Education Realty Trust, Inc. - FORM 10-Q - EX-12 - CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES - August 8, 2011

Attached files

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10-Q - QUARTERLY REPORT - Education Realty Trust, Inc.v227451_10q.htm
EX-32.2 - CHIEF FINANCIAL OFFICER CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - Education Realty Trust, Inc.v227451_ex32-2.htm
EX-32.1 - CHIEF EXECUTIVE OFFICER CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - Education Realty Trust, Inc.v227451_ex32-1.htm
EX-31.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13A-14(A) OF THE EXCHANGE ACT - Education Realty Trust, Inc.v227451_ex31-2.htm
EX-31.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13A-14(A) OF THE EXCHANGE ACT - Education Realty Trust, Inc.v227451_ex31-1.htm
EXCEL - IDEA: XBRL DOCUMENT - Education Realty Trust, Inc.Financial_Report.xls
 
Exhibit 12
EDUCATION REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)

                                 
6 months
  
                                 
ended
  
   
Year ended December 31,
    
June 30,
  
  
  
2006
    
2007
    
2008
    
2009
    
2010
    
2011
  
Earnings:
                                    
Income (loss) before taxes, noncontrolling interests and equity in earnings of equity investees
   $ (13,464 )   $ (7,149 )   $ (5,324 )   $ 1,758     $ (7,497 )   $ (753 )
Interest expense, net of amortization of premium/discount
     29,353       26,957       25,229       24,585       22,179       9,460  
Amortization of deferred financing fees
     1,114       1,036       992       1,047       1,276       570  
Distributed income of equity investees
     787       364       277       393       388       194  
Total earnings
   $ 17,790     $ 21,208     $ 21,174     $ 27,783     $ 16,346     $ 9,471  
Fixed Charges (2):
                                                
Interest expense, net of amortization of premium/discount
   $ 29,353     $ 26,957     $ 25,229     $ 24,585     $ 22,179       9,460  
Capitalized interest
     -       58       453       554       13       98  
Amortization of deferred fees
     1,114       1,036       992       1,047       1,276       570  
Total fixed charges
   $ 30,467     $ 28,051     $ 26,674     $ 26,186     $ 23,468     $ 10,128  
Consolidated ratio of earnings to fixed charges (1)
     -       -       -       1.1       -       -  

(1) For the years ended December 31, 2006, 2007, 2008 , 2010 and the six months ended June 30, 2011 fixed charges exceeded earnings by $12.7 million, $6.8 million, $5.5 million, $7.1 million and $0.7 million, respectively.

(2) As of December 31, 2010 and June 30, 2011, the Trust accrued $3.0 million 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.
 
 
 
 

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