EX-12 3 lryex1212311510k.htm EXHIBIT 12 Exhibit


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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before equity in earnings of unconsolidated subsidiaries and after distribution of earnings from unconsolidated subsidiaries
 
$
276,936

 
$
180,598

 
$
106,306

 
$
104,061

 
$
113,064

 Add:
Interest expense
 
131,384

 
147,094

 
123,485

 
99,283

 
97,809

 
Depreciation expense on capitalized interest
 
1,929

 
1,849

 
1,800

 
1,639

 
1,622

 
Amortization of deferred financing costs
 
4,395

 
4,793

 
3,630

 
4,080

 
4,179

 
 
 
 
 
 
 
 
 
 
 
 
 Earnings
 
$
414,644

 
$
334,334

 
$
235,221

 
$
209,063

 
$
216,674

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Fixed charges:
 
 
 
 
 
 
 
 
 
 
 Interest expense
 
$
131,384

 
$
147,094

 
$
123,485

 
$
99,283

 
$
97,809

 Amortization of deferred financing charges
 
4,395

 
4,793

 
3,630

 
4,080

 
4,179

 Capitalized interest
 
16,677

 
13,196

 
9,618

 
9,919

 
3,011

 
 
 
 
 
 
 
 
 
 
 
 
 Fixed charges
 
152,456

 
165,083

 
136,733

 
113,282

 
104,999

 
 
 
 
 
 
 
 
 
 
 
 
 Preferred unit distributions
 
472

 
472

 
2,119

 
9,902

 
21,069

 
 
 
 
 
 
 
 
 
 
 
 
 Combined fixed charges
 
$
152,928

 
$
165,555

 
$
138,852

 
$
123,184

 
$
126,068

 
 
 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to fixed charges
 
2.72

 
2.03

 
1.72

 
1.85

 
2.06

 
 
 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to combined fixed charges
 
2.71

 
2.02

 
1.69

 
1.70

 
1.72