##### 



Brandywine Realty Trust
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions
(in thousands)
 For the six months ended June 30,
    
    
    For the years ended December 31,2007
    
    
    2006
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003
    
    
    2002Earnings before fixed charges:Add:Income (loss) from continuing operations (a)
    
    $
    (6,250
    )
    
    $
    (20,862
    )
    
    $
    (18,423
    )
    
    $
    33,065
    
    
    $
    49,784
    
    
    $
    65,588
    
    
    $
    35,977Minority interest attributable to continuing operations
    
    
    (349
    )
    
    
    (1,423
    )
    
    
    (1,493
    )
    
    
    1,059
    
    
    
    2,183
    
    
    
    8,827
    
    
    
    8,813Fixed charges  per below
    
    
    94,930
    
    
    
    91,304
    
    
    
    191,614
    
    
    
    86,191
    
    
    
    61,443
    
    
    
    69,476
    
    
    
    76,950Less:Capitalized interest
    
    
    (8,217
    )
    
    
    (4,916
    )
    
    
    (9,537
    )
    
    
    (9,603
    )
    
    
    (3,030
    )
    
    
    (1,503
    )
    
    
    (2,949
    )Preferred Distributions of consolidated subsidiaries
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (832
    )
    
    
    (7,069
    )
    
    
    (7,069
    )Earnings before fixed charges
    
    $
    80,114
    
    
    $
    64,103
    
    
    $
    162,161
    
    
    $
    110,712
    
    
    $
    109,548
    
    
    $
    135,319
    
    
    $
    111,722Fixed charges and Preferred Distributions:Interest expense (including amortization)
    
    $
    83,484
    
    
    $
    83,247
    
    
    $
    175,784
    
    
    $
    73,918
    
    
    $
    54,610
    
    
    $
    57,835
    
    
    $
    63,522Capitalized interest
    
    
    8,217
    
    
    
    4,916
    
    
    
    9,537
    
    
    
    9,603
    
    
    
    3,030
    
    
    
    1,503
    
    
    
    2,949Proportionate share of interest for unconsolidated real estate ventures
    
    
    3,229
    
    
    
    3,141
    
    
    
    6,293
    
    
    
    2,670
    
    
    
    2,971
    
    
    
    3,069
    
    
    
    3,410Distributions to preferred unitholders in Operating Partnership
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    832
    
    
    
    7,069
    
    
    
    7,069Total Fixed Charges
    
    
    94,930
    
    
    
    91,304
    
    
    
    191,614
    
    
    
    86,191
    
    
    
    61,443
    
    
    
    69,476
    
    
    
    76,950Income allocated to preferred shareholders
    
    
    3,996
    
    
    
    3,996
    
    
    
    7,992
    
    
    
    7,992
    
    
    
    9,720
    
    
    
    11,906
    
    
    
    11,906Total Preferred Distributions
    
    
    3,996
    
    
    
    3,996
    
    
    
    7,992
    
    
    
    7,992
    
    
    
    9,720
    
    
    
    11,906
    
    
    
    11,906Total combined fixed charges and preferred distributions
    
    $
    98,926
    
    
    $
    95,300
    
    
    $
    199,606
    
    
    $
    94,183
    
    
    $
    71,163
    
    
    $
    81,382
    
    
    $
    88,856Ratio of earnings to combined fixed charges and preferred distributions
    
    
    (b
    )
    
    
    (b
    )
    
    
    (b
    )
    
    
    1.18
    
    
    
    1.54
    
    
    
    1.66
    
    
    
    1.26
 
 (a)
    
    Amounts for the six-months ended June 30, 2007 and 2006 and for the years ended December
31, 2006, 2005, 2004, 2003 and 2002 have been reclassified to present properties sold consistent with the
presentation for the period ended June 30, 2007. 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 $18,812 and $31,197 for the six-months ended June 30, 2007 and 2006, respectively and $37,445
for the year ended December 31, 2006 to achieve a coverage ratio of 1:1.