EX-12.1 6 d933435dex121.htm EX-12.1 EX-12.1

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   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  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 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted earnings

 $ 44,854    $ 12,265    $ 64,893    $ 63,380    $ 68,395    $ 46,519    $ 50,832   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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.