EX-12.2 6 bdn-ex122_20.htm EX-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, |
|  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
Earnings before fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations before non-controlling interest and equity in income (loss) from unconsolidated real estate ventures |  | $ | (29,929 | ) |  | $ | 6,814 |  |  | $ | 35,318 |  |  | $ | (40,050 | ) |  | $ | (28,331 | )
Distributed income of equity investees |  |  | 1,223 |  |  |  | 1,164 |  |  |  | 1,650 |  |  |  | 1,224 |  |  |  | 2,600 |
Amortization of capitalized interest |  |  | 4,277 |  |  |  | 3,840 |  |  |  | 3,557 |  |  |  | 3,538 |  |  |  | 3,564 |
Fixed charges - per below |  |  | 129,307 |  |  |  | 138,007 |  |  |  | 132,146 |  |  |  | 147,077 |  |  |  | 140,356 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capitalized interest |  |  | (12,150 | ) |  |  | (6,803 | ) |  |  | (3,137 | ) |  |  | (2,560 | ) |  |  | (1,997 | )
Earnings before fixed charges |  | $ | 92,728 |  |  | $ | 143,022 |  |  | $ | 169,534 |  |  | $ | 109,229 |  |  | $ | 116,192 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense from continuing operations (including amortization) |  | $ | 116,511 |  |  | $ | 130,621 |  |  | $ | 127,585 |  |  | $ | 142,982 |  |  | $ | 136,396 |
Capitalized interest |  |  | 12,150 |  |  |  | 6,803 |  |  |  | 3,137 |  |  |  | 2,560 |  |  |  | 1,997 |
Ground leases and other |  |  | 646 |  |  |  | 583 |  |  |  | 1,424 |  |  |  | 1,535 |  |  |  | 1,963 |
Total Fixed Charges |  | $ | 129,307 |  |  | $ | 138,007 |  |  | $ | 132,146 |  |  | $ | 147,077 |  |  | $ | 140,356 |
Ratio of earnings to combined fixed charges |  | (a) |  |  |  | 1.04 |  |  | 1.28 |  |  | (a) |  |  | (a) |

(a) | Due to the registrant's loss in the period, the coverage ratio was less than 1:1. The registrant must generate additional earnings of $36,579 for the year ended December 31, 2015, $37,848 for the year ended December 31, 2012 and $24,164 for the year ended December 31, 2011 to achieve a coverage ratio of 1:1.