EXHIBIT 12.1   COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES


                   MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
              COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
              (AMOUNTS IN THOUSANDS, EXCEPT FOR RATIO INFORMATION)

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                                              1998        1997       1996     1995     1994
                                              ----        ----       ----     ----     ----
<S>                                          <C>         <C>        <C>      <C>      <C> 
Earnings (loss) from operations (2)          $12,390      6,802      3,208    2,444    1,713
Less:  sales of residential property, net     
Add:
 Interest expense (3)                         12,081     12,555     12,354   11,928   10,876
 Interest portion of rentals (4)                 260        225        227      113       97
Earnings available for fixed charges         $24,731     19,582     15,789   14,485   12,686

Fixed Charges:
 Interest expense (3)                         12,081     12,555     12,354   11,928   10,876
 Interest capitalized                            873        445        104      565       31
 Interest portion of rentals (4)                 260        225        227      113       97
Fixed Charges                                $13,214     13,225     12,685   12,606   11,004

Ratio of earnings to fixed charges           $  1.87       1.48       1.24     1.15     1.15

Excess of Fixed Charges over Earnings        $     0         $0         $0       $0       $0

There were no preferred shares  outstanding during any of the periods above, and
therefore the ratio of earnings to combined  fixed charges and preferred  shares
dividend requirements would have been the same as the ratio of earnings to fixed
charges for the periods indicated.

(1)  The  computations  above  use  the  Consolidated  Financial  Statements  of
     Mid-Atlantic Realty Trust and Subsidiaries for the years December 31, 1998,
     1997, 1996, 1995, and 1994.

(2)  Effective  January 1, 1996,  the Company  changed its reporting of gains or
     losses on sales of properties held for sale. During the year ended December
     31, 1995, and  previously,  gains or losses on sales of properties held for
     sale had been  included in the revenues of the  consolidated  statements of
     operations and were  therefore  included in earnings from  operations.  The
     Company  is not in the  business  of  buying  land for  resale.  Therefore,
     management  believes that gains or losses on sales of  properties  held for
     sale should not be included  in  earnings  or losses from  operations,  and
     should  be an  adjustment  to  earnings  from  operations  to arrive at net
     earnings. The comparative prior year earnings (losses) from operations have
     been reclassified to reflect this change.

(3)  Effective   January  1,  1996,   the  Company   changed  its  reporting  of
     amortization of deferred  financing  costs.  During the year ended December
     31, 1995, and previously,  the annual  amortization  of deferred  financing
     costs was reported in the  depreciation  and  amortization  of property and
     improvements expense line in the consolidated statements of operations.  In
     1996, the Company began reporting the  amortization  of deferred  financing
     costs in the  interest  expense  line  in the  consolidated  statements  of
     operations.  The comparative prior year interest expense amounts above have
     been reclassified to reflect this change.

(4)  Amounts  reflect  a  one-third  portion  of  rentals,  the  portion  deemed
     representative of the interest factor.
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