Exhibit 12.1

EXHIBIT 12 — 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)

	Year ended December 31,
	2010		2009		2008		2007		2006
Earnings before fixed charges:
Income before allocation of minority interest and income from investments in unconsolidated subsidiaries (1)	$	144,401	$	149,937	$	146,643	$	142,859	$	155,300
Add: Interest expense		142,819		143,723		147,743		119,597		102,143
Depreciation expense on cap’d interest		1,678		1,607		1,245		5,393		4,437
Amortization of deferred financing costs		6,501		5,179		4,441		3,978		3,770
Earnings before fixed charges	$	295,399	$	300,446	$	300,072	$	271,827	$	265,650
Fixed charges:
Interest expense	$	142,819	$	143,723	$	147,743	$	119,597	$	102,143
Amortization of deferred financing charges		6,501		5,179		4,441		3,978		3,770
Capitalized interest		929		7,640		19,958		45,697		30,837
Fixed charges		150,249		156,542		172,142		169,272		136,750
Preferred share distributions		—		—		—		—		—
Preferred unit distributions		21,012		21,012		21,012		17,126		13,691
Combined fixed charges	$	171,261	$	177,554	$	193,154	$	186,398	$	150,441
Ratio of earnings to fixed charges		1.97		1.92		1.74		1.61		1.94
Ratio of earnings to combined fixed charges		1.72		1.69		1.55		1.46		1.77

(1) Amounts for the years ended December 31, 2010, 2009, 2008, 2007 and 2006 have been reclassified to present properties that have been sold during 2010. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented.