<TABLE>
                                                                    EXHIBIT 12.1
                  PRIME GROUP REALTY TRUST AND THE PREDECESSOR
             STATEMENTS REGARDING COMPUTATION OF RATIOS OF EARNINGS
           TO COMBINED FIXED CHARGES AND PREFERRED SHARE DISTRIBUTIONS
                             (Dollars in Thousands)
<CAPTION>
                                             PRIME GROUP REALTY
                                             TRUST - HISTORICAL                          PREDECESSOR - HISTORICAL
                                       ----------------------------   -------------------------------------------------------------
                                                                      PERIOD FROM
                                                       PERIOD FROM    JANUARY 1,
                                                       NOVEMBER 17,       1997
                                           YEAR ENDED  1997 THROUGH      THROUGH                  YEAR ENDED DECEMBER 31,
                                          DECEMBER 31, DECEMBER 31,   NOVEMBER 16,    ---------------------------------------------
                                             1998          1997            1997            1996            1995            1994
                                          -------------------------   -------------------------------------------------------------
<S>                                       <C>           <C>           <C>             <C>             <C>             <C>
Earnings
  Income (loss) before preferred share
    distributions and minority interest
    per the consolidated/combined
    financial statements...............   $    30,866   $     1,427   $   (29,050)    $   (31,417)    $   (29,576)    $    (22,062)
  Interest expense.....................        30,901         1,680        34,417          37,217          36,234           33,387
  Amortization of debt issuance costs           1,230           140           630             594           1,148              714
                                          =========================   =============================================================
  Earnings.............................   $    62,997   $     3,247   $     5,997     $     6,394     $     7,806     $     12,039
                                          =========================   =============================================================

  Fixed Charges
  Interest expense.....................   $    30,901   $     1,680   $    34,417     $    37,217     $    36,234     $     33,387
  Capitalization of interest expense...         2,498            --            --              --              --               --
  Amortization of debt issuance costs..         1,230           140           630             594           1,148              714
  Preferred share distributions........         7,971           345            --              --              --               --
                                          =========================   =============================================================
  Total fixed charges..................   $    42,600   $     2,165   $    35,047     $    37,811     $    37,382     $     34,101
                                          =========================   =============================================================
  Ratio of earnings to combined fixed
    charges and preferred share
    distributions......................          1.48          1.50            --              --              --               --
                                          =========================   =============================================================
  Excess (deficit) of earnings to
   combined fixed charges and
   preferred share distributions.......   $    20,397   $     1,082   $   (29,050)    $   (31,417)    $   (29,576)    $    (22,062)
                                          =========================   =============================================================
  Funds from Operations
  Funds from operations................   $    46,762   $     3,619   $   (14,461)    $   (17,367)    $   (12,733)    $    (12,930)
  Interest expense.....................        30,901         1,680        34,417          37,217          36,234           33,387
  Amortization of debt issuance costs..         1,230           140           630             594           1,148              714
  Preferred share distributions........         7,971           345            --              --              --               --
                                          =========================   =============================================================
  Adjusted funds from operations.......   $    86,864   $     5,784   $    20,586     $    20,444     $    24,649     $     21,171
                                          =========================   =============================================================

  Fixed Charges
  Interest expense.....................   $    30,901   $     1,680   $    34,417     $    37,217     $    36,234     $     33,387
  Capitalization of interest expense...         2,498            --            --              --              --               --
  Amortization of debt issuance costs..         1,230           140           630             594           1,148              714
  Preferred share distributions........         7,971           345            --              --              --               --
                                          =========================   =============================================================
  Total fixed charges..................   $    42,600   $     2,165   $    35,047     $    37,811     $    37,382     $     34,101
                                          =========================   =============================================================
  Ratio of funds from operations to
   combined fixed charges and
   preferred share distributions.......          2.04          2.67            --              --              --              --
                                          =========================   =============================================================
  Excess (deficit) of funds from
   operations to combined fixed
   charges and preferred share
   distributions.......................   $    44,264   $     3,619    $  (14,461)    $   (17,367)    $   (12,733)  $    (12,930)
                                          =========================   =============================================================
</TABLE>
                                      F-32