Brandywine Realty Trust

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions

(in thousands)

	For the nine months ended September 30,						For the years ended December 31,
	2006			2005			2005			2004			2003			2002			2001
Earnings before fixed charges:
Add:
Income from continuing operations (a)	$	(21,225	)	$	31,111		$	39,329		$	57,746		$	74,457		$	45,347		$	17,422
Minority interest attributable to continuing operations		(1,827	)		1,121			1,277			2,477			9,231			9,264			7,644
Fixed charges - per below		140,807			62,236			86,636			61,894			69,476			76,950			83,627
Less:
Capitalized interest		(7,210	)		(6,902	)		(9,603	)		(3,030	)		(1,503	)		(2,949	)		(5,178	)
Preferred Distributions of consolidated subsidiaries		-			-			-			(832	)		(7,069	)		(7,069	)		(7,069	)
Earnings before fixed charges	$	110,545		$	87,566		$	117,639		$	118,255		$	144,592		$	121,543		$	96,446
Fixed charges and Preferred Distributions:
Interest expense (including amortization)	$	128,869		$	53,366		$	74,363		$	55,061		$	57,835		$	63,522		$	67,496
Capitalized interest		7,210			6,902			9,603			3,030			1,503			2,949			5,178
Proportionate share of interest for unconsolidated real estate ventures		4,728			1,968			2,670			2,971			3,069			3,410			3,884
Distributions to preferred unitholders in Operating Partnership		-			-			-			832			7,069			7,069			7,069
Total Fixed Charges		140,807			62,236			86,636			61,894			69,476			76,950			83,627
Income allocated to preferred shareholders		5,994			5,994			7,992			9,720			11,906			11,906			11,906
Total Preferred Distributions		5,994			5,994			7,992			9,720			11,906			11,906			11,906
Total combined fixed charges and preferred distributions	$	146,801		$	68,230		$	94,628		$	71,614		$	81,382		$	88,856		$	95,533
Ratio of earnings to combined fixed charges and preferred distributions		0.75			1.28			1.24			1.65			1.78			1.37			1.01