Computation of Ratios Exhibit 12.1

Calculation of Earnings:
	2002		2001		2000
Income from continuing operations before income taxes, minority interest, and gain on sale of assets and other provisions, net	86,956		79,658		126,055
Less: Equity in earnings	(7,188	)	(9,322	)	(7,596	)
Add: Gain on sale of assets and other provisions before income taxes	13,156		2,964		55,047
Income from continuing operations before income taxes, adjustment for minority interest and income from equity investees	92,924		73,300		173,506
Additions:
Fixed Charges
Interest expense	99,018		83,676		98,835
Capitalized interest	3,274		6,221		12,367
	102,292		89,897		111,202
(1) Amortization of capitalized interest	2,352		2,270		2,114
(2) Distributed income of equity investees	7,188		9,322		7,596
Subtractions:
Capitalized interest	(3,274	)	(6,221	)	(12,367	)
Adjusted Earnings	201,482		168,568		282,051
Fixed Charges (from above)	102,292		89,897		111,202
Preferred Stock Dividends	30,055		34,705		35,206
Ratio of Earnings to Fixed Charges	1.97		1.88		2.54
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	1.52		1.35		1.93

(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.