Brandywine Realty Trust (BDN) 10-Q 2005 Q3 Quarterly report

Brandywine Realty Trust
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions
(in thousands)

		For the nine months ended September 30,							For the years ended December 31,
			2005			2004			2004			2003			2002			2001			2000
Earnings before fixed charges:
Add:
	Income from continuing operations (a)	$	32,171		$	49,373		$	57,604		$	75,832		$	47,643		$	19,462		$	38,953
	Minority interest attributable to continuing operations		1,160			2,139			2,472			9,294			9,375			7,760			8,800
	Fixed charges – per below		62,236			40,806			61,894			69,476			76,950			83,627			84,604
Less:
	Income from equity method investments not distributed		—			—			—			—			—			—			(518	)
	Capitalized interest		(6,902	)		(1,785	)		(3,030	)		(1,503	)		(2,949	)		(5,178	)		(8,182	)
	Preferred Distributions of consolidated subsidiaries		—			(832	)		(832	)		(7,069	)		(7,069	)		(7,069	)		(7,069	)
Earnings before fixed charges		$	88,665		$	89,701		$	118,108		$	146,030		$	123,950		$	98,602		$	116,588
Fixed charges and Preferred Distributions:
Interest expense (including amortization)		$	53,366		$	35,526		$	55,061		$	57,835		$	63,522		$	67,496		$	64,746
Capitalized interest			6,902			1,785			3,030			1,503			2,949			5,178			8,182
Proportionate share of interest for unconsolidated real estate ventures			1,968			2,663			2,971			3,069			3,410			3,884			4,607
Distributions to preferred unitholders in Operating Partnership			—			832			832			7,069			7,069			7,069			7,069
	Total Fixed Charges		62,236			40,806			61,894			69,476			76,950			83,627			84,604
Income allocated to preferred shareholders			5,994			7,372			9,720			11,906			11,906			11,906			11,906
	Total Preferred Distributions		5,994			7,372			9,720			11,906			11,906			11,906			11,906
	Total combined fixed charges and preferred distributions	$	68,230		$	48,178		$	71,614		$	81,382		$	88,856		$	95,533		$	96,510
Ratio of earnings to combined fixed charges and preferred distributions			1.30			1.86			1.65			1.79			1.39			1.03			1.21

(a) Amounts for the nine months ended September 30, 2005 and 2004 and for the years ended December 31, 2004, 2003, 2002, 2001 and 2000 have been reclassified to present properties identified as held for sale consistent with the presentation for the period ended September 30, 2005. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented.