Exhibit 12.1

Computation of Ratios

Calculation of Earnings:
	2004		2003		2002
Income from continuing operations before income taxes, minority interest, and gain on sale of properties and impairment losses on real estate	53,558		63,612		73,713
Less: Equity in earnings	(6,760	)	(7,034	)	(7,188	)
Add: Gain (loss) on sale of properties and impairment losses on real estate	27,600		(50	)	13,156
Income from continuing operations before income taxes, adjustment for minority interest and income from equity investees	74,398		56,528		79,681
Additions:
Fixed Charges
Interest expense	114,978		104,492		99,018
Capitalized interest	457		1,696		3,274
	115,435		106,188		102,292
(1)    Amortization of capitalized interest	2,405		2,394		2,352
(2)    Distributed income of equity investees	6,760		7,034		7,188
Subtractions:
Capitalized interest	(457	)	(1,696	)	(3,274	)
Adjusted Earnings	198,541		170,448		188,239
Fixed Charges (from above)	115,435		106,188		102,292
Preferred Stock Dividends	15,094		18,021		30,055
Ratio of Earnings to Fixed Charges	1.72		1.61		1.84
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends	1.52		1.37		1.42

(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.