EXHIBIT 12
WASHINGTON REAL ESTATE INVESTMENT TRUST
Computation of Ratios
(In thousands)
Earnings to fixed charges ratio:
| Q3 2010 | Q3 2009 | YTD 2010 | YTD 2009 | |||||||||||||
| Income from continuing operations |
$ | 6,658 | $ | 4,063 | $ | 18,210 | $ | 19,957 | ||||||||
| Additions: |
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| Fixed charges |
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| Interest expense |
17,100 | 18,224 | 51,178 | 57,221 | ||||||||||||
| Capitalized interest |
83 | 345 | 775 | 1,003 | ||||||||||||
| 17,183 | 18,569 | 51,953 | 58,224 | |||||||||||||
| Deductions: |
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| Capitalized interest |
(83 | ) | (345 | ) | (775 | ) | (1,003 | ) | ||||||||
| Net income attributable to noncontrolling interests |
(33 | ) | (53 | ) | (109 | ) | (154 | ) | ||||||||
| Adjusted earnings |
$ | 23,725 | $ | 22,234 | $ | 69,279 | $ | 77,024 | ||||||||
| Fixed charges (from above) |
$ | 17,183 | $ | 18,569 | $ | 51,953 | $ | 58,224 | ||||||||
| Ratio of Earnings to Fixed Charges |
1.38 | 1.20 | 1.33 | 1.32 | ||||||||||||
| Debt service coverage ratio: |
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| Q3 2010 | Q3 2009 | YTD 2010 | YTD 2009 | |||||||||||||
| Net income attributable to the controlling interests |
$ | 6,625 | $ | 9,550 | $ | 26,835 | $ | 33,491 | ||||||||
| Additions: |
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| Interest expense |
17,100 | 18,224 | 51,178 | 57,221 | ||||||||||||
| Real estate depreciation and amortization |
24,278 | 23,689 | 71,555 | 70,499 | ||||||||||||
| Non-real estate depreciation |
277 | 293 | 823 | 904 | ||||||||||||
| 41,655 | 42,206 | 123,556 | 128,624 | |||||||||||||
| Deductions: |
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| Gain on sale of real estate |
— | (5,147 | ) | (7,942 | ) | (11,821 | ) | |||||||||
| Loss (gain) on extinguishment of debt |
238 | 133 | 280 | (6,931 | ) | |||||||||||
| Gain from non-disposal activities |
(4 | ) | (62 | ) | (4 | ) | (62 | ) | ||||||||
| Adjusted EBITDA |
$ | 48,514 | $ | 46,680 | $ | 142,725 | $ | 143,301 | ||||||||
| Debt service |
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| Interest expense |
$ | 17,100 | $ | 18,224 | $ | 51,178 | $ | 57,221 | ||||||||
| Principal amortization |
997 | 1,035 | 3,187 | 2,929 | ||||||||||||
| $ | 18,097 | $ | 19,259 | $ | 54,365 | $ | 60,150 | |||||||||
| Debt service coverage ratio |
2.68 | 2.42 | 2.63 | 2.38 | ||||||||||||