Exhibit 12.1

Brandywine Realty Trust
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions
(in thousands)
	For the years ended December 31,
	2014			2013			2012			2011			2010
Earnings before fixed charges:
Add:
Income (loss) from continuing operations before non-controlling interest and equity in income (loss) from unconsolidated real estate ventures	$	6,814		$	35,318		$	(40,050	)	$	(28,331	)	$	(48,305	)
Distributed income of equity investees	1,164			1,650			1,224			2,600			657
Amortization of capitalized interest	3,840			3,557			3,538			3,564			3,527
Fixed charges - per below	138,007			132,146			147,077			140,356			148,500
Less:
Capitalized interest	(6,803		)	(3,137		)	(2,560		)	(1,997		)	(10,385		)
Earnings before fixed charges	$	143,022		$	169,534		$	109,229		$	116,192		$	93,994
Fixed charges and Preferred Distributions:
Interest expense from continuing operations (including amortization)	$	130,621		$	127,585		$	142,982		$	136,396		$	136,410
Capitalized interest	6,803			3,137			2,560			1,997			10,385
Ground leases and other	583			1,424			1,535			1,963			1,705
Total Fixed Charges	138,007			132,146			147,077			140,356			148,500
Income allocated to preferred shareholders	6,900			6,900			10,405			7,992			7,992
Total Preferred Distributions	6,900			6,900			10,405			7,992			7,992
Total combined fixed charges and preferred distributions	$	144,907		$	139,046		$	157,482		$	148,348		$	156,492
Ratio of earnings to combined fixed charges and preferred distributions	(a)			1.22			(a)			(a)			(a)
(a) Due to the registrant's loss in the period, the coverage ratio was less than 1:1. The registrant must generate additional earnings of $1,885 for the year ended December 31, 2014, $48,253 for the year ended December 31, 2012, $32,156 for the year ended December 31, 2011 and $62,498 for the year ended December 31, 2010 to achieve a coverage ratio of 1:1.