Exhibit 12.2
Brandywine Operating Partnership, L.P.
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands)
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| | Nine-months ended | | | For the years ended December 31, | |
| | 30-Sep-12 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | | | 2007 | |
Earnings before fixed charges: | | | | | | | | | | | | | | | | | | | | | | | | |
Add: | | | | | | | | | | | | | | | | | | | | | | | | |
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: | | | | | | | | | | | | | | | | | | | | | | | | |
Capitalized interest | | | (1,978 | ) | | | (1,997 | ) | | | (10,385 | ) | | | (8,893 | ) | | | (16,746 | ) | | | (17,885 | ) |
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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: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense from continuing operations (including amortization) | | | 103,535 | | | | 136,396 | | | | 136,410 | | | | 141,604 | | | | 152,096 | | | | 165,647 | |
Ground leases and other | | | 1,491 | | | | 1,963 | | | | 1,705 | | | | 1,629 | | | | 1,747 | | | | 1,776 | |
Capitalized interest | | | 1,978 | | | | 1,997 | | | | 10,385 | | | | 8,893 | | | | 16,746 | | | | 17,885 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Fixed Charges | | | 107,004 | | | | 140,356 | | | | 148,500 | | | | 152,126 | | | | 170,589 | | | | 185,308 | |
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Ratio of earnings to combined fixed charges | | | (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 $2,886 for the nine-months ended September 30, 2012, $18,573 for the year ended December 31, 2011, $48,830 for the year ended December 31, 2010, $9,019 for the year ended December 31, 2009, $21,505 for the year ended December 31, 2008, and $11,060 for the year ended December 31, 2007 to achieve a coverage ratio of 1:1.