Equity Residential (EQR) 8-K 2010 FY Other Events

Exhibit 12

EQUITY RESIDENTIAL
Computation of Ratio of Earnings to Combined Fixed Charges
($ in thousands)

	Quarter Ended March 31,						Year Ended December 31,
	2011			2010			2010			2009			2008			2007			2006
Income (loss) from continuing operations	$	7,727		$	(9,407	)	$	(29,035	)	$	(5,959	)	$	(49,581	)	$	(12,873	)	$	(38,127	)
Interest expense incurred, net		121,376			114,111			470,551			496,146			481,770			481,117			409,583
Amortization of deferred financing costs		3,023			2,996			10,172			12,545			9,626			9,973			7,976
Earnings before combined fixed charges and preferred distributions		132,126			107,700			451,688			502,732			441,815			478,217			379,432
Preferred Share distributions		(3,466	)		(3,620	)		(14,368	)		(14,479	)		(14,507	)		(22,792	)		(37,113	)
Premium on redemption of Preferred Shares		—			—			—			—			—			(6,154	)		(3,965	)
Preference Interest and Junior Preference Unit distributions		—			—			—			(9	)		(15	)		(441	)		(2,002	)
Premium on redemption of Preference Interests		—			—			—			—			—			—			(684	)
Earnings before combined fixed charges	$	128,660		$	104,080		$	437,320		$	488,244		$	427,293		$	448,830		$	335,668
Interest expense incurred, net	$	121,376		$	114,111		$	470,551		$	496,146		$	481,770		$	481,117		$	409,583
Amortization of deferred financing costs		3,023			2,996			10,172			12,545			9,626			9,973			7,976
Interest capitalized for real estate and unconsolidated entities under development		1,700			4,365			13,008			34,859			60,072			45,107			20,734
Amortization of deferred financing costs for real estate under development		—			600			2,768			3,585			1,986			1,521			46
Total combined fixed charges		126,099			122,072			496,499			547,135			553,454			537,718			438,339
Preferred Share distributions		3,466			3,620			14,368			14,479			14,507			22,792			37,113
Premium on redemption of Preferred Shares		—			—			—			—			—			6,154			3,965
Preference Interest and Junior Preference Unit distributions		—			—			—			9			15			441			2,002
Premium on redemption of Preference Interests		—			—			—			—			—			—			684
Total combined fixed charges and preferred distributions	$	129,565		$	125,692		$	510,867		$	561,623		$	567,976		$	567,105		$	482,103
Ratio of earnings before combined fixed charges to total combined fixed charges (1)		1.02			—			—			—			—			—			—
Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions (1)		1.02			—			—			—			—			—			—

(1) For the quarter ended March 31, 2010 and the years ended December 31, 2010, 2009, 2008, 2007 and 2006, the coverage deficiencies approximated $18.0 million, $59.2 million, $58.9 million, $126.2 million, $88.9 million and $102.7 million, respectively. All 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 and/or Preference Interests. The Company was in compliance with its unsecured public debt covenants for all periods presented.

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