EX-12.2 4 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,

 

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

130,165

 

 

$

52,004

 

 

$

(29,929

)

 

$

6,814

 

 

$

35,318

 

Distributed income of equity investees

 

 

20,781

 

 

 

622

 

 

 

1,223

 

 

 

1,164

 

 

 

1,650

 

Amortization of capitalized interest

 

 

5,019

 

 

 

4,899

 

 

 

4,277

 

 

 

3,840

 

 

 

3,557

 

Fixed charges - per below

 

 

88,529

 

 

 

101,574

 

 

 

129,307

 

 

 

138,007

 

 

 

132,146

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

 

(3,527

)

 

 

(12,835

)

 

 

(12,150

)

 

 

(6,803

)

 

 

(3,137

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges

 

$

240,967

 

 

$

146,264

 

 

$

92,728

 

 

$

143,022

 

 

$

169,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense from continuing operations (including amortization)

 

$

84,321

 

 

$

88,083

 

 

$

116,511

 

 

$

130,621

 

 

$

127,585

 

Capitalized interest

 

 

3,527

 

 

 

12,835

 

 

 

12,150

 

 

 

6,803

 

 

 

3,137

 

Ground leases and other

 

 

681

 

 

 

656

 

 

 

646

 

 

 

583

 

 

 

1,424

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

$

88,529

 

 

$

101,574

 

 

$

129,307

 

 

$

138,007

 

 

$

132,146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges

 

 

2.72

 

 

 

1.44

 

 

(a)

 

 

 

1.04

 

 

1.28

 

 

(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 to achieve a coverage ratio of 1:1.