Equity Residential (EQR) 10-Q 2002 Q3 Quarterly report

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Exhibit 12

EQUITY RESIDENTIAL
Consolidated Historical
Computation of Ratio of Earnings to Combined Fixed Charges

		Historical
		9/30/02			9/30/01		12/31/01		12/31/00		12/31/99		12/31/98		12/31/97
		(Amounts in thousands)
Income before allocation to Minority Interests, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of unconsolidated entities, discontinued operations, extraordinary items and cumulative effect of change in accounting principle		$	258,303		$	304,767	$	356,424	$	395,937	$	326,483	$	251,927	$	176,014
	Interest and other financing costs		255,693			267,572		355,250		366,622		330,548		246,585		121,324
	Amortization of deferred financing costs		4,344			4,328		5,841		5,473		4,084		2,757		2,523
	Income (loss) from investments in unconsolidated entities		(1,746	)		1,885		3,772		2,309		3,850		3,105		—
Earnings before combined fixed charges and preferred distributions			516,594			578,552		721,287		770,341		664,965		504,374		299,861
	Preferred distributions		72,969			81,759		106,119		111,941		113,196		92,917		59,012
Earnings before combined fixed charges		$	443,625		$	496,793	$	615,168	$	658,400	$	551,769	$	411,457	$	240,849
Interest and other financing costs		$	255,693		$	267,572	$	355,250	$	366,622	$	330,548	$	246,585	$	121,324
Amortization of deferred financing costs			4,344			4,328		5,841		5,473		4,084		2,757		2,523
Interest capitalized for real estate and unconsolidated entities under development			19,444			21,032		28,174		17,650		8,134		1,620		—
Total combined fixed charges			279,481			292,932		389,265		389,745		342,766		250,962		123,847
	Preferred distributions		72,969			81,759		106,119		111,941		113,196		92,917		59,012
Total combined fixed charges and preferred distributions		$	352,450		$	374,691	$	495,384	$	501,686	$	455,962	$	343,879	$	182,859
Ratio of earnings before combined fixed charges to total combined fixed charges			1.59			1.70		1.58		1.69		1.61		1.64		1.94
Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions			1.47			1.54		1.46		1.54		1.46		1.47		1.64

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Exhibit 12