Exhibit 12.1
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, | |
| | 2010 | | 2009 | | 2008 | | 2007 | | 2006 | |
| | | | | | | | | | | |
Earnings before fixed charges: | | | | | | | | | | | |
Income before allocation of minority interest and income from investments in unconsolidated subsidiaries (1) | | $ | 137,527 | | $ | 138,888 | | $ | 134,674 | | $ | 131,968 | | $ | 144,889 | |
Add: | Interest expense | | 136,912 | | 137,780 | | 141,459 | | 114,471 | | 97,416 | |
| Depreciation expense on cap’d interest | | 1,678 | | 1,607 | | 1,245 | | 5,393 | | 4,437 | |
| Amortization of deferred financing costs | | 6,232 | | 4,965 | | 4,252 | | 3,808 | | 3,595 | |
| | | | | | | | | | | |
Earnings before fixed charges | | $ | 282,349 | | $ | 283,240 | | $ | 281,630 | | $ | 255,640 | | $ | 250,337 | |
| | | | | | | | | | | |
Fixed charges: | | | | | | | | | | | |
Interest expense | | $ | 136,912 | | $ | 137,780 | | $ | 141,459 | | $ | 114,471 | | $ | 97,416 | |
Amortization of deferred financing charges | | 6,232 | | 4,965 | | 4,252 | | 3,808 | | 3,595 | |
Capitalized interest | | 929 | | 7,640 | | 19,958 | | 45,697 | | 30,837 | |
| | | | | | | | | | | |
Fixed charges | | 144,073 | | 150,385 | | 165,669 | | 163,976 | | 131,848 | |
| | | | | | | | | | | |
Preferred share distributions | | — | | — | | — | | — | | — | |
Preferred unit distributions | | 21,012 | | 21,012 | | 21,012 | | 17,126 | | 13,691 | |
| | | | | | | | | | | |
Combined fixed charges | | $ | 165,085 | | $ | 171,397 | | $ | 186,681 | | $ | 181,102 | | $ | 145,539 | |
| | | | | | | | | | | |
Ratio of earnings to fixed charges | | 1.96 | | 1.88 | | 1.70 | | 1.56 | | 1.90 | |
| | | | | | | | | | | |
Ratio of earnings to combined fixed charges | | 1.71 | | 1.65 | | 1.51 | | 1.41 | | 1.72 | |
(1) Amounts for the years ended December 31, 2010, 2009, 2008, 2007 and 2006 have been reclassified to present properties that have been sold during 2010. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented.
