Brandywine Operating Partnership 10-Q 2007 Q2 Quarterly report

Exhibit 12.1

Brandywine Realty Trust
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions
(in thousands)

	For the six months ended June 30,						For the years ended December 31,
	2007			2006			2006			2005			2004			2003			2002
Earnings before fixed charges:
Add:
Income (loss) from continuing operations (a)	$	(6,250	)	$	(20,862	)	$	(18,423	)	$	33,065		$	49,784		$	65,588		$	35,977
Minority interest attributable to continuing operations		(349	)		(1,423	)		(1,493	)		1,059			2,183			8,827			8,813
Fixed charges — per below		94,930			91,304			191,614			86,191			61,443			69,476			76,950
Less:
Capitalized interest		(8,217	)		(4,916	)		(9,537	)		(9,603	)		(3,030	)		(1,503	)		(2,949	)
Preferred Distributions of consolidated subsidiaries		—			—			—			—			(832	)		(7,069	)		(7,069	)
Earnings before fixed charges	$	80,114		$	64,103		$	162,161		$	110,712		$	109,548		$	135,319		$	111,722
Fixed charges and Preferred Distributions:
Interest expense (including amortization)	$	83,484		$	83,247		$	175,784		$	73,918		$	54,610		$	57,835		$	63,522
Capitalized interest		8,217			4,916			9,537			9,603			3,030			1,503			2,949
Proportionate share of interest for unconsolidated real estate ventures		3,229			3,141			6,293			2,670			2,971			3,069			3,410
Distributions to preferred unitholders in Operating Partnership		—			—			—			—			832			7,069			7,069
Total Fixed Charges		94,930			91,304			191,614			86,191			61,443			69,476			76,950
Income allocated to preferred shareholders		3,996			3,996			7,992			7,992			9,720			11,906			11,906
Total Preferred Distributions		3,996			3,996			7,992			7,992			9,720			11,906			11,906
Total combined fixed charges and preferred distributions	$	98,926		$	95,300		$	199,606		$	94,183		$	71,163		$	81,382		$	88,856
Ratio of earnings to combined fixed charges and preferred distributions		(b	)		(b	)		(b	)		1.18			1.54			1.66			1.26

(a)	Amounts for the six-months ended June 30, 2007 and 2006 and for the years ended December 31, 2006, 2005, 2004, 2003 and 2002 have been reclassified to present properties sold consistent with the presentation for the period ended June 30, 2007. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented.
(b)	Due to the registrant’s loss in the period, the coverage ratio was less than 1:1. The registrant must generate additional earnings of $18,812 and $31,197 for the six-months ended June 30, 2007 and 2006, respectively and $37,445 for the year ended December 31, 2006 to achieve a coverage ratio of 1:1.