Exhibit 12

STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - REAL ESTATE TRUST ONLY


	For the Three Months Ended December 31,						For the Twelve Months Ended September 30,
(Dollars in thousands)	2004			2003			2004			2003			2002			2001			2000
FIXED CHARGES: (1)
Interest and debt expense	$	13,602		$	12,575		$	60,478		$	50,862		$	51,061		$	51,203		$	47,149
Ground rent		—			—			—			—			—			—			—

Total fixed charges for ratio	$	13,602		$	12,575		$	60,478		$	50,862		$	51,061		$	51,203		$	47,149

EARNINGS: (1)
Operating income (loss)	$	(6,069	)	$	(5,838	)	$	(24,371	)	$	(14,893	)	$	(19,548	)	$	(667	)	$	(4,341	)
Equity in earnings of unconsolidated entities		(1,749	)		(1,932	)		(7,788	)		(7,248	)		(8,811	)		(7,169	)		(7,291	)
Distributions from unconsolidated entities		3,227			3,092			12,550			12,048			11,496			10,814			10,297
Capitalized interest		—			—			—			—			(287	)		(569	)		(1,175	)

		(4,591	)		(4,678	)		(19,609	)		(10,093	)		(17,150	)		2,409			(2,510	)
Total fixed charges for ratio		13,602			12,575			60,478			50,862			51,061			51,203			47,149

Total earnings for ratio	$	9,011		$	7,897		$	40,869		$	40,769		$	33,911		$	53,612		$	44,639

RATIO OF EARNINGS TO FIXED CHARGES		Less than 1			Less than 1			Less than 1			Less than 1			Less than 1			1.05	x		Less than 1

Excess (deficiency) of available earnings to fixed charges	$	(4,591	)	$	(4,678	)	$	(19,609	)	$	(10,093	)	$	(17,150	)	$	2,409		$	(2,510	)

(1)	Includes Discontinued Real Estate Operations

Exhibit 12.1

STATEMENT RE COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES


	For the Three Months Ended December 31,						For the Twelve Months Ended September 30,
(Dollars in thousands)	2004			2003			2004			2003			2002			2001			2000
FIXED CHARGES: (1)
Real estate
Interest and debt expense	$	13,602		$	12,575		$	60,478		$	50,862		$	51,061		$	51,203		$	47,149
Ground rent		—			—			—			—			—			—			—

Total fixed charges for ratio - real estate		13,602			12,575			60,478			50,862			51,061			51,203			47,149
Banking
Preference security dividend requirements of consolidated subsidiary		3,846			5,095			27,989			15,000			15,000			15,000			15,000
Interest expense		42,217			46,436			163,022			205,479			273,186			422,744			394,400

Total fixed charges for ratio - total company	$	59,665		$	64,106		$	251,489		$	271,341		$	339,247		$	488,947		$	456,549

EARNINGS: (1)
Operating income - total company	$	63,746		$	25,130		$	206,844		$	131,297		$	84,034		$	94,980		$	69,805
Equity in earnings of unconsolidated entities		(1,749	)		(1,932	)		(7,788	)		(7,248	)		(8,811	)		(7,169	)		(7,291	)
Distributions from unconsolidated entities		3,227			3,092			12,550			12,048			11,496			10,814			10,297
Capitalized interest		—			—			—			—			(287	)		(569	)		(1,175	)
Preference security dividend requirements of consolidated subsidiary		(3,846	)		(5,095	)		(27,989	)		(15,000	)		(15,000	)		(15,000	)		(15,000	)

		61,378			21,195			183,617			121,097			71,432			83,056			56,636
Total fixed charges for ratio - total company		59,665			64,106			251,489			271,341			339,247			488,947			456,549

Total earnings for ratio	$	121,043		$	85,301		$	435,106		$	392,438		$	410,679		$	572,003		$	513,185

RATIO OF EARNINGS TO FIXED CHARGES		2.03	x		1.33	x		1.73	x		1.45	x		1.21	x		1.17	x		1.12	x

Excess of available earnings over fixed charges	$	61,378		$	21,195		$	183,617		$	121,097		$	71,432		$	83,056		$	56,636

(1)	Includes Discontinued Real Estate Operations

SAUL B F REAL ESTATE INVESTMENT TRUST 10-Q