EXHIBIT 12.1 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES LIBERTY PROPERTY LIMITED PARTNERSHIP (AMOUNTS IN THOUSANDS EXCEPT RATIO AMOUNTS) NINE MONTHS ENDED SEPTEMBER 30, 2002 ------------------ Earnings before fixed charges: Income from continuing operations $137,634 Add: Interest expense 82,841 Depreciation expense on cap'd interest 2,178 Amortization of deferred financing costs 2,881 -------- Earnings before fixed charges $225,534 ======== Fixed charges: Interest expense 82,841 Amortization of deferred financing charges 2,881 Capitalized interest 13,242 -------- Fixed charges $ 98,964 -------- Ratio of earnings to fixed charges 2.28 ========