Exhibit 12
ERP OPERATING LIMITED PARTNERSHIP
CONSOLIDATED HISTORICAL
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
HISTORICAL
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03/31/01 3/31/00 12/31/00 12/31/99
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(Amounts in thousands)
Income before allocation to Minority Interests,
income from investments in unconsolidated entities,
net gain on sales of real estate, extraordinary items
and cummulative effect of change in accounting principle $100,565 $83,969 $380,613 $319,842
Interest and other financing costs 95,276 95,111 382,946 337,189
Amortization of deferred financing costs 1,397 1,341 5,473 4,084
Income from investments in unconsolidated entities (cash basis) 5,664 4,085 18,051 7,125
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EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS 202,902 184,506 787,083 668,240
Depreciation/amortization 113,738 111,886 451,344 408,688
Non-real estate depreciation (2,259) (1,567) (12,093) (7,231)
Depreciation from Unconsolidated Properties 2,400 105 2,720 1,009
Depreciation from Partially Owned Properties (405) (343) (1,476) -
Loss on investment in technology segment 3,003 - 1,000 -
Allocation to Minority Interests-Partially Owned Properties (105) 45 132 -
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FUNDS FROM OPERATIONS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $319,274 $294,632 $1,228,710 $1,070,706
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Interest and other financing costs $95,276 $95,111 $382,946 $337,189
Amortization of deferred financing costs 1,397 1,341 5,473 4,084
Interest capitalized for real estate under construction 667 236 1,325 1,493
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TOTAL COMBINED FIXED CHARGES 97,340 96,688 389,744 342,766
Preferred distributions 28,526 28,388 111,941 113,196
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TOTAL COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $125,866 $125,076 $501,685 $455,962
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RATIO OF EARNINGS BEFORE COMBINED FIXED CHARGES AND
PREFERRED DISTRIBUTIONS TO TOTAL COMBINED FIXED CHARGES 2.08 1.91 2.02 1.95
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RATIO OF EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS TO TOTAL COMBINED
FIXED CHARGES AND PREFERRED DISTRIBUTIONS 1.61 1.48 1.57 1.47
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RATIO OF FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS TO TOTAL
COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS 2.54 2.36 2.45 2.35
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12/31/98 12/31/97 12/31/96
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(Amounts in thousands)
Income before allocation to Minority Interests,
income from investments in unconsolidated entities,
net gain on sales of real estate, extraordinary items
and cummulative effect of change in accounting principle $251,927 $176,014 $97,033
Interest and other financing costs 246,585 121,324 81,351
Amortization of deferred financing costs 2,757 2,523 4,242
Income from investments in unconsolidated entities (cash basis) 2,039 - -
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EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS 503,308 299,861 182,626
Depreciation/amortization 301,869 156,644 93,253
Non-real estate depreciation (5,361) (3,118) (2,079)
Depreciation from Unconsolidated Properties 183 - -
Depreciation from Partially Owned Properties - - -
Loss on investment in technology segment - - -
Allocation to Minority Interests-Partially Owned Properties - - -
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FUNDS FROM OPERATIONS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $799,999 $453,387 $273,800
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Interest and other financing costs $246,585 $121,324 $81,351
Amortization of deferred financing costs 2,757 2,523 4,242
Interest capitalized for real estate under construction 1,620 - -
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TOTAL COMBINED FIXED CHARGES 250,962 123,847 85,593
Preferred distributions 92,917 59,012 29,015
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TOTAL COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $343,879 $182,859 $114,608
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RATIO OF EARNINGS BEFORE COMBINED FIXED CHARGES AND
PREFERRED DISTRIBUTIONS TO TOTAL COMBINED FIXED CHARGES 2.01 2.42 2.13
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RATIO OF EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS TO TOTAL COMBINED
FIXED CHARGES AND PREFERRED DISTRIBUTIONS 1.46 1.64 1.59
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RATIO OF FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS TO TOTAL
COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS 2.33 2.48 2.39
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