Erp Operating LTD Partnership 10-Q 2018 Q3 Quarterly report

Exhibit 12

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Computation of Ratio of Earnings to Combined Fixed Charges

($ in thousands)

	Nine Months Ended September 30,						Year Ended December 31,
	2018			2017			2017			2016			2015			2014			2013
Net income or income (loss) from continuing    operations	$	562,804		$	498,297		$	628,381		$	4,479,586		$	907,621		$	657,101		$	(168,174	)
Interest expense incurred, net		321,454			288,579			383,890			482,246			444,487			457,460			587,141
Amortization of deferred financing costs		9,054			6,447			8,526			12,633			10,801			11,088			22,197
Earnings before combined fixed charges and    preferred distributions		893,312			793,323			1,020,797			4,974,465			1,362,909			1,125,649			441,164
Preferred Share/Preference Unit distributions		(2,318	)		(2,318	)		(3,091	)		(3,091	)		(3,357	)		(4,145	)		(4,145	)
Premium on redemption of Preferred    Shares/Preference Units		—			—			—			—			(3,486	)		—			—
Earnings before combined fixed charges	$	890,994		$	791,005		$	1,017,706		$	4,971,374		$	1,356,066		$	1,121,504		$	437,019
Interest expense incurred, net	$	321,454		$	288,579		$	383,890		$	482,246		$	444,487		$	457,460		$	587,141
Amortization of deferred financing costs		9,054			6,447			8,526			12,633			10,801			11,088			22,197
Interest capitalized for real estate and    unconsolidated entities under development		4,547			23,164			26,290			51,451			59,885			52,782			47,321
Amortization of deferred financing costs for real    estate under development		—			—			—			—			—			—			152
Total combined fixed charges		335,055			318,190			418,706			546,330			515,173			521,330			656,811
Preferred Share/Preference Unit distributions		2,318			2,318			3,091			3,091			3,357			4,145			4,145
Premium on redemption of Preferred    Shares/Preference Units		—			—			—			—			3,486			—			—
Total combined fixed charges and preferred    distributions	$	337,373		$	320,508		$	421,797		$	549,421		$	522,016		$	525,475		$	660,956
Ratio of earnings before combined fixed    charges to total combined fixed    charges (1) (2)		2.66			2.49			2.43			9.10			2.63			2.15			—
Ratio of earnings before combined fixed    charges and preferred distributions to    total combined fixed charges and    preferred distributions (1) (2)		2.65			2.48			2.42			9.05			2.61			2.14			—

(1) For the nine months ended September 30, 2018 and 2017 and the years ended December 31, 2017, 2016, 2015 and 2014, the ratios have been increased primarily due to gains on the sales of real estate properties that were not included in discontinued operations as a result of the Company’s adoption of the accounting standard effective January 1, 2014.

(2) For the year ended December 31, 2013, the coverage deficiency approximated $219.8 million.  The 2013 ratios have been reduced due to the disposition of properties which resulted in the inclusion of those properties in discontinued operations. The ratios have been further reduced due to non-cash depreciation expense and premiums on the redemption of Preferred Shares/Preference Units.  The Company was in compliance with its unsecured public debt covenants for all periods presented.