EX-12.2 5 w82984exv12w2.htm EX-12.2 exv12w2
Exhibit 12.2
Brandywine Operating Partnership, L.P.
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands)
                                                         
    Three-months ended March 31,     For the years ended December 31,  
    2011     2010     2010     2009     2008     2007     2006  
Earnings before fixed charges:
                                                       
Add:
                                                       
Income (loss) from continuing operations before non-controlling interest and equity in earnings from unconsolidated real estate ventures (a)
  $ (1,616 )   $ (8,309 )   $ (34,943 )   $ 1,270     $ (9,109 )   $ (110 )   $ (42,168 )
Distributed income of equity investees
    403       182       657       1,557       7,639       6,900       2,150  
Amortization of capitalized interest
    949       1,383       3,527       3,166       2,801       2,170       1,508  
Fixed charges — per below
    34,039       36,071       148,007       151,723       170,083       184,757       181,784  
Less:
                                                       
Capitalized interest
    (380 )     (3,245 )     (10,385 )     (8,893 )     (16,746 )     (17,885 )     (9,537 )
 
                                         
Earnings before fixed charges
  $ 33,395     $ 26,082     $ 106,863     $ 148,823     $ 154,668     $ 175,832     $ 133,737  
 
                                         
Fixed charges:
                                                       
Interest expense from continuing operations (including amortization)
  $ 33,321     $ 32,535     $ 136,410     $ 141,604     $ 152,096     $ 165,647     $ 171,164  
Ground leases and other
    338       291       1,212       1,226       1,241       1,225       1,083  
Capitalized interest
    380       3,245       10,385       8,893       16,746       17,885       9,537  
 
                                         
Total Fixed Charges
  $ 34,039     $ 36,071     $ 148,007     $ 151,723     $ 170,083     $ 184,757     $ 181,784  
 
                                                       
Ratio of earnings to combined fixed charges
    (b )     (b )     (b )     (b )     (b )     (b )     (b )
 
                                         
 
(a)   Amounts for the three-months ended March 31, 2011 and 2010 and for the years ended December 31, 2010, 2009, 2008, 2007 and 2006 have been reclassified to present properties sold. As a result, operations have been reclassified to discontinued operations from continuing opeartions for all periods presented.
 
(b)   Due to the registrant’s loss in the period, the coverage ratio was less than 1:1. The registrant must generate additional earnings of $644 and $9,989 for the three-months ended March 31, 2011 and 2010, respectively, to achieve a coverage ratio of 1:1. The registrant must also generate additional earnings of $41,144 for the year ended December 31, 2010, $2,900 for the year ended December 31, 2009, $15,415 for the year ended December 31, 2008, $8,925 for the year ended December 31, 2007 and $48,047 for the year ended December 31, 2006 to achieve the aforementioned coverage ratio.