EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED HISTORICAL
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
HISTORICAL
---------------------------------------------------------------------
12/31/00 12/31/99 12/31/98 12/31/97 12/31/96
----------- ----------- ----------- ----------- -----------
(Amounts in thousands)
REVENUES
Rental income $ 1,959,785 $ 1,711,738 $ 1,293,560 $ 707,733 $ 454,412
Fee and asset management 6,520 5,088 5,622 5,697 6,749
Interest income - investment in mortgage notes 11,192 12,559 18,564 20,366 12,819
Interest and other income 25,266 13,242 16,145 13,282 4,405
Furniture income 27,577 - - - -
----------- ----------- ----------- ----------- -----------
Total revenues 2,030,340 1,742,627 1,333,891 747,078 478,385
----------- ----------- ----------- ----------- -----------
EXPENSES
Property and maintenance 503,239 414,026 326,733 176,075 127,172
Real estate taxes and insurance 182,479 171,289 126,009 69,520 44,128
Property management 76,416 61,626 53,101 26,793 17,512
Fee and asset management 5,157 3,587 4,279 3,364 3,837
Depreciation 449,584 408,688 301,869 156,644 93,253
Interest:
Expense incurred 382,946 337,189 246,585 121,324 81,351
Amortization of deferred financing costs 5,473 4,084 2,757 2,523 4,242
General and administrative 26,385 22,296 20,631 14,821 9,857
Furniture operating expenses 16,288 - - - -
Amortization of goodwill 1,760 - - - -
----------- ----------- ----------- ----------- -----------
Total expenses 1,649,727 1,422,785 1,081,964 571,064 381,352
----------- ----------- ----------- ----------- -----------
Income before extraordinary items $ 380,613 $ 319,842 $ 251,927 $ 176,014 $ 97,033
=========== =========== =========== =========== ===========
Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs $ 382,946 $ 337,189 $ 246,585 $ 121,324 $ 81,351
Interest capitalized for real estate under
construction 1,325 1,493 1,620 - -
Amortization of deferred financing costs 5,473 4,084 2,757 2,523 4,242
Preferred distributions 111,941 113,196 92,917 59,012 29,015
----------- ----------- ----------- ----------- -----------
TOTAL COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 501,685 $ 455,962 $ 343,879 $ 182,859 $ 114,608
=========== =========== =========== =========== ===========
EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS(2) $ 787,083 $ 668,240 $ 503,308 $ 299,861 $ 182,626
=========== =========== =========== =========== ===========
FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS(1)(2)(3)(4)(5) $ 1,226,818 $ 1,070,706 $ 799,999 $ 453,387 $ 273,800
=========== =========== =========== =========== ===========
RATIO OF EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS TO COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS 1.57 1.47 1.46 1.64 1.59
=========== =========== =========== =========== ===========
RATIO OF FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS TO COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS 2.45 2.35 2.33 2.48 2.39
=========== =========== =========== =========== ===========
- -----------------------------------------------------------------------------------------------------------------------------------
(1) Excludes non-real estate depreciation $ (12,093) $ (7,231) $ (5,361) $ (3,118) $ (2,079)
=========== =========== =========== =========== ===========
(2) Includes the Company's income from investments in
unconsolidated entities (cash basis) $ 18,051 $ 7,125 $ 2,039 $ - $ -
=========== =========== =========== =========== ===========
(3) Includes the Company's share of depreciation
from Unconsolidated Properties $ 2,720 $ 1,009 $ 183 $ - $ -
=========== =========== =========== =========== ===========
(4) Excludes the minority interests' share of depreciation
from Partially Owned Properties $ (1,476) $ - $ - $ - $ -
=========== =========== =========== =========== ===========
(5) Includes the addback of the Company's share of losses
from its technology investments. $ 1,000 $ - $ - $ - $ -
=========== =========== =========== =========== ===========