ERP OPERATING LIMITED PARTNERSHIP
CONSOLIDATED HISTORICAL
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
HISTORICAL
-----------------------------------------------------------
9/30/00 9/30/99 12/31/99 12/31/98
-----------------------------------------------------------
(AMOUNTS IN THOUSANDS)
REVENUES
Rental income $1,454,958 1,243,958 $1,711,738 $1,293,560
Fee and asset management 4,711 3,432 5,088 5,622
Interest income - investment in mortgage notes 8,282 8,502 12,559 18,564
Income from investments in unconsolidated joint
ventures 14,589 7,042 10,491 3,105
Interest and other income 19,009 10,613 13,242 16,145
Furniture income 14,228 -- -- --
---------- ---------- ---------- ----------
Total revenues 1,515,777 1,273,547 1,753,118 1,336,996
---------- ---------- ---------- ----------
EXPENSES
Property and maintenance 368,291 300,798 414,026 326,733
Real estate taxes and insurance 141,830 126,304 171,289 126,009
Property management 56,204 42,817 61,626 53,101
Fee and asset management 3,647 2,301 3,587 4,279
Depreciation 335,844 297,505 408,688 301,869
Interest:
Expense incurred 285,337 241,516 337,189 246,585
Amortization of deferred financing costs 4,063 2,773 4,084 2,757
General and administrative 19,439 15,736 22,296 20,631
Furniture operating costs 9,505 -- -- --
Amortization of goodwill and intangibles 767 -- -- --
---------- ---------- ---------- ----------
Total expenses 1,224,927 1,029,750 1,422,785 1,081,964
---------- ---------- ---------- ----------
Income before extraordinary items $ 290,850 $ 243,797 $ 330,333 $ 255,032
========== ========== ========== ==========
Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs $ 285,337 $ 241,516 $ 337,189 $ 246,585
Amortization of deferred financing costs 4,063 2,773 4,084 2,757
Preferred distributions 83,597 85,118 113,196 92,917
---------- ---------- ---------- ----------
Total Combined Fixed Charges
and Preferred Distributions $ 372,997 $ 329,407 $ 454,469 $ 342,259
========== ========== ========== ==========
Earnings before combined fixed charges
and preferred distributions $ 580,250 $ 488,086 $ 671,606 $ 504,374
========== ========== ========== ==========
Funds from operations before combined fixed
charges and preferred distributions (1)(2)(3) $ 910,071 $ 781,176 $1,074,072 $ 801,065
========== ========== ========== ==========
Ratio of earnings before combined fixed charges
and preferred distributions to combined fixed charges
and preferred distributions 1.56 1.48 1.48 1.47
========== ========== ========== ==========
Ratio of funds from operations before combined fixed
charges and preferred distributions to combined fixed
charges and preferred distributions 2.44 2.37 2.36 2.34
========== ========== ========== ==========
- ----------------------------------------------------------------------------------------------------------------------
(1) Includes the Company's share of depreciation
from Unconsolidated Properties $ 890 $ 710 $ 1,009 $ 183
========== ========== ========== ==========
(2) Excludes non-real estate depreciation $ (5,830) $ (5,125) $ (7,231) $ (5,361)
========== ========== ========== ==========
(3) Excludes the minority interests' share of depreciation
from Partially Owned Properties $ (1,083) $ -- $ -- $ --
========== ========== ========== ==========
HISTORICAL
----------------------------------------------
12/31/97 12/31/96 12/31/95
----------------------------------------------
(AMOUNTS IN THOUSANDS)
REVENUES
Rental income $ 707,733 $ 454,412 $ 373,919
Fee and asset management 5,697 6,749 7,030
Interest income - investment in mortgage notes 20,366 12,819 4,862
Income from investments in unconsolidated joint
ventures -- -- --
Interest and other income 13,282 4,405 4,573
Furniture income -- -- --
---------- ---------- ----------
Total revenues 747,078 478,385 390,384
---------- ---------- ----------
EXPENSES
Property and maintenance 176,075 127,172 112,186
Real estate taxes and insurance 69,520 44,128 37,002
Property management 26,793 17,512 15,213
Fee and asset management 3,364 3,837 3,887
Depreciation 156,644 93,253 72,410
Interest:
Expense incurred 121,324 81,351 78,375
Amortization of deferred financing costs 2,523 4,242 3,444
General and administrative 14,821 9,857 8,129
Furniture operating costs -- -- --
Amortization of goodwill and intangibles -- -- --
---------- ---------- ----------
Total expenses 571,064 381,352 330,646
---------- ---------- ----------
Income before extraordinary items $ 176,014 $ 97,033 $ 59,738
========== ========== ==========
Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs $ 121,324 $ 81,351 $ 78,375
Amortization of deferred financing costs 2,523 4,242 3,444
Preferred distributions 59,012 29,015 10,109
---------- ---------- ----------
Total Combined Fixed Charges
and Preferred Distributions $ 182,859 $ 114,608 $ 91,928
========== ========== ==========
Earnings before combined fixed charges
and preferred distributions $ 299,861 $ 182,626 $ 141,557
========== ========== ==========
Funds from operations before combined fixed
charges and preferred distributions (1)(2)(3) $ 453,387 $ 273,800 $ 212,138
========== ========== ==========
Ratio of earnings before combined fixed charges
and preferred distributions to combined fixed charges
and preferred distributions 1.64 1.59 1.54
========== ========== ==========
Ratio of funds from operations before combined fixed
charges and preferred distributions to combined fixed
charges and preferred distributions 2.48 2.39 2.31
========== ========== ==========
- ----------------------------------------------------------------------------------------------------------------------
(1) Includes the Company's share of depreciation
from Unconsolidated Properties $ -- $ -- $ --
========== ========== ==========
(2) Excludes non-real estate depreciation $ (3,118) $ (2,079) $ (1,829)
========== ========== ==========
(3) Excludes the minority interests' share of depreciation
from Partially Owned Properties $ -- $ -- $ --
========== ========== ==========