EX-12.2 6 w72929exv12w2.htm EXHIBIT 12.2 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,  
    2008     2007     2006     2005     2004  
Earnings before fixed charges:
                                       
Add:
                                       
Income (loss) from continuing operations
  $ 13,847     $ 19,019     $ (30,275 )   $ 29,089     $ 49,737  
Minority interest — partners’ share of consolidated real estate ventures
    127       465       (270 )     154       (206 )
Fixed charges — per below
    172,827       185,572       186,044       86,191       60,611  
Less:
                                       
Capitalized interest
    (16,338 )     (17,476 )     (9,537 )     (9,603 )     (3,030 )
 
                             
Earnings before fixed charges
  $ 170,463     $ 187,580     $ 145,962     $ 105,831     $ 107,112  
 
                             
 
                                       
Fixed charges:
                                       
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  
 
                             
Total Fixed Charges
    172,827       185,572       186,044       86,191       60,611  
 
                                       
Ratio of earnings to combined fixed charges
    (b )     1.01       (b )     1.23       1.77  
 
                             
 
(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 $2,364 for the year ended December 31, 2008 and $40,082 for the year ended December 31, 2006 to achieve a coverage ratio of 1:1.