EX-12 8 ex12-1.txt EXHIBIT 12.1 Exhibit 12.1 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, --------------------------------------------------------------------------- 2002 2001 2000 1999 1998 -------------- ------------- ------------- ------------- ------------- Earnings before fixed charges: Income from continuing operations $ 173,276 $ 184,071 $ 180,633 $ 154,991 $ 115,645 Add: Interest expense 112,646 108,859 104,793 95,243 74,438 Depreciation expense on cap'd interest 2,944 2,311 1,809 1,396 1,001 Amortization of deferred financing costs 3,979 4,015 4,066 4,951 4,462 -------------- ------------- ------------- ------------- ------------- Earnings before fixed charges $ 292,845 $ 299,256 $ 291,301 $ 256,581 $ 195,546 ============== ============= ============= ============= ============= Fixed charges: Interest expense 112,646 108,859 104,793 95,243 74,438 Amortization of deferred financing charges 3,979 4,015 4,066 4,951 4,462 Capitalized interest 16,498 22,347 17,784 15,288 16,317 -------------- ------------- ------------- ------------- ------------- Fixed charges $ 133,123 $ 135,221 $ 126,643 $ 115,482 $ 95,217 -------------- ------------- ------------- ------------- ------------- Preferred share distributions 7,242 11,000 11,000 11,000 11,000 Preferred unit distributions 11,619 10,612 10,070 3,783 - -------------- ------------- ------------- ------------- ------------- Combined fixed charges $ 151,984 $ 156,833 $ 147,713 $ 130,265 $ 106,217 ============== ============= ============= ============= ============= Ratio of earnings to fixed charges 2.20 2.21 2.30 2.22 2.05 ============== ============= ============= ============= ============= Ratio of earnings to combined fixed charges 1.93 1.91 1.97 1.97 1.84 ============== ============= ============= ============= =============
Certain amounts from prior periods have been restated to conform to current-period presentation.