EXHIBIT 12
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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06/30/97 06/30/96 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 $290,799 $209,239 $454,412 $373,919 $220,727 $104,388 $86,597
Fee income - outside managed 3,110 3,303 6,749 7,030 4,739 4,651 4,215
Interest income - investment in mortgage notes 8,011 5,866 12,819 4,862 - - -
Interest and other income 4,404 1,180 4,405 4,573 5,568 3,031 2,161
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Total revenues 306,324 219,588 478,385 390,384 231,034 112,070 92,973
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EXPENSES
Property and maintenance 70,760 59,217 127,172 112,186 66,534 35,324 30,680
Real estate taxes and insurance 29,667 21,229 44,128 37,002 23,028 11,403 10,274
Property management 11,819 8,800 17,512 15,213 10,249 3,491 2,912
Property management - non-recurring - - - - 879 - -
Fee and asset management 1,569 2,126 3,837 3,887 2,056 2,524 2,403
Depreciation 62,775 42,933 93,253 72,410 37,273 15,384 13,442
Interest:
Expense incurred 50,924 37,024 81,351 78,375 37,044 26,042 31,926
Amortization of deferred financing costs 1,220 1,895 4,242 3,444 1,930 3,322 2,702
Refinancing costs - - - - - 3,284 -
General and administrative 6,206 4,105 9,857 8,129 6,053 3,159 1,915
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Total expenses 234,940 177,329 381,352 330,646 185,046 103,933 96,254
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Income (loss) before extraordinary items $ 71,384 $ 42,259 $ 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 $ 50,924 $ 37,024 $ 81,351 $ 78,375 $ 37,044 $ 26,042 $31,926
Refinancing costs - - - - - 3,284 -
Amortization of deferred financing costs 1,220 1,895 4,242 3,444 1,930 3,322 2,702
Preferred distributions 20,939 12,874 29,015 10,109 - - -
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Total Combined Fixed Charges
and Preferred Distributions $ 73,083 $ 51,793 $114,608 $ 91,928 $ 38,974 $ 32,648 $34,628
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Earnings before combined fixed charges
and preferred distributions $123,528 $ 81,178 $182,626 $141,557 $ 84,962 $ 40,785 $31,347
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Funds from operations before combined fixed
charges and preferred distributions $186,303 $124,111 $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 1.69 1.57 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 2.55 2.40 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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