Exhibit 12
ERP OPERATING LIMITED PARTNERSHIP
Computation of Ratio of Earnings to Combined Fixed Charges
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| 09/30/04 |
| 09/30/03 |
| 12/31/03 |
| 12/31/02 |
| 12/31/01 |
| 12/31/00 |
| 12/31/99 |
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Income from continuing operations |
| $ | 148,145 |
| $ | 179,676 |
| $ | 229,660 |
| $ | 255,256 |
| $ | 313,508 |
| $ | 279,660 |
| $ | 233,630 |
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Interest expense incurred, net |
| 252,267 |
| 243,579 |
| 324,652 |
| 330,287 |
| 341,505 |
| 353,675 |
| 316,060 |
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Amortization of deferred financing costs |
| 5,062 |
| 3,905 |
| 5,981 |
| 5,576 |
| 4,901 |
| 4,949 |
| 3,787 |
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Earnings before combined fixed charges and preferred distributions |
| 405,474 |
| 427,160 |
| 560,293 |
| 591,119 |
| 659,914 |
| 638,284 |
| 553,477 |
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Preferred distributions |
| 55,896 |
| 73,115 |
| 96,971 |
| 97,151 |
| 106,119 |
| 111,941 |
| 113,196 |
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Premium on redemption of preference units/interests |
| 1,117 |
| — |
| 20,237 |
| — |
| 5,324 |
| — |
| — |
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Earnings before combined fixed charges |
| $ | 348,461 |
| $ | 354,045 |
| $ | 443,085 |
| $ | 493,968 |
| $ | 548,471 |
| $ | 526,343 |
| $ | 440,281 |
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Interest expense incurred, net |
| $ | 252,267 |
| $ | 243,579 |
| $ | 324,652 |
| $ | 330,287 |
| $ | 341,505 |
| $ | 353,675 |
| $ | 316,060 |
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Amortization of deferred financing costs |
| 5,062 |
| 3,905 |
| 5,981 |
| 5,576 |
| 4,901 |
| 4,949 |
| 3,787 |
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Interest capitalized for real estate and unconsolidated entities under development |
| 10,277 |
| 16,013 |
| 20,647 |
| 27,167 |
| 28,174 |
| 17,650 |
| 8,134 |
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Total combined fixed charges |
| 267,606 |
| 263,497 |
| 351,280 |
| 363,030 |
| 374,580 |
| 376,274 |
| 327,981 |
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Preferred distributions |
| 55,896 |
| 73,115 |
| 96,971 |
| 97,151 |
| 106,119 |
| 111,941 |
| 113,196 |
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Premium on redemption of preference units/interests |
| 1,117 |
| — |
| 20,237 |
| — |
| 5,324 |
| — |
| — |
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Total combined fixed charges and preferred distributions |
| $ | 324,619 |
| $ | 336,612 |
| $ | 468,488 |
| $ | 460,181 |
| $ | 486,023 |
| $ | 488,215 |
| $ | 441,177 |
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Ratio of earnings before combined fixed charges to total combined fixed charges |
| 1.30 |
| 1.34 |
| 1.26 |
| 1.36 |
| 1.46 |
| 1.40 |
| 1.34 |
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Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions |
| 1.25 |
| 1.27 |
| 1.20 |
| 1.28 |
| 1.36 |
| 1.31 |
| 1.25 |
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