Exhibit 12
ERP OPERATING LIMITED PARTNERSHIP
Computation of Ratio of Earnings to Combined Fixed Charges
|
| 06/30/04 |
| 06/30/03 |
| 12/31/03 |
| 12/31/02 |
| 12/31/01 |
| 12/31/00 |
| 12/31/99 |
| ||||||||
Income from continuing operations |
| $ | 110,668 |
| $ | 123,233 |
| $ | 236,150 |
| $ | 261,762 |
| $ | 321,309 |
| $ | 287,221 |
| $ | 240,364 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Interest expense incurred, net |
| 166,338 |
| 162,380 |
| 325,191 |
| 331,489 |
| 342,712 |
| 354,916 |
| 316,875 |
| ||||||||
Amortization of deferred financing costs |
| 3,127 |
| 2,897 |
| 6,081 |
| 5,587 |
| 4,912 |
| 4,959 |
| 3,797 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Earnings before combined fixed charges and preferred distributions |
| 280,133 |
| 288,510 |
| 567,422 |
| 598,838 |
| 668,933 |
| 647,096 |
| 561,036 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Preferred distributions |
| 37,493 |
| 48,417 |
| 96,971 |
| 97,151 |
| 106,119 |
| 111,941 |
| 113,196 |
| ||||||||
Premium on redemption of preference units |
| — |
| — |
| 20,237 |
| — |
| 5,324 |
| — |
| — |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Earnings before combined fixed charges |
| $ | 242,640 |
| $ | 240,093 |
| $ | 450,214 |
| $ | 501,687 |
| $ | 557,490 |
| $ | 535,155 |
| $ | 447,840 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Interest expense incurred, net |
| $ | 166,338 |
| $ | 162,380 |
| $ | 325,191 |
| $ | 331,489 |
| $ | 342,712 |
| $ | 354,916 |
| $ | 316,875 |
| |
Amortization of deferred financing costs |
| 3,127 |
| 2,897 |
| 6,081 |
| 5,587 |
| 4,912 |
| 4,959 |
| 3,797 |
| ||||||||
Interest capitalized for real estate and unconsolidated entities under development |
| 6,850 |
| 10,923 |
| 20,647 |
| 27,167 |
| 28,174 |
| 17,650 |
| 8,134 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total combined fixed charges |
| 176,315 |
| 176,200 |
| 351,919 |
| 364,243 |
| 375,798 |
| 377,525 |
| 328,806 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Preferred distributions |
| 37,493 |
| 48,417 |
| 96,971 |
| 97,151 |
| 106,119 |
| 111,941 |
| 113,196 |
| ||||||||
Premium on redemption of preference units |
| — |
| — |
| 20,237 |
| — |
| 5,324 |
| — |
| — |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Total combined fixed charges and preferred distributions |
| $ | 213,808 |
| $ | 224,617 |
| $ | 469,127 |
| $ | 461,394 |
| $ | 487,241 |
| $ | 489,466 |
| $ | 442,002 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Ratio of earnings before combined fixed charges to total combined fixed charges |
| 1.38 |
| 1.36 |
| 1.28 |
| 1.38 |
| 1.48 |
| 1.42 |
| 1.36 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions |
| 1.31 |
| 1.28 |
| 1.21 |
| 1.30 |
| 1.37 |
| 1.32 |
| 1.27 |
| ||||||||