EX-12 2 ex-12.txt EXHIBIT 12 EXHIBIT 12 EQUITY RESIDENTIAL PROPERTIES TRUST CONSOLIDATED HISTORICAL COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
HISTORICAL ----------------------------------------------------------- 6/30/00 6/30/99 12/31/99 12/31/98 ----------------------------------------------------------- (AMOUNTS IN THOUSANDS) REVENUES Rental income $ 952,740 819,178 $ 1,711,738 $ 1,293,560 Fee income - outside managed 2,632 2,414 4,970 5,622 Interest income - investment in mortgage notes 5,499 5,644 12,559 18,564 Interest and other income 17,652 11,123 23,851 19,250 ----------- ----------- ----------- ----------- Total revenues 978,523 838,359 1,753,118 1,336,996 ----------- ----------- ----------- ----------- EXPENSES Property and maintenance 227,845 196,865 414,026 326,733 Real estate taxes and insurance 95,001 84,515 171,289 126,009 Property management 37,760 27,973 61,626 53,101 Fee and asset management 2,102 1,624 3,587 4,279 Depreciation 224,512 197,134 408,688 301,869 Interest: Expense incurred 190,263 158,499 337,189 246,585 Amortization of deferred financing costs 2,703 1,661 4,084 2,757 General and administrative 13,216 10,714 22,296 20,631 ----------- ----------- ----------- ----------- Total expenses 793,402 678,985 1,422,785 1,081,964 ----------- ----------- ----------- ----------- Income before extraordinary items $ 185,121 $ 159,374 $ 330,333 $ 255,032 =========== =========== =========== =========== Combined Fixed Charges and Preferred Distributions: Interest and other financing costs $ 190,263 $ 158,499 $ 337,189 $ 246,585 Amortization of deferred financing costs 2,703 1,661 4,084 2,757 Preferred distributions 55,654 57,111 113,196 92,917 ----------- ----------- ----------- ----------- Total Combined Fixed Charges and Preferred Distributions $ 248,620 $ 217,271 $ 454,469 $ 342,259 =========== =========== =========== =========== Earnings before combined fixed charges and preferred distributions $ 378,087 $ 319,534 $ 671,606 $ 504,374 =========== =========== =========== =========== Funds from operations before combined fixed charges and preferred distributions (1)(2)(3) $ 598,951 $ 513,796 $ 1,074,072 $ 801,065 =========== =========== =========== =========== Ratio of earnings before combined fixed charges and preferred distributions to combined fixed charges and preferred distributions 1.52 1.47 1.48 1.47 =========== =========== =========== =========== Ratio of funds from operations before combined fixed charges and preferred distributions to combined fixed charges and preferred distributions 2.41 2.36 2.36 2.34 =========== =========== =========== =========== ------------------------------------------------------------------------------------------------------------------------- (1) Includes the Company's share of depreciation from Unconsolidated Properties $ 210 $ 551 $ 1,009 $ 183 =========== =========== =========== =========== (2) Excludes non-real estate depreciation $ (3,157) $ (3,423) $ (7,231) $ (5,361) =========== =========== =========== =========== (3) Excludes the minority interests' share of depreciation from Partially Owned Properties $ (701) $ -- $ -- $ -- =========== =========== =========== =========== HISTORICAL ------------------------------------------- 12/31/97 12/31/96 12/31/95 ------------------------------------------- (AMOUNTS IN THOUSANDS) REVENUES Rental income $ 707,733 $ 454,412 $ 373,919 Fee income - outside managed 5,697 6,749 7,030 Interest income - investment in mortgage notes 20,366 12,819 4,862 Interest and other income 13,282 4,405 4,573 ----------- ----------- ----------- Total revenues 747,078 478,385 390,384 ----------- ----------- ----------- EXPENSES Property and maintenance 176,075 127,172 112,186 Real estate taxes and insurance 69,520 44,128 37,002 Property management 26,793 17,512 15,213 Fee and asset management 3,364 3,837 3,887 Depreciation 156,644 93,253 72,410 Interest: Expense incurred 121,324 81,351 78,375 Amortization of deferred financing costs 2,523 4,242 3,444 General and administrative 14,821 9,857 8,129 ----------- ----------- ----------- Total expenses 571,064 381,352 330,646 ----------- ----------- ----------- Income before extraordinary items $ 176,014 $ 97,033 $ 59,738 =========== =========== =========== Combined Fixed Charges and Preferred Distributions: Interest and other financing costs $ 121,324 $ 81,351 $ 78,375 Amortization of deferred financing costs 2,523 4,242 3,444 Preferred distributions 59,012 29,015 10,109 ----------- ----------- ----------- Total Combined Fixed Charges and Preferred Distributions $ 182,859 $ 114,608 $ 91,928 =========== =========== =========== Earnings before combined fixed charges and preferred distributions $ 299,861 $ 182,626 $ 141,557 =========== =========== =========== Funds from operations before combined fixed charges and preferred distributions (1)(2)(3) $ 453,387 $ 273,800 $ 212,138 =========== =========== =========== Ratio of earnings before combined fixed charges and preferred distributions to combined fixed charges and preferred distributions 1.64 1.59 1.54 =========== =========== =========== Ratio of funds from operations before combined fixed charges and preferred distributions to combined fixed charges and preferred distributions 2.48 2.39 2.31 =========== =========== =========== --------------------------------------------------------------------------------------------------------- (1) Includes the Company's share of depreciation from Unconsolidated Properties $ -- $ -- $ -- =========== =========== =========== (2) Excludes non-real estate depreciation $ (3,118) $ (2,079) $ (1,829) =========== =========== =========== (3) Excludes the minority interests' share of depreciation from Partially Owned Properties $ -- $ -- $ -- =========== =========== ===========