Saul B F Real Estate Investment Trust 10-Q 2008 Q1 Quarterly report

Exhibit 12.1

STATEMENT RE COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES

	For the Three Months Ended December 31,						For the Twelve Months Ended September 30,
(Dollars in thousands)	2007			2006			2007			2006			2005			2004			2003
FIXED CHARGES:
Real estate
Interest and debt expense	$	14,547		$	13,724		$	56,097		$	51,645		$	46,503		$	58,645		$	48,970
Ground rent		73			—			480			—			—			—			—
Total fixed charges for ratio - real estate		14,620			13,724			56,577			51,645			46,503			58,645			48,970
Banking
Preference security dividend requirements of consolidated subsidiary		3,846			3,846			15,385			15,385			15,385			27,989			15,000
Interest expense		101,005			93,357			388,291			318,171			207,193			163,022			205,479
Total fixed charges for ratio - total company	$	119,471		$	110,927		$	460,253		$	385,201		$	269,081		$	249,656		$	269,449
EARNINGS:
Operating income - total company	$	4,457		$	33,477		$	108,306		$	136,773		$	182,327		$	208,567		$	132,545
Equity in earnings of unconsolidated entities		(3,477	)		(3,051	)		(12,540	)		(10,051	)		(8,246	)		(7,788	)		(7,248	)
Distributions from unconsolidated entities		4,572			3,822			16,179			14,821			13,272			12,550			12,048
Capitalized interest		(422	)		(565	)		(2,054	)		(1,129	)		—			—			—
Preference security dividend requirements of consolidated subsidiary		(3,846	)		(3,846	)		(15,385	)		(15,385	)		(15,385	)		(27,989	)		(15,000	)
		1,284			29,837			94,506			125,029			171,968			185,340			122,345
Total fixed charges for ratio - total company		119,471			110,927			460,253			385,201			269,081			249,656			269,449
Total earnings for ratio	$	120,755		$	140,764		$	554,759		$	510,230		$	441,049		$	434,996		$	391,794
RATIO OF EARNINGS TO FIXED CHARGES		1.01 x			1.27 x			1.21 x			1.33 x			1.64 x			1.74 x			1.45 x
Excess of available earnings over fixed charges	$	1,284		$	29,837		$	94,506		$	125,029		$	171,968		$	185,340		$	122,345