EX-12 5 w50228exv12.htm STATEMENT RE: COMPUTATION OF RATIOS 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,  
    2007     2006     2005     2004     2003  
Earnings before fixed charges:
                                        
Income before allocation of minority interest and income from investments in unconsolidated subsidiaries (1)
   $ 153,324     $ 166,349     $ 219,259     $ 144,126     $ 139,538  
Add: Interest expense
     125,138       107,545       106,950       94,836       94,793  
Depreciation expense on cap’d interest
     5,393       4,437       3,829       3,442       3,140  
Amortization of deferred financing costs
     4,163       3,969       4,045       3,551       3,307  
 
                              
 
                                        
Earnings before fixed charges
   $ 288,018     $ 282,300     $ 334,083     $ 245,955     $ 240,778  
 
                              
 
                                        
Fixed charges:
                                        
Interest expense
   $ 125,138     $ 107,545     $ 106,950     $ 94,836     $ 94,793  
Amortization of deferred financing charges
     4,163       3,969       4,045       3,979       4,015  
Capitalized interest
     45,697       30,837       17,748       13,242       10,947  
 
                              
 
                                        
Fixed charges
     174,998       142,351       128,743       112,057       109,755  
 
                              
 
                                        
Preferred unit distributions
     17,126       13,691       12,095       11,844       12,416  
 
                              
 
                                        
Combined fixed charges
   $ 192,124     $ 156,042     $ 140,838     $ 123,901     $ 122,171  
 
                              
 
                                        
Ratio of earnings to fixed charges
     1.65       1.98       2.59       2.19       2.19  
 
                              
 
                                        
Ratio of earnings to combined fixed charges
     1.50       1.81       2.37       1.99       1.97  
 
                              
 
(1)   Amounts for the years ended December 31, 2007, 2006, 2005, 2004 and 2003 have been reclassified to present properties that have been sold during 2007. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented.