EX-12 3 lptex1212311610k.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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before equity in earnings of unconsolidated subsidiaries and after distribution of earnings from unconsolidated subsidiaries
 
$
409,194

 
$
276,936

 
$
180,598

 
$
106,306

 
$
104,061

 Add:
Interest expense
 
111,103

 
131,384

 
147,094

 
123,485

 
99,283

 
Depreciation expense on capitalized interest
 
2,023

 
1,929

 
1,849

 
1,800

 
1,639

 
Amortization of deferred financing costs
 
3,974

 
4,395

 
4,793

 
3,630

 
4,080

 
 
 
 
 
 
 
 
 
 
 
 
 Earnings
 
$
526,294

 
$
414,644

 
$
334,334

 
$
235,221

 
$
209,063

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Fixed charges:
 
 
 
 
 
 
 
 
 
 
 Interest expense
 
$
111,103

 
$
131,384

 
$
147,094

 
$
123,485

 
$
99,283

 Amortization of deferred financing charges
 
3,974

 
4,395

 
4,793

 
3,630

 
4,080

 Capitalized interest
 
24,138

 
16,677

 
13,196

 
9,618

 
9,919

 
 
 
 
 
 
 
 
 
 
 
 
 Fixed charges
 
139,215

 
152,456

 
165,083

 
136,733

 
113,282

 
 
 
 
 
 
 
 
 
 
 
 
 Preferred unit distributions
 
472

 
472

 
472

 
2,119

 
9,902

 
 
 
 
 
 
 
 
 
 
 
 
 Combined fixed charges
 
$
139,687

 
$
152,928

 
$
165,555

 
$
138,852

 
$
123,184

 
 
 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to fixed charges
 
3.78

 
2.72

 
2.03

 
1.72

 
1.85

 
 
 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to combined fixed charges
 
3.77

 
2.71

 
2.02

 
1.69

 
1.70