EX-12 5 ex12-1.htm EXHIBIT 12.1 Prepared and filed by St Ives Burrups
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,
 
 
 
 
 
 
 
2005
 
2004
 
2004
 
2003
 
2002
 
2001
 
2000
 
 
 
 
 
 
 
 
 
 
Earnings before fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations (a)
 
$
9,415
 
$
12,255
 
$
57,604
 
$
75,832
 
$
47,643
 
$
19,462
 
$
38,953
 
Minority interest attributable to continuing operations
 
 
327
 
 
1,261
 
 
2,472
 
 
9,294
 
 
9,375
 
 
7,760
 
 
8,800
 
Fixed charges - per below
 
 
20,221
 
 
14,413
 
 
61,894
 
 
69,476
 
 
76,950
 
 
83,627
 
 
84,604
 
Less:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from equity method investments not distributed
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(518
)
Capitalized interest
 
 
(1,772
)
 
(396
)
 
(3,030
)
 
(1,503
)
 
(2,949
)
 
(5,178
)
 
(8,182
)
Preferred Distributions of consolidated subsidiaries
 
 
—
 
 
(832
)
 
(832
)
 
(7,069
)
 
(7,069
)
 
(7,069
)
 
(7,069
)
 
 
 
 
 
 
 
 
 
Earnings before fixed charges
 
$
28,191
 
$
26,701
 
$
118,108
 
$
146,030
 
$
123,950
 
$
98,602
 
$
116,588
 
 
 
 
 
 
 
 
 
 
Fixed charges and Preferred Distributions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense (including amortization)
 
$
17,797
 
$
12,104
 
$
55,061
 
$
57,835
 
$
63,522
 
$
67,496
 
$
64,746
 
Capitalized interest
 
 
1,772
 
 
396
 
 
3,030
 
 
1,503
 
 
2,949
 
 
5,178
 
 
8,182
 
Proportionate share of interest for unconsolidated real estate ventures
 
 
652
 
 
1,081
 
 
2,971
 
 
3,069
 
 
3,410
 
 
3,884
 
 
4,607
 
Distributions to preferred unitholders in Operating Partnership
 
 
—
 
 
832
 
 
832
 
 
7,069
 
 
7,069
 
 
7,069
 
 
7,069
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
 
 
20,221
 
 
14,413
 
 
61,894
 
 
69,476
 
 
76,950
 
 
83,627
 
 
84,604
 
Income allocated to preferred shareholders
 
 
1,998
 
 
2,018
 
 
9,720
 
 
11,906
 
 
11,906
 
 
11,906
 
 
11,906
 
 
 
 
 
 
 
 
 
 
Total Preferred Distributions
 
 
1,998
 
 
2,018
 
 
9,720
 
 
11,906
 
 
11,906
 
 
11,906
 
 
11,906
 
 
 
 
 
 
 
 
 
 
Total combined fixed charges and preferred distributions
 
$
22,219
 
$
16,431
 
$
71,614
 
$
81,382
 
$
88,856
 
$
95,533
 
$
96,510
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred distributions
 
 
1.27
 
 
1.63
 
 
1.65
 
 
1.79
 
 
1.39
 
 
1.03
 
 
1.21
 
 
 
 
 
 
 
 
 
 
 
(a)
Amounts for the three months ended March 31, 2005 and 2004 and for the years ended December 31, 2004, 2003,  2002, 2001 and 2000 have been reclassified to present properties identified as held for sale consistent with the presentation for the period ended December 31, 2004.  As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented.