Equity Residential (EQR) 8-K Entry into a Material Definitive Agreement

Exhibit 12

ERP OPERATING LIMITED PARTNERSHIP

Computation of Ratio of Earnings to Combined Fixed Charges

	6/30/05			6/30/04			12/31/04			12/31/03			12/31/02			12/31/01			12/31/00
Income from continuing operations	$	147,595		$	99,612		$	185,624		$	201,898		$	221,456		$	278,904		$	246,822
Interest expense incurred, net	184,322			161,224			329,801			317,726			321,942			329,235			340,767
Amortization of deferred financing costs	3,294			2,872			6,381			5,510			5,435			4,746			4,807
Earnings before combined fixed charges and preferred distributions	335,211			263,708			521,806			525,134			548,833			612,885			592,396
Preference Unit distributions	(26,043		)	(27,325		)	(53,746		)	(76,435		)	(76,615		)	(87,504		)	(100,855		)
Preference Interest distributions	(5,272		)	(10,106		)	(19,420		)	(20,211		)	(20,211		)	(18,263		)	(10,650		)
Junior Preference Unit distributions	(7		)	(62		)	(70		)	(325		)	(325		)	(352		)	(436		)
Premium on redemption of Preference Units	—			—			—			(20,237		)	—			(5,324		)	—
Premium on redemption of Preference Interests	(4,112		)	—			(1,117		)	—			—			—			—
Earnings before combined fixed charges	$	299,777		$	226,215		$	447,453		$	407,926		$	451,682		$	501,442		$	480,455
Interest expense incurred, net	$	184,322		$	161,224		$	329,801		$	317,726		$	321,942		$	329,235		$	340,767
Amortization of deferred financing costs	3,294			2,872			6,381			5,510			5,435			4,746			4,807
Interest capitalized for real estate and unconsolidated entities under development	5,761			6,850			13,969			20,647			27,167			28,174			17,650
Total combined fixed charges	193,377			170,946			350,151			343,883			354,544			362,155			363,224
Preference Unit distributions	26,043			27,325			53,746			76,435			76,615			87,504			100,855
Preference Interest distributions	5,272			10,106			19,420			20,211			20,211			18,263			10,650
Junior Preference Unit distributions	7			62			70			325			325			352			436
Premium on redemption of Preference Units	—			—			—			20,237			—			5,324			—
Premium on redemption of Preference Interests	4,112			—			1,117			—			—			—			—
Total combined fixed charges and preferred distributions	$	228,811		$	208,439		$	424,504		$	461,091		$	451,695		$	473,598		$	475,165
Ratio of earnings before combined fixed charges to total combined fixed charges	1.55			1.32			1.28			1.19			1.27			1.38			1.32
Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions	1.47			1.27			1.23			1.14			1.22			1.29			1.25