ | 101,144 |
| $ | 89,417 |
| $ | 91,305 |
| $ | 104,337 |
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Ratio of Earnings to Fixed Charges |
| 2.2 | x | 2.2 | x | 2.3 | x | 2.2 | x | 2.3 | x |