EX-12 4 ex12-1.txt EXHIBIT 12.1 Exhibit 12.1 Brandywine Realty Trust Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions (in thousands)
For the three months ended For the years ended December 31, March 31, ----------------------------------------------------------------- --------------- 2002 2001 2000 1999 1998 2003 ---- ---- ---- ---- ---- ---- Earnings before fixed charges: Add: Income from continuing operations (A) $ 50,227 $ 22,976 $ 40,493 $ 23,761 $ 26,976 $ 13,160 Distributions to preferred unitholders 7,069 7,069 7,069 6,103 1,451 1,767 Minority interest of preferred unitholders 7,069 7,069 7,069 6,103 1,451 1,767 Fixed charges - per below 88,856 94,422 96,510 84,477 40,657 21,216 Cash distributions from income from equity investments 2,956 5,492 - 1,671 467 164 Less: Income from equity method investments (987) (2,768) (2,961) (1,059) (218) (158) Capitalized interest (2,949) (5,178) (8,182) (2,100) (1,200) (343) Distributions to preferred unitholders (7,069) (7,069) (7,069) (6,103) (1,451) (1,767) Income allocated to preferred shareholders (11,906) (11,906) (11,906) (4,790) (702) (2,977) ----------------------------------------------------------------- --------------- Earnings before fixed charges $ 133,266 $ 110,107 $ 121,023 $ 108,063 $ 67,431 $ 32,829 ================================================================= =============== Fixed charges: Interest expense (including amortization) $ 63,522 $ 66,385 $ 64,746 $ 69,800 $ 36,886 $ 15,306 Capitalized interest 2,949 5,178 8,182 2,100 1,200 343 Proportionate share of interest for unconsolidated investments 3,410 3,884 4,607 1,684 418 823 Distributions to preferred unitholders 7,069 7,069 7,069 6,103 1,451 1,767 Income allocated to preferred 11,906 11,906 11,906 4,790 702 2,977 ----------------------------------------------------------------- --------------- Fixed charges $ 88,856 $ 94,422 $ 96,510 $ 84,477 $ 40,657 $ 21,216 ================================================================= =============== Fixed Charge Coverage Ratio 1.50 1.17 1.25 1.28 1.66 1.55 ================================================================= ===============
(A) Amounts for the years ended December 31, 2002, 2001, 2000, 1999 and 1998 have been reclassified to present properties identified as held for sale consistent with the presentation for the three months ended March 31, 2003. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented.