EX-12 3 a2079745zex-12.htm COMPUTATION OF RATIO OF EARNINGS
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Exhibit 12

ERP OPERATING LIMITED PARTNERSHIP
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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ERP OPERATING LIMITED PARTNERSHIP Consolidated Historical Computation of Ratio of Earnings to Combined Fixed Charges