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