EX-12.1 5 w72929exv12w1.htm EXHIBIT 12.1 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,  
    2008     2007     2006     2005     2004  
Earnings before fixed charges:
                                        
Add:
                                        
Income (loss) from continuing operations (a)
   $ 13,670     $ 18,584     $ (28,647 )   $ 28,512     $ 47,251  
Minority interest attributable to continuing operations
     304       900       (1,898 )     731       2,280  
Fixed charges — per below
     172,827       185,572       186,044       86,191       61,443  
Less:
                                        
Capitalized interest
     (16,338 )     (17,476 )     (9,537 )     (9,603 )     (3,030 )
Preferred Distributions of consolidated subsidiaries
     —       —       —       —       (832 )
 
                              
Earnings before fixed charges
   $ 170,463     $ 187,580     $ 145,962     $ 105,831     $ 107,112  
 
                              
 
                                        
Fixed charges and Preferred Distributions:
                                        
Interest expense (including amortization)
   $ 148,220     $ 161,674     $ 170,214     $ 73,918     $ 54,610  
Capitalized interest
     16,338       17,476       9,537       9,603       3,030  
Proportionate share of interest for unconsolidated real estate ventures
     8,269       6,422       6,293       2,670       2,971  
Distributions to preferred unitholders in Operating Partnership
     —       —       —       —       832  
       
                                        
 
                              
Total Fixed Charges
     172,827       185,572       186,044       86,191       61,443  
 
                                        
Income allocated to preferred shareholders
     7,992       7,992       7,992       7,992       9,720  
       
                                        
 
                              
Total Preferred Distributions
     7,992       7,992       7,992       7,992       9,720  
       
                                        
 
                              
Total combined fixed charges and preferred distributions
   $ 180,819     $ 193,564     $ 194,036     $ 94,183     $ 71,163  
 
                              
 
                                        
Ratio of earnings to combined fixed charges and preferred distributions
     (b )     (b )     (b )     1.12       1.51  
 
                              
 
(a)   Amounts for the years ended December 31, 2008, 2007, 2006, 2005 and 2004 have been reclassified to present properties sold. As a result, operations have been reclassified to discontinued operations from continuing opeartions 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 $10,356 for the year ended December 31, 2008, $5,984 for the year ended December 31, 2007 and $48,074 for the year ended December 31, 2006 to achieve a coverage ratio of 1:1.