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EXHIBIT 12.1 - STATEMENT RE: COMPUTATION OF RATIO
OF EARNINGS TO FIXED CHARGES
LIBERTY PROPERTY LIMITED PARTNERSHIP
YEAR ENDED DECEMBER 31,
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2000 1999 1998 1997 1996
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Earnings before fixed charges:
Income before extraordinary item $181,583 $155,993 $116,677 $ 68,969 $37,631
Add: Interest expense 104,229 94,712 74,155 46,521 33,967
Depreciation expense on cap'd
interest 1,809 1,396 1,001 650 502
Amortization of deferred
financing costs 4,066 4,951 4,462 4,448 4,561
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Earnings before fixed charges $291,687 $257,052 $196,295 $120,588 $76,661
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Fixed charges:
Interest expense 104,229 94,712 74,155 46,521 33,967
Amortization of deferred financing
charges 4,066 4,951 4,462 4,448 4,561
Capitalized interest 17,784 15,288 16,317 11,802 7,708
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Fixed charges $126,079 $114,951 $ 94,934 $ 62,771 $46,236
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Ratio of earnings to fixed charges 2.31 2.24 2.07 1.92 1.66
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Certain amounts from prior periods have been restated to conform to current-year
presentation.