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EXHIBIT 12
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED HISTORICAL
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
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HISTORICAL
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09/30/01 09/30/00 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 $ 237,159 $ 275,743 $ 380,613 $ 319,842 $ 251,927 $ 176,014 $ 97,033
Interest and other financing costs 287,329 285,337 382,946 337,189 246,585 121,324 81,351
Amortization of deferred financing
costs 4,338 4,063 5,473 4,084 2,757 2,523 4,242
Income from investments in
unconsolidated entities (cash
basis) 20,252 14,589 18,051 7,125 2,039 - -
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EARNINGS BEFORE COMBINED FIXED
CHARGES AND PREFERRED
DISTRIBUTIONS 549,078 579,732 787,083 668,240 503,308 299,861 182,626
Depreciation/amortization 343,866 335,607 451,344 408,688 301,869 156,644 93,253
Non-real estate depreciation (4,787) (5,830) (12,093) (7,231) (5,361) (3,118) (2,079)
Depreciation from Unconsolidated
and Partially Owned Properties 6,989 (193) 1,244 1,009 183 - -
Impairment on furniture rental
business 60,000 - - - - - -
Impairment on technology
investments 7,968 - 1,000 - - - -
Allocation to Minority
Interests-Partially Owned
Properties 1,523 (145) 132 - - - -
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FUNDS FROM OPERATIONS BEFORE
COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 964,637 $ 909,171 $1,228,710 $1,070,706 $ 799,999 $ 453,387 $ 273,800
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Interest and other financing costs $ 287,329 $ 285,337 $ 382,946 $ 337,189 $ 246,585 $ 121,324 $ 81,351
Amortization of deferred financing
costs 4,338 4,063 5,473 4,084 2,757 2,523 4,242
Interest capitalized for real
estate under construction 2,159 827 1,325 1,493 1,620 - -
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TOTAL COMBINED FIXED CHARGES 293,826 290,227 389,744 342,766 250,962 123,847 85,593
Preferred distributions 81,759 83,597 111,941 113,196 92,917 59,012 29,015
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TOTAL COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 375,585 $ 373,824 $ 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 1.87 2.00 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 1.46 1.55 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 2.57 2.43 2.45 2.35 2.33 2.48 2.39
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