Exhibit 12

EQUITY RESIDENTIAL

Computation of Ratio of Earnings to Combined Fixed Charges

	12/31/04			12/31/03			12/31/02			12/31/01			12/31/00
Income from continuing operations	$	135,276		$	157,867		$	188,114		$	242,238		$	207,800
Interest expense incurred, net	342,591			322,903			327,662			336,632			348,031
Amortization of deferred financing costs	6,723			5,612			5,502			4,807			4,849
Allocation to Minority Interests:
Operating Partnership	31,228			34,658			26,862			32,391			41,761
Preference Interests	19,420			20,211			20,211			18,263			10,650
Junior Preference Units	70			325			325			352			436
Premium on redemption of Preference Interests	1,117			—			—			—			—
Earnings before combined fixed charges and preferred distributions	536,425			541,576			568,676			634,683			613,527
Preferred Share distributions	(53,746		)	(76,435		)	(76,615		)	(87,504		)	(100,855		)
Premium on redemption of Preferred Shares	—			(20,237		)	—			(5,324		)	—
Preference Interest distributions	(19,420		)	(20,211		)	(20,211		)	(18,263		)	(10,650		)
Junior Preference Unit distributions	(70		)	(325		)	(325		)	(352		)	(436		)
Premium on redemption of Preference Interests	(1,117		)	—			—			—			—
Earnings before combined fixed charges	$	462,072		$	424,368		$	471,525		$	523,240		$	501,586
Interest expense incurred, net	$	342,591		$	322,903		$	327,662		$	336,632		$	348,031
Amortization of deferred financing costs	6,723			5,612			5,502			4,807			4,849
Interest capitalized for real estate and unconsolidated entities under development	13,969			20,647			27,167			28,174			17,650
Total combined fixed charges	363,283			349,162			360,331			369,613			370,530
Preferred Share distributions	53,746			76,435			76,615			87,504			100,855
Premium on redemption of Preferred Shares	—			20,237			—			5,324			—
Preference Interest distributions	19,420			20,211			20,211			18,263			10,650
Junior Preference Unit distributions	70			325			325			352			436
Premium on redemption of Preference Interests	1,117			—			—			—			—
Total combined fixed charges and preferred distributions	$	437,636		$	466,370		$	457,482		$	481,056		$	482,471
Ratio of earnings before combined fixed charges to total combined fixed charges	1.27			1.22			1.31			1.42			1.35
Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions	1.23			1.16			1.24			1.32			1.27