Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BRANDYWINE REALTY TRUST | d452552d8k.htm |
| EX-1.1 - UNDERWRITING AGREEMENT - BRANDYWINE REALTY TRUST | d452552dex11.htm |
| EX-5.1 - OPINION OF PEPPER HAMILTON LLP - BRANDYWINE REALTY TRUST | d452552dex51.htm |
| EX-1.2 - PRICING AGREEMENT - BRANDYWINE REALTY TRUST | d452552dex12.htm |
| EX-99.1 - PRESS RELEASE - BRANDYWINE REALTY TRUST | d452552dex991.htm |
| EX-12.2 - BOP COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES - BRANDYWINE REALTY TRUST | d452552dex122.htm |
| EX-99.2 - PRESS RELEASE - BRANDYWINE REALTY TRUST | d452552dex992.htm |
Exhibit 12.1
Brandywine Realty Trust
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions
(in thousands)
| Nine-months ended | For the years ended December 31, | |||||||||||||||||||||||
| 30-Sep-12 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
| 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) |
$ | (4,796 | ) | $ | (22,740 | ) | $ | (42,629 | ) | $ | (4,849 | ) | $ | (15,199 | ) | $ | (2,245 | ) | ||||||
| Distributed income of equity investees |
357 | 2,600 | 657 | 1,557 | 7,639 | 6,900 | ||||||||||||||||||
| Amortization of capitalized interest |
3,531 | 3,564 | 3,527 | 3,166 | 2,801 | 2,170 | ||||||||||||||||||
| Fixed charges — per below |
107,004 | 140,356 | 148,500 | 152,126 | 170,589 | 185,308 | ||||||||||||||||||
| Less: |
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| Capitalized interest |
(1,978 | ) | (1,997 | ) | (10,385 | ) | (8,893 | ) | (16,746 | ) | (17,885 | ) | ||||||||||||
| Preferred Distributions of consolidated subsidiaries |
— | — | — | — | — | — | ||||||||||||||||||
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| Earnings before fixed charges |
$ | 104,118 | $ | 121,783 | $ | 99,670 | $ | 143,107 | $ | 149,084 | $ | 174,248 | ||||||||||||
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| Fixed charges and Preferred Distributions: |
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| Interest expense from continuing operations (including amortization) |
103,535 | 136,396 | 136,410 | $ | 141,604 | $ | 152,096 | $ | 165,647 | |||||||||||||||
| Capitalized interest |
1,978 | 1,997 | 10,385 | 8,893 | 16,746 | 17,885 | ||||||||||||||||||
| Ground leases and other |
1,491 | 1,963 | 1,705 | 1,629 | 1,747 | 1,776 | ||||||||||||||||||
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| Total Fixed Charges |
107,004 | 140,356 | 148,500 | 152,126 | 170,589 | 185,308 | ||||||||||||||||||
| Income allocated to preferred shareholders |
7,832 | 7,992 | 7,992 | 7,992 | 7,992 | 7,992 | ||||||||||||||||||
| Preferred share redemption charge |
2,090 | — | — | — | — | — | ||||||||||||||||||
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| Total Preferred Distributions |
9,922 | 7,992 | 7,992 | 7,992 | 7,992 | 7,992 | ||||||||||||||||||
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| Total combined fixed charges and preferred distributions |
$ | 116,926 | $ | 148,348 | $ | 156,492 | $ | 160,118 | $ | 178,581 | $ | 193,300 | ||||||||||||
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| Ratio of earnings to combined fixed charges and preferred distributions |
(b) | (b) | (b) | (b) | (b) | (b) | ||||||||||||||||||
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(a) Amounts for the years ended December 31, 2011, 2010, 2009, 2008, and 2007 have been reclassified to present properties sold. As a result, operations have been reclassified to discontinued operations from continuing operations 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 $12,808 for the nine-months ended September 30, 2012, $26,565 for the year ended December 31, 2011, $56,822 for the year ended December 31, 2010, $17,011 for the year ended December 31, 2009, $29,497 for the year ended December 31, 2008, and $19,052 for the year ended December 31, 2007 to achieve a coverage ratio of 1:1.