Attached files
| file | filename |
|---|---|
| EX-12.2 - EX-12.2 - BRANDYWINE REALTY TRUST | d492379dex122.htm |
| 8-K - FORM 8-K - BRANDYWINE REALTY TRUST | d492379d8k.htm |
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, 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
| 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 income (loss) from unconsolidated real estate ventures |
$ | 53,402 | $ | 52,004 | $ | (29,929 | ) | $ | 6,814 | $ | 35,318 | $ | (40,050 | ) | ||||||||||
| Distributed income of equity investees |
(5,188 | ) | 622 | 1,223 | 1,164 | 1,650 | 1,224 | |||||||||||||||||
| Amortization of capitalized interest |
3,810 | 4,899 | 4,277 | 3,840 | 3,557 | 3,538 | ||||||||||||||||||
| Fixed charges - per below |
66,766 | 101,574 | 129,307 | 138,007 | 132,146 | 147,077 | ||||||||||||||||||
| Less: |
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| Capitalized interest |
(2,975 | ) | (12,835 | ) | (12,150 | ) | (6,803 | ) | (3,137 | ) | (2,560 | ) | ||||||||||||
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| Earnings before fixed charges |
$ | 115,815 | $ | 146,264 | $ | 92,728 | $ | 143,022 | $ | 169,534 | $ | 109,229 | ||||||||||||
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| Fixed charges and Preferred Distributions: |
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| Interest expense from continuing operations (including amortization) |
$ | 63,280 | $ | 88,083 | $ | 116,511 | $ | 130,621 | $ | 127,585 | $ | 142,982 | ||||||||||||
| Capitalized interest |
2,975 | 12,835 | 12,150 | 6,803 | 3,137 | 2,560 | ||||||||||||||||||
| Ground leases and other |
511 | 656 | 646 | 583 | 1,424 | 1,535 | ||||||||||||||||||
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| Total Fixed Charges |
66,766 | 101,574 | 129,307 | 138,007 | 132,146 | 147,077 | ||||||||||||||||||
| Income allocated to preferred shareholders |
2,032 | 6,900 | 6,900 | 6,900 | 6,900 | 10,405 | ||||||||||||||||||
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| Total Preferred Distributions |
2,032 | 6,900 | 6,900 | 6,900 | 6,900 | 10,405 | ||||||||||||||||||
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| Total combined fixed charges and preferred distributions |
$ | 68,798 | $ | 108,474 | $ | 136,207 | $ | 144,907 | $ | 139,046 | $ | 157,482 | ||||||||||||
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| Ratio of earnings to combined fixed charges and preferred distributions |
1.68 | 1.35 | (a | ) | (a | ) | 1.22 | (a | ) | |||||||||||||||
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| (a) | Brandywine’s ratio of earnings to combined fixed charges and preferred share distributions was less than 1.00:1.00 because of its losses in the relevant periods. Brandywine would have needed to generate additional earnings of $43,479 for the year ended December 31, 2015, $1,885 for the year ended December 31, 2014 and $48,253 for the year ended December 31, 2012 in order to achieve a coverage ratio of 1.00:1.00. |