EXHIBIT 12
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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2005 2004 2003 2002 2001
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Earnings before fixed charges:
Income before allocation of minority interest
and income from investments in unconsolidated
subsidiaries (1) $ 237,791 $ 164,474 $ 164,571 $ 142,797 $ 160,103
Add: Interest expense 125,302 112,617 113,775 106,313 100,504
Depreciation expense on cap'd interest 3,829 3,442 3,140 2,944 2,311
Amortization of deferred
financing costs 4,315 4,013 3,979 4,015 4,066
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Earnings before fixed charges $ 371,237 $ 284,546 $ 285,465 $ 256,069 $ 266,984
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Fixed charges:
Interest expense $ 125,302 $ 112,617 $ 113,775 $ 106,313 $ 100,504
Amortization of deferred financing charges 4,315 4,013 3,979 4,015 4,066
Capitalized interest 17,748 13,242 10,947 16,498 22,347
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Fixed charges 147,365 129,872 128,701 126,826 126,917
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Preferred share distributions - - - 7,242 11,000
Preferred unit distributions 12,095 11,846 12,416 11,619 10,612
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Combined fixed charges $ 159,460 $ 141,718 $ 141,117 $ 145,687 $ 148,529
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Ratio of earnings to fixed charges 2.52 2.19 2.22 2.02 2.10
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Ratio of earnings to combined fixed charges 2.33 2.01 2.02 1.76 1.80
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(1) Amounts for the years ended December 31, 2005, 2004, 2003, 2002 and 2001
have been reclassified to present properties that have been sold during
2005. As a result, operations have been reclassified to discontinued
operations from continuing operations for all periods presented.