**EXHIBIT 12**

** **

**MID-ATLANTIC REALTY TRUST ANDSUBSIDIARIES**

**COMPUTATION OF RATIO OF EARNINGS TOFIXED CHARGES (1)**

**(AMOUNTS IN THOUSANDS, EXCEPT FOR RATIOINFORMATION)**

** **
|                                                                           |   | **Years ended December 31,** |       |
|--------------------------------------------------------------------------------|--------|------------------------------|------------|
|                                                                           |   | **2002**                     |       | **2001** |   | **2000** |   | **1999** |   | **1998** |   |
|                                                                           |   |                         |       |   |   |   |   |   |   |   |   |
| Earnings (loss) from operations                                                |   | **$**                        | **19,802** |   | 14,339 |   | 12,556 |   | 12,619 |   | 12,390 |   |
| Less: sales of residential property, net of cost of residential  property sold |   | **—**                   |       | — |   | — |   | — |   | — |   |
| Add:                                                                           |   |                         |       |   |   |   |   |   |   |   |   |
| Interest expense                                                               |   | **16,463**                   |       | 17,332 |   | 16,355 |   | 14,062 |   | 12,081 |   |
| Interest portion of rentals (2)                                                |   | **275**                      |       | 237 |   | 224 |   | 234 |   | 260 |   |
| Earnings available for fixed charges                                           |   | **$**                        | **36,540** |   | 31,908 |   | 29,135 |   | 26,915 |   | 24,731 |   |
|                                                                           |   |                         |       |   |   |   |   |   |   |   |   |
| Fixed Charges:                                                                 |   |                         |       |   |   |   |   |   |   |   |   |
| Interest expense                                                               |   | **16,463**                   |       | 17,332 |   | 16,355 |   | 14,062 |   | 12,081 |   |
| Interest capitalized                                                           |   | **474**                      |       | 940 |   | 1,142 |   | 242 |   | 873 |   |
| Interest portion of rentals (2)                                                |   | **275**                      |       | 237 |   | 224 |   | 234 |   | 260 |   |
| Fixed Charges                                                                  |   | **$**                        | **17,212** |   | 18,509 |   | 17,721 |   | 14,538 |   | 13,214 |   |
|                                                                           |   |                         |       |   |   |   |   |   |   |   |   |
| Ratio of earnings to fixed charges                                             |   | **$**                        | **2.12**   |   | 1.72 |   | 1.64 |   | 1.85 |   | 1.87 |   |
|                                                                           |   |                         |       |   |   |   |   |   |   |   |   |
| Excess of Fixed Charges over Earnings                                          |   | **$**                        | **—** |   | — |   | — |   | — |   | — |   |

 

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

 

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(1)        The computations above use the Consolidated Financial Statements ofMid-Atlantic Realty Trust and Subsidiaries for the years ended December 31,2002, 2001, 2000, 1999 and 1998.

 

(2)        Amounts reflect a one-third portion of rentals, the portion deemedrepresentative of the interest factor.

 

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