Liberty Property Trust (LPT) 8-K Other Events

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)

	Year ended December 31,
	2008		2007		2006		2005		2004
Earnings before fixed charges:
Income before allocation of minority interest and income from investments in unconsolidated subsidiaries (1)	$	148,211	$	145,121	$	158,332	$	212,001	$	137,895
Add: Interest expense		148,007		120,372		102,981		101,992		87,858
Depreciation expense on cap’d interest		1,245		5,393		4,437		3,829		3,442
Amortization of deferred financing costs		4,449		4,005		3,800		3,857		3,289
Earnings before fixed charges	$	301,912	$	274,891	$	269,550	$	321,679	$	232,484
Fixed charges:
Interest expense	$	148,007	$	120,372	$	102,981	$	101,992	$	87,858
Amortization of deferred financing charges		4,449		4,005		3,800		3,857		3,289
Capitalized interest		19,958		45,697		30,837		17,748		13,242
Fixed charges		172,414		170,074		137,618		123,597		104,389
Preferred share distributions		—		—		—		—		—
Preferred unit distributions		21,012		17,126		13,691		12,095		11,844
Combined fixed charges	$	193,426	$	187,200	$	151,309	$	135,692	$	116,233
Ratio of earnings to fixed charges		1.75		1.62		1.96		2.60		2.23
Ratio of earnings to combined fixed charges		1.56		1.47		1.78		2.37		2.00

(1) Amounts for the years ended December 31, 2008, 2007, 2006, 2005 and 2004 have been reclassified to present properties that have been sold or held for sale as of September 30, 2009. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented.