EX-12 5 lryex1212311210k.htm EXHIBIT 12 LRY Ex. 12 12.31.12 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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
2011
 
2010
 
2009
 
2008
 
 
 
 
 
 
 
 
 
 
 
 
 Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before equity in earnings of unconsolidated subsidiaries and after distribution of earnings from unconsolidated subsidiaries
 
$
141,144

 
$
148,480

 
$
135,655

 
$
147,727

 
$
121,968

 Add:
Interest expense
 
114,908

 
115,772

 
127,163

 
127,571

 
131,355

 
Depreciation expense on capitalized interest
 
1,639

 
1,622

 
1,678

 
1,607

 
1,245

 
Amortization of deferred financing costs
 
4,722

 
4,946

 
5,788

 
5,031

 
3,625

 
 
 
 
 
 
 
 
 
 
 
 
 Earnings
 
$
262,413

 
$
270,820

 
$
270,284

 
$
281,936

 
$
258,193

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Fixed charges:
 
 
 
 
 
 
 
 
 
 
 Interest expense
 
$
114,908

 
$
115,772

 
$
127,163

 
$
127,571

 
$
131,355

 Amortization of deferred financing charges
 
4,722

 
4,946

 
5,788

 
5,031

 
3,625

 Capitalized interest
 
9,919

 
3,011

 
929

 
7,640

 
19,958

 
 
 
 
 
 
 
 
 
 
 
 
 Fixed charges
 
129,549

 
123,729

 
133,880

 
140,242

 
154,938

 
 
 
 
 
 
 
 
 
 
 
 
 Preferred unit distributions
 
9,902

 
21,069

 
21,012

 
21,012

 
21,012

 
 
 
 
 
 
 
 
 
 
 
 
 Combined fixed charges
 
$
139,451

 
$
144,798

 
$
154,892

 
$
161,254

 
$
175,950

 
 
 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to fixed charges
 
2.03

 
2.19

 
2.02

 
2.01

 
1.67

 
 
 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to combined fixed charges
 
1.88

 
1.87

 
1.74

 
1.75

 
1.47