EX-12.2 3 w57690exv12w2.htm COMPUTATION OF RATIOS OF BRANDYWINE OPERATING PARTNERSHIP exv12w2
 

Brandywine Operating Partnership, L.P.
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands)
                                                         
    For the three-months ended March 31,     For the years ended December 31,  
    2008     2007     2007     2006     2005     2004     2003  
Earnings before fixed charges:
                                                       
Add:
                                                       
Income (loss) from continuing operations
  $ 7,169     $ (8,026 )   $ 28,302     $ (21,465 )   $ 32,964     $ 52,132     $ 73,956  
Minority interest — partners’ share of consolidated real estate ventures
    40       116       465       (270 )     154       (206 )      
Fixed charges — per below
    45,545       46,967       191,069       191,614       86,191       60,611       62,407  
Less:
                                                       
Capitalized interest
    (4,557 )     (3,764 )     (17,476 )     (9,537 )     (9,603 )     (3,030 )     (1,503 )
 
                                         
 
                                                       
Earnings before fixed charges
  $ 48,197     $ 35,293     $ 202,360     $ 160,342     $ 109,706     $ 109,507     $ 134,860  
 
                                         
 
                                                       
Fixed charges:
                                                       
Interest expense (including amortization)
  $ 38,958     $ 41,616     $ 167,171     $ 175,784     $ 73,918     $ 54,610     $ 57,835  
Capitalized interest
    4,557       3,764       17,476       9,537       9,603       3,030       1,503  
Proportionate share of interest for unconsolidated real estate ventures
    2,030       1,587       6,422       6,293       2,670       2,971       3,069  
 
                                         
Total Fixed Charges
    45,545       46,967       191,069       191,614       86,191       60,611       62,407  
 
                                                       
Ratio of earnings to combined fixed charges
    1.06       (b )     1.06       (b )     1.27       1.81       2.16  
 
                                         
 
(a)   Amounts for the three-months ended March 31, 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 March 31, 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 $11,674 for the three-months ended March 31, 2007 and $31,272 for the year ended December 31, 2006 to achieve a coverage ratio of 1:1.