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EQUITY RESIDENTIAL PROPERTIES TRUST
Consolidated Historical
Computation of Ratio of Earnings to Combined Fixed Charges
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Historical
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06/30/01 06/30/00 12/31/00 12/31/99 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 $ 199,172 $ 176,057 $ 380,613 $ 319,842 $ 251,927 $ 176,014 $ 97,033
Interest and other financing costs 190,383 190,263 382,946 337,189 246,585 121,324 81,351
Amortization of deferred financing costs 2,810 2,703 5,473 4,084 2,757 2,523 4,242
Income from investments in unconsolidated entities
(cash basis) 11,795 8,913 18,051 7,125 2,039 -- --
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Earnings before combined fixed charges
and preferred distributions 404,160 377,936 787,083 668,240 503,308 299,861 182,626
Depreciation/amortization 227,802 224,512 451,344 408,688 301,869 156,644 93,253
Non-real estate depreciation (3,980) (3,157) (12,093) (7,231) (5,361) (3,118) (2,079)
Depreciation from Unconsolidated and Partially Owned
Properties 4,729 (491) 1,244 1,009 183 -- --
Loss on investment in technology segment 6,775 -- 1,000 -- -- -- --
Allocation to Minority Interests-Partially Owned
Properties 238 (157) 132 -- -- -- --
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Funds from operations before combined fixed charges
and preferred distributions $ 639,724 $ 598,643 $ 1,228,710 $ 1,070,706 $ 799,999 $ 453,387 $ 273,800
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Interest and other financing costs $ 190,383 $ 190,263 $ 382,946 $ 337,189 $ 246,585 $ 121,324 $ 81,351
Amortization of deferred financing costs 2,810 2,703 5,473 4,084 2,757 2,523 4,242
Interest capitalized for real estate under construction 1,408 480 1,325 1,493 1,620 -- --
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Total Combined Fixed Charges 194,601 193,446 389,744 342,766 250,962 123,847 85,593
Preferred distributions 57,419 55,654 111,941 113,196 92,917 59,012 29,015
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Total Combined Fixed Charges
and Preferred Distributions $ 252,020 $ 249,100 $ 501,685 $ 455,962 $ 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 2.08 1.95 2.02 1.95 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 1.60 1.52 1.57 1.47 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 2.54 2.40 2.45 2.35 2.33 2.48 2.39
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