Exhibit 12.1
 Brandywine Realty Trust
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions
(in thousands)
 For the nine-months ended September 30,
    
    
    For the years ended December 31,2008
    
    
    2007
    
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Earnings before fixed charges:Add:Income (loss) from continuing operations (a)
    
    $
    3,886
    
    
    $
    (13,058
    )
    
    $
    18,584
    
    
    $
    (28,604
    )
    
    $
    28,487
    
    
    $
    47,219
    
    
    $
    61,075Minority interest attributable to continuing operations
    
    
    33
    
    
    
    (735
    )
    
    
    900
    
    
    
    (1,912
    )
    
    
    781
    
    
    
    2,344
    
    
    
    8,673Fixed charges  per below
    
    
    130,839
    
    
    
    138,825
    
    
    
    185,572
    
    
    
    186,044
    
    
    
    86,191
    
    
    
    61,443
    
    
    
    69,476Less:Capitalized interest
    
    
    (13,956
    )
    
    
    (12,757
    )
    
    
    (17,476
    )
    
    
    (9,537
    )
    
    
    (9,603
    )
    
    
    (3,030
    )
    
    
    (1,503
    )Preferred Distributions of consolidated subsidiaries
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (832
    )
    
    
    (7,069
    )Earnings before fixed charges
    
    $
    120,802
    
    
    $
    112,275
    
    
    $
    187,580
    
    
    $
    145,991
    
    
    $
    105,856
    
    
    $
    107,144
    
    
    $
    130,652Fixed charges and Preferred Distributions:Interest expense (including amortization)
    
    $
    110,644
    
    
    $
    121,273
    
    
    $
    161,674
    
    
    $
    170,214
    
    
    $
    73,918
    
    
    $
    54,610
    
    
    $
    57,835Capitalized interest
    
    
    13,956
    
    
    
    12,757
    
    
    
    17,476
    
    
    
    9,537
    
    
    
    9,603
    
    
    
    3,030
    
    
    
    1,503Proportionate share of interest for unconsolidated real estate ventures
    
    
    6,239
    
    
    
    4,795
    
    
    
    6,422
    
    
    
    6,293
    
    
    
    2,670
    
    
    
    2,971
    
    
    
    3,069Distributions to preferred unitholders in Operating Partnership
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    832
    
    
    
    7,069Total Fixed Charges
    
    
    130,839
    
    
    
    138,825
    
    
    
    185,572
    
    
    
    186,044
    
    
    
    86,191
    
    
    
    61,443
    
    
    
    69,476Income allocated to preferred shareholders
    
    
    5,994
    
    
    
    5,994
    
    
    
    7,992
    
    
    
    7,992
    
    
    
    7,992
    
    
    
    9,720
    
    
    
    11,906Total Preferred Distributions
    
    
    5,994
    
    
    
    5,994
    
    
    
    7,992
    
    
    
    7,992
    
    
    
    7,992
    
    
    
    9,720
    
    
    
    11,906Total combined fixed charges and preferred distributions
    
    $
    136,833
    
    
    $
    144,819
    
    
    $
    193,564
    
    
    $
    194,036
    
    
    $
    94,183
    
    
    $
    71,163
    
    
    $
    81,382Ratio of earnings to combined fixed charges and preferred distributions
    
    
    (b
    )
    
    
    (b
    )
    
    
    (b
    )
    
    
    (b
    )
    
    
    1.12
    
    
    
    1.51
    
    
    
    1.61
 
 (a)
    
    Amounts for the nine-months ended September 30, 2008 and 2007 and for the years ended December 31, 2007, 2006,
2005, 2004 and 2003 have been reclassified to present properties sold consistent with the presentation for the period
ended September 30, 2008. As a result, operations have been reclassified to discontinued operations from
continuing operations for all periods presented.(b)
    
    Due to the registrants loss in the period, the coverage ratio was less than 1:1. The registrant must generate additional
earnings of $16,031 for nine-months ended September 30, 2008, $32,544 for the nine-months ended September 30, 2007, $5,984 for the
year ended December 31, 2007 and $48,045 for the year ended December 31, 2006 to achieve a coverage ratio of 1:1.