Brandywine Realty Trust
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions
(in thousands)
|
|
|
For the six months |
|
For the years ended December 31, |
| |||||||||||||||||
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
2006 |
|
2005 |
|
2005 |
|
2004 |
|
2003 |
|
2002 |
|
2001 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Earnings before fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations (a) |
|
$ |
(17,383 |
) |
$ |
18,480 |
|
$ |
40,799 |
|
$ |
57,604 |
|
$ |
75,832 |
|
$ |
47,643 |
|
$ |
19,462 |
|
|
Minority interest attributable to continuing operations |
|
|
(1,265 |
) |
|
708 |
|
|
1,331 |
|
|
2,472 |
|
|
9,294 |
|
|
9,375 |
|
|
7,760 |
|
|
Fixed charges - per below |
|
|
90,924 |
|
|
40,782 |
|
|
86,636 |
|
|
61,894 |
|
|
69,476 |
|
|
76,950 |
|
|
83,627 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized interest |
|
|
(4,916 |
) |
|
(3,870 |
) |
|
(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 |
|
$ |
67,360 |
|
$ |
56,100 |
|
$ |
119,163 |
|
$ |
118,108 |
|
$ |
146,030 |
|
$ |
123,950 |
|
$ |
98,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges and Preferred Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense (including amortization) |
|
$ |
83,467 |
|
$ |
35,604 |
|
$ |
74,363 |
|
$ |
55,061 |
|
$ |
57,835 |
|
$ |
63,522 |
|
$ |
67,496 |
|
|
Capitalized interest |
|
|
4,916 |
|
|
3,870 |
|
|
9,603 |
|
|
3,030 |
|
|
1,503 |
|
|
2,949 |
|
|
5,178 |
|
|
Proportionate share of interest for unconsolidated real estate ventures |
|
|
2,541 |
|
|
1,308 |
|
|
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 |
|
|
90,924 |
|
|
40,782 |
|
|
86,636 |
|
|
61,894 |
|
|
69,476 |
|
|
76,950 |
|
|
83,627 |
|
|
Income allocated to preferred shareholders |
|
|
3,996 |
|
|
3,996 |
|
|
7,992 |
|
|
9,720 |
|
|
11,906 |
|
|
11,906 |
|
|
11,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Preferred Distributions |
|
|
3,996 |
|
|
3,996 |
|
|
7,992 |
|
|
9,720 |
|
|
11,906 |
|
|
11,906 |
|
|
11,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total combined fixed charges and preferred distributions |
|
$ |
94,920 |
|
$ |
44,778 |
|
$ |
94,628 |
|
$ |
71,614 |
|
$ |
81,382 |
|
$ |
88,856 |
|
$ |
95,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of earnings to combined fixed charges and preferred distributions |
|
|
0.71 |
|
|
1.25 |
|
|
1.26 |
|
|
1.65 |
|
|
1.79 |
|
|
1.39 |
|
|
1.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Amounts for the six months ended June 30, 2006 and 2005 and for the years ended December 31, 2005, 2004, 2003, 2002 and 2001 have been reclassified to present properties sold or identified as held for sale consistent with the presentation for the period ended June 30, 2006 As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented. |