Exhibit 12.1
Brandywine Realty Trust
Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Share Distributions
(in thousands)
For the nine
months ended
For the years ended December 31, September 30,
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2002 2001 2000 1999 1998 2003
---- ---- ---- ---- ---- ----
Earnings before fixed charges:
Add:
Income from continuing operations (a) $ 48,397 $ 21,590 $ 39,324 $ 22,357 $ 26,050 $ 40,506
Distributions to preferred unitholders 7,069 7,069 7,069 6,103 1,451 5,302
Minority interest of preferred unitholders 7,069 7,069 7,069 6,103 1,451 5,302
Fixed charges - per below 88,856 94,422 96,510 84,477 40,657 62,164
Cash distributions from income from
equity investments 2,956 5,492 -- 1,671 467 1,338
Less:
Income from equity method investments (987) (2,768) (2,961) (1,059) (218) (38)
Capitalized interest (2,949) (5,178) (8,182) (2,100) (1,200) (1,183)
Distributions to preferred unitholders (7,069) (7,069) (7,069) (6,103) (1,451) (5,302)
Income allocated to preferred
shareholders (11,906) (11,906) (11,906) (4,790) (702) (8,930)
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Earnings before fixed charges $ 131,436 $ 108,721 $ 119,854 $ 106,659 $ 66,505 $ 99,159
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Fixed charges:
Interest expense (including amortization) $ 63,522 $ 66,385 $ 64,746 $ 69,800 $ 36,886 $ 44,293
Capitalized interest 2,949 5,178 8,182 2,100 1,200 1,183
Proportionate share of interest for
unconsolidated investments 3,410 3,884 4,607 1,684 418 2,456
Distributions to preferred unitholders 7,069 7,069 7,069 6,103 1,451 5,302
Income allocated to preferred 11,906 11,906 11,906 4,790 702 8,930
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Fixed charges $ 88,856 $ 94,422 $ 96,510 $ 84,477 $ 40,657 $ 62,164
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Fixed Charge Coverage Ratio 1.48 1.15 1.24 1.26 1.64 1.60
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(a) Amounts for the years ended December 31, 2002, 2001, 2000, 1999 and 1998
have been reclassified to present properties identified as held for sale
consistent with the presentation for the nine months ended September 30,
2003. As a result, operations have been reclassified to discontinued
operations from continuing operations for all periods presented.