EXHIBIT 12
MID-ATLANTIC REALTY TRUST AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
(AMOUNTS IN THOUSANDS, EXCEPT FOR RATIO INFORMATION)
|
| Years ended December 31, |
| |||||||||
|
| 2002 |
| 2001 |
| 2000 |
| 1999 |
| 1998 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |
Earnings (loss) from operations |
| $ | 19,802 |
| 14,339 |
| 12,556 |
| 12,619 |
| 12,390 |
|
Less: sales of residential property, net of cost of residential property sold |
| — |
| — |
| — |
| — |
| — |
| |
Add: |
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|
|
|
|
|
|
|
|
|
| |
Interest expense |
| 16,463 |
| 17,332 |
| 16,355 |
| 14,062 |
| 12,081 |
| |
Interest portion of rentals (2) |
| 275 |
| 237 |
| 224 |
| 234 |
| 260 |
| |
Earnings available for fixed charges |
| $ | 36,540 |
| 31,908 |
| 29,135 |
| 26,915 |
| 24,731 |
|
|
|
|
|
|
|
|
|
|
|
|
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Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
| |
Interest expense |
| 16,463 |
| 17,332 |
| 16,355 |
| 14,062 |
| 12,081 |
| |
Interest capitalized |
| 474 |
| 940 |
| 1,142 |
| 242 |
| 873 |
| |
Interest portion of rentals (2) |
| 275 |
| 237 |
| 224 |
| 234 |
| 260 |
| |
Fixed Charges |
| $ | 17,212 |
| 18,509 |
| 17,721 |
| 14,538 |
| 13,214 |
|
|
|
|
|
|
|
|
|
|
|
|
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Ratio of earnings to fixed charges |
| $ | 2.12 |
| 1.72 |
| 1.64 |
| 1.85 |
| 1.87 |
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|
|
|
|
|
|
|
|
|
|
|
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Excess of Fixed Charges over Earnings |
| $ | — |
| — |
| — |
| — |
| — |
|
There were no preferred shares outstanding during any of the periods above, and therefore the ratio of earnings to combined fixed charges and preferred shares dividend requirements would have been the same as the ratio of earnings to fixed charges for the periods indicated.
(1) The computations above use the Consolidated Financial Statements of Mid-Atlantic Realty Trust and Subsidiaries for the years ended December 31, 2002, 2001, 2000, 1999 and 1998.
(2) Amounts reflect a one-third portion of rentals, the portion deemed representative of the interest factor.