EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED HISTORICAL
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS RATIO
HISTORICAL
--------------------------------------------------------------------------------------
6/30/99 6/30/98 12/31/98 12/31/97 12/31/96 12/31/95 12/31/94
--------------------------------------------------------------------------------------
(Amounts in thousands)
REVENUES
Rental income $ 819,178 $ 571,370 $ 1,293,560 $ 707,733 $ 454,412 $ 373,919 $ 220,727
Fee income - outside managed 2,414 2,790 5,622 5,697 6,749 7,030 4,739
Interest income - investment
in mortgage notes 5,644 10,221 18,564 20,366 12,819 4,862 -
Interest and other income 11,323 9,010 19,703 13,525 4,405 4,573 5,568
------------ ---------- ------------ ---------- ---------- ---------- ---------
Total revenues 838,559 593,391 1,337,449 747,321 478,385 390,384 231,034
------------ ---------- ------------ ---------- ---------- ---------- ---------
EXPENSES
Property and maintenance 196,865 138,303 326,567 176,075 127,172 112,186 66,534
Real estate taxes and insurance 84,515 56,484 126,009 69,520 44,128 37,002 23,028
Property management 27,973 25,007 52,705 26,793 17,512 15,213 10,249
Property management -
non-recurring - - - - - - 879
Fee and asset management 1,624 2,247 4,207 3,364 3,837 3,887 2,056
Depreciation 197,134 131,910 301,869 156,644 93,253 72,410 37,273
Interest:
Expense incurred 158,499 105,651 246,585 121,324 81,351 78,375 37,044
Amortization of deferred
financing costs 1,661 1,275 2,757 2,523 4,242 3,444 1,930
General and administrative 10,914 9,974 21,718 15,064 9,857 8,129 6,053
------------ ---------- ------------ ---------- ---------- ---------- ---------
Total expenses 679,185 470,851 1,082,417 571,307 381,352 330,646 185,046
------------ ---------- ------------ ---------- ---------- ---------- ---------
Income (loss) before extraordinary
items $ 159,374 $ 122,540 $ 255,032 $ 176,014 $ 97,033 $ 59,738 $ 45,988
============ ========== ============ ========== ========== ========== =========
Combined Fixed Charges and Preferred
Distributions:
Interest and other financing costs $ 158,499 $ 105,651 $ 246,585 $ 121,324 $ 81,351 $ 78,375 $ 37,044
Amortization of deferred
financing costs 1,661 1,275 2,757 2,523 4,242 3,444 1,930
Preferred distributions 57,111 43,384 92,917 59,012 29,015 10,109 -
------------ ---------- ------------ ---------- ---------- ---------- ---------
TOTAL COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 217,271 $ 150,310 $ 342,259 $ 182,859 $ 114,608 $ 91,928 $ 38,974
============ ========== ============ ========== ========== ========== =========
EARNINGS BEFORE COMBINED FIXED
CHARGES AND PREFERRED
DISTRIBUTIONS $ 319,534 $ 229,466 $ 504,374 $ 299,861 $ 182,626 $ 141,557 $ 84,962
============ ========== ============ ========== ========== ========== =========
FUNDS FROM OPERATIONS BEFORE COMBINED
FIXED CHARGES AND PREFERRED
DISTRIBUTIONS $ 516,668 $ 361,376 $ 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 1.53 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 2.38 2.40 2.36 2.50 2.41 2.33 3.16
============ ========== ============ ========== ========== ========== =========