EX-12.1 4 d719493dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Brandywine Realty Trust

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

(in thousands)

 

     For the three-
months ended
March 31,		         
       For the years ended December 31,  
     2014     2013     2012     2011     2010     2009  

Earnings before fixed charges:

                 

Add:

                 

Income (loss) from continuing operations before non-controlling interest and equity in earnings from unconsolidated real estate ventures

    $ (2,479 )    $ 35,318      $ (40,050 )    $ (28,331 )    $ (48,305 )(a)    $ (12,985 )(a) 

Distributed income of equity investees

      119        1,650        1,224        2,600        657        1,557   

Amortization of capitalized interest

      921        3,557        3,538        3,564        3,527        3,166   

Fixed charges - per below

      34,680        132,146        147,077        140,356        148,500        153,042   

Less:

                 

Capitalized interest

      (1,230 )      (3,137 )      (2,560 )      (1,997 )      (10,385 )      (8,893 ) 

Preferred Distributions of consolidated subsidiaries

      —          —          —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings before fixed charges

    $ 32,011      $ 169,534      $ 109,229      $ 116,192      $ 93,994      $ 135,887   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges and Preferred Distributions:

                 

Interest expense from continuing operations (including amortization)

      33,305        127,585        142,982        136,396        136,410      $ 142,520   

Capitalized interest

      1,230        3,137        2,560        1,997        10,385        8,893   

Ground leases and other

      145        1,424        1,535        1,963        1,705        1,629   

Distributions to preferred unitholders in Operating Partnership

      —          —          —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

      34,680        132,146        147,077        140,356        148,500        153,042   
   

Income allocated to preferred shareholders

      1,725        6,900        10,405        7,992        7,992        7,992   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Preferred Distributions

      1,725        6,900        10,405        7,992        7,992        7,992   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total combined fixed charges and preferred distributions

    $ 36,405      $ 139,046      $ 157,482      $ 148,348      $ 156,492      $ 161,034   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to combined fixed charges and preferred distributions

      (b)        1.22        (b)        (b)        (b)        (b)   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) Amounts for the years ended December 31, 2010 and 2009 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 $4,394 for the quarter ended March 31, 2014, $48,253 for the year ended December 31, 2012, $32,156 for the year ended December 31, 2011, $62,498 for the year ended December 31, 2010 and $25,147 for the year ended December 31, 2009 to achieve a coverage ratio of 1:1.