1
Exhibit 12.1
EXHIBIT 12.1 - STATEMENT RE: COMPUTATION OF RATIO
OF EARNINGS TO COMBINED FIXED CHARGES
AND RATIO OF EARNINGS TO FIXED CHARGES
LIBERTY PROPERTY TRUST/LIBERTY PROPERTY LIMITED PARTNERSHIP
YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, 1998 DECEMBER 31, 1997 DECEMBER 31, 1996
-------- -------- --------
(Dollars in Thousands)
Earnings before fixed charges:
Income (loss) before extraordinary item $116,677 $ 66,050 $ 37,631
Add: Interest expense 74,155 46,521 33,967
Depreciation expense on cap'd
interest 1,001 650 502
Amortization of deferred
financing costs, net 4,462 7,367 4,561
-------- -------- --------
Earnings before fixed charges $196,295 $120,588 $ 76,661
======== ======== ========
Fixed charges:
Interest expense 74,155 46,521 33,967
Amortization of deferred financing charges 4,462 4,448 4,561
Capitalized interest 16,317 11,802 7,708
Preferred unit distributions 11,000 4,247 --
-------- -------- --------
Fixed charges $105,934 $ 67,018 $ 46,236
======== ======== ========
Ratio of earnings to combined fixed charges 1.85 1.80 1.66
======== ======== ========
Ratio of earnings to fixed charges 2.07 1.92 1.66
======== ======== ========
PERIOD FROM
YEAR ENDED JUNE 23, 1994 TO
DECEMBER 31, 1995 DECEMBER 31, 1994
-------- --------
(Dollars in Thousands)
Earnings before fixed charges:
Income (loss) before extraordinary item $ 22,309 $ 10,868
Add: Interest expense 32,819 11,326
Depreciation expense on cap'd
interest 450 200
Amortization of deferred
financing costs, net 4,869 1,250
-------- --------
Earnings before fixed charges $ 60,447 $ 23,644
======== ========
Fixed charges:
Interest expense 32,819 11,326
Amortization of deferred financing charges 4,869 1,250
Capitalized interest 3,475 190
Preferred unit distributions -- --
-------- --------
Fixed charges $ 41,163 $ 12,766
======== ========
Ratio of earnings to combined fixed charges 1.47 1.85
======== ========
Ratio of earnings to fixed charges 1.47 1.85
======== ========