Attached files
Exhibit 12.1
Brandywine Realty Trust
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions
(in thousands)
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions
(in thousands)
For the years ended December 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Earnings before fixed charges: |
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Add: |
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Income (loss) from continuing operations before non-controlling interest
and equity in earnings from unconsolidated real estate ventures (a) |
$ | 1,579 | $ | (7,025 | ) | $ | 2,378 | $ | (39,585 | ) | $ | 20,522 | ||||||||
Distributed income of equity investees |
1,557 | 7,639 | 6,900 | 2,150 | 2,403 | |||||||||||||||
Amortization of capitalized interest |
3,166 | 2,801 | 2,170 | 1,508 | 1,183 | |||||||||||||||
Fixed charges per below |
152,098 | 170,589 | 185,308 | 182,012 | 82,521 | |||||||||||||||
Less: |
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Capitalized interest |
(8,865 | ) | (16,746 | ) | (17,885 | ) | (9,537 | ) | (9,603 | ) | ||||||||||
Preferred Distributions of consolidated subsidiaries |
| | | | | |||||||||||||||
Earnings before fixed charges |
$ | 149,535 | $ | 157,258 | $ | 178,871 | $ | 136,548 | $ | 98,929 | ||||||||||
Fixed charges and Preferred Distributions: |
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Interest expense from continuing operations (including amortization) |
$ | 141,604 | $ | 152,096 | $ | 165,647 | $ | 171,164 | $ | 73,920 | ||||||||||
Capitalized interest |
8,865 | 16,746 | 17,885 | 9,537 | 9,603 | |||||||||||||||
Ground leases and other |
1,629 | 1,747 | 1,776 | 1,311 | 901 | |||||||||||||||
Distributions to preferred unitholders in Operating Partnership |
| | | | | |||||||||||||||
Total Fixed Charges |
152,098 | 170,589 | 185,308 | 182,012 | 84,424 | |||||||||||||||
Income allocated to preferred shareholders |
7,992 | 7,992 | 7,992 | 7,992 | 7,992 | |||||||||||||||
Total Preferred Distributions |
7,992 | 7,992 | 7,992 | 7,992 | 7,992 | |||||||||||||||
Total combined fixed charges and preferred distributions |
$ | 160,090 | $ | 178,581 | $ | 193,300 | $ | 190,004 | $ | 92,416 | ||||||||||
Ratio of earnings to combined fixed charges and preferred distributions |
(b | ) | (b | ) | (b | ) | (b | ) | 1.07 | |||||||||||
(a) | Amounts for the years ended December 31, 2009, 2008, 2007, 2006 and 2005 have been reclassified to present properties sold. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented. Amounts for the years ended December 31, 2008, 2007 and 2006 were restated as a result of the retrospective adoption of the accounting standard for convertible debt. | |
(b) | Due to the registrants loss in the period, the coverage ratio was less than 1:1. The registrant must generate additional earnings of $10,555 for the year ended December 31, 2009, $21,323 for the year ended December 31, 2008, $14,429 for the year ended December 31, 2007, and $53,456 for the year ended December 31, 2006 to achieve a coverage ratio of 1:1. |