Exhibit 12.1

HRPT PROPERTIES TRUST

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

	Year Ended December 31,
	2004			2003			2002			2001			2000
Earnings:
Income before equity in earnings and gains (losses) on equity transactions of equity investments	$	117,386		$	90,921		$	88,923		$	87,510		$	108,992
Fixed charges	118,212			101,144			89,417			91,305			104,337
Distributions from equity investments	24,572			27,404			27,195			26,651			30,294
Capitalized interest	—			—			(3,057		)	(787		)	(1,680		)
Adjusted Earnings	$	260,170		$	219,469		$	202,478		$	204,679		$	241,943
Fixed Charges:
Interest expense (including amortization of note discounts and premiums and deferred financing fees)	$	118,212		$	101,144		$	86,360		$	90,518		$	102,657
Capitalized interest	—			—			3,057			787			1,680
Total Fixed Charges	$	118,212		$	101,144		$	89,417		$	91,305		$	104,337
Ratio of Earnings to Fixed Charges	2.2		x	2.2		x	2.3		x	2.2		x	2.3		x