EXHIBIT 12
WASHINGTON REAL ESTATE INVESTMENT TRUST
Computation of Ratios
(In thousands)
Earnings to fixed charges ratio:
| Q1 2011 | Q1 2010 | |||||||
| Income from continuing operations |
$ | 5,146 | $ | 4,366 | ||||
| Additions: |
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| Fixed charges |
||||||||
| Interest expense |
17,126 | 16,838 | ||||||
| Capitalized interest |
83 | 342 | ||||||
| 17,209 | 17,180 | |||||||
| Deductions: |
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| Capitalized interest |
(83 | ) | (342 | ) | ||||
| Net income attributable to noncontrolling interests |
(23 | ) | (49 | ) | ||||
| Adjusted earnings |
$ | 22,249 | $ | 21,155 | ||||
| Fixed charges (from above) |
$ | 17,209 | $ | 17,180 | ||||
| Ratio of Earnings to Fixed Charges |
1.29 | 1.23 | ||||||
Debt service coverage ratio:
| Q1 2011 | Q1 2010 | |||||||
| Net income attributable to the controlling interests |
$ | 4,665 | $ | 5,216 | ||||
| Additions: |
||||||||
| Interest expense |
17,126 | 17,065 | ||||||
| Real estate depreciation and amortization |
25,249 | 23,608 | ||||||
| Real estate impairment |
599 | — | ||||||
| Non-real estate depreciation |
268 | 272 | ||||||
| 47,907 | 46,161 | |||||||
| Deductions: |
||||||||
| Loss (gain) on extinguishment of debt |
— | 42 | ||||||
| Adjusted EBITDA |
$ | 47,907 | $ | 46,203 | ||||
| Debt service |
||||||||
| Interest expense |
$ | 17,126 | $ | 17,065 | ||||
| Principal amortization |
747 | 1,108 | ||||||
| $ | 17,873 | $ | 18,173 | |||||
| Debt service coverage ratio |
2.68 | 2.54 | ||||||