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
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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
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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
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Fixed charges 102,357 134,854 132,523 133,155 126,078 115,188
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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
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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.