Exhibit 12
ERP OPERATING LIMITED PARTNERSHIP
Computation of Ratio of Earnings to Combined Fixed Charges
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| 09/30/03 |
| 09/30/02 |
| 12/31/02 |
| 12/31/01 |
| 12/31/00 |
| 12/31/99 |
| 12/31/98 |
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Income from continuing operations |
| $ | 207,976 |
| $ | 218,442 |
| $ | 328,394 |
| $ | 395,030 |
| $ | 363,319 |
| $ | 306,523 |
| $ | 236,112 |
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Interest expense incurred, net |
| 246,793 |
| 252,892 |
| 337,489 |
| 352,903 |
| 363,851 |
| 328,459 |
| 243,531 |
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Amortization of deferred financing costs |
| 4,406 |
| 4,267 |
| 5,748 |
| 5,818 |
| 5,432 |
| 4,024 |
| 2,724 |
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Earnings before combined fixed charges and preferred distributions |
| 459,175 |
| 475,601 |
| 671,631 |
| 753,751 |
| 732,602 |
| 639,006 |
| 482,367 |
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Preferred distributions |
| 73,115 |
| 72,969 |
| 97,151 |
| 106,119 |
| 111,941 |
| 113,196 |
| 92,917 |
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Earnings before combined fixed charges |
| $ | 386,060 |
| $ | 402,632 |
| $ | 574,480 |
| $ | 647,632 |
| $ | 620,661 |
| $ | 525,810 |
| $ | 389,450 |
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Interest expense incurred, net |
| $ | 246,793 |
| $ | 252,892 |
| $ | 337,489 |
| $ | 352,903 |
| $ | 363,851 |
| $ | 328,459 |
| $ | 243,531 |
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Amortization of deferred financing costs |
| 4,406 |
| 4,267 |
| 5,748 |
| 5,818 |
| 5,432 |
| 4,024 |
| 2,724 |
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Interest capitalized for real estate and unconsolidated entities under development |
| 16,013 |
| 19,444 |
| 27,167 |
| 28,174 |
| 17,650 |
| 8,134 |
| 1,620 |
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Total combined fixed charges |
| 267,212 |
| 276,603 |
| 370,404 |
| 386,895 |
| 386,933 |
| 340,617 |
| 247,875 |
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Preferred distributions |
| 73,115 |
| 72,969 |
| 97,151 |
| 106,119 |
| 111,941 |
| 113,196 |
| 92,917 |
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Total combined fixed charges and preferred distributions |
| $ | 340,327 |
| $ | 349,572 |
| $ | 467,555 |
| $ | 493,014 |
| $ | 498,874 |
| $ | 453,813 |
| $ | 340,792 |
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Ratio of earnings before combined fixed charges to total combined fixed charges |
| 1.44 |
| 1.46 |
| 1.55 |
| 1.67 |
| 1.60 |
| 1.54 |
| 1.57 |
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Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions |
| 1.35 |
| 1.36 |
| 1.44 |
| 1.53 |
| 1.47 |
| 1.41 |
| 1.42 |
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