Brandywine Operating Partnership 10-Q 2008 Q3 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 nine-months ended September 30,						For the years ended December 31,
	2008			2007			2007			2006			2005			2004			2003
Earnings before fixed charges:
Add:
Income (loss) from continuing operations (a)	$	3,886		$	(13,058	)	$	18,584		$	(28,604	)	$	28,487		$	47,219		$	61,075
Minority interest attributable to continuing operations		33			(735	)		900			(1,912	)		781			2,344			8,673
Fixed charges — per below		130,839			138,825			185,572			186,044			86,191			61,443			69,476
Less:
Capitalized interest		(13,956	)		(12,757	)		(17,476	)		(9,537	)		(9,603	)		(3,030	)		(1,503	)
Preferred Distributions of consolidated subsidiaries		—			—			—			—			—			(832	)		(7,069	)
Earnings before fixed charges	$	120,802		$	112,275		$	187,580		$	145,991		$	105,856		$	107,144		$	130,652
Fixed charges and Preferred Distributions:
Interest expense (including amortization)	$	110,644		$	121,273		$	161,674		$	170,214		$	73,918		$	54,610		$	57,835
Capitalized interest		13,956			12,757			17,476			9,537			9,603			3,030			1,503
Proportionate share of interest for unconsolidated real estate ventures		6,239			4,795			6,422			6,293			2,670			2,971			3,069
Distributions to preferred unitholders in Operating Partnership		—			—			—			—			—			832			7,069
Total Fixed Charges		130,839			138,825			185,572			186,044			86,191			61,443			69,476
Income allocated to preferred shareholders		5,994			5,994			7,992			7,992			7,992			9,720			11,906
Total Preferred Distributions		5,994			5,994			7,992			7,992			7,992			9,720			11,906
Total combined fixed charges and preferred distributions	$	136,833		$	144,819		$	193,564		$	194,036		$	94,183		$	71,163		$	81,382
Ratio of earnings to combined fixed charges and preferred distributions		(b	)		(b	)		(b	)		(b	)		1.12			1.51			1.61

(a)	Amounts for the nine-months ended September 30, 2008 and 2007 and for the years ended December 31, 2007, 2006, 2005, 2004 and 2003 have been reclassified to present properties sold consistent with the presentation for the period ended September 30, 2008. 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 $16,031 for nine-months ended September 30, 2008, $32,544 for the nine-months ended September 30, 2007, $5,984 for the year ended December 31, 2007 and $48,045 for the year ended December 31, 2006 to achieve a coverage ratio of 1:1.