Exhibit 12

EQUITY RESIDENTIAL

Computation of Ratio of Earnings to Combined Fixed Charges

	09/30/04		09/30/03		12/31/03		12/31/02		12/31/01		12/31/00		12/31/99
Income from continuing operations	$	110,580	$	136,840	$	174,466	$	207,858	$	262,502	$	226,813	$	202,909
Interest expense incurred, net	252,267		243,579		324,652		330,287		341,505		353,675		316,060
Amortization of deferred financing costs	5,062		3,905		5,981		5,576		4,901		4,949		3,787
Allocation to Minority Interests -Operating Partnership	21,223		27,434		34,658		26,862		32,391		41,761		29,536
Earnings before combined fixed charges and preferred distributions	389,132		411,758		539,757		570,583		641,299		627,198		552,292
Preferred distributions	40,671		57,713		76,435		76,615		87,504		100,855		112,011
Premium on redemption of preferred shares	—		—		20,237		—		5,324		—		—
Earnings before combined fixed charges	$	348,461	$	354,045	$	443,085	$	493,968	$	548,471	$	526,343	$	440,281
Interest expense incurred, net	$	252,267	$	243,579	$	324,652	$	330,287	$	341,505	$	353,675	$	316,060
Amortization of deferred financing costs	5,062		3,905		5,981		5,576		4,901		4,949		3,787
Interest capitalized for real estate and unconsolidated entities under development	10,277		16,013		20,647		27,167		28,174		17,650		8,134
Total combined fixed charges	267,606		263,497		351,280		363,030		374,580		376,274		327,981
Preferred distributions	40,671		57,713		76,435		76,615		87,504		100,855		112,011
Premium on redemption of preferred shares	—		—		20,237		—		5,324		—		—
Total combined fixed charges and preferred distributions	$	308,277	$	321,210	$	447,952	$	439,645	$	467,408	$	477,129	$	439,992
Ratio of earnings before combined fixed charges to total combined fixed charges	1.30		1.34		1.26		1.36		1.46		1.40		1.34
Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions	1.26		1.28		1.20		1.30		1.37		1.31		1.26