EQUITY RESIDENTIAL PROPERTIES TRUST
Consolidated and Combined Historical, Including Predecessor Business
Earnings to Combined Fixed Charges and Preferred Distributions Ratio
Historical
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12/31/96 12/31/95 12/31/94 12/31/93 12/31/92
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(Amounts in thousands)
REVENUES
Rental income $ 454,412 $ 373,919 $ 220,727 $ 104,388 $ 86,597
Fee income - outside managed 6,749 7,030 4,739 4,651 4,215
Interest income - investment in mortgage notes 12,819 4,862 - - -
Interest and other income 4,405 4,573 5,568 3,031 2,161
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Total revenues 478,385 390,384 231,034 112,070 92,973
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EXPENSES
Property and maintenance 127,172 112,186 66,534 35,324 30,680
Real estate taxes and insurance 44,128 37,002 23,028 11,403 10,274
Property management 17,512 15,213 10,249 3,491 2,912
Property management - non-recurring - - 879 - -
Fee and asset management 3,837 3,887 2,056 2,524 2,403
Depreciation 93,253 72,410 37,273 15,384 13,442
Interest:
Expense incurred 81,351 78,375 37,044 26,042 31,926
Amortization of deferred financing costs 4,242 3,444 1,930 3,322 2,702
Refinancing costs - - - 3,284 -
General and administrative 9,857 8,129 6,053 3,159 1,915
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Total expenses 381,352 330,646 185,046 103,933 96,254
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Income (loss) before extraordinary items 97,033 59,738 45,988 8,137 (3,281)
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Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs 81,351 78,375 37,044 26,042 31,926
Refinancing costs - - - 3,284 -
Amortization of deferred financing costs 4,242 3,444 1,930 3,322 2,702
Preferred distributions 29,015 10,109 - - -
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Total Combined Fixed Charges
and Preferred Distributions 114,608 91,928 38,974 32,648 34,628
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Earnings before combined fixed charges
and preferred distributions 182,626 141,557 84,962 40,785 31,347
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Funds from operations before combined fixed
charges and preferred distributions 275,879 213,967 123,114 56,169 44,789
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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 1.25 0.91
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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 1.72 1.29
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Earnings deficiency to cover fixed charges N/A N/A N/A N/A (3,281)
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