EX-12 5 a2079264zex-12.htm COMPUTATION OF RATIO OF EARNINGS
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Exhibit 12

EQUITY RESIDENTIAL PROPERTIES TRUST
Consolidated Historical
Computation of Ratio of Earnings to Combined Fixed Charges

 
   Historical
 
   3/31/02
   3/31/01
   12/31/01
   12/31/00
   12/31/99
   12/31/98
   12/31/97
 
   (Amounts in thousands)
Income before allocation to Minority Interests, income from investments in unconsolidated entities, net gain on sales of unconsolidated entities, discontinued operations, extraordinary items and cumulative effect of change in accounting principle   $ 99,246   $ 103,869   $ 356,424   $ 395,937   $ 326,483   $ 251,927   $ 176,014
 
Interest and other financing costs
 
 
84,795
 
 
89,898
 
 
355,250
 
 
366,622
 
 
330,548
 
 
246,585
 
 
121,324
 
Amortization of deferred financing costs
 
 
1,391
 
 
1,397
 
 
5,841
 
 
5,473
 
 
4,084
 
 
2,757
 
 
2,523
 
Income from investments in unconsolidated entities
 
 
226
 
 
350
 
 
3,772
 
 
2,309
 
 
3,850
 
 
3,105
 
 
—
   
 
 
 
 
 
 

Earnings before combined fixed charges and preferred distributions
 
 
185,658
 
 
195,514
 
 
721,287
 
 
770,341
 
 
664,965
 
 
504,374
 
 
299,861
 
Preferred distributions
 
 
24,525
 
 
28,526
 
 
106,119
 
 
111,941
 
 
113,196
 
 
92,917
 
 
59,012
   
 
 
 
 
 
 

Earnings before combined fixed charges
 
$
161,133
 
$
166,988
 
$
615,168
 
$
658,400
 
$
551,769
 
$
411,457
 
$
240,849
   
 
 
 
 
 
 
 
Interest and other financing costs
 
$
84,795
 
$
89,898
 
$
355,250
 
$
366,622
 
$
330,548
 
$
246,585
 
$
121,324
 
Amortization of deferred financing costs
 
 
1,391
 
 
1,397
 
 
5,841
 
 
5,473
 
 
4,084
 
 
2,757
 
 
2,523
 
Interest capitalized for real estate under development
 
 
5,884
 
 
5,987
 
 
28,174
 
 
17,650
 
 
8,134
 
 
1,620
 
 
—
   
 
 
 
 
 
 

Total combined fixed charges
 
 
92,070
 
 
97,282
 
 
389,265
 
 
389,745
 
 
342,766
 
 
250,962
 
 
123,847
 
Preferred distributions
 
 
24,525
 
 
28,526
 
 
106,119
 
 
111,941
 
 
113,196
 
 
92,917
 
 
59,012
   
 
 
 
 
 
 

Total combined fixed charges and preferred distributions
 
$
116,595
 
$
125,808
 
$
495,384
 
$
501,686
 
$
455,962
 
$
343,879
 
$
182,859
   
 
 
 
 
 
 

Ratio of earnings before combined fixed charges to total combined fixed charges
 
 
1.75
 
 
1.72
 
 
1.58
 
 
1.69
 
 
1.61
 
 
1.64
 
 
1.94
   
 
 
 
 
 
 

Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions
 
 
1.59
 
 
1.55
 
 
1.46
 
 
1.54
 
 
1.46
 
 
1.47
 
 
1.64
   
 
 
 
 
 
 


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EQUITY RESIDENTIAL PROPERTIES TRUST Consolidated Historical Computation of Ratio of Earnings to Combined Fixed Charges