Exhibit 12.1
WASHINGTON REAL ESTATE INVESTMENT TRUST
Computation of Ratios
(In thousands)
Earnings to fixed charges ratio:
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||
Income (loss) from continuing operations | $ | 29,398 | $ | (2,265 | ) | $ | 5,070 | $ | (193 | ) | $ | 7,768 | $ | (14,389 | ) | $ | (10,874 | ) | ||||||||||
Additions: | ||||||||||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | 15,348 | 14,530 | 59,785 | 63,573 | 60,627 | 61,402 | 61,839 | |||||||||||||||||||||
Capitalized interest | 339 | 393 | 2,142 | 1,236 | 1,688 | 738 | 858 | |||||||||||||||||||||
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15,687 | 14,923 | 61,927 | 64,809 | 62,315 | 62,140 | 62,697 | ||||||||||||||||||||||
Deductions: | ||||||||||||||||||||||||||||
Capitalized interest | (339 | ) | (393 | ) | (2,142 | ) | (1,236 | ) | (1,688 | ) | (738 | ) | (858 | ) | ||||||||||||||
Net income attributable to noncontrolling interests | 108 | — | 38 | — | — | (494 | ) | (133 | ) | |||||||||||||||||||
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Adjusted earnings | $ | 44,854 | $ | 12,265 | $ | 64,893 | $ | 63,380 | $ | 68,395 | $ | 46,519 | $ | 50,832 | ||||||||||||||
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Fixed charges (from above) | $ | 15,687 | $ | 14,923 | $ | 61,927 | $ | 64,809 | $ | 62,315 | $ | 62,140 | $ | 62,697 | ||||||||||||||
Ratio of earnings to fixed charges | 2.86 | 0.82 | (1) | 1.05 | 0.98 | (2) | 1.10 | 0.75 | (3) | 0.81 | (4) | |||||||||||||||||
Ratio of earnings to combined fixed charges and preferred share dividends | 2.86 | 0.82 | 1.05 | 0.98 | 1.10 | 0.75 | 0.81 |
(1) | Due to Washington REIT’s loss from continuing operations, the ratio was less than 1:1. Washington REIT must generate additional earnings of $2,658 to achieve a ratio of 1:1. |
(2) | Due to Washington REIT’s loss from continuing operations, the ratio was less than 1:1. Washington REIT must generate additional earnings of $1,429 to achieve a ratio of 1:1. |
(3) | Due to Washington REIT’s loss from continuing operations, the ratio was less than 1:1. Washington REIT must generate additional earnings of $15,621 to achieve a ratio of 1:1. |
(4) | Due to Washington REIT’s loss from continuing operations, the ratio was less than 1:1. Washington REIT must generate additional earnings of $11,865 to achieve a ratio of 1:1. |