Elme Communities (ELME) 10-K 2008 FY Annual report

Exhibit 12

WASHINGTON REAL ESTATE INVESTMENT TRUST

Computation of Ratio of Earnings to Fixed Charges

(In thousands)

	Q1 2008			Q2 2008			Q3 2008			Q4 2008			2008			2007			2006			2005			2004
Income from continuing operations	$	(2,446	)	$	5,158		$	5,613		$	6,889		$	15,214		$	31,355		$	34,826		$	36,994		$	37,810
Additions:
Fixed charges
Interest expense		17,664			17,582			17,148			17,515			69,909			61,906			47,265			36,821			33,284
Capitalized interest		757			671			441			273			2,142			6,165			3,782			1,127			703
		18,421			18,253			17,589			17,788			72,051			68,071			51,047			37,948			33,987
Deductions:
Capitalized interest		(757	)		(671	)		(441	)		(273	)		(2,142	)		(6,165	)		(3,782	)		(1,127	)		(703	)
Adjusted earnings	$	15,218		$	22,740		$	22,761		$	24,404		$	85,123		$	93,261		$	82,091		$	73,815		$	71,094
Fixed Charges (from above)	$	18,421		$	18,253		$	17,589		$	17,788		$	72,051		$	68,071		$	51,047		$	37,948		$	33,987
Ratio of Earnings to Fixed Charges		0.83			1.25			1.29			1.37			1.18			1.37			1.61			1.95			2.09

Note: Q1 2008 reflects the impact of a loss on extinguishment of debt of $8.5 million, and Q4 2008 reflects the impact of a gain on extinguishment of debt of $3.5 million. YTD 2008 reflects the impact of a net loss on extinguishment of debt of $5.0 million. See Note 6 to the consolidated financial statements for further discussion.