Saul B F Real Estate Investment Trust 10-K 2005 FY Annual report

Exhibit 12

STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - REAL ESTATE TRUST ONLY

	For the Twelve Months Ended September 30,
(Dollars in thousands)	2005			2004			2003			2002			2001
FIXED CHARGES: (1)
Interest and debt expense	$	49,439		$	60,478		$	50,862		$	51,061		$	51,203
Ground rent		—			—			—			—			—
Total fixed charges for ratio	$	49,439		$	60,478		$	50,862		$	51,061		$	51,203
EARNINGS: (1)
Operating income (loss)	$	(8,905	)	$	(24,371	)	$	(14,893	)	$	(19,548	)	$	(667	)
Equity in earnings of unconsolidated entities		(8,246	)		(7,788	)		(7,248	)		(8,811	)		(7,169	)
Distributions from unconsolidated entities		13,272			12,550			12,048			11,496			10,814
Capitalized interest		—			—			—			(287	)		(569	)
		(3,879	)		(19,609	)		(10,093	)		(17,150	)		2,409
Total fixed charges for ratio		49,439			60,478			50,862			51,061			51,203
Total earnings for ratio	$	45,560		$	40,869		$	40,769		$	33,911		$	53,612
RATIO OF EARNINGS TO FIXED CHARGES		Less than 1			Less than 1			Less than 1			Less than 1			1.05 x
Excess (deficiency) of available earnings to fixed charges	$	(3,879	)	$	(19,609	)	$	(10,093	)	$	(17,150	)	$	2,409

(1) Includes Discontinued Real Estate Operations

STATEMENT RE COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES

	For the Twelve Months Ended September 30,
(Dollars in thousands)	2005			2004			2003			2002			2001
FIXED CHARGES: (1)
Real estate
Interest and debt expense	$	49,439		$	60,478		$	50,862		$	51,061		$	51,203
Ground rent		—			—			—			—			—
Total fixed charges for ratio - real estate		49,439			60,478			50,862			51,061			51,203
Banking
Preference security dividend requirements of consolidated subsidiary		15,385			27,989			15,000			15,000			15,000
Interest expense		207,193			163,022			205,479			273,186			422,744
Total fixed charges for ratio - total company	$	272,017		$	251,489		$	271,341		$	339,247		$	488,947
EARNINGS: (1)
Operating income - total company	$	180,790		$	206,844		$	131,297		$	84,034		$	94,980
Equity in earnings of unconsolidated entities		(8,246	)		(7,788	)		(7,248	)		(8,811	)		(7,169	)
Distributions from unconsolidated entities		13,272			12,550			12,048			11,496			10,814
Capitalized interest		—			—			—			(287	)		(569	)
Preference security dividend requirements of consolidated subsidiary		(15,385	)		(27,989	)		(15,000	)		(15,000	)		(15,000	)
		170,431			183,617			121,097			71,432			83,056
Total fixed charges for ratio - total company		272,017			251,489			271,341			339,247			488,947
Total earnings for ratio	$	442,448		$	435,106		$	392,438		$	410,679		$	572,003
RATIO OF EARNINGS TO FIXED CHARGES		1.63 x			1.73 x			1.45 x			1.21 x			1.17 x
Excess of available earnings over fixed charges	$	170,431		$	183,617		$	121,097		$	71,432		$	83,056

(1) Includes Discontinued Real Estate Operations