ERP OPERATING LIMITED PARTNERSHIP
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
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(Amounts in thousands)
REVENUES
Rental income $ 406,062 $ 277,226 $ 1,293,560 $ 707,733
Fee income - outside managed 1,234 1,360 5,622 5,697
Interest income - investment in mortgage notes 2,895 4,931 18,564 20,366
Interest and other income 6,046 2,824 19,703 13,525
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Total revenues 416,237 286,341 1,337,449 747,321
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EXPENSES
Property and maintenance 97,047 66,713 326,567 176,075
Real estate taxes and insurance 42,048 27,443 126,009 69,520
Property management 14,201 11,579 52,705 26,793
Property management -- non-recurring - - - -
Fee and asset management 867 1,052 4,207 3,364
Depreciation 96,901 64,390 301,869 156,644
Interest:
Expense incurred 79,197 50,254 246,585 121,324
Amortization of deferred financing costs 845 624 2,757 2,523
General and administrative 5,867 4,880 21,718 15,064
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Total expenses 336,973 226,935 1,082,417 571,307
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Income (loss) before extraordinary items $ 79,264 $ 59,406 $ 255,032 $ 176,014
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Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs $ 79,197 $ 50,254 $ 246,585 $ 121,324
Amortization of deferred financing costs 845 624 2,757 2,523
Preferred distributions 29,377 21,692 92,917 59,012
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TOTAL COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 109,419 $ 72,570 $ 342,259 $ 182,859
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EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 159,306 $ 110,284 $ 504,374 $ 299,861
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FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS $ 256,207 $ 174,674 $ 806,243 $ 456,505
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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
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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
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ERP OPERATING LIMITED PARTNERSHIP
CONSOLIDATED HISTORICAL
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS RATIO
HISTORICAL
--------------------------------------------
12/31/96 12/31/95 12/31/94
--------------------------------------------
(Amounts in thousands)
REVENUES
Rental income $ 454,412 $ 373,919 $ 220,727
Fee income - outside managed 6,749 7,030 4,739
Interest income - investment in mortgage notes 12,819 4,862 -
Interest and other income 4,405 4,573 5,568
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Total revenues 478,385 390,384 231,034
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EXPENSES
Property and maintenance 127,172 112,186 66,534
Real estate taxes and insurance 44,128 37,002 23,028
Property management 17,512 15,213 10,249
Property management -- non-recurring - - 879
Fee and asset management 3,837 3,887 2,056
Depreciation 93,253 72,410 37,273
Interest:
Expense incurred 81,351 78,375 37,044
Amortization of deferred financing costs 4,242 3,444 1,930
General and administrative 9,857 8,129 6,053
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Total expenses 381,352 330,646 185,046
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Income (loss) before extraordinary items $ 97,033 $ 59,738 $ 45,988
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Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs $ 81,351 $ 78,375 $ 37,044
Amortization of deferred financing costs 4,242 3,444 1,930
Preferred distributions 29,015 10,109 -
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TOTAL COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 114,608 $ 91,928 $ 38,974
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EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 182,626 $ 141,557 $ 84,962
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FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS $ 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 1.59 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 2.41 2.33 3.16
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