Saul B F Real Estate Investment Trust 10-Q 2007 Q3 Quarterly report

Exhibit 12.1

STATEMENT RE COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES

	For the Nine Months Ended June 30,						For the Twelve Months Ended September 30,
(Dollars in thousands)	2007			2006			2006			2005			2004			2003			2002
FIXED CHARGES:
Real estate
Interest and debt expense	$	41,825		$	37,431		$	51,645		$	46,503		$	58,645		$	48,970		$	49,086
Ground rent		240			—			—			—			—			—			—
Total fixed charges for ratio - real estate		42,065			37,431			51,645			46,503			58,645			48,970			49,086
Banking
Preference security dividend requirements of consolidated subsidiary		11,538			11,538			15,385			15,385			27,989			15,000			15,000
Interest expense		284,466			229,383			318,171			207,193			163,022			205,479			273,186
Total fixed charges for ratio - total company	$	338,069		$	278,352		$	385,201		$	269,081		$	249,656		$	269,449		$	337,272
EARNINGS:
Operating income - total company	$	74,452		$	107,664		$	136,773		$	182,327		$	208,567		$	132,545		$	85,847
Equity in earnings of unconsolidated entities		(9,156	)		(7,331	)		(10,051	)		(8,246	)		(7,788	)		(7,248	)		(8,811	)
Distributions from unconsolidated entities		11,943			11,068			14,821			13,272			12,550			12,048			11,496
Capitalized interest		1,527			712			(1,129	)		—			—			—			(287	)
Preference security dividend requirements of consolidated subsidiary		(11,538	)		(11,538	)		(15,385	)		(15,385	)		(27,989	)		(15,000	)		(15,000	)
		67,228			100,575			125,029			171,968			185,340			122,345			73,245
Total fixed charges for ratio - total company		338,069			278,352			385,201			269,081			249,656			269,449			337,272
Total earnings for ratio	$	405,297		$	378,927		$	510,230		$	441,049		$	434,996		$	391,794		$	410,517
RATIO OF EARNINGS TO FIXED CHARGES		1.20 x			1.36 x			1.33 x			1.64 x			1.74 x			1.45 x			1.22 x
Excess of available earnings over fixed charges	$	67,228		$	100,575		$	125,029		$	171,968		$	185,340		$	122,345		$	73,245