EXHIBIT 12.1 - STATEMENT RE: COMPUTATION OF RATIO
OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DISTRIBUTIONS
LIBERTY PROPERTY TRUST / LIBERTY PROPERTY LIMITED PARTNERSHIP
(AMOUNTS IN THOUSANDS EXCEPT RATIO AMOUNTS)
YEAR ENDED DECEMBER 31,
NINE MONTHS ENDED ------------------------------------------------------------
SEPTEMBER 30, 2004 2003 2002 2001 2000 1999
------------------ -------- -------- -------- -------- --------
Earnings before fixed charges:
Income before allocation of minority interest
and income from investments in unconsolidated
subsidiaries (1) $123,820 $170,790 $170,386 $180,371 $177,339 $152,998
Add: Interest expense 89,446 119,894 112,046 106,793 104,228 94,949
Depreciation expense on cap'd interest 2,548 3,140 2,944 2,311 1,809 1,396
Amortization of deferred
financing costs 3,218 4,013 3,979 4,015 4,066 4,951
-------- -------- -------- -------- -------- --------
Earnings before fixed charges $219,032 $297,837 $289,355 $293,490 $287,442 $254,294
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Fixed charges:
Interest expense $ 89,446 $119,894 $112,046 $106,793 $104,228 $ 94,949
Amortization of deferred financing charges 3,218 4,013 3,979 4,015 4,066 4,951
Capitalized interest 9,693 10,947 16,498 22,347 17,784 15,288
-------- -------- -------- -------- -------- --------
Fixed charges 102,357 134,854 132,523 133,155 126,078 115,188
-------- -------- -------- -------- -------- --------
Preferred share distributions -- -- 7,242 11,000 11,000 11,000
Preferred unit distributions 9,168 12,416 11,619 10,612 10,070 3,783
-------- -------- -------- -------- -------- --------
Combined fixed charges $111,525 $147,270 $151,384 $154,767 $147,148 $129,971
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Ratio of earnings to fixed charges 2.14 2.21 2.18 2.20 2.28 2.21
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Ratio of earnings to combined fixed charges 1.96 2.02 1.91 1.90 1.95 1.96
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(1) Amounts for the years ended December 31, 2003, 2002, 2001, 2000, and 1999
have been reclassified to present properties that have been sold during 2004
consistent with the presentation for the period ended September 30, 2004. As a
result, operations have been reclassified to discontinued operations from
continuing operations for all periods presented.
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)
2004 SALES
Q4 SALES ----------------------------------------------------------
------------------ YEAR ENDED DECEMBER 31,
NINE MONTHS ENDED ----------------------------------------------------------
SEPTEMBER 30, 2004 2003 2002 2001 2000 1999
------------------ ---- ---- ---- ---- ----
Earnings before fixed charges:
Income from continuing operations (1,439) $(2,972) $(2,278) $(1,109)
Add: Interest expense 710 877 575 237
Depreciation expense on cap'd interest
Amortization of deferred
financing costs
------- ---- ---- ------- ------- -------
Earnings before fixed charges (729) $ -- $ -- $(2,095) $(1,703) $ (872)
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Fixed charges:
Interest expense 710 -- -- 877 575 237
Amortization of deferred financing charges --
Capitalized interest
------- ---- ---- ------- ------- -------
Fixed charges $ 710 $ -- $ -- $ 877 $ 575 $ 237
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Preferred share distributions --
Preferred unit distributions
------- ---- ---- ------- ------- -------
Combined fixed charges $ 710 $ -- $ -- $ 877 $ 575 $ 237
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Discops for 2004 sales are already included in 2003 and 2002 amounts per
the unadjusted schedule.
Certain amounts from prior periods have been restated to conform to current-
period presentation.
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,
NINE MONTHS ENDED ------------------------------------------------------------
SEPTEMBER 30, 2004 2003 2002 2001 2000 1999
------------------ -------- -------- -------- -------- --------
Earnings before fixed charges:
Income from continuing operations 125,259 170,790 170,386 183,343 179,617 154,107
Add: Interest expense 88,736 119,894 112,046 105,916 103,653 94,712
Depreciation expense on cap'd interest 2,548 3,140 2,944 2,311 1,809 1,396
Amortization of deferred
financing costs 3,218 4,013 3,979 4,015 4,066 4,951
-------- -------- -------- -------- -------- --------
Earnings before fixed charges 219,761 $297,837 $289,355 $295,585 $289,145 $255,166
======== ======== ======== ======== ======== ========
Fixed charges:
Interest expense 88,736 119,894 112,046 105,916 103,653 94,712
Amortization of deferred financing charges 3,218 4,013 3,979 4,015 4,066 4,951
Capitalized interest 9,693 10,947 16,498 22,347 17,784 15,288
-------- -------- -------- -------- -------- --------
Fixed charges $101,647 $134,854 $132,523 $132,278 $125,503 $114,951
-------- -------- -------- -------- -------- --------
Preferred share distributions -- -- 7,242 11,000 11,000 11,000
Preferred unit distributions 9,168 12,416 11,619 10,612 10,070 3,783
-------- -------- -------- -------- -------- --------
Combined fixed charges $110,815 $147,270 $151,384 $153,890 $146,573 $129,734
======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges 2.16 2.21 2.18 2.23 2.30 2.22
======== ======== ======== ======== ======== ========
Ratio of earnings to combined fixed charges 1.98 2.02 1.91 1.92 1.97 1.97
======== ======== ======== ======== ======== ========
Certain amounts from prior periods have been restated to conform to
current-period presentation.
LPLP financial statememnts
income from continuing operations
before all minority interest
remove equity in earnings of unconsol subs
add distributions from equity investees from scf
per 12/31/04 10 K per 12/03 10K Exhibit 12.1
--------------------- ---------------------------------
Income from continuing ops 124,365 168,716 169,406 183,343 179,617 154,107
addback: Minority interest (461) 673 1,235 -- --
SCF Distributions from unconsol jv's 682 3,145 -- -- --
Earnings in unconsol jv's 673 (1,744) (255) -- --
------- ------- ------- ------- ------- -------
125,259 170,790 170,386 183,343 179,617 154,107
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