EX-12.1 4 w73598exv12w1.htm EX-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 before minority interest and equity in earnings from unconsolidated real estate ventures (a)
   $ 5,527     $ 12,529     $ (32,710 )   $ 25,502     $ 46,704  
Distributed income of equity investees
     7,639       6,900       2,150       2,972       2,534  
Amortization of capitalized interest
     2,801       2,170       1,508       1,183       887  
Fixed charges — per below
     166,305       180,926       181,062       84,422       59,077  
Less:
                                        
Capitalized interest
     (16,338 )     (17,476 )     (9,537 )     (9,603 )     (3,030 )
Preferred Distributions of consolidated subsidiaries
     —       —       —       —       (832 )
 
                              
 
                                        
Earnings before fixed charges
   $ 165,934     $ 185,049     $ 142,473     $ 104,476     $ 105,340  
 
                              
 
                                        
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  
Ground leases and other
     1,747       1,776       1,311       901       605  
Distributions to preferred unitholders in Operating Partnership
     —       —       —       —       832  
 
                                        
 
                              
Total Fixed Charges
     166,305       180,926       181,062       84,422       59,077  
 
                                        
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
   $ 174,297     $ 188,918     $ 189,054     $ 92,414     $ 68,797  
 
                              
 
                                        
Ratio of earnings to combined fixed charges and preferred distributions
       (b)       (b)       (b)     1.13       1.53  
 
                              
 
(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 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 $8,363 for the year ended December 31, 2008, $3,869 for the year ended December 31, 2007 and $46,581 for the year ended December 31, 2006 to achieve a coverage ratio of 1:1.