EX-12 4 w17499exv12.txt STATEMENT RE: COMPUTATION OF RATIOS EXHIBIT 12 STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES LIBERTY PROPERTY TRUST / LIBERTY PROPERTY LIMITED PARTNERSHIP (AMOUNTS IN THOUSANDS EXCEPT RATIO AMOUNTS)
YEAR ENDED DECEMBER 31, ----------------------------------------------------------------------- 2005 2004 2003 2002 2001 ------------- ------------ ------------ ------------- ------------- Earnings before fixed charges: Income before allocation of minority interest and income from investments in unconsolidated subsidiaries (1) $ 237,791 $ 164,474 $ 164,571 $ 142,797 $ 160,103 Add: Interest expense 125,302 112,617 113,775 106,313 100,504 Depreciation expense on cap'd interest 3,829 3,442 3,140 2,944 2,311 Amortization of deferred financing costs 4,315 4,013 3,979 4,015 4,066 ------------- ------------ ------------ ------------- ------------- Earnings before fixed charges $ 371,237 $ 284,546 $ 285,465 $ 256,069 $ 266,984 ============= ============ ============ ============= ============= Fixed charges: Interest expense $ 125,302 $ 112,617 $ 113,775 $ 106,313 $ 100,504 Amortization of deferred financing charges 4,315 4,013 3,979 4,015 4,066 Capitalized interest 17,748 13,242 10,947 16,498 22,347 ------------- ------------ ------------ ------------- ------------- Fixed charges 147,365 129,872 128,701 126,826 126,917 ------------- ------------ ------------ ------------- ------------- Preferred share distributions - - - 7,242 11,000 Preferred unit distributions 12,095 11,846 12,416 11,619 10,612 ------------- ------------ ------------ ------------- ------------- Combined fixed charges $ 159,460 $ 141,718 $ 141,117 $ 145,687 $ 148,529 ============= ============ ============ ============= ============= Ratio of earnings to fixed charges 2.52 2.19 2.22 2.02 2.10 ============= ============ ============ ============= ============= Ratio of earnings to combined fixed charges 2.33 2.01 2.02 1.76 1.80 ============= ============ ============ ============= =============
(1) Amounts for the years ended December 31, 2005, 2004, 2003, 2002 and 2001 have been reclassified to present properties that have been sold during 2005. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented.