Exhibit 12.1
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)
<TABLE>
Three
months ended
March 31, Year ended December 31,
------------ -------------------------------------------------------------
2000 1999 1998 1997 1996 1995
------------ --------- --------- -------- --------- --------
<S> <C> <C> <C> <C> <C> <C>
Earnings before fixed charges:
Income before extraordinary item $ 43,423 $155,993 $116,677 $ 68,969 $ 37,631 $ 22,309
Add: Interest expense 24,770 94,712 74,155 46,521 33,967 32,819
Depreciation expense on
capitalized interest 409 1,396 1,001 650 502 450
Amortization of deferred
financing costs 880 4,951 4,462 4,448 4,561 4,869
------------ --------- --------- -------- --------- --------
Earnings before fixed charges $ 69,482 $257,052 $196,295 $120,588 $ 76,661 $ 60,447
============ ========= ========= ======== ========= ========
Fixed charges:
Interest expense 24,770 94,712 74,155 46,521 33,967 32,819
Amortization of deferred
financing charges 880 4,951 4,462 4,448 4,561 4,869
Capitalized interest 4,057 15,288 16,317 11,802 7,708 3,475
------------ --------- --------- -------- --------- --------
Fixed charges $ 29,707 $114,951 $ 94,934 $ 62,771 $ 46,236 $ 41,163
------------ --------- --------- -------- --------- --------
Preferred share distributions 2,750 11,000 11,000 4,247 - -
Preferred unit distributions 2,197 3,783 - - - -
------------ --------- --------- -------- --------- --------
Combined fixed charges $ 34,654 $129,734 $105,934 $ 67,018 $ 46,236 $ 41,163
============ ========= ========= ======== ========= ========
Ratio of earnings to fixed charges 2.34 2.24 2.07 1.92 1.66 1.47
============ ========= ========= ======== ========= ========
Ratio of earnings to combined
fixed charges 2.01 1.98 1.85 1.80 1.66 1.47
============ ========= ========= ======== ========= ========
</TABLE>
