WASHINGTON REAL ESTATE INVESTMENT TRUST
Computation of Ratios
(In thousands)
Earnings to fixed charges ratio:
|
| | | | | | | | | | | | | | | |
| | Q2 2012 | | Q2 2011 | | YTD 2012 | | YTD 2011 |
| Income from continuing operations | $ | 6,008 |
| | $ | 4,431 |
| | $ | 11,189 |
| | $ | 6,550 |
|
| Additions: | | | | | | | |
| Fixed charges | | | | | | | |
| Interest expense | 15,533 |
| | 16,865 |
| | 31,428 |
| | 33,758 |
|
| Capitalized interest | 433 |
| | 81 |
| | 858 |
| | 164 |
|
| | 15,966 |
| | 16,946 |
| | 32,286 |
| | 33,922 |
|
| Deductions: | | | | | | | |
| Capitalized interest | (433 | ) | | (81 | ) | | (858 | ) | | (164 | ) |
| Net income attributable to noncontrolling interests | — |
| | (34 | ) | | — |
| | (57 | ) |
| Adjusted earnings | $ | 21,541 |
| | $ | 21,262 |
| | $ | 42,617 |
| | $ | 40,251 |
|
| Fixed charges (from above) | $ | 15,966 |
| | $ | 16,946 |
| | $ | 32,286 |
| | $ | 33,922 |
|
| Ratio of earnings to fixed charges | 1.35 |
| | 1.25 |
| | 1.32 |
| | 1.19 |
|
Debt service coverage ratio:
|
| | | | | | | | | | | | | | | |
| | Q2 2012 | | Q2 2011 | | YTD 2012 | | YTD 2011 |
| Net income attributable to the controlling interests | $ | 6,008 |
| | $ | 6,522 |
| | $ | 11,189 |
| | $ | 11,187 |
|
| Additions: | | | | | | | |
| Interest expense | 15,533 |
| | 17,097 |
| | 31,428 |
| | 34,223 |
|
| Real estate depreciation and amortization | 25,591 |
| | 25,459 |
| | 51,585 |
| | 50,708 |
|
| Income tax expense | 158 |
| | 1,173 |
| | 171 |
| | 1,173 |
|
| Real estate impairment | — |
| | — |
| | — |
| | 599 |
|
| Non-real estate depreciation | 261 |
| | 248 |
| | 529 |
| | 516 |
|
| | 41,543 |
| | 43,977 |
| | 83,713 |
| | 87,219 |
|
| Deductions: | | | | | | | |
| Loss on extinguishment of debt | — |
| | — |
| | — |
| | — |
|
| Gain on sale of real estate | — |
| | — |
| | — |
| | — |
|
| Adjusted EBITDA | $ | 47,551 |
| | $ | 50,499 |
| | $ | 94,902 |
| | $ | 98,406 |
|
| Debt service | | | | | | | |
| Interest expense | $ | 15,533 |
| | $ | 17,097 |
| | $ | 31,428 |
| | $ | 34,223 |
|
| Principal amortization | 1,447 |
| | 1,042 |
| | 2,900 |
| | 2,047 |
|
| | $ | 16,980 |
| | $ | 18,139 |
| | $ | 34,328 |
| | $ | 36,270 |
|
| Debt service coverage ratio | 2.80 |
| | 2.78 |
| | 2.76 |
| | 2.71 |
|
