Attached files
| file | filename |
|---|---|
| 10-Q - Education Realty Trust, Inc. | v192731_10q.htm |
| EX-31.2 - Education Realty Trust, Inc. | v192731_ex31-2.htm |
| EX-32.1 - Education Realty Trust, Inc. | v192731_ex32-1.htm |
| EX-10.4 - Education Realty Trust, Inc. | v192731_ex10-4.htm |
| EX-32.2 - Education Realty Trust, Inc. | v192731_ex32-2.htm |
| EX-31.1 - Education Realty Trust, Inc. | v192731_ex31-1.htm |
Exhibit
12
EDUCATION
REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED
RATIO OF EARNINGS TO FIXED CHARGES
(dollars
in thousands)
|
For
the year ended December 31,
|
6
months
ended
|
|||||||||||||||||||||||||||
|
2004(1)
|
2005
|
2006
|
2007
|
2008
|
2009
|
June 30, 2010
|
||||||||||||||||||||||
|
Earnings:
|
||||||||||||||||||||||||||||
|
Income
before taxes, noncontrolling interests and equity in earnings of equity
investees
|
$ | (205 | ) | $ | (17,371 | ) | $ | (13,567 | ) | $ | (7,242 | ) | $ | (6,625 | ) | $ | (3,740 | ) | $ | (483 | ) | |||||||
|
Interest
expense, net of amortization of premium/discount
|
5,455 | 16,186 | 29,353 | 26,957 | 25,229 | 24,585 | 11,129 | |||||||||||||||||||||
|
Amortization
of deferred financing fees
|
163 | 820 | 1,114 | 1,036 | 992 | 1,047 | 668 | |||||||||||||||||||||
|
Distributed
income of equity investees
|
808 | 879 | 787 | 364 | 277 | 393 | 227 | |||||||||||||||||||||
|
Total
earnings
|
$ | 6,221 | $ | 514 | $ | 17,687 | $ | 21,115 | $ | 19,873 | $ | 22,285 | $ | 11,541 | ||||||||||||||
|
Fixed
Charges:
|
||||||||||||||||||||||||||||
|
Interest
expense, net of amortization of premium/discount
|
$ | 5,455 | $ | 16,186 | $ | 29,353 | $ | 26,957 | $ | 25,229 | $ | 24,585 | $ | 11,129 | ||||||||||||||
|
Capitalized
interest
|
- | - | - | 58 | 453 | 554 | - | |||||||||||||||||||||
|
Amortization
of deferred fees
|
163 | 820 | 1,114 | 1,036 | 992 | 1,047 | 668 | |||||||||||||||||||||
|
Total
fixed charges
|
$ | 5,618 | $ | 17,006 | $ | 30,467 | $ | 28,051 | $ | 26,674 | $ | 26,186 | $ | 11,797 | ||||||||||||||
|
Consolidated
ratio of earnings to
fixed
charges (2)
|
1.11 | - | - | - | - | - | - | |||||||||||||||||||||
1)
Information presented for periods prior to January 31, 2005, the date of our
initial public offering, relate to our predecessor.
2) For
the years ended December 31, 2005, 2006, 2007, 2008 and 2009 fixed charges
exceeded earnings by $16,492, $12,780, $6,936, $6,801 and $3,901, respectively.
For the six months ended June 30, 2010 fixed charges were flat to
earnings.