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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09/30/98 09/30/97 12/31/97 12/31/96 12/31/95 12/31/94
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(Amounts in thousands)
REVENUES
Rental income $ 901,087 $ 482,980 $ 707,733 $ 454,412 $ 373,919 $ 220,727
Fee income - outside managed 4,204 4,364 5,697 6,749 7,030 4,739
Interest income - investment in mortgage notes 14,405 14,821 20,366 12,819 4,862 -
Interest and other income 12,994 7,513 13,525 4,405 4,573 5,568
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Total revenues 932,690 509,678 747,321 478,385 390,384 231,034
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EXPENSES
Property and maintenance 224,457 117,681 176,075 127,172 112,186 66,534
Real estate taxes and insurance 88,552 48,560 69,520 44,128 37,002 23,028
Property management 38,278 18,765 26,793 17,512 15,213 10,249
Property management - non-recurring - - - - - 879
Fee and asset management 3,289 2,523 3,364 3,837 3,887 2,056
Depreciation 208,394 106,114 156,644 93,253 72,410 37,273
Interest:
Expense incurred 170,143 82,775 121,324 81,351 78,375 37,044
Amortization of deferred financing costs 1,962 1,810 2,523 4,242 3,444 1,930
General and administrative 15,598 10,037 15,064 9,857 8,129 6,053
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Total expenses 750,673 388,265 571,307 381,352 330,646 185,046
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Income before extraordinary items $ 182,017 $ 121,413 $ 176,014 $ 97,033 $ 59,738 $ 45,988
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Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs $ 170,143 $ 82,775 $ 121,324 $ 81,351 $ 78,375 $ 37,044
Amortization of deferred financing costs 1,962 1,810 2,523 4,242 3,444 1,930
Preferred distributions 65,075 37,287 59,012 29,015 10,109 -
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Total Combined Fixed Charges
and Preferred Distributions $ 237,180 $ 121,872 $ 182,859 $ 114,608 $ 91,928 $ 38,974
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Earnings before combined fixed charges
and preferred distributions $ 354,122 $ 205,998 $ 299,861 $ 182,626 $ 141,557 $ 84,962
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Funds from operations before combined fixed
charges and preferred distributions $ 562,516 $ 312,112 $ 456,505 $ 275,879 $ 213,967 $ 122,235
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Ratio of earnings before combined fixed charges
and preferred distributions to combined fixed
charges and preferred distributions 1.49 1.69 1.64 1.59 1.54 2.18
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Ratio of funds from operations before combined fixed
charges and preferred distributions to combined
fixed charges and preferred distributions 2.37 2.56 2.50 2.41 2.33 3.14
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