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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09/30/97 09/30/96 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 $482,980 $327,749 $454,412 $373,919 $220,727 $104,388 $86,597
Fee income - outside managed 4,364 4,982 6,749 7,030 4,739 4,651 4,215
Interest income - investment in mortgage notes 14,821 9,084 12,819 4,862 - - -
Interest and other income 7,513 2,232 4,405 4,573 5,568 3,031 2,161
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Total revenues 509,678 344,047 478,385 390,384 231,034 112,070 92,973
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EXPENSES
Property and maintenance 117,681 93,128 127,172 112,186 66,534 35,324 30,680
Real estate taxes and insurance 48,560 32,301 44,128 37,002 23,028 11,403 10,274
Property management 18,765 13,136 17,512 15,213 10,249 3,491 2,912
Property management - non-recurring - - - - 879 - -
Fee and asset management 2,523 3,037 3,837 3,887 2,056 2,524 2,403
Depreciation 106,114 66,759 93,253 72,410 37,273 15,384 13,442
Interest:
Expense incurred 82,775 58,632 81,351 78,375 37,044 26,042 31,926
Amortization of deferred financing costs 1,810 2,860 4,242 3,444 1,930 3,322 2,702
Refinancing costs - - - - - 3,284 -
General and administrative 10,037 6,690 9,857 8,129 6,053 3,159 1,915
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Total expenses 388,265 276,543 381,352 330,646 185,046 103,933 96,254
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Income (loss) before extraordinary items $121,413 $ 67,504 $ 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 $ 82,775 $ 58,632 $ 81,351 $ 78,375 $ 37,044 $ 26,042 $31,926
Refinancing costs - - - - - 3,284 -
Amortization of deferred financing costs 1,810 2,860 4,242 3,444 1,930 3,322 2,702
Preferred distributions 37,287 19,953 29,015 10,109 - - -
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Total Combined Fixed Charges
and Preferred Distributions $121,872 $ 81,445 $114,608 $ 91,928 $ 38,974 $ 32,648 $34,628
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Earnings before combined fixed charges
and preferred distributions $205,998 $128,996 $182,626 $141,557 $ 84,962 $ 40,785 $31,347
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Funds from operations before combined fixed
charges and preferred distributions $312,112 $195,755 $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 1.58 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 2.56 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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