EX-12.1 2 bdn-06302014xex121.htm EXHIBIT 12.1 BDN-06.30.2014-EX 12.1
Exhibit 12.1

Brandywine Realty Trust
 
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30,
 
 
For the years ended
 December 31,
 
 
 
2014
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings before fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before non-controlling interest and equity in earnings from unconsolidated real estate ventures
 
$
(745
)
 
 
$
35,318

 
$
(40,050
)
 
$
(28,331
)
 
$
(48,305
)
 
$
(12,985
)
 
Distributed income of equity investees
 
—

 
 
1,650

 
1,224

 
2,600

 
657

 
1,557

 
Amortization of capitalized interest
 
1,859

 
 
3,557

 
3,538

 
3,564

 
3,527

 
3,166

 
Fixed charges - per below
 
69,352

 
 
132,146

 
147,077

 
140,356

 
148,500

 
153,042

 
Less:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest
 
(2,726
)
 
 
(3,137
)
 
(2,560
)
 
(1,997
)
 
(10,385
)
 
(8,893
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings before fixed charges
 
$
67,740

 
 
$
169,534

 
$
109,229

 
$
116,192

 
$
93,994

 
$
135,887

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges and Preferred Distributions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense from continuing operations (including amortization)
 
$
66,330

 
 
$
127,585

 
$
142,982

 
$
136,396

 
$
136,410

 
$
142,520

 
Capitalized interest
 
2,726

 
 
3,137

 
2,560

 
1,997

 
10,385

 
8,893

 
Ground leases and other
 
296

 
 
1,424

 
1,535

 
1,963

 
1,705

 
1,629

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
 
69,352

 
 
132,146

 
147,077

 
140,356

 
148,500

 
153,042

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income allocated to preferred shareholders
 
3,450

 
 
6,900

 
10,405

 
7,992

 
7,992

 
7,992

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Preferred Distributions
 
3,450

 
 
6,900

 
10,405

 
7,992

 
7,992

 
7,992

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total combined fixed charges and preferred distributions
 
$
72,802

 
 
$
139,046

 
$
157,482

 
$
148,348

 
$
156,492

 
$
161,034

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred distributions
 
(a)
 
 
1.22
 
(a)
 
(a)
 
(a)
 
(a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Due to the registrant's loss in the period, the coverage ratio was less than 1:1. The registrant must generate additional earnings of $5,062 for the six months ended June 30, 2014, $48,253 for the year ended December 31, 2012, $32,156 for the year ended December 31, 2011, $62,498 for the year ended December 31, 2010, and $25,147 for the year ended December 31, 2009 to achieve a coverage ratio of 1:1.