EX-12 6 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 For the years ended December 31, months ended --------------------------------------------------- March 31, 2004 2003 2002 2001 2000 1999 -------------- --------- --------- -------- --------- -------- EARNINGS BEFORE FIXED CHARGES: ADD: Income from continuing operations (a) $ 12,060 $ 75,349 $ 47,842 $ 20,426 $ 39,325 $ 22,401 Minority interest attributable to continuing operations 1,254 9,272 9,265 7,818 8,923 7,354 Fixed charges - per below 14,413 69,476 76,950 83,627 84,604 79,687 LESS: Income from equity method investments not distributed - - - - (2,768) - Capitalized interest (396) (1,503) (2,949) (5,178) (8,182) (2,100) Preferred Distributions of consolidated subsidiaries (832) (7,069) (7,069) (7,069) (7,069) (6,103) -------- --------- --------- -------- --------- -------- Earnings before fixed charges $ 26,499 $ 145,525 $ 124,039 $ 99,624 $ 114,833 101,239 ======== ========= ========= ======== ========= ======== FIXED CHARGES AND PREFERRED DISTRIBUTIONS: Interest expense (including amortization) $ 12,104 $ 57,835 $ 63,522 $ 67,496 $ 64,746 $ 69,800 Capitalized interest 396 1,503 2,949 5,178 8,182 2,100 Proportionate share of interest for unconsolidated subsidiaries 1,081 3,069 3,410 3,884 4,607 1,684 Distributions to preferred unitholders in Operating Partnership 832 7,069 7,069 7,069 7,069 6,103 -------- --------- --------- -------- --------- -------- Total Fixed Charges 14,413 69,476 76,950 83,627 84,604 79,687 Income allocated to preferred shareholders 2,977 11,906 11,906 11,906 11,906 4,790 -------- --------- --------- -------- --------- -------- Total Preferred Distributions 2,977 11,906 11,906 11,906 11,906 4,790 -------- --------- --------- -------- --------- -------- Total combined fixed charges and preferred distributions $ 17,390 $ 81,382 $ 88,856 $ 95,533 $ 96,510 $ 84,477 ======== ========= ========= ======== ========= ======== Ratio of earnings to combined fixed charges and preferred distributions 1.52 1.79 1.40 1.04 1.19 1.20 ======== ========= ========= ======== ========= ========
(a) Amounts for the years ended December 31, 2003, 2002, 2001, 2000 and 1999 have been reclassified to present properties identified as held for sale consistent with the presentation for the period ended March 31, 2004. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented.