EQUITY RESIDENTIAL PROPERTIES TRUST
Consolidated and Combined Historical, Including Predecessor Business
Earnings to Combined Fixed Charges and Preferred Distributions Ratio
Historical
-------- -------- -------- -------- -------- -------- --------
03/31/98 03/31/97 12/31/97 12/31/96 12/31/95 12/31/94 12/31/93
-------- -------- -------- -------- -------- -------- --------
(Amounts in thousands)
REVENUES
Rental income $277,226 $134,235 $707,733 $454,412 $373,919 $220,727 $104,388
Fee income - outside managed 1,360 1,578 5,697 6,749 7,030 4,739 4,651
Interest income - investment in mortgage notes 4,931 3,683 20,366 12,819 4,862 - -
Interest and other income 2,824 1,891 13,525 4,405 4,573 5,568 3,031
-------- -------- -------- -------- -------- -------- --------
Total revenues 286,341 141,387 747,321 478,385 390,384 231,034 112,070
-------- -------- -------- -------- -------- -------- --------
EXPENSES
Property and maintenance 66,713 32,334 176,075 127,172 112,186 66,534 35,324
Real estate taxes and insurance 27,443 13,911 69,520 44,128 37,002 23,028 11,403
Property management 11,579 5,671 26,793 17,512 15,213 10,249 3,491
Property management - non-recurring - - - - - 879 -
Fee and asset management 1,052 967 3,364 3,837 3,887 2,056 2,524
Depreciation 64,390 28,877 156,644 93,253 72,410 37,273 15,384
Interest:
Expense incurred 50,254 23,293 121,324 81,351 78,375 37,044 26,042
Amortization of deferred financing costs 624 603 2,523 4,242 3,444 1,930 3,322
Refinancing costs - - - - - - 3,284
General and administrative 4,880 2,975 15,064 9,857 8,129 6,053 3,159
-------- -------- -------- -------- -------- -------- --------
Total expenses 226,935 108,631 571,307 381,352 330,646 185,046 103,933
-------- -------- -------- -------- -------- -------- --------
Income (loss) before extraordinary items 59,406 32,756 176,014 97,033 59,738 45,988 8,137
======== ======== ======== ======== ======== ======== ========
Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs 50,254 23,293 121,324 81,351 78,375 37,044 26,042
Refinancing costs - - - - - - 3,284
Amortization of deferred financing costs 624 603 2,523 4,242 3,444 1,930 3,322
Preferred distributions 21,692 9,061 59,012 29,015 10,109 - -
-------- -------- -------- -------- -------- -------- --------
Total Combined Fixed Charges
and Preferred Distributions 72,570 32,957 182,859 114,608 91,928 38,974 32,648
======== ======== ======== ======== ======== ======== ========
Earnings before combined fixed charges
and preferred distributions 110,284 56,652 299,861 182,626 141,557 84,962 40,785
======== ======== ======== ======== ======== ======== ========
Funds from operations before combined fixed
charges and preferred distributions 174,674 85,529 456,505 275,879 213,967 122,235 56,169
======== ======== ======== ======== ======== ======== ========
Ratio of earnings before combined fixed charges
and preferred distributions to combined fixed
charges and preferred distributions 1.52 1.72 1.64 1.59 1.54 2.18 1.25
======== ======== ======== ======== ======== ======== ========
Ratio of funds from operations before combined fixed
charges and preferred distributions to combined
fixed charges and preferred distributions 2.41 2.60 2.50 2.41 2.33 3.14 1.72
======== ======== ======== ======== ======== ======== ========