EX-12.1 2 w65053exv12w1.htm STATEMENT RE COMPUTATION OF RATIOS OF BRANDYWINE REALTY TRUST exv12w1
Exhibit 12.1
Brandywine Realty Trust
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions
(in thousands)
                                                         
    For the six-months ended June 30,     For the years ended December 31,  
    2008     2007     2007     2006     2005     2004     2003  
Earnings before fixed charges:
                                                        
Add:
                                                        
Income (loss) from continuing operations (a)
   $ 6,757     $ (11,547 )   $ 20,569     $ (26,655 )   $ 29,906     $ 48,667     $ 62,668  
Minority interest attributable to continuing operations
     181       (573 )     988       (1,802 )     832       2,399       8,749  
Fixed charges — per below
     87,824       92,165       185,572       186,044       86,191       61,443       69,476  
Less:
                                                        
Capitalized interest
     (9,265 )     (8,217 )     (17,476 )     (9,537 )     (9,603 )     (3,030 )     (1,503 )
Preferred Distributions of consolidated subsidiaries
     —       —       —       —       —       (832 )     (7,069 )
 
                                          
 
                                                        
Earnings before fixed charges
   $ 85,497     $ 71,828     $ 189,653     $ 148,050     $ 107,326     $ 108,647     $ 132,321  
 
                                          
 
                                                        
Fixed charges and Preferred Distributions:
                                                        
Interest expense (including amortization)
   $ 74,513     $ 80,719     $ 161,674     $ 170,214     $ 73,918     $ 54,610     $ 57,835  
Capitalized interest
     9,265       8,217       17,476       9,537       9,603       3,030       1,503  
Proportionate share of interest for unconsolidated real estate ventures
     4,046       3,229       6,422       6,293       2,670       2,971       3,069  
Distributions to preferred unitholders in Operating Partnership
     —       —       —       —       —       832       7,069  
 
                                          
Total Fixed Charges
     87,824       92,165       185,572       186,044       86,191       61,443       69,476  
 
                                                        
Income allocated to preferred shareholders
     3,996       3,996       7,992       7,992       7,992       9,720       11,906  
 
                                          
 
                                                        
Total Preferred Distributions
     3,996       3,996       7,992       7,992       7,992       9,720       11,906  
 
                                          
 
                                                        
Total combined fixed charges and preferred distributions
   $ 91,820     $ 96,161     $ 193,564     $ 194,036     $ 94,183     $ 71,163     $ 81,382  
 
                                          
 
                                                        
Ratio of earnings to combined fixed charges and preferred distributions
     (b )     (b )     (b )     (b )     1.14       1.53       1.63  
 
                                          
 
(a)   Amounts for the six-months ended June 30, 2008 and 2007 and for the years ended December 31, 2007, 2006, 2005, 2004 and 2003 have been reclassified to present properties sold consistent with the presentation for the period ended June 30, 2008. 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 $6,323 for six-months ended June 30, 2008, $24,333 for the six-months ended June 30, 2007, $3,911 for the year ended December 31, 2007 and $45,986 for the year ended December 31, 2006 to achieve a coverage ratio of 1:1.