EX-12 4 w31008exv12.htm STATEMENT RE: COMPUTATION OF RATIOS exv12
 

Exhibit-12
EXHIBIT 12.1 — 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,  
        2006     2005     2004     2003     2002  
Earnings before fixed charges:                                        
Income before allocation of minority interest and income from investments in unconsolidated subsidiaries (1)   $ 178,368     $ 228,128     $ 156,179     $ 154,263     $ 152,004  
Add:  
Interest expense
     115,328       115,255       103,164       103,915       97,228  
   
Depreciation expense on cap’d interest
     4,437       3,829       3,442       3,140       2,944  
   
Amortization of deferred financing costs
     4,256       4,359       3,863       3,638       3,579  
   
 
                              
   
 
                                        
Earnings before fixed charges   $ 302,389     $ 351,571     $ 266,648     $ 264,956     $ 255,755  
   
 
                              
   
 
                                        
Fixed charges:                                        
Interest expense   $ 115,328     $ 115,255     $ 103,164     $ 103,915     $ 97,228  
Amortization of deferred financing charges     4,256       4,359       3,863       3,979       4,015  
Capitalized interest     30,837       17,748       13,242       10,947       16,498  
   
 
                              
   
 
                                        
Fixed charges     150,421       137,362       120,269       118,841       117,741  
   
 
                              
 
Preferred share distributions     —       —       —       —       7,242  
Preferred unit distributions     13,691       12,095       11,844       12,416       11,619  
   
 
                              
   
 
                                        
Combined fixed charges   $ 164,112     $ 149,457     $ 132,113     $ 131,257     $ 136,602  
   
 
                              
   
 
                                        
Ratio of earnings to fixed charges     2.01       2.56       2.22       2.23       2.17  
   
 
                              
   
 
                                        
Ratio of earnings to combined fixed charges     1.84       2.35       2.02       2.02       1.87  
   
 
                              
 
(1)   Amounts for the years ended December 31, 2006, 2005, 2005, 2003 and 2002 have been reclassified to present properties that have been sold during 2006. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented.