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)

	Three months ended
	March 31, 2008
Earnings before fixed charges:
Income before allocation of minority interest and income from investments in unconsolidated subsidiaries	$	36,858
Add: Interest expense		41,288
Depreciation expense on cap’d interest		263
Amortization of deferred financing costs		1,162
Earnings before fixed charges	$	79,571
Fixed charges:
Interest expense	$	41,288
Amortization of deferred financing charges		1,162
Capitalized interest		6,843
Fixed charges		49,293
Preferred share distributions		—
Preferred unit distributions		5,253
Combined fixed charges	$	54,546
Ratio of earnings to fixed charges		1.61
Ratio of earnings to combined fixed charges		1.46