Exhibit 12

EQUITY RESIDENTIAL

Computation of Ratio of Earnings to Combined Fixed Charges

($ in thousands)

	Year Ended December 31,
	2008		2007		2006		2005		2004
Income from continuing operations, net of minority interests	$	40,909	$	67,829	$	30,293	$	87,707	$	24,498
Interest expense incurred, net		479,101		482,819		417,576		351,866		296,315
Amortization of deferred financing costs		9,701		10,121		8,077		6,338		5,676
Allocation to Minority Interests:
Operating Partnership, net		1,735		2,663		(738)		2,481		(2,170)
Preference Interests and Junior Preference Units		15		441		2,002		7,606		19,490
Premium on redemption of Preference Interests		-		-		684		4,134		1,117
Earnings before combined fixed charges and preferred distributions		531,461		563,873		457,894		460,132		344,926
Preferred Share distributions		(14,507)		(22,792)		(37,113)		(49,642)		(53,746)
Premium on redemption of Preferred Shares		-		(6,154)		(3,965)		(4,359)		-
Preference Interest and Junior Preference Unit distributions		(15)		(441)		(2,002)		(7,606)		(19,490)
Premium on redemption of Preference Interests		-		-		(684)		(4,134)		(1,117)
Earnings before combined fixed charges	$	516,939	$	534,486	$	414,130	$	394,391	$	270,573
Interest expense incurred, net	$	479,101	$	482,819	$	417,576	$	351,866	$	296,315
Amortization of deferred financing costs		9,701		10,121		8,077		6,338		5,676
Interest capitalized for real estate and unconsolidated entities under development		60,072		45,107		20,734		13,701		13,969
Amortization of deferred financing costs for real estate under development		1,986		1,521		46		-		-
Total combined fixed charges		550,860		539,568		446,433		371,905		315,960
Preferred Share distributions		14,507		22,792		37,113		49,642		53,746
Premium on redemption of Preferred Shares		-		6,154		3,965		4,359		-
Preference Interest and Junior Preference Unit distributions		15		441		2,002		7,606		19,490
Premium on redemption of Preference Interests		-		-		684		4,134		1,117
Total combined fixed charges and preferred distributions	$	565,382	$	568,955	$	490,197	$	437,646	$	390,313
Ratio of earnings before combined fixed charges to total combined fixed charges (1)		-		-		-		1.06		-
Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions (1)		-		-		-		1.05		-

(1) For 2008, 2007, 2006 and 2004, the coverage deficiencies on both ratios approximated $33.9 million, $5.1 million, $32.3 million and $45.4 million, respectively. All ratios have been reduced due to the disposition of properties which resulted in the inclusion of those properties in discontinued operations for all periods presented. For all periods presented, the ratios have been further reduced due to non-cash depreciation expense and impairment charges and premiums on the redemption of Preferred Shares and/or Preference Interests. The Company was in compliance with its unsecured public debt covenants for all periods presented.