Erp Operating LTD Partnership 10-Q2002 Q1 Quarterly report

Filed: 15 May 02, 12:00am

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Exhibit 12

ERP OPERATING LIMITED PARTNERSHIP
Consolidated Historical
Computation of Ratio of Earnings to Combined Fixed Charges

		Historical
		3/31/02		3/31/01		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 from investments in unconsolidated entities, net gain on sales of unconsolidated entities, discontinued operations, extraordinary items and cumulative effect of change in accounting principle		$	99,246	$	103,869	$	356,424	$	395,937	$	326,483	$	251,927	$	176,014
Interest and other financing costs			84,795		89,898		355,250		366,622		330,548		246,585		121,324
Amortization of deferred financing costs			1,391		1,397		5,841		5,473		4,084		2,757		2,523
Income from investments in unconsolidated entities			226		350		3,772		2,309		3,850		3,105		—

Earnings before combined fixed charges and preferred distributions			185,658		195,514		721,287		770,341		664,965		504,374		299,861
	Preferred distributions		24,525		28,526		106,119		111,941		113,196		92,917		59,012

Earnings before combined fixed charges		$	161,133	$	166,988	$	615,168	$	658,400	$	551,769	$	411,457	$	240,849

Interest and other financing costs		$	84,795	$	89,898	$	355,250	$	366,622	$	330,548	$	246,585	$	121,324
Amortization of deferred financing costs			1,391		1,397		5,841		5,473		4,084		2,757		2,523
Interest capitalized for real estate under development			5,884		5,987		28,174		17,650		8,134		1,620		—

Total combined fixed charges			92,070		97,282		389,265		389,745		342,766		250,962		123,847
	Preferred distributions		24,525		28,526		106,119		111,941		113,196		92,917		59,012

Total combined fixed charges and preferred distributions		$	116,595	$	125,808	$	495,384	$	501,686	$	455,962	$	343,879	$	182,859

Ratio of earnings before combined fixed charges to total combined fixed charges			1.75		1.72		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			1.59		1.55		1.46		1.54		1.46		1.47		1.64

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Exhibit 12

ERP OPERATING LIMITED PARTNERSHIP Consolidated Historical Computation of Ratio of Earnings to Combined Fixed Charges

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