EXHIBIT 12.1

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

<TABLE>
<CAPTION>

                                                                   Years ended December 31,
                                                        1999       1998        1997      1996       1995
                                                        ----       ----        ----      ----       ----

<S>                                                <C>            <C>          <C>       <C>        <C>
Earnings (loss) from operations (2)                $   12,619     12,390       6,802     3,208      2,444
Less: sales of residential property, net
of cost of residential property sold                        -          -           -         -          -
Add:
  Interest expense (3)                                 14,062     12,081      12,555    12,354     11,928
  Interest portion of rentals (4)                         234        260         225       227        113
                                                          ---        ---         ---       ---        ---

Earnings available for fixed charges               $   26,915     24,731      19,582    15,789     14,485
                                                   ==========     ======      ======    ======     ======

Fixed Charges:
  Interest expense (3)                                 14,062     12,081      12,555    12,354     11,928
  Interest capitalized                                    242        873         445       104        565
  Interest portion of rentals (4)                         234        260         225       227        113
                              --                          ---        ---         ---       ---        ---

Fixed Charges                                      $   14,538     13,214      13,225    12,685     12,606
                                                   ==========     ======      ======    ======     ======

Ratio of earnings to fixed charges                 $     1.85       1.87        1.48      1.24       1.15

Excess of Fixed Charges over Earnings              $        -          -           -         -          -

</TABLE>

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, 1999,
     1998, 1997, 1996, and 1995.

(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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