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,
 
 
2013
 
2013
 
2012
 
2011
 
2010
 
2009
 
Income (loss) from continuing operations
$
(4,297
)
 
$
(193
)
 
$
7,768

 
$
(14,389
)
 
$
(10,874
)
 
$
(1,768
)
 
Additions:
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
15,629

 
63,573

 
60,627

 
61,402

 
61,839

 
67,191

 
Capitalized interest
629

 
1,236

 
1,688

 
738

 
858

 
1,352

 
 
16,258

 
64,809

 
62,315

 
62,140

 
62,697

 
68,543

 
Deductions:
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest
(629
)
 
(1,236
)
 
(1,688
)
 
(738
)
 
(858
)
 
(1,352
)
 
Net income attributable to noncontrolling interests
—

 
—

 
—

 
(494
)
 
(133
)
 
(203
)
 
Adjusted earnings
$
11,332

 
$
63,380

 
$
68,395

 
$
46,519

 
$
50,832

 
$
65,220

 
Fixed charges (from above)
$
16,258

 
$
64,809

 
$
62,315

 
$
62,140

 
$
62,697

 
$
68,543

 
Ratio of earnings to fixed charges
0.70

(1) 
0.98

(2) 
1.10

 
0.75

(3) 
0.81

(4) 
0.95

(5) 

(1) Due to WRIT's loss from continuing operations, the ratio was less than 1:1. WRIT must generate additional earnings of $4,926 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 $1,429 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 $15,621 to achieve a ratio of 1:1.
(4) Due to WRIT's loss from continuing operations, the ratio was less than 1:1. WRIT must generate additional earnings of $11,865 to achieve a ratio of 1:1.
(5) Due to WRIT's loss from continuing operations, the ratio was less than 1:1. WRIT must generate additional earnings of $3,323 to achieve a ratio of 1:1.

Debt service coverage ratio:
 
Three Months Ended December 31,
 
Year Ended December 31,
 
2013
 
2013
 
2012
 
2011
 
2010
 
2009
Net income attributable to the controlling interests
$
18,908

 
$
37,346

 
$
23,708

 
$
104,884

 
$
37,426

 
$
40,745

Additions:
 
 
 
 
 
 
 
 
 
 
 
Interest expense, including discontinued operations
15,840

 
64,769

 
64,958

 
66,947

 
68,979

 
75,001

Real estate depreciation and amortization, including discontinued operations
22,412

 
97,901

 
103,934

 
100,528

 
95,746

 
94,447

Income tax expense (benefit)
(25
)
 
5

 
245

 
1,146

 
—

 
—

Real estate impairment, including discontinued operations
—

 
—

 
2,097

 
15,125

 
—

 
—

Non-real estate depreciation
288

 
902

 
914

 
1,001

 
1,102

 
1,192

 
38,515

 
163,577

 
172,148

 
184,747

 
165,827

 
170,640

Deductions:
 
 
 
 
 
 
 
 
 
 
 
Gain on sale of real estate attributable to the controlling interests
(18,949
)
 
(22,144
)
 
(5,124
)
 
(97,091
)
 
(21,599
)
 
(13,348
)
Loss (gain) on extinguishment of debt
2,737

 
2,737

 
—

 
976

 
9,176

 
(5,336
)
Gain from non-disposal activities
—

 
—

 
—

 
—

 
(7
)
 
(73
)
Adjusted EBITDA
$
41,211

 
$
181,516

 
$
190,732

 
$
193,516

 
$
190,823

 
$
192,628

Debt service:
 
 
 
 
 
 
 
 
 
 
 
       Interest expense
$
15,840

 
$
64,769

 
$
64,958

 
$
66,947

 
$
68,979

 
$
75,001

       Principal amortization
687

 
3,153

 
5,151

 
4,615

 
4,302

 
4,030

 
$
16,527

 
$
67,922

 
$
70,109

 
$
71,562

 
$
73,281

 
$
79,031

Debt service coverage ratio
2.49

 
2.67

 
2.72

 
2.70

 
2.60

 
2.44