Brandywine Realty Trust
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions
(in thousands)

			For the three months ended June 30, 2004			For the six months ended June 30, 2004			For the years ended December 31,
									2003			2002			2001			2000			1999
Earnings before fixed charges:
Add:
	Income from continuing operations (a)	$	18,255		$	30,506		$	75,710		$	48,181		$	20,427		$	39,355		$	22,401
	Minority interest attributable to continuing operations		588			1,849			9,265			9,337			7,818			8,824			7,354
	Fixed charges – per below		13,121			27,534			69,476			76,950			83,627			84,604			79,687
Less:
	Income from equity method investments not distributed		(126	)		(126	)		—			—			—			(2,768	)		—
	Capitalized interest		(595	)		(991	)		(1,503	)		(2,949	)		(5,178	)		(8,182	)		(2,100	)
	Preferred Distributions of consolidated subsidiaries		—			(832	)		(7,069	)		(7,069	)		(7,069	)		(7,069	)		(6,103	)
Earnings before fixed charges		$	31,243		$	57,940		$	145,879		$	124,450		$	99,625		$	114,764		$	101,239
Fixed charges and Preferred Distributions:
Interest expense (including amortization)		$	11,948		$	24,052		$	57,835		$	63,522		$	67,496		$	64,746		$	69,800
Capitalized interest			595			991			1,503			2,949			5,178			8,182			2,100
Proportionate share of interest for unconsolidated real estate ventures			578			1,659			3,069			3,410			3,884			4,607			1,684
Distributions to preferred unitholders in Operating Partnership			—			832			7,069			7,069			7,069			7,069			6,103
	Total Fixed Charges		13,121			27,534			69,476			76,950			83,627			84,604			79,687
Income allocated to preferred shareholders			2,677			4,695			11,906			11,906			11,906			11,906			4,790
	Total Preferred Distributions		2,677			4,695			11,906			11,906			11,906			11,906			4,790
	Total combined fixed charges and preferred distributions	$	15,798		$	32,229		$	81,382		$	88,856		$	95,533		$	96,510		$	84,477
Ratio of earnings to combined fixed charges and preferred distributions			1.98			1.80			1.79			1.40			1.04			1.19			1.20

(a) Amounts for the years ended December 31, 2003, 2002, 2001, 2000 and 1999 have been reclassified to present properties identified as held for sale consistent with the presentation for the period ended June 30, 2004. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented.