EX-12 2 w74218exv12.htm EXHIBIT 12 exv12
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,  
    2008     2007     2006     2005     2004  
Earnings before fixed charges:
                                        
Income before allocation of minority interest and income from investments in unconsolidated subsidiaries (1)
   $ 152,196     $ 150,559     $ 163,230     $ 216,392     $ 141,198  
Add: Interest expense
     150,669       122,642       105,376       104,772       92,828  
Depreciation expense on cap’d interest
     1,245       5,393       4,437       3,829       3,442  
Amortization of deferred financing costs
     4,529       4,065       3,889       3,963       3,475  
 
                              
 
                                        
Earnings before fixed charges
   $ 308,639     $ 282,659     $ 276,932     $ 328,956     $ 240,943  
 
                              
 
                                        
Fixed charges:
                                        
Interest expense
   $ 150,669     $ 122,967     $ 105,376     $ 104,772     $ 92,828  
Amortization of deferred financing charges
     4,529       4,065       3,889       3,963       3,475  
Capitalized interest
     19,958       45,697       30,837       17,748       13,242  
 
                              
 
                                        
Fixed charges
     175,156       172,729       140,102       126,483       109,545  
 
                              
 
                                        
Preferred share distributions
     —       —       —       —       —  
Preferred unit distributions
     21,012       17,126       13,691       12,095       11,844  
 
                              
 
                                        
Combined fixed charges
   $ 196,168     $ 189,855     $ 153,793     $ 138,578     $ 121,389  
 
                              
 
                                        
Ratio of earnings to fixed charges
     1.76       1.64       1.98       2.60       2.20  
 
                              
 
                                        
Ratio of earnings to combined fixed charges
     1.57       1.49       1.80       2.37       1.98  
 
                              
 
(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 March 31, 2009. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented.