EX-12 4 w51188a2ex12.txt STATEMENT RE: COMPUTATION OF RATIOS Exhibit 12 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, NINE MONTHS ENDED ---------------------------------------------------------------- SEPTEMBER 30, 2001 2000 1999 1998 1997 1996 ------------------ -------- -------- -------- -------- -------- Earnings before fixed charges: Income before extraordinary item $140,334 $181,583 $155,993 $116,677 $ 68,969 $ 37,631 Add: Interest expense 80,506 104,229 94,712 74,155 46,521 33,967 Depreciation expense on cap'd interest 1,681 1,809 1,396 1,001 650 502 Amortization of deferred financing costs 3,086 4,951 4,066 4,462 4,448 4,561 Earnings before fixed charges $225,607 $291,687 $257,052 $196,295 $120,588 $ 76,661 Fixed charges: Interest expense 80,506 104,229 94,712 74,155 46,521 33,967 Amortization of deferred financing charges 3,086 4,066 4,951 4,462 4,448 4,561 Capitalized interest 16,774 17,784 15,288 16,317 11,802 7,708 Fixed charges $100,366 $126,079 $114,951 $ 94,934 $ 62,771 $ 46,236 Preferred share distributions 8,250 11,000 11,000 11,000 4,247 -- Preferred unit distributions 7,959 10,070 3,783 -- -- -- Combined fixed charges $116,575 $147,149 $129,734 $105,934 $ 67,018 $ 46,236 Ratio of earnings to fixed charges 2.25 2.31 2.24 2.07 1.92 1.66 Ratio of earnings to combined fixed charges 1.94 1.98 1.98 1.85 1.80 1.66
Certain amounts from prior periods have been restated to conform to current-period presentation. II-1