Exhibit 12
WASHINGTON REAL ESTATE INVESTMENT TRUST
Computation of Ratios
(In thousands)
Earnings to fixed charges ratio:
 
Q1 2011
 
Q2 2011
 
Q3 2011
 
Q4 2011
 
2011
 
2010
 
2009
 
2008
 
2007
Income (loss) from continuing operations
$
2,119

 
$
4,431

 
$
2,707

 
$
(10,385
)
 
$
(1,128
)
 
$
992

 
$
9,723

 
$
(8,842
)
 
$
8,082

Additions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
16,893

 
16,865

 
16,508

 
16,207

 
66,473

 
67,229

 
72,694

 
72,687

 
63,950

Capitalized interest
83

 
81

 
236

 
338

 
738

 
857

 
1,352

 
2,347

 
6,672

 
16,976

 
16,946

 
16,744

 
16,545

 
67,211

 
68,086

 
74,046

 
75,034

 
70,622

Deductions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest
(83
)
 
(81
)
 
(236
)
 
(338
)
 
(738
)
 
(857
)
 
(1,352
)
 
(2,347
)
 
(6,672
)
Net income attributable to noncontrolling interests
(23
)
 
(34
)
 
(28
)
 
(409
)
 
(494
)
 
(133
)
 
(203
)
 
(211
)
 
(217
)
Adjusted earnings
$
18,989

 
$
21,262

 
$
19,187

 
$
5,413

 
$
64,851

 
$
68,088

 
$
82,214

 
$
63,634

 
$
71,815

Fixed charges (from above)
$
16,976

 
$
16,946

 
$
16,744

 
$
16,545

 
$
67,211

 
$
68,086

 
$
74,046

 
$
75,034

 
$
70,622

Ratio of earnings to fixed charges
1.12

 
1.25

 
1.14

 
(a)

 
(b)

 
1.00

 
1.11

 
(c)

 
1.02


(a) Due to WRIT's loss from continuing operations, the ratio was less than 1:1. WRIT must generate additional earnings of $11,132 to achieve a ratio of 1:1.
(b) Due to WRIT's loss from continuing operations, the ratio was less than 1:1. WRIT must generate additional earnings of $2,360 to achieve a ratio of 1:1.
(c) Due to WRIT's loss from continuing operations, the ratio was less than 1:1. WRIT must generate additional earnings of $11,400 to achieve a ratio of 1:1.


Debt service coverage ratio:
 
Q1 2011
 
Q2 2011
 
Q3 2011
 
Q4 2011
 
2011
 
2010
 
2009
 
2008
 
2007
Net income attributable to the controlling interests
4,665

 
6,522

 
63,008

 
30,689

 
104,884

 
37,426

 
40,745

 
27,082

 
57,451

Additions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, including discontinued operations
17,126

 
17,097

 
16,739

 
15,985

 
66,947

 
68,979

 
75,001

 
75,041

 
66,336

Real estate depreciation and amortization, including discontinued operations
25,249

 
25,459

 
24,422

 
25,398

 
100,528

 
95,746

 
94,447

 
86,898

 
71,025

Income tax expense (benefit)
—

 
1,173

 
(27
)
 
—

 
1,146

 
—

 
—

 
—

 
—

Real estate impairment, including discontinued operations
599

 
—

 
—

 
14,526

 
15,125

 
—

 
—

 
—

 
—

Non-real estate depreciation
268

 
248

 
243

 
242

 
1,001

 
1,102

 
1,192

 
1,175

 
878

 
43,242

 
43,977

 
41,377

 
56,151

 
184,747

 
165,827

 
170,640

 
163,114

 
138,239

Deductions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain on sale of real estate
—

 
—

 
(56,639
)
 
(40,452
)
 
(97,091
)
 
(21,599
)
 
(13,348
)
 
(15,275
)
 
(25,022
)
Loss (gain) on extinguishment of debt
—

 
—

 
—

 
976

 
976

 
9,176

 
(5,336
)
 
5,583

 
—

Gain from non-disposal activities
—

 
—

 
—

 
—

 
—

 
(7
)
 
(73
)
 
(17
)
 
(1,303
)
Adjusted EBITDA
47,907

 
50,499

 
47,746

 
47,364

 
193,516

 
190,823

 
192,628

 
180,487

 
169,365

Debt service:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       Interest expense
17,126

 
17,097

 
16,739

 
15,985

 
66,947

 
68,979

 
75,001

 
75,041

 
66,336

       Principal amortization
1,005

 
1,042

 
1,142

 
1,426

 
4,615

 
4,302

 
4,030

 
3,488

 
2,977

 
18,131

 
18,139

 
17,881

 
17,411

 
71,562

 
73,281

 
79,031

 
78,529

 
69,313

Debt service coverage ratio
2.64

 
2.78

 
2.67

 
2.72

 
2.70

 
2.60

 
2.44

 
2.30

 
2.44