Exhibit 12.1

Computation of Ratios

CarrAmerica Realty Corporation

Calculation of Earnings:

	2003		2002		2001		2000		1999
Income from continuing operations before income taxes, minority interest, and gain on sale of properties and impairment losses on real estate	72,369		84,365		77,350		117,909		104,947
Less: Equity in earnings	(7,034	)	(7,188	)	(9,322	)	(7,596	)	(5,167	)
Add: Gain (loss) on sale of properties and impairment losses on real estate	(3,095	)	13,156		2,964		55,047		55,453
Income from continuing operations before income taxes, adjustment for minority interest and income from equity investees	62,240		90,333		70,992		165,360		155,233
Additions:
Fixed Charges
Interest expense	104,492		99,018		83,676		98,835		89,057
Capitalized interest	1,696		3,274		6,221		12,367		26,485
	106,188		102,292		89,897		111,202		115,542
(1)     Amortization of capitalized interest	2,394		2,352		2,270		2,114		1,805
(2)     Distributed income of equity investees	7,034		7,188		9,322		7,596		5,167
Subtractions:
Capitalized interest	(1,696	)	(3,274	)	(6,221	)	(12,367	)	(26,485	)
Adjusted Earnings	176,160		198,891		166,260		273,905		251,262
Fixed Charges (from above)	106,188		102,292		89,897		111,202		115,542
Ratio of Earnings to Fixed Charges	1.66		1.94		1.85		2.46		2.17

(1) Represents an estimate of capitalized interest costs based on the Company's established depreciation policy and an analysis of interest costs capitalized since 1996 (the year in which CarrAmerica began significant development activity).

(2) Represents an estimate of distributed income. Amount is based upon equity in earnings for each period due to the fact that distributions exceeded equity in earnings for each period.

CarrAmerica Realty, L.P.

Calculation of Earnings:

	2003		2002		2001		2000		1999
Income from Continuing Operations before income taxes, minority interest and gain on sale of assets and other provisions, net (as filed)
Discontinued operations	19,526		19,483		19,960		21,950		28,010
Less: Equity in earnings	—		—		(8,624	)	(5,838	)	(3,318	)
Add: Gain on sale of assets and other provisions, pre-tax	(2,264	)	(3,138	)	(3,653	)	(1,251	)	(8	)
Pre-tax income from continuing operations before adjustment for minority interest and income from equity investees	(427	)	(1,009	)	(7,435	)	24,921		3,804
	16,835		15,336		248		39,782		28,488
Additions:
Fixed Charges
Interest Expense	9,825		14,628		19,185		27,567		20,545
Capitalized Interest	—		196		761		2,341		5,177
Amortized discounts or premium on debt	—		—		—		—		—
Deferred Financing Costs	42		59		54		54		54
	9,867		14,883		20,000		29,962		25,776
(1)     Amortization of capitalized interest	407		407		413		394		335
(2)     Distributed income of equity investees	2,264		3,138		3,653		1,251		8
Subtractions:
Capitalized Interest	—		(196	)	(761	)	(2,341	)	(5,177	)
Adjusted Earnings	29,373		33,568		23,553		69,048		49,430
Fixed Charges (from above)	9,867		14,883		20,000		29,962		25,776
Preferred Stock Dividends	—		—		—		—		—
Ratio of Earnings to Fixed Charges	2.98		2.26		1.18		2.30		1.92
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	2.98		2.26		1.18		2.30		1.92

(1) Represents an estimate of capitalized interest costs based on the Company's established depreciation policy and an analysis of interest costs capitalized since 1996 (the year in which CarrAmerica began significant development activity).

(2) Represents an estimate of distributed income. Amount is based upon equity in earnings for each period due to the fact that distributions per the cash flow exceeded equity in earnings for each period.