Elme Communities (ELME) 10-Q 2013 Q1 Quarterly report

Exhibit 12

WASHINGTON REAL ESTATE INVESTMENT TRUST

Computation of Ratios

(In thousands)

Earnings to fixed charges ratio:

	Q1 2013			Q1 2012
Income from continuing operations	$	3,955		$	4,834
Additions:
Fixed charges
Interest expense	16,518			15,831
Capitalized interest	293			425
	16,811			16,256
Deductions:
Capitalized interest	(293		)	(425		)
Adjusted earnings	20,473			20,665
Fixed charges (from above)	$	16,811		$	16,256
Ratio of earnings to fixed charges	1.22			1.27

Debt service coverage ratio:

	Q1 2013			Q1 2012
Net income attributable to the controlling interests	$	7,335		$	5,181
Additions:
Interest expense	16,518			15,895
Real estate depreciation and amortization	25,524			25,994
Income tax expense	—			13
Non-real estate depreciation	196			268
	42,238			42,170
Deductions:
Gain on sale of real estate	(3,195		)	—
Adjusted EBITDA	46,378			47,351
Debt service
Interest expense	16,518			15,895
Principal amortization	832			1,453
	$	17,350		$	17,348
Debt service coverage ratio	2.67			2.73