Exhibit 12
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED AND COMBINED HISTORICAL, INCLUDING PREDECESSOR BUSINESS
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS RATIO
HISTORICAL
----------------------------------------------------------------------------
12/31/98 12/31/97 12/31/96 12/31/95 12/31/94
------------- ------------- ------------- ------------- -------------
(Amounts in thousands)
REVENUES
Rental income $ 1,293,560 $ 707,733 $ 454,412 $ 73,919 $ 220,727
Fee income - outside managed 5,622 5,697 6,749 7,030 4,739
Interest income - investment in mortgage notes 18,564 20,366 12,819 4,862 -
Interest and other income 19,703 13,525 4,405 4,573 5,568
------------- ------------ --------------- -------------- -------------
Total revenues 1,337,449 747,321 478,385 390,384 231,034
------------- ------------ --------------- -------------- -------------
EXPENSES
Property and maintenance 326,567 176,075 127,172 112,186 66,534
Real estate taxes and insurance 126,009 69,520 44,128 37,002 23,028
Property management 52,705 26,793 17,512 15,213 10,249
Property management - non-recurring - - - - 879
Fee and asset management 4,207 3,364 3,837 3,887 2,056
Depreciation 301,869 156,644 93,253 72,410 37,273
Interest:
Expense incurred 246,585 121,324 81,351 78,375 37,044
Amortization of deferred financing costs 2,757 2,523 4,242 3,444 1,930
Refinancing costs - - - - -
General and administrative 21,718 15,064 9,857 8,129 6,053
------------- ------------ --------------- -------------- -------------
Total expenses 1,082,417 571,307 381,352 330,646 185,046
------------- ------------ --------------- -------------- -------------
Income (loss) before extraordinary items $ 255,032 176,014 $ 97,033 $ 59,738 $ 45,988
============= ============ =============== ============== =============
Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs $ 246,585 121,324 $ 81,351 $ 78,375 $ 37,044
Refinancing costs - - - - -
Amortization of deferred financing costs 2,757 2,523 4,242 3,444 1,930
Preferred distributions 92,917 59,012 29,015 10,109 -
------------- ------------ --------------- -------------- -------------
TOTAL COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 342,259 182,859 $ 114,608 $ 91,928 $ 38,974
============= ============ =============== ============== =============
EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 504,374 299,861 $ 182,626 $ 141,557 $ 84,962
============= ============ =============== ============== =============
FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS $ 806,243 456,505 $ 275,879 $ 213,967 $ 123,114
============= ============ =============== ============== =============
RATIO OF EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS TO COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS 1.47 1.64 1.59 1.54 2.18
============= ============ =============== ============== =============
RATIO OF FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS TO COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS 2.36 2.50 2.41 2.33 3.16
============= ============ =============== ============== =============