Exhibit 12
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED HISTORICAL
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS RATIO
HISTORICAL
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12/31/99 12/31/98 12/31/97 12/31/96 12/31/95
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(Amounts in thousands)
REVENUES
Rental income $ 1,711,738 $ 1,293,560 $ 707,733 $ 454,412 $ 373,919
Fee income - outside managed 4,970 5,622 5,697 6,749 7,030
Interest income - investment in mortgage notes 12,559 18,564 20,366 12,819 4,862
Interest and other income 23,851 19,250 13,282 4,405 4,573
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Total revenues 1,753,118 1,336,996 747,078 478,385 390,384
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EXPENSES
Property and maintenance 414,026 326,733 176,075 127,172 112,186
Real estate taxes and insurance 171,289 126,009 69,520 44,128 37,002
Property management 61,626 53,101 26,793 17,512 15,213
Fee and asset management 3,587 4,279 3,364 3,837 3,887
Depreciation 408,688 301,869 156,644 93,253 72,410
Interest:
Expense incurred 337,189 246,585 121,324 81,351 78,375
Amortization of deferred financing costs 4,084 2,757 2,523 4,242 3,444
General and administrative 22,296 20,631 14,821 9,857 8,129
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Total expenses 1,422,785 1,081,964 571,064 381,352 330,646
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Income before extraordinary items $ 330,333 $ 255,032 $ 176,014 $ 97,033 $ 59,738
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Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs $ 337,189 $ 246,585 $ 121,324 $ 81,351 $ 78,375
Amortization of deferred financing costs 4,084 2,757 2,523 4,242 3,444
Preferred distributions 113,196 92,917 59,012 29,015 10,109
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TOTAL COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 454,469 $ 342,259 $ 182,859 $ 114,608 $ 91,928
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EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 671,606 $ 504,374 $ 299,861 $ 182,626 $ 141,557
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FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS * $ 1,074,072 $ 801,065 $ 453,387 $ 273,800 $ 212,138
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RATIO OF EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS TO COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS 1.48 1.47 1.64 1.59 1.54
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RATIO OF FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS TO COMBINED
FIXED CHARGES AND PREFERRED DISTRIBUTIONS 2.36 2.34 2.48 2.39 2.31
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* Includes unconsolidated depreciation from Joint
Ventures and limited partnerships $ 1,009 $ 183 $ -- $ -- $ --
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* Excludes non-real estate depreciation $ (7,231) $ (5,361) $ (3,118) $ (2,079) $ (1,829)
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