EX-12 4 exhibit121231201710k.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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before equity in earnings of unconsolidated subsidiaries and after distribution of earnings from unconsolidated subsidiaries
 
$
274,953

 
$
395,232

 
$
267,849

 
$
167,224

 
$
93,737

 Add:
Interest expense
 
85,199

 
108,420

 
129,234

 
144,239

 
119,947

 
Depreciation expense on capitalized interest
 
2,107

 
2,023

 
1,929

 
1,849

 
1,800

 
Amortization of deferred financing costs
 
3,658

 
3,879

 
4,323

 
4,700

 
3,526

 
 
 
 
 
 
 
 
 
 
 
 
 Earnings
 
$
365,917

 
$
509,554

 
$
403,335

 
$
318,012

 
$
219,010

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Fixed charges:
 
 
 
 
 
 
 
 
 
 
 Interest expense
 
$
85,199

 
$
108,420

 
$
129,234

 
$
144,239

 
$
119,947

 Amortization of deferred financing charges
 
3,658

 
3,879

 
4,323

 
4,700

 
3,526

 Capitalized interest
 
20,994

 
24,138

 
16,677

 
13,196

 
9,618

 
 
 
 
 
 
 
 
 
 
 
 
 Fixed charges
 
109,851

 
136,437

 
150,234

 
162,135

 
133,091

 
 
 
 
 
 
 
 
 
 
 
 
 Preferred unit distributions
 
472

 
472

 
472

 
472

 
2,119

 
 
 
 
 
 
 
 
 
 
 
 
 Combined fixed charges
 
$
110,323

 
$
136,909

 
$
150,706

 
$
162,607

 
$
135,210

 
 
 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to fixed charges
 
3.33

 
3.73

 
2.68

 
1.96

 
1.65

 
 
 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to combined fixed charges
 
3.32

 
3.72

 
2.68

 
1.96

 
1.62