STATEMENTS REGARDING COMPUTATION OF RATIOS
Published on
Exhibit 12
EQUITY RESIDENTIAL
Computation of Ratio of Earnings to Combined Fixed Charges
|
|
|
12/31/05 |
|
12/31/04 |
|
12/31/03 |
|
12/31/02 |
|
12/31/01 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Income from continuing operations |
|
$ |
152,462 |
|
$ |
117,779 |
|
$ |
123,294 |
|
$ |
149,421 |
|
$ |
203,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest expense incurred, net |
|
384,021 |
|
328,289 |
|
316,251 |
|
318,048 |
|
324,612 |
|
|||||
|
Amortization of deferred financing costs |
|
6,570 |
|
6,057 |
|
5,440 |
|
5,400 |
|
4,719 |
|
|||||
|
Allocation to Minority Interests: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Operating Partnership |
|
58,514 |
|
31,228 |
|
34,658 |
|
26,862 |
|
32,391 |
|
|||||
|
Preference Interests |
|
7,591 |
|
19,420 |
|
20,211 |
|
20,211 |
|
18,263 |
|
|||||
|
Junior Convertible Units |
|
15 |
|
70 |
|
325 |
|
325 |
|
352 |
|
|||||
|
Premium on redemption of Preference Interests |
|
4,134 |
|
1,117 |
|
— |
|
— |
|
— |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Earnings before combined fixed charges and preferred distributions |
|
613,307 |
|
503,960 |
|
500,179 |
|
520,267 |
|
583,529 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Preferred Share distributions |
|
(49,642 |
) |
(53,746 |
) |
(76,435 |
) |
(76,615 |
) |
(87,504 |
|
|||||
|
Premium on redemption of Preferred Shares |
|
(4,359 |
) |
— |
|
(20,237 |
) |
— |
|
(5,324 |
|
|||||
|
Preference Interest distributions |
|
(7,591 |
) |
(19,420 |
) |
(20,211 |
) |
(20,211 |
) |
(18,263 |
|
|||||
|
Junior Preference Unit distributions |
|
(15 |
) |
(70 |
) |
(325 |
) |
(325 |
) |
(352 |
|
|||||
|
Premium on redemption of Preference Interests |
|
(4,134 |
) |
(1,117 |
) |
— |
|
— |
|
— |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Earnings before combined fixed charges |
|
$ |
547,566 |
|
$ |
429,607 |
|
$ |
382,971 |
|
$ |
423,116 |
|
$ |
472,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest expense incurred, net |
|
$ |
384,021 |
|
$ |
328,289 |
|
$ |
316,251 |
|
$ |
318,048 |
|
$ |
324,612 |
|
|
Amortization of deferred financing costs |
|
6,570 |
|
6,057 |
|
5,440 |
|
5,400 |
|
4,719 |
|
|||||
|
Interest capitalized for real estate and unconsolidated entities under development |
|
13,701 |
|
13,969 |
|
20,647 |
|
27,167 |
|
28,174 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total combined fixed charges |
|
404,292 |
|
348,315 |
|
342,338 |
|
350,615 |
|
357,505 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Preferred Share distributions |
|
49,642 |
|
53,746 |
|
76,435 |
|
76,615 |
|
87,504 |
|
|||||
|
Premium on redemption of Preferred Shares |
|
4,359 |
|
— |
|
20,237 |
|
— |
|
5,324 |
|
|||||
|
Preference Interest distributions |
|
7,591 |
|
19,420 |
|
20,211 |
|
20,211 |
|
18,263 |
|
|||||
|
Junior Preference Unit distributions |
|
15 |
|
70 |
|
325 |
|
325 |
|
352 |
|
|||||
|
Premium on redemption of Preference Interests |
|
4,134 |
|
1,117 |
|
— |
|
— |
|
— |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total combined fixed charges and preferred distributions |
|
$ |
470,033 |
|
$ |
422,668 |
|
$ |
459,546 |
|
$ |
447,766 |
|
$ |
468,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Ratio of earnings before combined fixed charges to total combined fixed charges |
|
1.35 |
|
1.23 |
|
1.12 |
|
1.21 |
|
1.32 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions |
|
1.30 |
|
1.19 |
|
1.09 |
|
1.16 |
|
1.24 |
|
|||||