Liberty Property Trust (LPT) 8-K Other Events

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,
	2009		2008		2007		2006		2005
Earnings before fixed charges:
Income before allocation of minority interest and income from investments in unconsolidated subsidiaries (1)	$	150,830	$	147,887	$	144,322	$	156,899	$	211,314
Add: Interest expense		144,107		148,211		119,971		102,544		101,442
Depreciation expense on cap’d interest		1,607		1,245		5,393		4,437		3,829
Amortization of deferred financing costs		5,193		4,455		3,991		3,785		3,837
Earnings before fixed charges	$	301,737	$	301,798	$	273,677	$	267,665	$	320,422
Fixed charges:
Interest expense	$	144,107	$	148,211	$	119,971	$	102,544	$	101,442
Amortization of deferred financing charges		5,193		4,455		3,991		3,785		3,837
Capitalized interest		7,640		19,958		45,697		30,837		17,748
Fixed charges		156,940		172,624		169,659		137,166		123,027
Preferred share distributions		—		—		—		—		—
Preferred unit distributions		21,012		21,012		17,126		13,691		12,095
Combined fixed charges	$	177,952	$	193,636	$	186,785	$	150,857	$	135,122
Ratio of earnings to fixed charges		1.92		1.75		1.61		1.95		2.60
Ratio of earnings to combined fixed charges		1.70		1.56		1.47		1.77		2.37

(1) Amounts for the years ended December 31, 2009, 2008, 2007, 2006 and 2005 have been reclassified to present properties that have been sold as of June 30, 2010. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented.