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,
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2003 2002 2001 2000 1999
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Earnings before fixed charges:
Income from continuing operations $170,243 $171,504 $183,343 $179,617 $154,107
Add: Interest expense 119,894 112,046 105,917 102,661 93,121
Depreciation expense on cap'd interest 3,140 2,944 2,311 1,809 1,396
Amortization of deferred
financing costs 4,013 3,979 4,015 4,066 4,951
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Earnings before fixed charges $297,290 $290,473 $295,586 $288,153 $253,575
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Fixed charges:
Interest expense 119,894 112,646 108,859 104,793 95,243
Amortization of deferred financing charges 4,013 3,979 4,015 4,066 4,951
Capitalized interest 10,947 16,498 22,347 17,784 15,288
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Fixed charges $134,854 $133,123 $135,221 $126,643 $115,482
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Preferred share distributions - 7,242 11,000 11,000 11,000
Preferred unit distributions 12,416 11,619 10,612 10,070 3,783
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Combined fixed charges $147,270 $151,984 $156,833 $147,713 $130,265
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Ratio of earnings to fixed charges 2.20 2.18 2.19 2.28 2.20
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Ratio of earnings to combined fixed charges 2.02 1.91 1.88 1.95 1.95
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Certain amounts from prior periods have been restated to conform to
current-period presentation.