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