Saul B F Real Estate Investment Trust 10-Q 2005 Q2 Quarterly report

Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES - REAL ESTATE TRUST ONLY

	For the Six Months Ended March 31,						For the Year Ended September 30,
(Dollars in thousands)	2005			2004			2004			2003			2002			2001			2000
FIXED CHARGES: (1)
Interest and debt expense	$	25,604		$	26,918		$	60,478		$	50,862		$	51,061		$	51,203		$	47,149
Ground rent		—			—			—			—			—			—			—
Total fixed charges for ratio	$	25,604		$	26,918		$	60,478		$	50,862		$	51,061		$	51,203		$	47,149
EARNINGS: (1)
Operating income (loss)	$	(8,190	)	$	(10,164	)	$	(24,371	)	$	(14,893	)	$	(19,548	)	$	(667	)	$	(4,341	)
Equity in earnings of unconsolidated entities		(3,785	)		(3,661	)		(7,788	)		(7,248	)		(8,811	)		(7,169	)		(7,291	)
Distributions from unconsolidated entities		6,516			6,214			12,550			12,048			11,496			10,814			10,297
Capitalized interest		—			—			—			—			(287	)		(569	)		(1,175	)
		(5,459	)		(7,611	)		(19,609	)		(10,093	)		(17,150	)		2,409			(2,510	)
Total fixed charges for ratio		25,604			26,918			60,478			50,862			51,061			51,203			47,149
Total earnings for ratio	$	20,145		$	19,307		$	40,869		$	40,769		$	33,911		$	53,612		$	44,639
RATIO OF EARNINGS TO FIXED CHARGES		Less than 1			Less than 1			Less than 1			Less than 1			Less than 1			1.05 x			Less than 1
Excess (deficiency) of available earnings to fixed charges	$	(5,459	)	$	(7,611	)	$	(19,609	)	$	(10,093	)	$	(17,150	)	$	2,409		$	(2,510	)

(1) Includes Discontinued Real Estate Operations

RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES

	For the Six Months Ended March 31,						For the Year Ended September 30,
(Dollars in thousands)	2005			2004			2004			2003			2002			2001			2000
FIXED CHARGES: (1)
Real estate
Interest and debt expense	$	25,604		$	26,918		$	60,478		$	50,862		$	51,061		$	51,203		$	47,149
Ground rent		—			—			—			—			—			—			—
Total fixed charges for ratio - real estate		25,604			26,918			60,478			50,862			51,061			51,203			47,149
Banking
Preference security dividend requirements of consolidated subsidiary		7,692			20,297			27,989			15,000			15,000			15,000			15,000
Interest expense		87,510			87,177			163,022			205,479			273,186			422,744			394,400
Total fixed charges for ratio - total company	$	120,806		$	134,392		$	251,489		$	271,341		$	339,247		$	488,947		$	456,549
EARNINGS: (1)
Operating income - total company	$	132,423		$	73,536		$	206,844		$	131,297		$	84,034		$	94,980		$	69,805
Equity in earnings of unconsolidated entities		(3,785	)		(3,661	)		(7,788	)		(7,248	)		(8,811	)		(7,169	)		(7,291	)
Distributions from unconsolidated entities		6,516			6,214			12,550			12,048			11,496			10,814			10,297
Capitalized interest		—			—			—			—			(287	)		(569	)		(1,175	)
Preference security dividend requirements of consolidated subsidiary		(7,692	)		(20,297	)		(27,989	)		(15,000	)		(15,000	)		(15,000	)		(15,000	)
		127,462			55,792			183,617			121,097			71,432			83,056			56,636
Total fixed charges for ratio - total company		120,806			134,392			251,489			271,341			339,247			488,947			456,549
Total earnings for ratio	$	248,268		$	190,184		$	435,106		$	392,438		$	410,679		$	572,003		$	513,185
RATIO OF EARNINGS TO FIXED CHARGES		2.06	x		1.42	x		1.73	x		1.45	x		1.21	x		1.17	x		1.12	x
Excess of available earnings over fixed charges	$	127,462		$	55,792		$	183,617		$	121,097		$	71,432		$	83,056		$	56,636

(1) Includes Discontinued Real Estate Operations