EX-12.1 7 bdn-12312011xex121.htm EXHIBIT 12.1 BDN-12.31.2011-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 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 and Preferred Distributions:
 
 
 
 
 
 
 
 
 
 
Interest expense from continuing operations (including amortization)
 
$
136,396

 
$
136,410

 
$
141,604

 
$
152,096

 
$
165,647

Capitalized interest
 
1,997

 
10,385

 
8,893

 
16,746

 
17,885

Ground leases and other
 
1,963

 
1,705

 
1,629

 
1,747

 
1,776

 
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
 
140,356

 
148,500

 
152,126

 
170,589

 
185,308

 
 
 
 
 
 
 
 
 
 
 
Income allocated to preferred shareholders
 
7,992

 
7,992

 
7,992

 
7,992

 
7,992

 
 
 
 
 
 
 
 
 
 
 
Total Preferred Distributions
 
7,992

 
7,992

 
7,992

 
7,992

 
7,992

 
 
 
 
 
 
 
 
 
 
 
Total combined fixed charges and preferred distributions
 
$
148,348

 
$
156,492

 
$
160,118

 
$
178,581

 
$
193,300

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred distributions
 
(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 $20,832 for the year ended December 31, 2011, $50,774 for the year ended December 31, 2010, $12,643 for the year ended December 31, 2009, $25,210 for the year ended December 31, 2008, and $18,559 for the year ended December 31, 2007 to achieve a coverage ratio of 1:1.