EX-12 6 ex122017statementregarding.htm EXHIBIT 12 Exhibit


Exhibit 12
EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)

 
Year Ended December 31,

 
2013
2014
2015
2016
2017
Earnings:
 
 
 
 
 
Income (loss) before taxes, noncontrolling interests and equity in earnings of equity investees
$
5,493

$
15,394

$
18,327

$
21,760

$
46,195

Interest expense, net of amortization of premium/discount
17,526

20,656

24,449

15,454

15,268

Amortization of deferred financing fees
1,758

2,156

2,089

1,731

1,574

Distributed income of equity investees
71

45

892

689

3,693

Portion of rent expense representative of interest
2,605

3,027

3,718

4,075

4,369

Total earnings
$
27,453

$
41,278

$
49,475

$
43,709

$
71,099

 
 
 
 
 
 
Fixed Charges (1):
 
 
 
 
 
Interest expense, net of amortization of premium/discount
$
17,526

$
20,656

$
24,449

$
15,454

$
15,268

Capitalized interest
5,038

5,767

5,376

7,207

12,527

Amortization of deferred fees
1,758

2,156

2,089

1,731

1,574

Portion of rent expense representative of interest
2,605

3,027

3,718

4,075

4,369

Total fixed charges
$
26,927

$
31,606

$
35,632

$
28,467

$
33,738

 
 
 
 
 
 
Consolidated ratio of earnings to fixed charges
1.0

1.3

1.4

1.5

2.1


(1)
As of December 31, 2013, the Trust accrued $3,000 according to the authoritative guidance related to the guarantee of a construction loan for the Johns Hopkins participating development. The Trust has not included the liability in the calculation of fixed charges because it is not considered probable that such obligation will be incurred by the Trust.