Exhibit 12
WASHINGTON REAL ESTATE INVESTMENT TRUST
Computation of Ratios
(In thousands)
Earnings to fixed charges ratio:
 
Three Months Ended December 31,
 
Year Ended December 31,
 
 
2012
 
2012
 
2011
 
2010
 
2009
 
2008
 
Income (loss) from continuing operations
$
1,248

 
$
17,099

 
$
(2,898
)
 
$
(609
)
 
$
8,269

 
$
(10,220
)
 
Additions:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
17,411

 
64,697

 
66,214

 
66,965

 
72,425

 
72,413

 
Capitalized interest
438

 
1,688

 
738

 
858

 
1,352

 
2,347

 
 
17,849

 
66,385

 
66,952

 
67,823

 
73,777

 
74,760

 
Deductions:
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest
(438
)
 
(1,688
)
 
(738
)
 
(858
)
 
(1,352
)
 
(2,347
)
 
Net income attributable to noncontrolling interests
—

 
—

 
(494
)
 
(133
)
 
(203
)
 
(211
)
 
Adjusted earnings
$
18,659

 
$
81,796

 
$
62,822

 
$
66,223

 
$
80,491

 
$
61,982

 
Fixed charges (from above)
$
17,849

 
$
66,385

 
$
66,952

 
$
67,823

 
$
73,777

 
$
74,760

 
Ratio of earnings to fixed charges
1.05

 
1.23

 
0.94

(1) 
0.98

(2) 
1.09

 
0.83

(3) 

(1) Due to WRIT's loss from continuing operations, the ratio was less than 1:1. WRIT must generate additional earnings of $4,130 to achieve a ratio of 1:1.
(2) Due to WRIT's loss from continuing operations, the ratio was less than 1:1. WRIT must generate additional earnings of $1,600 to achieve a ratio of 1:1.
(3) Due to WRIT's loss from continuing operations, the ratio was less than 1:1. WRIT must generate additional earnings of $12,778 to achieve a ratio of 1:1.


Debt service coverage ratio:
 
Three Months Ended December 31,
 
Year Ended December 31,
 
2012
 
2012
 
2011
 
2010
 
2009
 
2008
Net income attributable to the controlling interests
$
2,958

 
$
23,708

 
$
104,884

 
$
37,426

 
$
40,745

 
$
27,082

Additions:
 
 
 
 
 
 
 
 
 
 
 
Interest expense, including discontinued operations
17,481

 
64,958

 
66,947

 
68,979

 
75,001

 
75,041

Real estate depreciation and amortization, including discontinued operations
26,131

 
103,934

 
100,528

 
95,746

 
94,447

 
86,898

Income tax expense (benefit)
57

 
245

 
1,146

 
—

 
—

 
—

Real estate impairment, including discontinued operations
2,097

 
2,097

 
15,125

 
—

 
—

 
—

Non-real estate depreciation
131

 
914

 
1,001

 
1,102

 
1,192

 
1,175

 
45,897

 
172,148

 
184,747

 
165,827

 
170,640

 
163,114

Deductions:
 
 
 
 
 
 
 
 
 
 
 
Gain on sale of real estate attributable to the controlling interests
(1,400
)
 
(5,124
)
 
(97,091
)
 
(21,599
)
 
(13,348
)
 
(15,275
)
Loss (gain) on extinguishment of debt
—

 
—

 
976

 
9,176

 
(5,336
)
 
5,583

Gain from non-disposal activities
—

 
—

 
—

 
(7
)
 
(73
)
 
(17
)
Adjusted EBITDA
$
47,455

 
$
190,732

 
$
193,516

 
$
190,823

 
$
192,628

 
$
180,487

Debt service:
 
 
 
 
 
 
 
 
 
 
 
       Interest expense
$
17,481

 
$
64,958

 
$
66,947

 
$
68,979

 
$
75,001

 
$
75,041

       Principal amortization
1,001

 
5,151

 
4,615

 
4,302

 
4,030

 
3,488

 
$
18,482

 
$
70,109

 
$
71,562

 
$
73,281

 
$
79,031

 
$
78,529

Debt service coverage ratio
2.57

 
2.72

 
2.70

 
2.60

 
2.44

 
2.30