EX-12 3 a2086543zex-12.htm EXHIBIT 12 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
 
   6/30/02
   6/30/01
   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   $ 192,833   $ 204,896   $ 356,424   $ 395,937   $ 326,483   $ 251,927   $ 176,014
  Interest and other financing costs     171,993     178,660     355,250     366,622     330,548     246,585     121,324
  Amortization of deferred financing costs     2,988     2,810     5,841     5,473     4,084     2,757     2,523
  Income from investments in unconsolidated entities     233     960     3,772     2,309     3,850     3,105     —
   
 
 
 
 
 
 
Earnings before combined fixed charges and preferred distributions     368,047     387,326     721,287     770,341     664,965     504,374     299,861
  Preferred distributions     48,781     57,419     106,119     111,941     113,196     92,917     59,012
   
 
 
 
 
 
 
Earnings before combined fixed charges   $ 319,266   $ 329,907   $ 615,168   $ 658,400   $ 551,769   $ 411,457   $ 240,849
   
 
 
 
 
 
 
  Interest and other financing costs   $ 171,993   $ 178,660   $ 355,250   $ 366,622   $ 330,548   $ 246,585   $ 121,324
  Amortization of deferred financing costs     2,988     2,810     5,841     5,473     4,084     2,757     2,523
  Interest capitalized for real estate and unconsolidated entities under development     12,323     12,817     28,174     17,650     8,134     1,620     —
   
 
 
 
 
 
 
Total combined fixed charges     187,304     194,287     389,265     389,745     342,766     250,962     123,847
  Preferred distributions     48,781     57,419     106,119     111,941     113,196     92,917     59,012
   
 
 
 
 
 
 
Total combined fixed charges and preferred distributions   $ 236,085   $ 251,706   $ 495,384   $ 501,686   $ 455,962   $ 343,879   $ 182,859
   
 
 
 
 
 
 
Ratio of earnings before combined fixed charges to total combined fixed charges     1.70     1.70     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     1.56     1.54     1.46     1.54     1.46     1.47     1.64
   
 
 
 
 
 
 


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