EX-12.2 3 bdn-06302014xex122.htm EXHIBIT 12.2 BDN-06.30.2014-EX 12.2
Exhibit 12.2

Brandywine Operating Partnership, L.P.
Computation of Ratio of Earnings to Combined Fixed Charges
(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:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense from continuing operations (including amortization)
 
$
66,330

 
 
$
127,585

 
$
142,982

 
$
136,396

 
$
136,410

 
$
142,520

Ground leases and other
 
296

 
 
3,137

 
2,560

 
1,997

 
10,385

 
8,893

Capitalized interest
 
2,726

 
 
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

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges
 
(a)
 
 
1.28
 
(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 $1,612 for the six months ended June 30, 2014, $37,848 for the year ended December 31, 2012, $24,164 for the year ended December 31, 2011, $54,506 for the year ended December 31, 2010, and $17,155 for the year ended December 31, 2009 to achieve a coverage ratio of 1:1.