EX-12.1 3 bdn-12312012xex121.htm EXHIBIT 12.1 BDN-12.31.2012-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,
 
 
 
2012
 
2011
 
2010
 
2009
 
2008
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings before fixed charges:
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before non-controlling interest and equity in earnings from unconsolidated real estate ventures
 
$
(32,895
)
 
$
(22,740
)
 
$
(42,630
)
 
$
(1,640
)
(a)
$
(12,439
)
(a)
Distributed income of equity investees
 
1,224

 
2,600

 
657

 
1,557

 
7,639

 
Amortization of capitalized interest
 
3,538

 
3,564

 
3,527

 
3,166

 
2,801

 
Fixed charges - per below
 
147,077

 
140,356

 
148,500

 
153,042

 
170,589

 
Less:
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest
 
(2,560
)
 
(1,997
)
 
(10,385
)
 
(8,893
)
 
(16,746
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings before fixed charges
 
$
116,384

 
$
121,783

 
$
99,669

 
$
147,232

 
$
151,844

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges and Preferred Distributions:
 
 
 
 
 
 
 
 
 
 
 
Interest expense from continuing operations (including amortization)
 
$
142,982

 
$
136,396

 
$
136,410

 
$
142,520

 
$
152,096

 
Capitalized interest
 
2,560

 
1,997

 
10,385

 
8,893

 
16,746

 
Ground leases and other
 
1,535

 
1,963

 
1,705

 
1,629

 
1,747

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
 
147,077

 
140,356

 
148,500

 
153,042

 
170,589

 
 
 
 
 
 
 
 
 
 
 
 
 
Income allocated to preferred shareholders
 
10,405

 
7,992

 
7,992

 
7,992

 
7,992

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Preferred Distributions
 
10,405

 
7,992

 
7,992

 
7,992

 
7,992

 
 
 
 
 
 
 
 
 
 
 
 
 
Total combined fixed charges and preferred distributions
 
$
157,482

 
$
148,348

 
$
156,492

 
$
161,034

 
$
178,581

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred distributions
 
(b)
 
(b)
 
(b)
 
(b)
 
(b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Amounts for the years ended December 31, 2009 and 2008 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 $41,098 for the year ended December 31, 2012, $26,565 for the year ended December 31, 2011, $56,823 for the year ended December 31, 2010, $13,802 for the year ended December 31, 2009, and $26,737 for the year ended December 31, 2008 to achieve a coverage ratio of 1:1.