**Brandywine Operating Partnership, L.P.**

**Computation of Ratio of Earnings to Combined Fixed Charges**

**(in thousands)**

 

 

 

|                                                                                   |   | **For          the nine months****ended September 30,**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |     | **For          the years ended December 31,** |   |
|----------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|-----------------------------------------------|--------|
|                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |     |                                               |   |
|                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | **2006** |                                          |   | **2005** |   |   | **2005** |   |   | **2004** |   |   | **2003** |   |   | **2002** |   |   | **2001** |   |
|                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |          |                                          |        |  |   |  |  |   |  |  |   |  |  |   |  |  |   |  |  |   |
| **Earnings          before fixed charges:**                                            |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |     |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Add:**                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |     |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income          (loss) from continuing operations                                      |   | $                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (22,492  | )                                             | $      | 32,018 |   | $ | 39,329 |   | $ | 57,746 |   | $ | 74,457 |   | $ | 45,347 |   | $ | 17,422 |   |
| Minority          interest - partners’ share of consolidated real estate ventures |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (560     | )                                             |   | 213 |   |   | 154 |   |   | (205 | ) |   | — |   |   | — |   |   | — |   |
| Fixed          charges - per below                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 140,807  |                                          |   | 62,236 |   |   | 86,636 |   |   | 61,062 |   |   | 62,407 |   |   | 69,881 |   |   | 76,558 |   |
| **Less:**                                                                              |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |     |                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capitalized          interest                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (7,210   | )                                             |   | (6,902 | ) |   | (9,603 | ) |   | (3,030 | ) |   | (1,503 | ) |   | (2,949 | ) |   | (5,178 | ) |
|                                                                                   |   |  

 

 

 

 

 

 

Earnings          before fixed charges

 

$

110,545

 

$

87,565

 

$

116,516

 

$

115,573

 

$

135,361

 

$

112,279

 

$

88,802

 

 

 

 

 

 

 

 

 

 

**Fixed          charges:**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest          expense (including amortization)

 

$

128,869

 

$

53,366

 

$

74,363

 

$

55,061

 

$

57,835

 

$

63,522

 

$

67,496

 

Capitalized          interest

 

 

7,210

 

 

6,902

 

 

9,603

 

 

3,030

 

 

1,503

 

 

2,949

 

 

5,178

 

Proportionate          share of interest for unconsolidated real estate ventures

 

 

4,728

 

 

1,968

 

 

2,670

 

 

2,971

 

 

3,069

 

 

3,410

 

 

3,884

 

 

 

 

 

 

 

 

 

 

Total          Fixed Charges

 

 

140,807

 

 

62,236

 

 

86,636

 

 

61,062

 

 

62,407

 

 

69,881

 

 

76,558

 

Ratio          of earnings to combined fixed charges

 

 

0.79

 

 

1.41

 

 

1.34

 

 

1.89

 

 

2.17

 

 

1.61

 

 

1.16

 

 

 

 

 

 

 

 

 

 

(a)

Amounts for the six months ended September 30, 2006 and 2005 and for the years ended December 31, 2005, 2004,  2003, 2002 and 2001 have been reclassified to present properties sold or identified as held for sale consistent with the presentation for the period ended September 30, 2006. As a result, operations have been reclassified to discontinued  operations from continuing operations for all periods presented. |