EX-12 4 a05-15715_1ex12.htm EX-12

Exhibit 12

 

ERP OPERATING LIMITED PARTNERSHIP

Computation of Ratio of Earnings to Combined Fixed Charges

 

 

 

6/30/05

 

6/30/04

 

12/31/04

 

12/31/03

 

12/31/02

 

12/31/01

 

12/31/00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

147,595

 

$

99,612

 

$

185,624

 

$

201,898

 

$

221,456

 

$

278,904

 

$

246,822

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense incurred, net

 

184,322

 

161,224

 

329,801

 

317,726

 

321,942

 

329,235

 

340,767

 

Amortization of deferred financing costs

 

3,294

 

2,872

 

6,381

 

5,510

 

5,435

 

4,746

 

4,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before combined fixed charges and preferred distributions

 

335,211

 

263,708

 

521,806

 

525,134

 

548,833

 

612,885

 

592,396

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preference Unit distributions

 

(26,043

)

(27,325

)

(53,746

)

(76,435

)

(76,615

)

(87,504

)

(100,855

)

Preference Interest distributions

 

(5,272

)

(10,106

)

(19,420

)

(20,211

)

(20,211

)

(18,263

)

(10,650

)

Junior Preference Unit distributions

 

(7

)

(62

)

(70

)

(325

)

(325

)

(352

)

(436

)

Premium on redemption of Preference Units

 

—

 

—

 

—

 

(20,237

)

—

 

(5,324

)

—

 

Premium on redemption of Preference Interests

 

(4,112

)

—

 

(1,117

)

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before combined fixed charges

 

$

299,777

 

$

226,215

 

$

447,453

 

$

407,926

 

$

451,682

 

$

501,442

 

$

480,455

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense incurred, net

 

$

184,322

 

$

161,224

 

$

329,801

 

$

317,726

 

$

321,942

 

$

329,235

 

$

340,767

 

Amortization of deferred financing costs

 

3,294

 

2,872

 

6,381

 

5,510

 

5,435

 

4,746

 

4,807

 

Interest capitalized for real estate and unconsolidated entities under development

 

5,761

 

6,850

 

13,969

 

20,647

 

27,167

 

28,174

 

17,650

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total combined fixed charges

 

193,377

 

170,946

 

350,151

 

343,883

 

354,544

 

362,155

 

363,224

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preference Unit distributions

 

26,043

 

27,325

 

53,746

 

76,435

 

76,615

 

87,504

 

100,855

 

Preference Interest distributions

 

5,272

 

10,106

 

19,420

 

20,211

 

20,211

 

18,263

 

10,650

 

Junior Preference Unit distributions

 

7

 

62

 

70

 

325

 

325

 

352

 

436

 

Premium on redemption of Preference Units

 

—

 

—

 

—

 

20,237

 

—

 

5,324

 

—

 

Premium on redemption of Preference Interests

 

4,112

 

—

 

1,117

 

—

 

—

 

—

 

—

 

Total combined fixed charges and preferred distributions

 

$

228,811

 

$

208,439

 

$

424,504

 

$

461,091

 

$

451,695

 

$

473,598

 

$

475,165

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings before combined fixed charges to total combined fixed charges

 

1.55

 

1.32

 

1.28

 

1.19

 

1.27

 

1.38

 

1.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions

 

1.47

 

1.27

 

1.23

 

1.14

 

1.22

 

1.29

 

1.25