EX-12.1 2 c90676exv12w1.htm 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,  
    2008     2007     2006     2005     2004  
 
                                        
Earnings before fixed charges:
                                        
Income before allocation of minority interest and income from investments in unconsolidated subsidiaries (1)
   $ 148,885     $ 146,897     $ 159,699     $ 213,354     $ 139,764  
Add: Interest expense
     149,426       121,504       104,182       103,403       90,104  
Depreciation expense on cap’d interest
     1,245       5,393       4,437       3,829       3,442  
Amortization of deferred financing costs
     4,491       4,042       3,845       3,910       3,374  
 
                              
 
                                        
Earnings before fixed charges
   $ 304,047     $ 277,836     $ 272,163     $ 324,496     $ 236,684  
 
                              
 
                                        
Fixed charges:
                                        
Interest expense
   $ 149,426     $ 121,504     $ 104,182     $ 103,403     $ 90,104  
Amortization of deferred financing charges
     4,491       4,042       3,845       3,910       3,374  
Capitalized interest
     19,958       45,697       30,837       17,748       13,242  
 
                              
 
                                        
Fixed charges
     173,875       171,243       138,864       125,061       106,720  
 
                              
 
                                        
Preferred share distributions
     —       —       —       —       —  
Preferred unit distributions
     21,012       17,126       13,691       12,095       11,844  
 
                              
 
                                        
Combined fixed charges
   $ 194,887     $ 188,369     $ 152,555     $ 137,156     $ 118,564  
 
                              
 
                                        
Ratio of earnings to fixed charges
     1.75       1.62       1.96       2.59       2.22  
 
                              
 
                                        
Ratio of earnings to combined fixed charges
     1.56       1.47       1.78       2.37       2.00  
 
                              
     
(1)  
Amounts for the years ended December 31, 2008, 2007, 2006, 2005 and 2004 have been reclassified to present properties that have been sold or held for sale through June 30, 2009. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented.