Exhibit 12
ERP OPERATING LIMITED PARTNERSHIP
Computation of Ratio of Earnings to Combined Fixed Charges
|
| 12/31/04 |
| 12/31/03 |
| 12/31/02 |
| 12/31/01 |
| 12/31/00 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 187,111 |
| $ | 213,061 |
| $ | 235,512 |
| $ | 293,244 |
| $ | 260,647 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expense incurred, net |
| 342,591 |
| 322,903 |
| 327,662 |
| 336,632 |
| 348,031 |
| |||||
Amortization of deferred financing costs |
| 6,723 |
| 5,612 |
| 5,502 |
| 4,807 |
| 4,849 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings before combined fixed charges and preferred distributions |
| 536,425 |
| 541,576 |
| 568,676 |
| 634,683 |
| 613,527 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Preference Unit distributions |
| (53,746 | ) | (76,435 | ) | (76,615 | ) | (87,504 | ) | (100,855 | ) | |||||
Premium on redemption of Preference Units |
| — |
| (20,237 | ) | — |
| (5,324 | ) | — |
| |||||
Preference Interest distributions |
| (19,420 | ) | (20,211 | ) | (20,211 | ) | (18,263 | ) | (10,650 | ) | |||||
Junior Preference Unit distributions |
| (70 | ) | (325 | ) | (325 | ) | (352 | ) | (436 | ) | |||||
Premium on redemption of Preference Interests |
| (1,117 | ) | — |
| — |
| — |
| — |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings before combined fixed charges |
| $ | 462,072 |
| $ | 424,368 |
| $ | 471,525 |
| $ | 523,240 |
| $ | 501,586 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest expense incurred, net |
| $ | 342,591 |
| $ | 322,903 |
| $ | 327,662 |
| $ | 336,632 |
| $ | 348,031 |
|
Amortization of deferred financing costs |
| 6,723 |
| 5,612 |
| 5,502 |
| 4,807 |
| 4,849 |
| |||||
Interest capitalized for real estate and unconsolidated entities under development |
| 13,969 |
| 20,647 |
| 27,167 |
| 28,174 |
| 17,650 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total combined fixed charges |
| 363,283 |
| 349,162 |
| 360,331 |
| 369,613 |
| 370,530 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Preference Unit distributions |
| 53,746 |
| 76,435 |
| 76,615 |
| 87,504 |
| 100,855 |
| |||||
Premium on redemption of Preference Units |
| — |
| 20,237 |
| — |
| 5,324 |
| — |
| |||||
Preference Interest distributions |
| 19,420 |
| 20,211 |
| 20,211 |
| 18,263 |
| 10,650 |
| |||||
Junior Preference Unit distributions |
| 70 |
| 325 |
| 325 |
| 352 |
| 436 |
| |||||
Premium on redemption of Preference Interests |
| 1,117 |
| — |
| — |
| — |
| — |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total combined fixed charges and preferred distributions |
| $ | 437,636 |
| $ | 466,370 |
| $ | 457,482 |
| $ | 481,056 |
| $ | 482,471 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ratio of earnings before combined fixed charges to total combined fixed charges |
| 1.27 |
| 1.22 |
| 1.31 |
| 1.42 |
| 1.35 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions |
| 1.23 |
| 1.16 |
| 1.24 |
| 1.32 |
| 1.27 |
|