Equity Residential (EQR) 8-K Other Events

Exhibit 12

EQUITY RESIDENTIAL

Computation of Ratio of Earnings to Combined Fixed Charges

	Six Months Ended June 30,				Year Ended December 31,
	2007		2006		2006		2005		2004		2003		2002
Income from continuing operations, net of minority interests	$46,668		$45,728		$81,173		$134,160		$74,583		$85,194		$86,873
Interest expense incurred, net	233,075		203,862		420,894		355,262		299,340		282,358		276,898
Amortization of deferred financing costs	6,162		4,383		8,140		6,391		5,711		5,096		5,176
Allocation to Minority Interests:
Operating Partnership, net	2,097		1,828		2,840		5,843		1,566		(916	)	859
Preference Interests and Junior Preference Units	434		1,556		2,002		7,606		19,490		20,536		20,536
Premium on redemption of Preference Interests	—		683		684		4,134		1,117		—		—
Earnings before combined fixed charges and preferred distributions	288,436		258,040		515,733		513,396		401,807		392,268		390,342
Preferred Share distributions	(14,840	)	(20,168	)	(37,113	)	(49,642	)	(53,746	)	(76,435	)	(76,615	)
Premium on redemption of Preferred Shares	—		—		(3,965	)	(4,359	)	—		(20,237	)	—
Preference Interest and Junior Preference Unit distributions	(434	)	(1,556	)	(2,002	)	(7,606	)	(19,490	)	(20,536	)	(20,536	)
Premium on redemption of Preference Interests	—		(683	)	(684	)	(4,134	)	(1,117	)	—		—
Earnings before combined fixed charges	$273,162		$235,633		$471,969		$447,655		$327,454		$275,060		$293,191
Interest expense incurred, net	$233,075		$203,862		$420,894		$355,262		$299,340		$282,358		$276,898
Amortization of deferred financing costs	6,162		4,383		8,140		6,391		5,711		5,096		5,176
Interest capitalized for real estate and unconsolidated entities under development	17,894		7,780		20,734		13,701		13,969		20,647		27,167
Total combined fixed charges	257,131		216,025		449,768		375,354		319,020		308,101		309,241
Preferred Share distributions	14,840		20,168		37,113		49,642		53,746		76,435		76,615
Premium on redemption of Preferred Shares	—		—		3,965		4,359		—		20,237		—
Preference Interest and Junior Preference Unit distributions	434		1,556		2,002		7,606		19,490		20,536		20,536
Premium on redemption of Preference Interests	—		683		684		4,134		1,117		—		—
Total combined fixed charges and preferred distributions	$272,405		$238,432		$493,532		$441,095		$393,373		$425,309		$406,392
Ratio of earnings before combined fixed charges to total combined fixed charges (1)	1.06		1.09		1.05		1.19		1.03		—		—
Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions (1)	1.06		1.08		1.04		1.16		1.02		—		—

(1)   For 2003 and 2002, the coverage deficiencies on both ratios approximated $33.0 million and $16.1 million, respectively. All ratios have been reduced due to the disposition of properties which resulted in the inclusion of those properties in discontinued operations for all periods presented. For 2003, the ratios have been further reduced due to the one-time $20.2 million premium on the redemption of the Series G Preferred Shares.

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