Equity Residential (EQR) 10-Q 2015 Q2 Quarterly report

Exhibit 12

EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP  Computation of Ratio of Earnings to Combined Fixed Charges ($ in thousands)
	Six Months Ended June 30,						Year Ended December 31,
	2015			2014			2014			2013			2012			2011			2010
Income (loss) from continuing operations	$	488,573		$	198,890		$	657,101		$	(168,174	)	$	160,298		$	(72,941	)	$	(204,152	)
Interest expense incurred, net	219,417			228,973			457,191			586,854			455,236			460,172			455,692
Amortization of deferred financing costs	5,127			5,926			11,088			22,197			21,295			16,616			9,412
Earnings before combined fixed charges and preferred distributions	713,117			433,789			1,125,380			440,877			636,829			403,847			260,952
Preferred Share/Preference Unit distributions	(1,724		)	(2,072		)	(4,145		)	(4,145		)	(10,355		)	(13,865		)	(14,368		)
Premium on redemption of Preferred Shares/Preference Units	(2,789		)	—			—			—			(5,152		)	—			—
Earnings before combined fixed charges	$	708,604		$	431,717		$	1,121,235		$	436,732		$	621,322		$	389,982		$	246,584
Interest expense incurred, net	$	219,417		$	228,973		$	457,191		$	586,854		$	455,236		$	460,172		$	455,692
Amortization of deferred financing costs	5,127			5,926			11,088			22,197			21,295			16,616			9,412
Interest capitalized for real estate and unconsolidated entities under development	30,432			25,037			52,782			47,321			22,509			9,108			13,008
Amortization of deferred financing costs for real estate under development	—			—			—			152			—			—			2,768
Total combined fixed charges	254,976			259,936			521,061			656,524			499,040			485,896			480,880
Preferred Share/Preference Unit distributions	1,724			2,072			4,145			4,145			10,355			13,865			14,368
Premium on redemption of Preferred Shares/Preference Units	2,789			—			—			—			5,152			—			—
Total combined fixed charges and preferred distributions	$	259,489		$	262,008		$	525,206		$	660,669		$	514,547		$	499,761		$	495,248
Ratio of earnings before combined fixed charges to total combined      fixed charges (1)	2.78			1.66			2.15			—			1.25			—			—
Ratio of earnings before combined fixed charges and preferred      distributions to total combined fixed charges and preferred      distributions (1)	2.75			1.66			2.14			—			1.24			—			—

(1) For the years ended December 31, 2013, 2011 and 2010, the coverage deficiencies approximated $219.8 million, $95.9 million and $234.3 million, respectively. All 2013 and prior year ratios have been reduced due to the disposition of properties which resulted in the inclusion of those properties in discontinued operations. The ratios have been further reduced due to non-cash depreciation expense and impairment charges and premiums on the redemption of Preferred Shares/Preference Units. The Company was in compliance with its unsecured public debt covenants for all periods presented.