Exhibit 12.1

HRPT PROPERTIES TRUST

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

	Three Months Ended March 31,						Year Ended December 31,
	2005			2004			2004			2003			2002			2001			2000
Earnings:
Income before equity in earnings and gain (loss) on equity transactions of equity investments	$	28,841		$	25,730		$	117,386		$	90,921		$	88,923		$	87,510		$	108,992
Fixed charges	35,607			26,225			118,212			101,144			89,417			91,305			104,337
Distributions from equity investments	5,651			6,851			24,572			27,404			27,195			26,651			30,294
Capitalized interest	—			—			—			—			(3,057		)	(787		)	(1,680		)
Adjusted Earnings	$	70,099		$	58,806		$	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)	$	35,607		$	26,225		$	118,212		$	101,144		$	86,360		$	90,518		$	102,657
Capitalized interest	—			—			—			—			3,057			787			1,680
Total Fixed Charges	$	35,607		$	26,225		$	118,212		$	101,144		$	89,417		$	91,305		$	104,337
Ratio of Earnings to Fixed Charges	2.0		x	2.2		x	2.2		x	2.2		x	2.3		x	2.2		x	2.3		x

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