EXHIBIT 12
WASHINGTON REAL ESTATE INVESTMENT TRUST
Computation of Ratios
(In thousands)
Earnings to fixed charges ratio:
| Q2 2010 | Q2 2009 | YTD 2010 | YTD 2009 | |||||||||||||
| Income from continuing operations |
$ | 6,675 | $ | 5,866 | $ | 11,552 | $ | 15,894 | ||||||||
| Additions: |
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| Fixed charges |
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| Interest expense |
17,013 | 19,316 | 34,078 | 38,997 | ||||||||||||
| Capitalized interest |
349 | 335 | 692 | 658 | ||||||||||||
| 17,362 | 19,651 | 34,770 | 39,655 | |||||||||||||
| Deductions: |
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| Capitalized interest |
(349 | ) | (335 | ) | (692 | ) | (658 | ) | ||||||||
| Net income attributable to noncontrolling interests |
(27 | ) | (52 | ) | (76 | ) | (101 | ) | ||||||||
| Adjusted earnings |
$ | 23,661 | $ | 25,130 | $ | 45,554 | $ | 54,790 | ||||||||
| Fixed charges (from above) |
$ | 17,362 | $ | 19,651 | $ | 34,770 | $ | 39,655 | ||||||||
| Ratio of Earnings to Fixed Charges |
1.36 | 1.28 | 1.31 | 1.38 | ||||||||||||
| Debt service coverage ratio: | ||||||||||||||||
| Q2 2010 | Q2 2009 | YTD 2010 | YTD 2009 | |||||||||||||
| Net income attributable to the controlling interests |
$ | 14,994 | $ | 13,090 | $ | 20,210 | $ | 23,941 | ||||||||
| Additions: |
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| Interest expense |
17,013 | 19,316 | 34,078 | 38,997 | ||||||||||||
| Real estate depreciation and amortization |
23,669 | 23,508 | 47,277 | 46,810 | ||||||||||||
| Non-real estate depreciation |
274 | 306 | 546 | 611 | ||||||||||||
| 40,956 | 43,130 | 81,901 | 86,418 | |||||||||||||
| Deductions: |
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| Gain on sale of real estate |
(7,942 | ) | (6,674 | ) | (7,942 | ) | (6,674 | ) | ||||||||
| Loss (gain) on extinguishment of debt |
— | (1,219 | ) | 42 | (7,064 | ) | ||||||||||
| Gain from non-disposal activities |
— | — | — | — | ||||||||||||
| Adjusted EBITDA |
$ | 48,008 | $ | 48,327 | $ | 94,211 | $ | 96,621 | ||||||||
| Debt service |
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| Interest expense |
$ | 17,013 | $ | 19,316 | $ | 34,078 | $ | 38,997 | ||||||||
| Principal amortization |
1,082 | 1,019 | 2,190 | 1,894 | ||||||||||||
| $ | 18,095 | $ | 20,335 | $ | 36,268 | $ | 40,981 | |||||||||
| Debt service coverage ratio |
2.65 | 2.38 | 2.60 | 2.36 | ||||||||||||