EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED HISTORICAL
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS RATIO
HISTORICAL
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9/30/99 9/30/98 12/31/98 12/31/97
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(Amounts in thousands)
REVENUES
Rental income $ 1,243,958 $ 901,087 $ 1,293,560 $ 707,733
Fee income - outside managed 3,432 4,204 5,622 5,697
Interest income - investment in mortgage notes 8,502 14,405 18,564 20,366
Interest and other income 17,655 12,803 19,703 13,525
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Total revenues 1,273,547 932,499 1,337,449 747,321
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EXPENSES
Property and maintenance 300,798 225,053 326,567 176,075
Real estate taxes and insurance 126,304 88,552 126,009 69,520
Property management 42,817 38,546 52,705 26,793
Property management - non-recurring - - - -
Fee and asset management 2,301 3,344 4,207 3,364
Depreciation 297,505 208,394 301,869 156,644
Interest:
Expense incurred 241,516 170,143 246,585 121,324
Amortization of deferred financing costs 2,773 1,962 2,757 2,523
General and administrative 15,736 14,488 21,718 15,064
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Total expenses 1,029,750 750,482 1,082,417 571,307
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Income (loss) before extraordinary items $ 243,797 $ 182,017 $ 255,032 $ 176,014
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Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs $ 241,516 $ 170,143 $ 246,585 $ 121,324
Amortization of deferred financing costs 2,773 1,962 2,757 2,523
Preferred distributions 85,118 65,075 92,917 59,012
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TOTAL COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 329,407 $ 237,180 $ 342,259 $ 182,859
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EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 488,086 $ 354,122 $ 504,374 $ 299,861
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FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS $ 785,591 $ 562,516 $ 806,243 $ 456,505
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RATIO OF EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS TO COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS 1.48 1.49 1.47 1.64
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RATIO OF FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS TO COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS 2.38 2.37 2.36 2.50
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HISTORICAL
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12/31/96 12/31/95 12/31/94
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(Amounts in thousands)
REVENUES
Rental income $ 454,412 $ 373,919 $ 220,727
Fee income - outside managed 6,749 7,030 4,739
Interest income - investment in mortgage notes 12,819 4,862 -
Interest and other income 4,405 4,573 5,568
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Total revenues 478,385 390,384 231,034
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EXPENSES
Property and maintenance 127,172 112,186 66,534
Real estate taxes and insurance 44,128 37,002 23,028
Property management 17,512 15,213 10,249
Property management - non-recurring - - 879
Fee and asset management 3,837 3,887 2,056
Depreciation 93,253 72,410 37,273
Interest:
Expense incurred 81,351 78,375 37,044
Amortization of deferred financing costs 4,242 3,444 1,930
General and administrative 9,857 8,129 6,053
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Total expenses 381,352 330,646 185,046
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Income (loss) before extraordinary items $ 97,033 $ 59,738 $ 45,988
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Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs $ 81,351 $ 78,375 $ 37,044
Amortization of deferred financing costs 4,242 3,444 1,930
Preferred distributions 29,015 10,109 -
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TOTAL COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 114,608 $ 91,928 $ 38,974
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EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 182,626 $ 141,557 $ 84,962
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FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS $ 275,879 $ 213,967 $ 123,114
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RATIO OF EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS TO COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS 1.59 1.54 2.18
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RATIO OF FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS TO COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS 2.41 2.33 3.16
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