EX-12.2 4 c10378exv12w2.htm EXHIBIT 12.2 Exhibit 12.2
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,  
    2010     2009     2008     2007     2006  
 
Earnings before fixed charges:
                                       
Add:
                                       
Income (loss) from continuing operations before non-controlling interest and equity in earnings from unconsolidated real estate ventures (a)
  $ (34,943 )   $ 1,270     $ (9,109 )   $ (110 )   $ (42,168 )
Distributed income of equity investees
    657       1,557       7,639       6,900       2,150  
Amortization of capitalized interest
    3,527       3,166       2,801       2,170       1,508  
Fixed charges — per below
    148,500       152,126       170,589       185,308       182,012  
Less:
                                       
Capitalized interest
    (10,385 )     (8,893 )     (16,746 )     (17,885 )     (9,537 )
 
                             
 
Earnings before fixed charges
  $ 107,356     $ 149,226     $ 155,174     $ 176,383     $ 133,965  
 
                             
 
                                       
Fixed charges:
                                       
Interest expense from continuing operations (including amortization)
  $ 136,410     $ 141,604     $ 152,096     $ 165,647     $ 171,164  
Ground leases and other
    1,705       1,629       1,747       1,776       1,311  
Capitalized interest
    10,385       8,893       16,746       17,885       9,537  
 
                             
Total Fixed Charges
  $ 148,500     $ 152,126     $ 170,589     $ 185,308     $ 182,012  
 
                                       
Ratio of earnings to combined fixed charges
    (b )     (b )     (b )     (b )     (b )
 
                             
     
(a)   Amounts for the years ended December 31, 2010, 2009, 2008, 2007 and 2006 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 $41,144 for the year ended December 31, 2010, $2,900 for the year ended December 31, 2009, $15,415 for the year ended December 31, 2008, December 31, 2007, $8,925 for the year ended December 31, 2007 and $48,047 for the year ended December 31, 2006 to achieve a coverage ratio of 1:1.