Carramerica Realty L P 8-K Other Events

Exhibit 12.1

CarrAmerica Operating Partnership, L.P.

Computation of Ratios

	Nine Months Ended 9/30/05		2004		2003		2002		2001		2000
Calculation of Earnings:
Income from continuing operations before income taxes, minority interest, and gain on sale of properties and impairment losses on real estate	22,685		43,092		55,047		64,936		55,147		94,150
Less: Equity in earnings	(2,751	)	(6,760	)	(7,034	)	(7,188	)	(9,322	)	(7,596	)
Add: Gain (loss) on sale of properties and impairment losses on real estate	84,786		27,600		(50	)	13,156		2,964		55,047
Income from continuing operations before income taxes, adjustment for minority interest and income from equity investees	104,720		63,932		47,963		70,904		48,789		141,601
Additions:
Fixed Charges:
Interest expense	86,746		114,978		104,492		99,018		83,676		98,835
Capitalized interest	—		457		1,696		3,274		6,221		12,367
	86,746		115,435		106,188		102,292		89,897		111,202
(1)    Amortization of capitalized interest	1,804		2,405		2,394		2,352		2,270		2,114
(2)    Distributed income of equity investees	2,751		6,760		7,034		7,188		9,322		7,596
Subtractions:
Capitalized interest	—		(457	)	(1,696	)	(3,274	)	(6,221	)	(12,367	)
Adjusted Earnings	196,021		188,075		161,883		179,462		144,057		250,146
Fixed Charges (from above)	86,746		115,435		106,188		102,292		89,897		111,202
Ratio of Earnings to Fixed Charges	2.26		1.63		1.52		1.75		1.60		2.25

(1) Represents an estimate of capitalized interest costs based on the Company’s established depreciation policy and an analysis of interest costs capitalized since 1996 (the year in which CarrAmerica began significant development activity).

(2) Represents an estimate of distributed income. Amount is based upon equity in earnings for each period due to the fact that distributions exceeded equity in earnings for each period.

CarrAmerica Realty Corporation

Computation of Ratios

	Nine Months Ended 9/30/05		2004		2003		2002		2001		2000
Calculation of Earnings:
Income from continuing operations before income taxes, minority interest, and gain on sale of properties and impairment losses on real estate	22,685		43,092		55,047		64,936		55,147		94,150
Less: Equity in earnings	(2,751	)	(6,760	)	(7,034	)	(7,188	)	(9,322	)	(7,596	)
Add: Gain (loss) on sale of properties and impairment losses on real estate	84,786		27,600		(50	)	13,156		2,964		55,047
Income from continuing operations before income taxes, adjustment for minority interest and income from equity investees	104,720		63,932		47,963		70,904		48,789		141,601
Additions:
Fixed Charges:
Interest expense	86,746		114,978		104,492		99,018		83,676		98,835
Capitalized interest	—		457		1,696		3,274		6,221		12,367
	86,746		115,435		106,188		102,292		89,897		111,202
(1)    Amortization of capitalized interest	1,804		2,405		2,394		2,352		2,270		2,114
(2)    Distributed income of equity investees	2,751		6,760		7,034		7,188		9,322		7,596
Subtractions:
Capitalized interest	—		(457	)	(1,696	)	(3,274	)	(6,221	)	(12,367	)
Adjusted Earnings	196,021		188,075		161,883		179,462		144,057		250,146
Fixed Charges (from above)	86,746		115,435		106,188		102,292		89,897		111,202
Ratio of Earnings to Fixed Charges	2.26		1.63		1.52		1.75		1.60		2.25

(1) Represents an estimate of capitalized interest costs based on the Company’s established depreciation policy and an analysis of interest costs capitalized since 1996 (the year in which CarrAmerica began significant development activity).

(2) Represents an estimate of distributed income. Amount is based upon equity in earnings for each period due to the fact that distributions exceeded equity in earnings for each period.

Computation of Ratios

CarrAmerica Realty L.P.

	Nine Months Ended 9/30/2005		2004		2003		2002		2001		2000
Calculation of Earnings:
Income from Continuing Operations before income taxes, minority interest and gain on sale of assets and other provisions, net	3,981		4,794		11,961		11,904		4,382		7,912
Less: Equity in earnings	(720	)	(2,299	)	(2,264	)	(3,138	)	(3,653	)	(1,251	)
Add: Gain on sale of assets and impairment losses	(3,514	)	12		(427	)	(1,009	)	(7,435	)	24,921
Pre-tax income from continuing ops. Before adj. For MI and income from equity investees	(253	)	2,507		9,270		7,757		(6,706	)	31,582
Additions:
Fixed Charges:
Interest Expense	5,623		9,544		9,825		14,628		19,185		27,567
Capitalized Interest	—		—		—		196		761		2,341
	5,623		9,544		9,825		14,824		19,946		29,908
(1)    Amortization of Cap'd Int	314		418		418		418		413		394
(2)    Distributed income of equity investees	720		2,299		2,264		3,138		3,653		1,251
Subtractions:
Capitalized Interest	—		—		—		(196	)	(761	)	(2,341	)
Adjusted Earnings	6,404		14,768		21,777		25,941		16,545		60,794
Fixed Charges (from above)	5,623		9,544		9,825		14,824		19,946		29,908
Ratio of Earnings to Fixed Charges	1.14		1.55		2.22		1.75		0.83		2.03

(1) Represents an estimate of capitalized interest costs based on the Company’s established depreciation policy and an analysis of interest costs capitalized since 1996 (the year in which CarrAmerica began significant development activity).

(2) Represents an estimate of distributed income. Amount is based upon equity in earnings for each period due to the fact that distributions per the cash flow exceeded equity in earnings for each period.