Exhibit 12.2
Brandywine Operating Partnership, L.P.
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands)
| For the three- months ended March 31, | ||||||||||||||||||||||||
| For the years ended December 31, | ||||||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Earnings before fixed charges: | ||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||
Income (loss) from continuing operations before non-controlling interest and equity in earnings from unconsolidated real estate ventures | $ | (2,479 | ) | $ | 35,318 | $ | (40,050 | ) | $ | (28,331 | ) | $ | (48,305 | )(a) | $ | (12,985 | )(a) | |||||||
Distributed income of equity investees | 119 | 1,650 | 1,224 | 2,600 | 657 | 1,557 | ||||||||||||||||||
Amortization of capitalized interest | 921 | 3,557 | 3,538 | 3,564 | 3,527 | 3,166 | ||||||||||||||||||
Fixed charges - per below | 34,680 | 132,146 | 147,077 | 140,356 | 148,500 | 153,042 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Capitalized interest | (1,230 | ) | (3,137 | ) | (2,560 | ) | (1,997 | ) | (10,385 | ) | (8,893 | ) | ||||||||||||
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Earnings before fixed charges | $ | 32,011 | $ | 169,534 | $ | 109,229 | $ | 116,192 | $ | 93,994 | $ | 135,887 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense from continuing operations (including amortization) | 33,305 | 127,585 | 142,982 | 136,396 | 136,410 | 142,520 | ||||||||||||||||||
Ground leases and other | 145 | 1,424 | 1,535 | 1,963 | 1,705 | 1,629 | ||||||||||||||||||
Capitalized interest | 1,230 | 3,137 | 2,560 | 1,997 | 10,385 | 8,893 | ||||||||||||||||||
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Total Fixed Charges | $ | 34,680 | $ | 132,146 | $ | 147,077 | $ | 140,356 | $ | 148,500 | $ | 153,042 | ||||||||||||
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Ratio of earnings to combined fixed charges | (b) | 1.28 | (b) | (b) | (b) | (b) | ||||||||||||||||||
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| (a) | Amounts for the years ended December 31, 2010 and 2009 have been reclassified to present properties sold. As a result, operations have been reclassified to discontinued operations from continuing opeartions 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 $2,669 for the quarter ended March 31, 2014, $37,848 for the year ended December 31, 2012, $24,164 for the year ended December 31, 2011, $54,506 for the year ended December 31, 2010, and $17,155 for the year ended December 31, 2009 to achieve a coverage ratio of 1:1. |
