Exhibit 12.1

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,
	2011
Earnings before fixed charges:
Income before allocation of noncontrolling interest and income from investments in unconsolidated subsidiaries	$	34,591
Add: Interest expense		33,272
Depreciation expense on cap’d interest		421
Amortization of deferred financing costs		1,506
Earnings before fixed charges	$	69,790
Fixed charges:
Interest expense	$	33,272
Amortization of deferred financing charges		1,506
Capitalized interest		472
Fixed charges		35,250
Preferred share distributions		—
Preferred unit distributions		5,253
Combined fixed charges	$	40,503
Ratio of earnings to fixed charges		1.98
Ratio of earnings to combined fixed charges		1.72