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