EXHIBIT 12
ERP OPERATING LIMITED PARTNERSHIP
Consolidated Historical
Earnings to Combined Fixed Charges and Preferred Distributions Ratio
HISTORICAL
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3/31/00 3/31/99 12/31/99
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REVENUES
Rental income $ 473,547 406,062 $ 1,711,738
Fee income - outside managed 1,298 1,234 4,970
Interest income - investment in mortgage notes 2,762 2,895 12,559
Interest and other income 7,803 5,946 23,851
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Total revenues 485,410 416,137 1,753,118
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EXPENSES
Property and maintenance 113,868 97,047 414,026
Real estate taxes and insurance 48,334 42,048 171,289
Property management 18,914 14,201 61,626
Fee and asset management 1,066 867 3,587
Depreciation 111,886 96,901 408,688
Interest:
Expense incurred 95,111 79,197 337,189
Amortization of deferred financing costs 1,341 845 4,084
General and administrative 6,698 5,767 22,296
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Total expenses 397,218 336,873 1,422,785
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Income before extraordinary items $ 88,192 $ 79,264 $ 330,333
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Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs $ 95,111 $ 79,197 $ 337,189
Amortization of deferred financing costs 1,341 845 4,084
Preferred distributions 28,388 29,377 113,196
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TOTAL COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 124,840 $ 109,419 $ 454,469
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EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 184,644 $ 159,306 $ 671,606
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FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS (1)(2)(3) $ 294,725 $ 254,778 $ 1,074,072
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RATIO OF EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS TO COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS 1.48 1.46 1.48
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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 2.33 2.36
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(1) Includes the Company's share of depreciation
from Unconsolidated Properties $ 105 $ 276 $ 1,009
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(2) Excludes non-real estate depreciation $ (1,567) $ (1,705) $ (7,231)
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(3) Excludes the minority interests' share of depreciation
from Partially Owned Properties $ (343) $ - $ -
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HISTORICAL
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12/31/98 12/31/97 12/31/96 12/31/95
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(Amounts in thousands)
REVENUES
Rental income $ 1,293,560 $ 707,733 $ 454,412 $ 373,919
Fee income - outside managed 5,622 5,697 6,749 7,030
Interest income - investment in mortgage notes 18,564 20,366 12,819 4,862
Interest and other income 19,250 13,282 4,405 4,573
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Total revenues 1,336,996 747,078 478,385 390,384
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EXPENSES
Property and maintenance 326,733 176,075 127,172 112,186
Real estate taxes and insurance 126,009 69,520 44,128 37,002
Property management 53,101 26,793 17,512 15,213
Fee and asset management 4,279 3,364 3,837 3,887
Depreciation 301,869 156,644 93,253 72,410
Interest:
Expense incurred 246,585 121,324 81,351 78,375
Amortization of deferred financing costs 2,757 2,523 4,242 3,444
General and administrative 20,631 14,821 9,857 8,129
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Total expenses 1,081,964 571,064 381,352 330,646
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Income before extraordinary items $ 255,032 $ 176,014 $ 97,033 $ 59,738
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Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs $ 246,585 $ 121,324 $ 81,351 $ 78,375
Amortization of deferred financing costs 2,757 2,523 4,242 3,444
Preferred distributions 92,917 59,012 29,015 10,109
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TOTAL COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 342,259 $ 182,859 $ 114,608 $ 91,928
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EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 504,374 $ 299,861 $ 182,626 $ 141,557
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FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS (1)(2)(3) $ 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 1.47 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 2.34 2.48 2.39 2.31
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(1) Includes the Company's share of depreciation
from Unconsolidated Properties $ 183 $ - $ - $ -
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(2) Excludes non-real estate depreciation $ (5,361) $ (3,118) $ (2,079) $ (1,829)
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(3) Excludes the minority interests' share of depreciation
from Partially Owned Properties $ - $ - $ - $ -
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