EX-12.2 3 w29720exv12w2.htm STATEMENT RE COMPUTATION OF RATIOS OF BRANDYWINE OPERATING PARTNERSHIP, L.P. exv12w2
 

Exhibit 12.2
Brandywine Operating Partnership, L.P.
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands)
                                         
    For the years ended December 31,  
    2006     2005     2004     2003     2002  
Earnings before fixed charges:
                                       
Add:
                                       
Income (loss) from continuing operations
  $ (15,059 )   $ 39,262     $ 59,118     $ 82,068     $ 52,820  
Minority interest — partners’ share of consolidated real estate ventures
    (270 )     154       (206 )            
Fixed charges — per below
    191,614       86,191       60,611       62,407       69,881  
Less:
                                       
Capitalized interest
    (9,537 )     (9,603 )     (3,030 )     (1,503 )     (2,949 )
 
                             
Earnings before fixed charges
  $ 166,748     $ 116,004     $ 116,493     $ 142,972     $ 119,752  
 
                             
 
                                       
Fixed charges:
                                       
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  
 
                             
Total Fixed Charges
    191,614       86,191       60,611       62,407       69,881  
 
                                       
Ratio of earnings to combined fixed charges
    (b )     1.35       1.92       2.29       1.71  
 
                             
 
(a)   Amounts for the years ended December 31, 2006, 2005, 2004, 2003 and 2002 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 fiscal 2006, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $24,866 to achieve a coverage of 1:1. The losses in fiscal 2006 included significant depreciation of operating real estate and amortization of lease intangibles resulting from recent acquisitions.