EX-12 4 lryex1212311110k.htm EXHIBIT 12 LRY Ex. 12 12.31.11 10K


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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2011
 
2010
 
2009
 
2008
 
2007
 
 
 
 
 
 
 
 
 
 
 
 
 Earnings before fixed charges:
 
 
 
 
 
 
 
 
 
 
 Income before allocation of noncontrolling interest
 
 
 
 
 
 
 
 
 
 
 and income from investments in unconsolidated
 
 
 
 
 
 
 
 
 
 
 subsidiaries
 
$
148,266

 
$
135,517

 
$
148,001

 
$
122,802

 
$
117,765

 Add:
Interest expense
 
117,018

 
128,612

 
129,336

 
132,443

 
108,716

 
Depreciation expense on capitalized interest
 
1,622

 
1,678

 
1,607

 
1,245

 
5,393

 
Amortization of deferred
 
 
 
 
 
 
 
 
 
 
 
  financing costs
 
5,000

 
5,772

 
4,661

 
3,981

 
3,978

 
 
 
 
 
 
 
 
 
 
 
 
 Earnings before fixed charges
 
$
271,906

 
$
271,579

 
$
283,605

 
$
260,471

 
$
235,852

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Fixed charges:
 
 
 
 
 
 
 
 
 
 
 Interest expense
 
$
117,018

 
$
128,612

 
$
129,336

 
$
132,443

 
$
108,716

 Amortization of deferred financing charges
 
5,000

 
5,772

 
4,661

 
3,981

 
3,978

 Capitalized interest
 
3,011

 
929

 
7,640

 
19,958

 
45,697

 
 
 
 
 
 
 
 
 
 
 
 
 Fixed charges
 
125,029

 
135,313

 
141,637

 
156,382

 
158,391

 
 
 
 
 
 
 
 
 
 
 
 
 Preferred unit distributions
 
21,069

 
21,012

 
21,012

 
21,012

 
17,126

 
 
 
 
 
 
 
 
 
 
 
 
 Combined fixed charges
 
$
146,098

 
$
156,325

 
$
162,649

 
$
177,394

 
$
175,517

 
 
 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to fixed charges
 
2.17

 
2.01

 
2.00

 
1.67

 
1.49

 
 
 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to combined fixed charges
 
1.86

 
1.74

 
1.74

 
1.47

 
1.34