EX-12.2 3 x75709kexv12w2.htm EX-12.2 exv12w2
Exhibit 12.2
Brandywine Operating Partnership, L.P.
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands)
                                                         
    For the six months ended June 30,     For the years ended December 31,  
    2009     2008     2008     2007     2006     2005     2004  
Earnings before fixed charges:
                                                        
Add:
                                                        
Income (loss) from continuing operations before equity in earnings from unconsolidated real estate ventures (a)
   $ 7,184     $ (557 )   $ (1,800 )   $ 11,995     $ (28,845 )   $ 25,615     $ 46,790  
Distributed income of equity investees
     1,093       2,210       7,639       6,900       2,150       2,403       1,730  
Amortization of capitalized interest
     1,454       1,400       2,801       2,170       1,508       1,183       887  
Fixed charges — per below
     77,968       87,038       170,997       185,716       182,012       82,521       57,205  
Less:
                                                        
Capitalized interest
     (3,429 )     (9,673 )     (17,154 )     (18,293 )     (9,537 )     (9,603 )     (3,030 )
 
                                          
 
Earnings before fixed charges
   $ 84,270     $ 80,418     $ 162,483     $ 188,488     $ 147,288     $ 102,119     $ 103,582  
 
                                          
 
                                                        
Fixed charges:
                                                        
Interest expense from continuing operations (including amortization)
   $ 73,736     $ 76,491     $ 152,096     $ 165,647     $ 171,164     $ 72,017     $ 53,570  
Ground leases and other
     803       874       1,747       1,776       1,311       901       605  
Capitalized interest
     3,429       9,673       17,154       18,293       9,537       9,603       3,030  
 
                                          
Total Fixed Charges
     77,968       87,038       170,997       185,716       182,012       82,521       57,205  
 
                                                        
Ratio of earnings to combined fixed charges
     1.08         (b)       (b)     1.01         (b)     1.24       1.81  
 
                                          
 
(a)   Amounts for the years ended December 31, 2008, 2007, 2006 2005 and 2004 reflect a retrospective adoption of FSP APB 14-1 and discontinued operations through June, 30, 2009. With respect to the discontinued operations, operations have been reclassified from continuing operations for all sales through June 30, 2009.
 
(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 $6,620 for the six months ended June 30, 2008, $8,514 for the year ended December 31, 2008 and $34,724 for the year ended December 31, 2006 to achieve a coverage ratio of 1:1.