ERP OPERATING LIMITED PARTNERSHIP
Consolidated and Combined Historical, Including Predecessor Business
Earnings to Combined Fixed Charges and Preferred Distributions Ratio
Historical
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03/31/97 03/31/96 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 $134,235 $101,443 $454,412 $373,919 $220,727 $104,388 $86,597
Fee income - outside managed 1,578 1,545 6,749 7,030 4,739 4,651 4,215
Interest income - investment in mortgage notes 3,683 2,710 12,819 4,862 - - -
Interest and other income 1,891 623 4,405 4,573 5,568 3,031 2,161
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Total revenues 141,387 106,321 478,385 390,384 231,034 112,070 92,973
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EXPENSES
Property and maintenance 32,334 28,530 127,172 112,186 66,534 35,324 30,680
Real estate taxes and insurance 13,911 10,279 44,128 37,002 23,028 11,403 10,274
Property management 5,671 4,435 17,512 15,213 10,249 3,491 2,912
Property management - non-recurring - - - - 879 - -
Fee and asset management 967 1,106 3,837 3,887 2,056 2,524 2,403
Depreciation 28,877 20,616 93,253 72,410 37,273 15,384 13,442
Interest:
Expense incurred 23,293 18,241 81,351 78,375 37,044 26,042 31,926
Amortization of deferred financing costs 603 944 4,242 3,444 1,930 3,322 2,702
Refinancing costs - - - - - 3,284 -
General and administrative 2,975 2,215 9,857 8,129 6,053 3,159 1,915
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Total expenses 108,631 86,366 381,352 330,646 185,046 103,933 96,254
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Income (loss) before extraordinary items 32,756 19,955 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 23,293 18,241 81,351 78,375 37,044 26,042 31,926
Refinancing costs - - - - - 3,284 -
Amortization of deferred financing costs 603 944 4,242 3,444 1,930 3,322 2,702
Preferred distributions 9,061 6,437 29,015 10,109 - - -
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Total Combined Fixed Charges
and Preferred Distributions 32,957 25,622 114,608 91,928 38,974 32,648 34,628
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Earnings before combined fixed charges
and preferred distributions 56,652 39,140 182,626 141,557 84,962 40,785 31,347
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Funds from operations before combined fixed
charges and preferred distributions 85,529 59,756 275,879 213,967 122,235 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 1.72 1.53 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 2.60 2.33 2.41 2.33 3.14 1.72 1.29
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Earnings deficiency to cover fixed charges N/A N/A N/A N/A N/A N/A (3,281)
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