EX-12 4 a2063241zex-12.txt EXHIBIT 12 EXHIBIT 12 EQUITY RESIDENTIAL PROPERTIES TRUST CONSOLIDATED HISTORICAL COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
HISTORICAL ------------------------------------------------------------------------------------------ 09/30/01 09/30/00 12/31/00 12/31/99 12/31/98 12/31/97 12/31/96 ------------------------------------------------------------------------------------------ (Amounts in thousands) Income before allocation to Minority Interests, income from investments in unconsolidated entities, net gain on sales of real estate, extraordinary items and cummulative effect of change in accounting principle $ 237,159 $ 275,743 $ 380,613 $ 319,842 $ 251,927 $ 176,014 $ 97,033 Interest and other financing costs 287,329 285,337 382,946 337,189 246,585 121,324 81,351 Amortization of deferred financing costs 4,338 4,063 5,473 4,084 2,757 2,523 4,242 Income from investments in unconsolidated entities (cash basis) 20,252 14,589 18,051 7,125 2,039 - - --------- ---------- ---------- ---------- ---------- ---------- ---------- EARNINGS BEFORE COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS 549,078 579,732 787,083 668,240 503,308 299,861 182,626 Depreciation/amortization 343,866 335,607 451,344 408,688 301,869 156,644 93,253 Non-real estate depreciation (4,787) (5,830) (12,093) (7,231) (5,361) (3,118) (2,079) Depreciation from Unconsolidated and Partially Owned Properties 6,989 (193) 1,244 1,009 183 - - Impairment on furniture rental business 60,000 - - - - - - Impairment on technology investments 7,968 - 1,000 - - - - Allocation to Minority Interests-Partially Owned Properties 1,523 (145) 132 - - - - --------- ---------- ---------- ---------- ----------- ---------- ---------- FUNDS FROM OPERATIONS BEFORE COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS $ 964,637 $ 909,171 $1,228,710 $1,070,706 $ 799,999 $ 453,387 $ 273,800 ========= ========== ========== ========== ========== ========== ========== Interest and other financing costs $ 287,329 $ 285,337 $ 382,946 $ 337,189 $ 246,585 $ 121,324 $ 81,351 Amortization of deferred financing costs 4,338 4,063 5,473 4,084 2,757 2,523 4,242 Interest capitalized for real estate under construction 2,159 827 1,325 1,493 1,620 - - --------- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL COMBINED FIXED CHARGES 293,826 290,227 389,744 342,766 250,962 123,847 85,593 Preferred distributions 81,759 83,597 111,941 113,196 92,917 59,012 29,015 --------- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS $ 375,585 $ 373,824 $ 501,685 $ 455,962 $ 343,879 $ 182,859 $ 114,608 ========= ========== ========== ========== ========== ========== ========== RATIO OF EARNINGS BEFORE COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS TO TOTAL COMBINED FIXED CHARGES 1.87 2.00 2.02 1.95 2.01 2.42 2.13 ========= ========== ========== ========== ========== ========== ========== RATIO OF EARNINGS BEFORE COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS TO TOTAL COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS 1.46 1.55 1.57 1.47 1.46 1.64 1.59 ========= ========== ========== ========== ========== ========== ========== RATIO OF FUNDS FROM OPERATIONS BEFORE COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS TO TOTAL COMBINED FIXED CHARGES AND PREFERRED DISTRIBUTIONS 2.57 2.43 2.45 2.35 2.33 2.48 2.39 ========= ========== ========== ========== ========== ========== ==========