Brandywine Realty Trust (BDN) 10-K 2005 FY Annual report

EXHIBIT 12.1

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

	For the years ended December 31,
	2005			2004			2003			2002			2001
Earnings before fixed charges:
Add:
Income from continuing operations (a)	$	40,799		$	57,604		$	75,832		$	47,643		$	19,462
Minority interest attributable to continuing operations		1,331			2,472			9,294			9,375			7,760
Fixed charges - per below		86,636			61,894			69,476			76,950			83,627
Less:
Income from equity method investments not distributed		—			—			—			—			—
Capitalized interest		(9,603	)		(3,030	)		(1,503	)		(2,949	)		(5,178	)
Preferred Distributions of consolidated subsidiaries		—			(832	)		(7,069	)		(7,069	)		(7,069	)
Earnings before fixed charges	$	119,163		$	118,108		$	146,030		$	123,950		$	98,602
Fixed charges and Preferred Distributions:
Interest expense (including amortization)	$	74,363		$	55,061		$	57,835		$	63,522		$	67,496
Capitalized interest		9,603			3,030			1,503			2,949			5,178
Proportionate share of interest for unconsolidated real estate ventures		2,670			2,971			3,069			3,410			3,884
Distributions to preferred unitholders in Operating Partnership		—			832			7,069			7,069			7,069
Total Fixed Charges		86,636			61,894			69,476			76,950			83,627
Income allocated to preferred shareholders		7,992			9,720			11,906			11,906			11,906
Total Preferred Distributions		7,992			9,720			11,906			11,906			11,906
Total combined fixed charges and preferred distributions	$	94,628		$	71,614		$	81,382		$	88,856		$	95,533
Ratio of earnings to combined fixed charges and preferred distributions		1.26			1.65			1.79			1.39			1.03

(a) Amounts for the years ended December 31, 2005, 2004, 2003, 2002 and 2001 have been reclassified to present properties identified as held for sale consistent with the presentation for the period ended December 31, 2005.  As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented.