Exhibit 12
ERP OPERATING LIMITED PARTNERSHIP
Computation of Ratio of Earnings to Combined Fixed Charges
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| 12/31/05 |
| 12/31/04 |
| 12/31/03 |
| 12/31/02 |
| 12/31/01 |
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Income from continuing operations |
| $ | 222,716 |
| $ | 169,614 |
| $ | 178,488 |
| $ | 196,819 |
| $ | 254,198 |
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Interest expense incurred, net |
| 384,021 |
| 328,289 |
| 316,251 |
| 318,048 |
| 324,612 |
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Amortization of deferred financing costs |
| 6,570 |
| 6,057 |
| 5,440 |
| 5,400 |
| 4,719 |
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Earnings before combined fixed charges and preferred distributions |
| 613,307 |
| 503,960 |
| 500,179 |
| 520,267 |
| 583,529 |
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Preference Unit distributions |
| (49,642 | ) | (53,746 | ) | (76,435 | ) | (76,615 | ) | (87,504 | ) | ||||||||||||
Preference Interest distributions |
| (7,591 | ) | (19,420 | ) | (20,211 | ) | (20,211 | ) | (18,263 | ) | ||||||||||||
Junior Preference Unit distributions |
| (15 | ) | (70 | ) | (325 | ) | (325 | ) | (352 | ) | ||||||||||||
Premium on redemption of Preference Units |
| (4,359 | ) | — |
| (20,237 | ) | — |
| (5,324 | ) | ||||||||||||
Premium on redemption of Preference Interests |
| (4,134 | ) | (1,117 | ) | — |
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| — |
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Earnings before combined fixed charges |
| $ | 547,566 |
| $ | 429,607 |
| $ | 382,971 |
| $ | 423,116 |
| $ | 472,086 |
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Interest expense incurred, net |
| $ | 384,021 |
| $ | 328,289 |
| $ | 316,251 |
| $ | 318,048 |
| $ | 324,612 |
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Amortization of deferred financing costs |
| 6,570 |
| 6,057 |
| 5,440 |
| 5,400 |
| 4,719 |
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Interest capitalized for real estate and unconsolidated entities under development |
| 13,701 |
| 13,969 |
| 20,647 |
| 27,167 |
| 28,174 |
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Total combined fixed charges |
| 404,292 |
| 348,315 |
| 342,338 |
| 350,615 |
| 357,505 |
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Preference Unit distributions |
| 49,642 |
| 53,746 |
| 76,435 |
| 76,615 |
| 87,504 |
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Preference Interest distributions |
| 7,591 |
| 19,420 |
| 20,211 |
| 20,211 |
| 18,263 |
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Junior Preference Unit distributions |
| 15 |
| 70 |
| 325 |
| 325 |
| 352 |
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Premium on redemption of Preference Units |
| 4,359 |
| — |
| 20,237 |
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| 5,324 |
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Premium on redemption of Preference Interests |
| 4,134 |
| 1,117 |
| — |
| — |
| — |
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Total combined fixed charges and preferred distributions |
| $ | 470,033 |
| $ | 422,668 |
| $ | 459,546 |
| $ | 447,766 |
| $ | 468,948 |
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Ratio of earnings before combined fixed charges to total combined fixed charges |
| 1.35 |
| 1.23 |
| 1.12 |
| 1.21 |
| 1.32 |
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Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions |
| 1.30 |
| 1.19 |
| 1.09 |
| 1.16 |
| 1.24 |
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