##### 



Exhibit 12.1

Equity Office Properties Trust
Statement of Earnings to Combined Fixed Charges and Preferred Distributions
(Dollars in thousands)

|                                                                                                                                                           |       |                        |               |        |                    |         |           |                    |         |         |                    |       |         |                    |         |         |                    |         |         |         |         |         | 
|---------------------------------------------------------------------------------------------------------------------------------------------------------- | ----- | ---------------------- | ------------- | ------ | ------------------ | ------- | --------- | ------------------ | ------- | ------- | ------------------ | ----- | ------- | ------------------ | ------- | ------- | ------------------ | ------- | ------- | ------- | ------- | ------- | 
|                                                                                                                                                           |       |                        |               |        | For the year ended |         |           | For the year ended |         |         | For the year ended |       |         | For the year ended |         |         | For the year ended |        
|                                                                                                                                                           |       |                        |               |        | December 31, 2002  |         |           | December 31, 2001  |         |         | December 31, 2000  |       |         | December 31, 1999  |         |         | December 31, 1998  |        
|                                                                                                                                                           |       |                        |               |        |                    |         |           |                    |         |         |                    |       |         |                    |         |         |                    |        
|Income before income taxes, allocation to minority interests, income from
investment in unconsolidated joint ventures and net gain on sales of real estate |       | $                      | 730,958       |        |                    | $       | 541,144   |                    |         | $       | 434,796            |       |         | $                  | 397,789 |         |                    | $       | 354,845 |        
|                                                                                                                                                           |       |                        |               |        |                    |         |           |                    |         |         |                    |       |         |                    |        
|Plus Fixed Charges:                                                                                                                                        |       |                        |               |        |                    |         |           |                    |         |         |                    |       |         |                    |         |         |                    |         |         |        
|                                                                                                                                                           |       | Interest expense       |               |        | 810,129            |         |           |                    | 726,930 |         |                    |       | 523,860 |                    |         |         | 412,170            |         |         |         | 336,153 |        
|                                                                                                                                                           |       | Capitalized interest   |               |        | 21,447             |         |           |                    | 25,871  |         |                    |       | 14,764  |                    |         |         | 18,030             |         |         |         | 15,077  |        
|                                                                                                                                                           |       | Loan amortization cost |               |        | 4,886              |         |           |                    | 14,996  |         |                    |       | 11,493  |                    |         |         | 15,204             |         |         |         | 13,928  |        
|                                                                                                                                                           |       |                        |               |        |                    |         |           |                    |         |         |                    |       |         |                    |        
|                                                                                                                                                           |       |                        | Fixed charges |        |                    | 836,462 |           |                    |         | 767,797 |                    |       |         | 550,117            |         |         |                    | 445,404 |         |         |         | 365,158 | 
|Plus preferred distributions                                                                                                                               |       |                        | 62,573        |        |                    |         | 57,041    |                    |         |         | 43,348             |       |         |                    | 43,603  |         |                    |         | 32,202  |        
|                                                                                                                                                           |       |                        |               |        |                    |         |           |                    |         |         |                    |       |         |                    |        
|Combined fixed charges and preferred distributions                                                                                                         |       |                        | 899,035       |        |                    |         | 824,838   |                    |         |         | 593,465            |       |         |                    | 489,007 |         |                    |         | 397,360 |        
|                                                                                                                                                           |       |                        |               |        |                    |         |           |                    |         |         |                    |       |         |                    |        
|Plus amortization of capitalized interest                                                                                                                  |       |                        | 1,755         |        |                    |         | 1,299     |                    |         |         | 1,057              |       |         |                    | 522     |         |                    |         | 380     |        
|Plus distributed income of investments in unconsolidated joint ventures                                                                                    |       |                        | 149,224       |        |                    |         | 82,409    |                    |         |         | 63,942             |       |         |                    | 14,389  |         |                    |         | 17,526  |        
|Less preferred distributions                                                                                                                               |       |                        | (62,573       | )      |                    |         | (57,041   | )                  |         |         | (43,348            | )     |         |                    | (43,603 | )       |                    |         | (32,202 | )      
|Less capitalized interest                                                                                                                                  |       |                        | (21,447       | )      |                    |         | (25,871   | )                  |         |         | (14,764            | )     |         |                    | (18,030 | )       |                    |         | (15,077 | )      
|                                                                                                                                                           |       |                        |               |        |                    |         |           |                    |         |         |                    |       |         |                    |        
|                                                                                                                                                           | Total |                        |               | 66,959 |                    |         |           | 796                |         |         |                    | 6,887 |         |                    |         | (46,722 | )                  |         |         | (29,373 | )      
|                                                                                                                                                           |       |                        |               |        |                    |         |           |                    |         |         |                    |       |         |                    |        
|Earnings                                                                                                                                                   |       | $                      | 1,696,952     |        |                    | $       | 1,366,778 |                    |         | $       | 1,035,148          |       |         | $                  | 840,074 |         |                    | $       | 722,832 |        
|                                                                                                                                                           |       |                        |               |        |                    |         |           |                    |         |         |                    |       |         |                    |        
|Combined fixed charges and preferred distributions                                                                                                         |       | $                      | 899,035       |        |                    | $       | 824,838   |                    |         | $       | 593,465            |       |         | $                  | 489,007 |         |                    | $       | 397,360 |        
|                                                                                                                                                           |       |                        |               |        |                    |         |           |                    |         |         |                    |       |         |                    |        
|Earnings to combined fixed charges and preferred distributions                                                                                             |       |                        | 1.9           |        |                    |         | 1.7       |                    |         |         | 1.7                |       |         |                    | 1.7     |         |                    |         | 1.8     |        
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