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 31,2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Earnings before fixed charges:Add:Income (loss) from continuing operations before non-controlling interest
and equity in earnings from unconsolidated real estate ventures (a)
    
    $
    1,579
    
    
    $
    (7,025
    )
    
    $
    2,378
    
    
    $
    (39,585
    )
    
    $
    20,522Distributed income of equity investees
    
    
    1,557
    
    
    
    7,639
    
    
    
    6,900
    
    
    
    2,150
    
    
    
    2,403Amortization of capitalized interest
    
    
    3,166
    
    
    
    2,801
    
    
    
    2,170
    
    
    
    1,508
    
    
    
    1,183Fixed charges  per below
    
    
    152,098
    
    
    
    170,589
    
    
    
    185,308
    
    
    
    182,012
    
    
    
    82,521Less:Capitalized interest
    
    
    (8,865
    )
    
    
    (16,746
    )
    
    
    (17,885
    )
    
    
    (9,537
    )
    
    
    (9,603
    )Preferred Distributions of consolidated subsidiaries
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Earnings before fixed charges
    
    $
    149,535
    
    
    $
    157,258
    
    
    $
    178,871
    
    
    $
    136,548
    
    
    $
    98,929Fixed charges and Preferred Distributions:Interest expense from continuing operations (including amortization)
    
    $
    141,604
    
    
    $
    152,096
    
    
    $
    165,647
    
    
    $
    171,164
    
    
    $
    73,920Capitalized interest
    
    
    8,865
    
    
    
    16,746
    
    
    
    17,885
    
    
    
    9,537
    
    
    
    9,603Ground leases and other
    
    
    1,629
    
    
    
    1,747
    
    
    
    1,776
    
    
    
    1,311
    
    
    
    901Distributions to preferred unitholders in Operating Partnership
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total Fixed Charges
    
    
    152,098
    
    
    
    170,589
    
    
    
    185,308
    
    
    
    182,012
    
    
    
    84,424Income allocated to preferred shareholders
    
    
    7,992
    
    
    
    7,992
    
    
    
    7,992
    
    
    
    7,992
    
    
    
    7,992Total Preferred Distributions
    
    
    7,992
    
    
    
    7,992
    
    
    
    7,992
    
    
    
    7,992
    
    
    
    7,992Total combined fixed charges and preferred distributions
    
    $
    160,090
    
    
    $
    178,581
    
    
    $
    193,300
    
    
    $
    190,004
    
    
    $
    92,416Ratio of earnings to combined fixed charges and preferred distributions
    
    
    (b
    )
    
    
    (b
    )
    
    
    (b
    )
    
    
    (b
    )
    
    
    1.07
 (a)
    
    Amounts for the years ended December 31, 2009, 2008, 2007, 2006 and 2005 have been
reclassified to present properties sold. As a result, operations have been reclassified to
discontinued operations from continuing operations for all periods presented. Amounts for the years ended December 31, 2008, 2007 and 2006 were
restated as a result of the retrospective adoption of the accounting standard for convertible debt.(b)
    
    Due to the registrants loss in the period, the coverage ratio was less than 1:1. The registrant must generate
additional earnings of $10,555 for the year ended December 31, 2009, $21,323 for the year ended
December 31, 2008, $14,429 for the year ended December 31,
2007, and $53,456 for the year ended
December 31, 2006 to achieve a coverage ratio of 1:1.