EX-12.2 4 bdn-ex122_15.htm EX-12.2 bdn-ex122_15.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,

 

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

52,004

 

 

$

(29,929

)

 

$

6,814

 

 

$

35,318

 

 

$

(40,050

)

Distributed income of equity investees

 

 

622

 

 

 

1,223

 

 

 

1,164

 

 

 

1,650

 

 

 

1,224

 

Amortization of capitalized interest

 

 

4,899

 

 

 

4,277

 

 

 

3,840

 

 

 

3,557

 

 

 

3,538

 

Fixed charges - per below

 

 

101,574

 

 

 

129,307

 

 

 

138,007

 

 

 

132,146

 

 

 

147,077

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

 

(12,835

)

 

 

(12,150

)

 

 

(6,803

)

 

 

(3,137

)

 

 

(2,560

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges

 

$

146,264

 

 

$

92,728

 

 

$

143,022

 

 

$

169,534

 

 

$

109,229

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense from continuing operations (including amortization)

 

$

88,083

 

 

$

116,511

 

 

$

130,621

 

 

$

127,585

 

 

$

142,982

 

Capitalized interest

 

 

12,835

 

 

 

12,150

 

 

 

6,803

 

 

 

3,137

 

 

 

2,560

 

Ground leases and other

 

 

656

 

 

 

646

 

 

 

583

 

 

 

1,424

 

 

 

1,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

$

101,574

 

 

$

129,307

 

 

$

138,007

 

 

$

132,146

 

 

$

147,077

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges

 

 

1.44

 

 

(a)

 

 

 

1.04

 

 

1.28

 

 

(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 and $37,848 for the year ended December 31, 2012 to achieve a coverage ratio of 1:1.