EX-12.2 3 w71498exv12w2.htm EX-12.2 exv12w2
Exhibit 12.2
Brandywine Operating Partnership, L.P.
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands)
                                                         
    For the nine-months ended September 30,     For the years ended December 31,  
    2008     2007     2007     2006     2005     2004     2003  
Earnings before fixed charges:
                                                       
Add:
                                                       
Income (loss) from continuing operations
  $ 3,802     $ (13,901 )   $ 19,019     $ (30,274 )   $ 24,449     $ 46,762     $ 49,173  
Minority interest — partners’ share of consolidated real estate ventures
    117       103       465       (270 )     154       (206 )      
Fixed charges — per below
    130,839       138,925       185,572       186,044       86,191       60,611       62,407  
Less:
                                                       
Capitalized interest
    (13,956 )     (12,757 )     (17,476 )     (9,537 )     (9,603 )     (3,030 )     (1,503 )
 
                                         
 
                                                       
Earnings before fixed charges
  $ 120,802     $ 112,370     $ 187,580     $ 145,963     $ 101,191     $ 104,137     $ 110,077  
 
                                         
 
                                                       
Fixed charges:
                                                       
Interest expense (including amortization)
  $ 110,644     $ 121,373     $ 161,674     $ 170,214     $ 73,918     $ 54,610     $ 57,835  
Capitalized interest
    13,956       12,757       17,476       9,537       9,603       3,030       1,503  
Proportionate share of interest for unconsolidated real estate ventures
    6,239       4,795       6,422       6,293       2,670       2,971       3,069  
 
                                         
Total Fixed Charges
    130,839       138,925       185,572       186,044       86,191       60,611       62,407  
 
                                                       
Ration of earnings to combined fixed charges
    (b )     (b )     1.01       (b )     1.17       1.72       1.76  
 
                                         
 
(a)   Amounts for the nine-months ended September 30, 2008 and 2007 and for the years ended December 31, 2007, 2006, 2005, 2004 and 2003 have been reclassified to present properties sold consistent with the presentation for the period ended September 30, 2008. 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 $10,037 for the nine-months ended September 30, 2008, $26,555 for the nine-months ended September 20, 2007 and $40,081 for the year ended December 31, 2006 to achieve a coverage ratio of 1:1.