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)

	Six months ended June 30, 2011
Earnings before fixed charges:
Income before allocation of noncontrolling interest and income from investments in unconsolidated subsidiaries	$	77,475
Add: Interest expense		63,111
Depreciation expense on cap’d interest		814
Amortization of deferred financing costs		2,719
Earnings before fixed charges	$	144,119
Fixed charges:
Interest expense	$	63,111
Amortization of deferred financing charges		2,719
Capitalized interest		1,034
Fixed charges		66,864
Preferred unit distributions		10,506
Combined fixed charges	$	77,370
Ratio of earnings to fixed charges		2.16
Ratio of earnings to combined fixed charges		1.86