EX-12.2 8 bdn-12312011xex122.htm EXHIBIT 12.2
EXHIBIT 12.2

Brandywine Operating Partnership, L.P.
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands)
|  | For the years ended December 31,
|  | 2011 |  | 2010 |  | 2009 |  | 2008 |  | 2007
Earnings before fixed charges: |  |  |  |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations before non-controlling interest and equity in earnings from unconsolidated real estate ventures (a) |  | $ | (17,007 | ) |  | $ | (36,581 | ) |  | $ | (481 | ) |  | $ | (10,912 | ) |  | $ | (1,752 | )
Distributed income of equity investees |  | 2,600 |  |  | 657 |  |  | 1,557 |  |  | 7,639 |  |  | 6,900 |
Amortization of capitalized interest |  | 3,564 |  |  | 3,527 |  |  | 3,166 |  |  | 2,801 |  |  | 2,170 |
Fixed charges - per below |  | 140,356 |  |  | 148,500 |  |  | 152,126 |  |  | 170,589 |  |  | 185,308 |
Less: |  |  |  |  |  |  |  |  |  |
Capitalized interest |  | (1,997 | ) |  | (10,385 | ) |  | (8,893 | ) |  | (16,746 | ) |  | (17,885 | )
Earnings before fixed charges |  | $ | 127,516 |  |  | $ | 105,718 |  |  | $ | 147,475 |  |  | $ | 153,371 |  |  | $ | 174,741 |
Fixed charges: |  |  |  |  |  |  |  |  |  |
Interest expense from continuing operations (including amortization) |  | $ | 136,396 |  |  | $ | 136,410 |  |  | $ | 141,604 |  |  | $ | 152,096 |  |  | $ | 165,647 |
Ground leases and other |  | 1,963 |  |  | 1,705 |  |  | 1,629 |  |  | 1,747 |  |  | 1,776 |
Capitalized interest |  | 1,997 |  |  | 10,385 |  |  | 8,893 |  |  | 16,746 |  |  | 17,885 |
Total Fixed Charges |  | $ | 140,356 |  |  | $ | 148,500 |  |  | $ | 152,126 |  |  | $ | 170,589 |  |  | $ | 185,308 |
Ratio of earnings to combined fixed charges |  | (b) |  | (b) |  | (b) |  | (b) |  | (b)
(a) Amounts for the years ended December 31, 2011, 2010, 2009, 2008 and 2007 have been reclassified to present properties sold. As a result, operations have been reclassified to discontinued operations from continuing operations 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 $12,840 for the year ended December 31, 2011, $42,782 for the year ended December 31, 2010, $4,651 for the year ended December 31, 2009, $17,218 for the year ended December 31, 2008, and $10,567 for the year ended December 31, 2007 to achieve a coverage ratio of 1:1.