EX-12.2 5 w73598exv12w2.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 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     $ (28,380 )   $ 26,079     $ 49,190  
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       58,245  
Less:
                                        
Capitalized interest
     (16,338 )     (17,476 )     (9,537 )     (9,603 )     (3,030 )
 
                              
 
                                        
Earnings before fixed charges
   $ 165,934     $ 185,049     $ 146,803     $ 105,053     $ 107,826  
 
                              
 
                                        
Fixed charges:
                                        
Interest expense (including amortization)
   $ 148,220     $ 161,674     $ 170,214     $ 73,918     $ 54,610  
Ground leases and other
     1,747       1,776       1,311       901       605  
Capitalized interest
     16,338       17,476       9,537       9,603       3,030  
 
                              
Total Fixed Charges
     166,305       180,926       181,062       84,422       58,245  
 
                                        
Ratio of earnings to combined fixed charges
       (b)     1.02         (b)     1.24       1.85  
 
                              
 
(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 $371 for the year ended December 31, 2008 and $34,259 for the year ended December 31, 2006 to achieve a coverage ratio of 1:1.