Elme Communities (ELME) 10-Q2015 Q1 Quarterly report

Filed: 5 May 15, 12:00am

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New words: amount, attract, Concord, connection, Country, deduction, Description, direct, Imputation, John, liability, Marshall, mutual, oversee, retain, Revised, Riffee, satisfy, sheet, Silverline, Stephen, substantially, surrendered, temporary, TRS, trustee, zoning

Removed: absorption, accrued, Adjusted, amortized, annum, Ashburn, Atrium, Beltway, biotechnology, Camp, CentreMed, Computation, conform, consideration, coverage, criteria, deferral, deposit, disposal, EBITDA, economy, employment, exercisable, Exhibit, expected, extension, extinguishment, Farm, focusing, funded, Grove, growth, impairment, inside, intangible, Lansdowne, leaving, LIBOR, manage, month, monthly, notice, obtained, occur, origination, part, partial, partnership, payment, penalty, portion, prepaid, previously, purport, purpose, ratio, reclassification, reclassified, record, removal, residential, Riverside, secured, Shady, shareholder, shift, snow, Specifically, Sterling, strategic, strong, superior, technology, thirty, transportation, undeveloped, unpaid, Village, Westpark, William, written

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Exhibit 12

WASHINGTON REAL ESTATE INVESTMENT TRUST

Computation of Ratios

(In thousands)

Earnings to fixed charges ratio:



	Three Months Ended March 31,
	2015			2014
Income from continuing operations	$	29,398		$	(2,265	)
Additions:
Fixed charges
Interest expense	15,348			14,530
Capitalized interest	339			393
	15,687			14,923
Deductions:
Capitalized interest	(339		)	(393		)
Net loss attributable to noncontrolling interests	108			—
Adjusted earnings	44,854			12,265
Fixed charges (from above)	$	15,687		$	14,923
Ratio of earnings to fixed charges	2.86			0.82			⁽¹⁾

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,
	2015			2014
Net income attributable to the controlling interests	$	29,506		$	104,554
Additions:
Interest expense ⁽¹⁾	15,348			14,530
Real estate depreciation and amortization ⁽¹⁾	25,275			22,753
Non-real estate depreciation	103			193
	40,726			37,476
Deductions:
Gain on sale of real estate ⁽¹⁾	(30,277		)	(106,273		)
Adjusted EBITDA	39,955			35,757
Debt service
Interest expense	15,348			14,530
Principal amortization	1,155			830
	$	16,503		$	15,360
Debt service coverage ratio	2.42			2.33
⁽¹⁾Includes discontinued operations

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