ERP OPERATING LIMITED PARTNERSHIP
CONSOLIDATED HISTORICAL
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS RATIO
HISTORICAL
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6/30/99 6/30/98 12/31/98 12/31/97
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(Amounts in thousands)
REVENUES
Rental income $ 819,178 $ 571,370 $ 1,293,560 $ 707,733
Fee income - outside managed 2,414 2,790 5,622 5,697
Interest income - investment in mortgage notes 5,644 10,221 18,564 20,366
Interest and other income 11,323 9,010 19,703 13,525
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Total revenues 838,559 593,391 1,337,449 747,321
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EXPENSES
Property and maintenance 196,865 137,910 326,567 176,075
Real estate taxes and insurance 84,515 56,484 126,009 69,520
Property management 27,973 25,110 52,705 26,793
Property management - non-recurring - - - -
Fee and asset management 1,624 2,240 4,207 3,364
Depreciation 197,134 131,910 301,869 156,644
Interest:
Expense incurred 158,499 105,651 246,585 121,324
Amortization of deferred financing costs 1,661 1,275 2,757 2,523
General and administrative 10,914 10,271 21,718 15,064
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Total expenses 679,185 470,851 1,082,417 571,307
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Income (loss) before extraordinary items $ 159,374 $ 122,540 $ 255,032 $ 176,014
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Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs $ 158,499 $ 105,651 $ 246,585 $ 121,324
Amortization of deferred financing costs 1,661 1,275 2,757 2,523
Preferred distributions 57,243 43,384 92,917 59,012 -
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TOTAL COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 217,403 $ 150,310 $ 342,259 $ 182,859
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EARNINGS BEFORE COMBINED FIXED CHARGES
AND PREFERRED DISTRIBUTIONS $ 319,534 $ 229,466 $ 504,374 $ 299,861
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FUNDS FROM OPERATIONS BEFORE COMBINED FIXED
CHARGES AND PREFERRED DISTRIBUTIONS $ 516,668 $ 361,376 $ 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 1.47 1.53 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 2.38 2.40 2.36 2.50
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HISTORICAL
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12/31/96 12/31/95 12/31/94
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(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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