Exhibit 12.1

Computation of Ratios

CarrAmerica Realty Corporation

Calculation of Earnings:	3 Months Ended March 31, 2004		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	17,022		72,369		84,365		77,350		117,909		104,947
Less: Equity in earnings	(1,998	)	(7,034	)	(7,188	)	(9,322	)	(7,596	)	(5,167	)
Add: Gain (loss) on sale of properties and impairment losses on real estate	(10	)	(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	15,014		62,240		90,333		70,992		165,360		155,233
Additions:
Fixed Charges
Interest expense	26,341		104,492		99,018		83,676		98,835		89,057
Capitalized interest	176		1,696		3,274		6,221		12,367		26,485
	26,517		106,188		102,292		89,897		111,202		115,542
(1) Amortization of capitalized interest	2,398		2,394		2,352		2,270		2,114		1,805
(2) Distributed income of equity investees	1,998		7,034		7,188		9,322		7,596		5,167
Subtractions:
Capitalized interest	(176	)	(1,696	)	(3,274	)	(6,221	)	(12,367	)	(26,485	)
Adjusted Earnings	45,751		176,160		198,891		166,260		273,905		251,262
Fixed Charges (from above)	26,517		106,188		102,292		89,897		111,202		115,542
Ratio of Earnings to Fixed Charges	1.73		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.

Exhibit 12.1

Computation of Ratios

CarrAmerica Realty Operating Partnership, L.P

Calculation of Earnings:	3 Months Ended March 31, 2004		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	17,022		72,369		84,365		77,350		117,909		104,947
Less: Equity in earnings	(1,998	)	(7,034	)	(7,188	)	(9,322	)	(7,596	)	(5,167	)
Add: Gain (loss) on sale of properties and impairment losses on real estate	(10	)	(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	15,014		62,240		90,333		70,992		165,360		155,233
Additions:
Fixed Charges
Interest expense	26,341		104,492		99,018		83,676		98,835		89,057
Capitalized interest	176		1,696		3,274		6,221		12,367		26,485
	26,517		106,188		102,292		89,897		111,202		115,542
(1) Amortization of capitalized interest	2,398		2,394		2,352		2,270		2,114		1,805
(2) Distributed income of equity investees	1,998		7,034		7,188		9,322		7,596		5,167
Subtractions:
Capitalized interest	(176	)	(1,696	)	(3,274	)	(6,221	)	(12,367	)	(26,485	)
Adjusted Earnings	45,751		176,160		198,891		166,260		273,905		251,262
Fixed Charges (from above)	26,517		106,188		102,292		89,897		111,202		115,542
Ratio of Earnings to Fixed Charges	1.73		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.

Exhibit 12.1

Computation of Ratios

CarrAmerica Realty, L.P.

Calculation of Earnings:	3 Months Ended March 31, 2004		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	4,080		19,526		19,483		11,336		16,112		24,692
Less: Equity in earnings	(424	)	(2,264	)	(3,138	)	(3,653	)	(1,251	)	(8	)
Add: Gain (loss) on sale of assets and other provisions, pre-tax	7		(427	)	(1,009	)	(7,435	)	24,921		3,804
Pre-tax income from continuing operations before adjustment for minority interest and income from equity investees	3,663		16,835		15,336		248		39,782		28,488
Additions:
Fixed Charges
Interest expense	2,401		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	6		42		59		54		54		54
	2,407		9,867		14,883		20,000		29,962		25,776
(1) Amortization of capitalized interest	102		407		407		416		394		335
(2) Distributed income of equity investees	424		2,264		3,138		3,653		1,251		8
Subtractions:
Capitalized interest	—		—		(196	)	(761	)	(2,341	)	(5,177	)
Adjusted Earnings	6,596		29,373		33,568		23,556		69,048		49,430
Fixed Charges (from above)	2,407		9,867		14,883		20,000		29,962		25,776
Ratio of Earnings to Fixed Charges	2.74		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 exceeded equity in earnings for each period.