EX-12.1 2 w29720exv12w1.htm STATEMENT RE COMPUTATION OF RATIOS OF BRANDYWINE REALTY TRUST exv12w1
 

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,  
    2006     2005     2004     2003     2002  
Earnings before fixed charges:
                                        
Add:
                                        
Income (loss) from continuing operations (a)
   $ (14,031 )   $ 38,179     $ 56,483     $ 72,774     $ 43,445  
Minority interest attributable to continuing operations
     (1,298 )     1,237       2,429       9,155       9,173  
Fixed charges — per below
     191,614       86,191       61,443       69,476       76,950  
Less:
                                        
Capitalized interest
     (9,537 )     (9,603 )     (3,030 )     (1,503 )     (2,949 )
Preferred Distributions of consolidated subsidiaries
     —       —       (832 )     (7,069 )     (7,069 )
 
                              
Earnings before fixed charges
   $ 166,748     $ 116,004     $ 116,493     $ 142,833     $ 119,550  
 
                              
 
                                        
Fixed charges and Preferred Distributions:
                                        
Interest expense (including amortization)
   $ 175,784     $ 73,918     $ 54,610     $ 57,835     $ 63,522  
Capitalized interest
     9,537       9,603       3,030       1,503       2,949  
Proportionate share of interest for unconsolidated real estate ventures
     6,293       2,670       2,971       3,069       3,410  
Distributions to preferred unitholders in Operating Partnership
     —       —       832       7,069       7,069  
 
                              
Total Fixed Charges
     191,614       86,191       61,443       69,476       76,950  
 
                                        
Income allocated to preferred shareholders
     7,992       7,992       9,720       11,906       11,906  
 
                              
Total Preferred Distributions
     7,992       7,992       9,720       11,906       11,906  
 
                              
Total combined fixed charges and preferred distributions
   $ 199,606     $ 94,183     $ 71,163     $ 81,382     $ 88,856  
 
                              
 
                                        
Ratio of earnings to combined fixed charges and preferred distributions
     (b )     1.23       1.64       1.76       1.35  
 
                              
 
(a)   Amounts for the years ended December 31, 2006, 2005, 2004, 2003 and 2002 have been reclassified to present properties sold.
(b)
  
Due to the registrant’s loss in fiscal 2006, the coverage ratio was less than 1:1. The registrant must generate additional earnings of $32,858 to achieve a coverage of 1:1. The losses in fiscal 2006 included significant depreciation of operating real estate and amortization of lease intangible resulting form recent acquisitions.