EX-12.2 3 w38134exv12w2.htm COMPUTATION OF EARNINGS BRANDYWINE OPERATING PARTNERSHIP exv12w2
 

Exhibit 12.2
Brandywine Operating Partnership, L.P.
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands)
                                                         
    For the six-months ended June 30,     For the years ended December 31,  
    2007     2006     2006     2005     2004     2003     2002  
Earnings before fixed charges:
                                                       
Add:
                                                       
Income (loss) from continuing operations
  $ (6,707 )   $ (21,915 )   $ (19,451 )   $ 34,148     $ 52,419     $ 74,882     $ 45,352  
Minority interest — partners’ share of consolidated real estate ventures
    108       (370 )     (270 )     154       (206 )            
Fixed charges — per below
    94,930       91,304       191,614       86,191       60,611       62,407       69,881  
Less:
                                                       
Capitalized interest
    (8,217 )     (4,916 )     (9,537 )     (9,603 )     (3,030 )     (1,503 )     (2,949 )
 
                                         
Earnings before fixed charges
  $ 80,114     $ 64,103     $ 162,356     $ 110,890     $ 109,794     $ 135,786     $ 112,284  
 
                                         
 
Fixed charges:
                                                       
Interest expense (including amortization)
  $ 83,484     $ 83,247     $ 175,784     $ 73,918     $ 54,610     $ 57,835     $ 63,522  
Capitalized interest
    8,217       4,916       9,537       9,603       3,030       1,503       2,949  
Proportionate share of interest for unconsolidated real estate ventures
    3,229       3,141       6,293       2,670       2,971       3,069       3,410  
 
                                         
Total Fixed Charges
    94,930       91,304       191,614       86,191       60,611       62,407       69,881  
 
                                                       
Ratio of earnings to combined fixed charges
    (b )     (b )     (b )     1.29       1.81       2.18       1.61  
 
                                         
 
(a)   Amounts for the sixmonths ended June 30, 2007 and 2006 and for the years ended December 31, 2006, 2005, 2004, 2003 and 2002 have been reclassified to present properties sold consistent with the presentation for the period ended June 30, 2007. 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 $14,816 and $27,201 for the six-months ended June 30, 2007 and 2006, respectively and $29,258 for the year ended December 31, 2006 to achieve a coverage ratio of 1:1.