##### 



EXHIBIT 12.1


ARDEN REALTY, INC. COMPUTATION OF RATIOS
OF EARNINGS TO FIXED CHARGES

(AMOUNTS IN THOUSANDS, EXCEPT
RATIOS)


|                                                |                         |                                  |         |        |  |      |         |        |  |      |         |        |     |   |         |        |     |   |         |        |    
|----------------------------------------------- | ----------------------- | -------------------------------- | ------- | ------ |  | ---- | ------- | ------ |  | ---- | ------- | ------ | --- | - | ------- | ------ | --- | - | ------- | ------ | ---
|                                                |                         |                                 
|                                                |                         | ARDEN REALTY, INC.              
|                                                |                         |                                 
|                                                |                         |                                 
|                                                |                         | For the Years Ended December 31,
|                                                |                         |                                 
|                                                |                         | 2003                             |         | 2002   |  | 2001 |         | 2000   |  | 1999
|                                                |                         |                                  |         |        |  |      |         |        |  |     
|Earnings Available to Cover Fixed Charges:      |                         |                                  |         |        |  |      |         |        |  |      |         |        |     |   |         |        |     |   |         |       
|Net income                                      |                         | $                                | 58,509  |        |  | $    | 70,175  |        |  | $    | 97,759  |        |     | $ | 96,710  |        |     | $ | 96,626  |       
|Add:                                            |                         |                                  |         |        |  |      |         |        |  |      |         |        |     |   |         |        |     |   |         |       
|                                                | Interest Expense        |                                  |         | 93,767 |  |      |         | 88,516 |  |      |         | 84,195 | (1) |   |         | 78,406 | (1) |   |         | 60,239 | (1)
|                                                | Preferred Distributions |                                  |         | 4,312  |  |      |         | 4,312  |  |      |         | 4,312  |     |   |         | 4,312  |     |   |         | 1,354  |    
|                                                |                         |                                  |         |        |  |      |         |        |  |      |         |        |     |   |         |        |     |   |         |       
|Total Earnings Available to Cover Fixed Charges |                         | $                                | 156,588 |        |  | $    | 163,003 |        |  | $    | 186,266 |        |     | $ | 179,428 |        |     | $ | 158,219 |       
|                                                |                         |                                  |         |        |  |      |         |        |  |      |         |        |     |   |         |        |     |   |         |       
|Fixed Charges:                                  |                         |                                  |         |        |  |      |         |        |  |      |         |        |     |   |         |        |     |   |         |       
|                                                | Interest Expense        |                                  | $       | 93,767 |  |      | $       | 88,516 |  |      | $       | 84,195 |     |   | $       | 78,406 |     |   | $       | 60,239 |    
|                                                | Interest Capitalized    |                                  |         | 2,496  |  |      |         | 5,646  |  |      |         | 9,095  |     |   |         | 12,646 |     |   |         | 9,587  |    
|                                                | Preferred Distributions |                                  |         | 4,312  |  |      |         | 4,312  |  |      |         | 4,312  |     |   |         | 4,312  |     |   |         | 1,354  |    
|                                                |                         |                                  |         |        |  |      |         |        |  |      |         |        |     |   |         |        |     |   |         |       
|Total Fixed Charges                             |                         | $                                | 100,575 |        |  | $    | 98,474  |        |  | $    | 97,602  |        |     | $ | 95,364  |        |     | $ | 71,180  |       
|                                                |                         |                                  |         |        |  |      |         |        |  |      |         |        |     |   |         |        |     |   |         |       
|Ratio of Earnings to Fixed Charges              |                         |                                  | 1.56    | x      |  |      | 1.66    | x      |  |      | 1.91    | x      |     |   | 1.88    | x      |     |   | 2.22x   |       
|                                                |                         |                                  |         |        |  |      |         |        |  |      |         |        |     |   |         |        |     |   |         |       




|    |                                                                                                                                                                                                                                  
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Includes approximately $2.5 million,
    $800,000 and $600,000 of interest capitalized on an office
    property that was classified as part of discontinued operations
    for the years ended December 31, 2001, 2000 and 1999.