Elme Communities (ELME) 10-Q 2014 Q1 Quarterly report

Exhibit 12

WASHINGTON REAL ESTATE INVESTMENT TRUST

Computation of Ratios

(In thousands)

Earnings to fixed charges ratio:

	Three Months Ended   March 31,
	2014			2013
Income from continuing operations	$	(2,265	)	$	857
Additions:
Fixed charges
Interest expense	14,530			16,190
Capitalized interest	393			293
	14,923			16,483
Deductions:
Capitalized interest	(393		)	(293		)
Adjusted earnings	12,265			17,047
Fixed charges (from above)	$	14,923		$	16,483
Ratio of earnings to fixed charges (1)	0.82			1.03

⁽¹⁾ Due to Washington REIT's loss from continuing operations during the 2014 Quarter, the earnings to fixed charges ratio was less than 1:1. Washington REIT must generate additional earnings of $2.7 million in the 2014 Quarter to achieve a ratio of 1:1.

Debt service coverage ratio:

	Three Months Ended   March 31,
	2014			2013
Net income attributable to the controlling interests	$	104,554		$	7,335
Additions:
Interest expense (1)	14,530			16,518
Real estate depreciation and amortization (1)	22,753			25,524
Non-real estate depreciation	193			196
	37,476			42,238
Deductions:
Gain on sale of real estate	(106,273		)	(3,195		)
Adjusted EBITDA	35,757			46,378
Debt service
Interest expense	14,530			16,518
Principal amortization	830			832
	$	15,360		$	17,350
Debt service coverage ratio	2.33			2.67
(1) Includes discontinued operations