Erp Operating LTD Partnership 10-Q 2002 Q2 Quarterly report

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Exhibit 12

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

		Historical
		6/30/02		6/30/01		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 from investments in unconsolidated entities, net gain on sales of unconsolidated entities, discontinued operations, extraordinary items and cumulative effect of change in accounting principle		$	192,833	$	204,896	$	356,424	$	395,937	$	326,483	$	251,927	$	176,014
	Interest and other financing costs		171,993		178,660		355,250		366,622		330,548		246,585		121,324
	Amortization of deferred financing costs		2,988		2,810		5,841		5,473		4,084		2,757		2,523
	Income from investments in unconsolidated entities		233		960		3,772		2,309		3,850		3,105		—
Earnings before combined fixed charges and preferred distributions			368,047		387,326		721,287		770,341		664,965		504,374		299,861
	Preferred distributions		48,781		57,419		106,119		111,941		113,196		92,917		59,012
Earnings before combined fixed charges		$	319,266	$	329,907	$	615,168	$	658,400	$	551,769	$	411,457	$	240,849
	Interest and other financing costs	$	171,993	$	178,660	$	355,250	$	366,622	$	330,548	$	246,585	$	121,324
	Amortization of deferred financing costs		2,988		2,810		5,841		5,473		4,084		2,757		2,523
	Interest capitalized for real estate and unconsolidated entities under development		12,323		12,817		28,174		17,650		8,134		1,620		—
Total combined fixed charges			187,304		194,287		389,265		389,745		342,766		250,962		123,847
	Preferred distributions		48,781		57,419		106,119		111,941		113,196		92,917		59,012
Total combined fixed charges and preferred distributions		$	236,085	$	251,706	$	495,384	$	501,686	$	455,962	$	343,879	$	182,859
Ratio of earnings before combined fixed charges to total combined fixed charges			1.70		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			1.56		1.54		1.46		1.54		1.46		1.47		1.64

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Exhibit 12