Exhibit 12
ERP OPERATING LIMITED PARTNERSHIP
Computation of Ratio of Earnings to Combined Fixed Charges
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| 03/31/04 |
| 03/31/03 |
| 12/31/03 |
| 12/31/02 |
| 12/31/01 |
| 12/31/00 |
| 12/31/99 |
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Income from continuing operations |
| $ | 55,021 |
| $ | 60,932 |
| $ | 246,216 |
| $ | 273,702 |
| $ | 337,074 |
| $ | 302,428 |
| $ | 254,025 |
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Interest expense incurred, net |
| 79,858 |
| 79,417 |
| 326,465 |
| 333,152 |
| 344,755 |
| 358,432 |
| 319,216 |
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Amortization of deferred financing costs |
| 1,426 |
| 1,338 |
| 6,164 |
| 5,617 |
| 4,978 |
| 5,015 |
| 3,852 |
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Earnings before combined fixed charges and preferred distributions |
| 136,305 |
| 141,687 |
| 578,845 |
| 612,471 |
| 686,807 |
| 665,875 |
| 577,093 |
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Preferred distributions |
| 18,756 |
| 24,180 |
| 96,971 |
| 97,151 |
| 106,119 |
| 111,941 |
| 113,196 |
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Premium on redemption of preference units |
| — |
| — |
| 20,237 |
| — |
| 5,324 |
| — |
| — |
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Earnings before combined fixed charges |
| $ | 117,549 |
| $ | 117,507 |
| $ | 461,637 |
| $ | 515,320 |
| $ | 575,364 |
| $ | 553,934 |
| $ | 463,897 |
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Interest expense incurred, net |
| $ | 79,858 |
| $ | 79,417 |
| $ | 326,465 |
| $ | 333,152 |
| $ | 344,755 |
| $ | 358,432 |
| $ | 319,216 |
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Amortization of deferred financing costs |
| 1,426 |
| 1,338 |
| 6,164 |
| 5,617 |
| 4,978 |
| 5,015 |
| 3,852 |
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Interest capitalized for real estate and unconsolidated entities under development |
| 2,652 |
| 5,437 |
| 20,647 |
| 27,167 |
| 28,174 |
| 17,650 |
| 8,134 |
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Total combined fixed charges |
| 83,936 |
| 86,192 |
| 353,276 |
| 365,936 |
| 377,907 |
| 381,097 |
| 331,202 |
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Preferred distributions |
| 18,756 |
| 24,180 |
| 96,971 |
| 97,151 |
| 106,119 |
| 111,941 |
| 113,196 |
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Premium on redemption of preference units |
| — |
| — |
| 20,237 |
| — |
| 5,324 |
| — |
| — |
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Total combined fixed charges and preferred distributions |
| $ | 102,692 |
| $ | 110,372 |
| $ | 470,484 |
| $ | 463,087 |
| $ | 489,350 |
| $ | 493,038 |
| $ | 444,398 |
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Ratio of earnings before combined fixed charges to total combined fixed charges |
| 1.40 |
| 1.36 |
| 1.31 |
| 1.41 |
| 1.52 |
| 1.45 |
| 1.40 |
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Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions |
| 1.33 |
| 1.28 |
| 1.23 |
| 1.32 |
| 1.40 |
| 1.35 |
| 1.30 |
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