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Exhibit 12
ERP OPERATING LIMITED PARTNERSHIP
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 - -
----------- ----------- ------------ ------------ ----------- ----------- ----------
EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS 549,078 579,732 787,083 668,240 503,308 299,861 182,626
Preferred distributions 81,759 83,597 111,941 113,196 92,917 59,012 29,015
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EARNINGS BEFORE COMBINED FIXED CHARGES $ 467,319 $ 496,135 $ 675,142 $ 555,044 $ 410,391 $ 240,849 $ 153,611
=========== =========== ============ ============ =========== =========== ==========
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 1.59 1.71 1.73 1.62 1.64 1.94 1.79
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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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