Exhibit 12
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED HISTORICAL
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS RATIO
HISTORICAL
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3/31/99 3/31/98 12/31/98 12/31/97 12/31/96 12/31/95 12/31/94
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(Amounts in thousands)
REVENUES
Rental income $ 406,062 $ 277,226 $1,293,560 $ 707,733 $454,412 $373,919 $220,727
Fee income - outside managed 1,234 1,360 5,622 5,697 6,749 7,030 4,739
Interest income - investment in mortgage notes 2,895 4,931 18,564 20,366 12,819 4,862 -
Interest and other income 6,046 2,824 19,703 13,525 4,405 4,573 5,568
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Total revenues 416,237 286,341 1,337,449 747,321 478,385 390,384 231,034
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EXPENSES
Property and maintenance 97,047 66,713 326,567 176,075 127,172 112,186 66,534
Real estate taxes and insurance 42,048 27,443 126,009 69,520 44,128 37,002 23,028
Property management 14,201 11,579 52,705 26,793 17,512 15,213 10,249
Property management - non-recurring - - - - - - 879
Fee and asset management 867 1,052 4,207 3,364 3,837 3,887 2,056
Depreciation 96,901 64,390 301,869 156,644 93,253 72,410 37,273
Interest:
Expense incurred 79,197 50,254 246,585 121,324 81,351 78,375 37,044
Amortization of deferred financing costs 845 624 2,757 2,523 4,242 3,444 1,930
General and administrative 5,867 4,880 21,718 15,064 9,857 8,129 6,053
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Total expenses 336,973 226,935 1,082,417 571,307 381,352 330,646 185,046
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Income (loss) before extraordinary items $ 79,264 59,406 255,032 176,014 $ 97,033 $ 59,738 $ 45,988
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Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs $ 79,197 50,254 246,585 121,324 $ 81,351 $ 78,375 $ 37,044
Amortization of deferred financing costs 845 624 2,757 2,523 4,242 3,444 1,930
Preferred distributions 29,377 21,692 92,917 59,012 29,015 10,109 -
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TOTAL COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 109,419 72,570 342,259 182,859 $114,608 $ 91,928 $ 38,974
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EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 159,306 110,284 504,374 299,861 $182,626 $141,557 $ 84,962
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FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS $ 256,207 174,674 806,243 456,505 $275,879 $213,967 $123,114
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RATIO OF EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS TO COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS 1.46 1.52 1.47 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 2.34 2.41 2.36 2.50 2.41 2.33 3.16
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