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Exhibit 12
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FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS AND
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FIRST UNION MANAGEMENT, INC.
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STATEMENTS OF RATIOS OF COMBINED INCOME FROM OPERATIONS
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AND COMBINED NET INCOME TO FIXED CHARGES
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(IN THOUSANDS, EXCEPT RATIOS)
Years Ended December 31,
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1993 1992 1991 1990 1989
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Income from operations $10,276 $12,657 $13,330 $15,917 $17,280
Add fixed charges 19,103 19,469 21,513 23,096 23,018
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Income from operations, as defined 29,379 32,126 34,843 39,013 40,298
Capital gains 4,948 5,775 4,906 4,722 12,724
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Net income, as defined $34,327 $37,901 $39,749 $43,735 $53,022
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Fixed charges:
Interest
- Mortgage loans $ 5,777 $ 6,182 $ 6,493 $ 7,045 $ 6,710
- Senior notes 5,779 4,199 4,199 6,386 9,449
- 10.25% Debentures 3,214 3,858 3,858 3,861 3,869
- Bank loans and other 3,747 4,694 6,221 4,986 2,133
Amortization of debt issue costs 162 122 95 131 180
Rents (1) 424 414 647 687 677
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Fixed charges, as defined $19,103 $19,469 $21,513 $23,096 $23,018
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Ratio of income from operations, as
defined, to fixed charges 1.54 1.65 1.62 1.69 1.75
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Ratio of net income, as defined,
to fixed charges 1.80 1.95 1.85 1.89 2.30
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<FN>
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(1) The interest portion of rentals is assumed to be one-third of all ground
rental and net lease payments.
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