##### 



Brandywine Realty Trust
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions
(in thousands)
 For the three-months ended March 31,
    
    
    For the years ended December 31,2008
    
    
    2007
    
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Earnings before fixed charges:Add:Income (loss) from continuing operations (a)
    
    $
    6,952
    
    
    $
    (7,910
    )
    
    $
    27,391
    
    
    $
    (20,219
    )
    
    $
    32,075
    
    
    $
    49,761
    
    
    $
    65,013Minority interest attributable to continuing operations
    
    
    257
    
    
    
    (312
    )
    
    
    1,314
    
    
    
    (1,585
    )
    
    
    1,018
    
    
    
    2,173
    
    
    
    8,784Fixed charges  per below
    
    
    45,545
    
    
    
    46,967
    
    
    
    191,069
    
    
    
    191,614
    
    
    
    86,191
    
    
    
    61,443
    
    
    
    69,476Less:Capitalized interest
    
    
    (4,557
    )
    
    
    (3,764
    )
    
    
    (17,476
    )
    
    
    (9,537
    )
    
    
    (9,603
    )
    
    
    (3,030
    )
    
    
    (1,503
    )Preferred Distributions of consolidated subsidiaries
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (832
    )
    
    
    (7,069
    )Earnings before fixed charges
    
    $
    48,197
    
    
    $
    34,981
    
    
    $
    202,298
    
    
    $
    160,273
    
    
    $
    109,681
    
    
    $
    109,515
    
    
    $
    134,701Fixed charges and Preferred Distributions:Interest expense (including amortization)
    
    $
    38,958
    
    
    $
    41,616
    
    
    $
    167,171
    
    
    $
    175,784
    
    
    $
    73,918
    
    
    $
    54,610
    
    
    $
    57,835Capitalized interest
    
    
    4,557
    
    
    
    3,764
    
    
    
    17,476
    
    
    
    9,537
    
    
    
    9,603
    
    
    
    3,030
    
    
    
    1,503Proportionate share of interest for unconsolidated real estate ventures
    
    
    2,030
    
    
    
    1,587
    
    
    
    6,422
    
    
    
    6,293
    
    
    
    2,670
    
    
    
    2,971
    
    
    
    3,069Distributions to preferred unitholders in Operating Partnership
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    832
    
    
    
    7,069Total Fixed Charges
    
    
    45,545
    
    
    
    46,967
    
    
    
    191,069
    
    
    
    191,614
    
    
    
    86,191
    
    
    
    61,443
    
    
    
    69,476Income allocated to preferred shareholders
    
    
    1,998
    
    
    
    1,998
    
    
    
    7,992
    
    
    
    7,992
    
    
    
    7,992
    
    
    
    9,720
    
    
    
    11,906Total Preferred Distributions
    
    
    1,998
    
    
    
    1,998
    
    
    
    7,992
    
    
    
    7,992
    
    
    
    7,992
    
    
    
    9,720
    
    
    
    11,906Total combined fixed charges and preferred
distributions
    
    $
    47,543
    
    
    $
    48,965
    
    
    $
    199,061
    
    
    $
    199,606
    
    
    $
    94,183
    
    
    $
    71,163
    
    
    $
    81,382Ratio of earnings to combined fixed charges and preferred distributions
    
    
    1.01
    
    
    
    (b
    )
    
    
    1.02
    
    
    
    (b
    )
    
    
    1.16
    
    
    
    1.54
    
    
    
    1.66
 
 (a)
    
    Amounts for the three-months ended March 31, 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 March 31, 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
$13,984 for three-months ended March 31, 2007 and $39,333 for the year
ended December 31, 2006 to achieve a coverage ratio of 1:1.