Exhibit 12
WASHINGTON REAL ESTATE INVESTMENT TRUST
RATIO OF DEBT SERVICE COVERAGE
1999 - 2003
| DEBT SERVICE COVERAGE: | 2003 |
2002 |
2001 |
2000 |
1999 |
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| NET INCOME |
$ | 44,886 | $ | 51,836 | $ | 52,353 | $ | 45,139 | $ | 44,301 | ||||||||||
| GAIN ON SALE OF REAL ESTATE |
— | (3,838 | ) | (4,296 | ) | (3,567 | ) | (7,909 | ) | |||||||||||
| INTEREST INCOME |
(414 | ) | (680 | ) | (1,150 | ) | (943 | ) | (732 | ) | ||||||||||
| INTEREST EXPENSE |
30,040 | 27,849 | 27,071 | 25,531 | 22,271 | |||||||||||||||
| ADMIN DEPRECIATION |
514 | 806 | 663 | 721 | 751 | |||||||||||||||
| R/E DEPRECIATION |
35,755 | 29,200 | 26,641 | 22,611 | 19,462 | |||||||||||||||
| EBITDA |
110,781 | 105,173 | 101,282 | 89,492 | 78,144 | |||||||||||||||
| INTEREST EXPENSE |
30,040 | 27,849 | 27,071 | 25,531 | 22,271 | |||||||||||||||
| PRINCIPAL AMORT. |
1,333 | 1,070 | 843 | 778 | 607 | |||||||||||||||
| TOTAL DEBT SERVICE |
31,373 | 28,919 | 27,914 | 26,309 | 22,878 | |||||||||||||||
| DEBT SERVICE COVERAGE RATIO |
3.53 | 3.64 | 3.63 | 3.40 | 3.42 | |||||||||||||||
WASHINGTON REAL ESTATE INVESTMENT TRUST
RATIO OF EARNINGS TO FIXED CHARGES
1999 - 2003
| 2003 |
2002 |
2001 |
2000 |
1999 | |||||||||||
| Income fr Continuing Ops Before Gain on Sale of Real Estate |
$ | 44,886 | $ | 48,080 | $ | 47,425 | $ | 40,687 | $ | 35,782 | |||||
| Interest Exp (including amort. of disc./prem.) |
30,040 | 27,849 | 27,071 | 25,531 | 22,271 | ||||||||||
| 74,926 | 75,929 | 74,496 | 66,218 | 58,053 | |||||||||||
| Fixed Charges |
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| Interest expense |
30,040 | 27,849 | 27,071 | 25,531 | 22,271 | ||||||||||
| Capitalized interest |
248 | 121 | — | — | 224 | ||||||||||
| $ | 30,288 | $ | 27,970 | $ | 27,071 | $ | 25,531 | $ | 22,495 | ||||||
| Ratio of Earnings to Fixed Charges |
2.47x | 2.71x | 2.75x | 2.59x | 2.58x | ||||||||||