EX-12.2 6 bdn-ex122_20.htm EX-12.2 bdn-ex122_20.htm

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,

 

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before non-controlling interest and equity in income (loss) from unconsolidated real estate ventures

 

$

(29,929

)

 

$

6,814

 

 

$

35,318

 

 

$

(40,050

)

 

$

(28,331

)

Distributed income of equity investees

 

 

1,223

 

 

 

1,164

 

 

 

1,650

 

 

 

1,224

 

 

 

2,600

 

Amortization of capitalized interest

 

 

4,277

 

 

 

3,840

 

 

 

3,557

 

 

 

3,538

 

 

 

3,564

 

Fixed charges - per below

 

 

129,307

 

 

 

138,007

 

 

 

132,146

 

 

 

147,077

 

 

 

140,356

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

 

(12,150

)

 

 

(6,803

)

 

 

(3,137

)

 

 

(2,560

)

 

 

(1,997

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges

 

$

92,728

 

 

$

143,022

 

 

$

169,534

 

 

$

109,229

 

 

$

116,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense from continuing operations (including amortization)

 

$

116,511

 

 

$

130,621

 

 

$

127,585

 

 

$

142,982

 

 

$

136,396

 

Capitalized interest

 

 

12,150

 

 

 

6,803

 

 

 

3,137

 

 

 

2,560

 

 

 

1,997

 

Ground leases and other

 

 

646

 

 

 

583

 

 

 

1,424

 

 

 

1,535

 

 

 

1,963

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

$

129,307

 

 

$

138,007

 

 

$

132,146

 

 

$

147,077

 

 

$

140,356

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges

 

(a)

 

 

 

1.04

 

 

1.28

 

 

(a)

 

 

(a)

 

 

(a)

Due to the registrant's loss in the period, the coverage ratio was less than 1:1. The registrant must generate additional earnings of $36,579 for the year ended December 31, 2015, $37,848 for the year ended December 31, 2012 and $24,164 for the year ended December 31, 2011 to achieve a coverage ratio of 1:1.