Brandywine Realty Trust

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions

(in thousands)

 

 

 

For the nine months ended September 30,

 

For the years ended December 31,

 

 

 

 

 

 

 

2006

 

2005

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations (a)

 

$

(21,225

)

$

31,111

 

$

39,329

 

$

57,746

 

$

74,457

 

$

45,347

 

$

17,422

 

Minority interest attributable to continuing operations

 

 

(1,827

)

 

1,121

 

 

1,277

 

 

2,477

 

 

9,231

 

 

9,264

 

 

7,644

 

Fixed charges - per below

 

 

140,807

 

 

62,236

 

 

86,636

 

 

61,894

 

 

69,476

 

 

76,950

 

 

83,627

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

 

(7,210

)

 

(6,902

)

 

(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

 

$

110,545

 

$

87,566

 

$

117,639

 

$

118,255

 

$

144,592

 

$

121,543

 

$

96,446

 

 

 

 

 

 

 

 

 

 

Fixed charges and Preferred Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (including amortization)

 

$

128,869

 

$

53,366

 

$

74,363

 

$

55,061

 

$

57,835

 

$

63,522

 

$

67,496

 

Capitalized interest

 

 

7,210

 

 

6,902

 

 

9,603

 

 

3,030

 

 

1,503

 

 

2,949

 

 

5,178

 

Proportionate share of interest for unconsolidated real estate ventures

 

 

4,728

 

 

1,968

 

 

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

 

 

140,807

 

 

62,236

 

 

86,636

 

 

61,894

 

 

69,476

 

 

76,950

 

 

83,627

 

Income allocated to preferred shareholders

 

 

5,994

 

 

5,994

 

 

7,992

 

 

9,720

 

 

11,906

 

 

11,906

 

 

11,906

 

 

 

 

 

 

 

 

 

 

Total Preferred Distributions

 

 

5,994

 

 

5,994

 

 

7,992

 

 

9,720

 

 

11,906

 

 

11,906

 

 

11,906

 

 

 

 

 

 

 

 

 

 

Total combined fixed charges and preferred distributions

 

$

146,801

 

$

68,230

 

$

94,628

 

$

71,614

 

$

81,382

 

$

88,856

 

$

95,533

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred distributions

 

 

0.75

 

 

1.28

 

 

1.24

 

 

1.65

 

 

1.78

 

 

1.37

 

 

1.01