Exhibit 12
EQUITY RESIDENTIAL
Computation of Ratio of Earnings to Combined Fixed Charges
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| 03/31/03 |
| 03/31/02 |
| 12/31/02 |
| 12/31/01 |
| 12/31/00 |
| 12/31/99 |
| 12/31/98 |
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Income before allocation to Minority Interests, income (loss) from investments in unconsolidated entities, net gain on sales of unconsolidated entities and discontinued operations |
| $ | 72,165 |
| $ | 89,462 |
| $ | 328,905 |
| $ | 393,120 |
| $ | 360,878 |
| $ | 302,673 |
| $ | 234,920 |
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Interest and other financing costs |
| 80,809 |
| 84,331 |
| 337,489 |
| 352,903 |
| 363,851 |
| 328,459 |
| 243,531 |
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Amortization of deferred financing costs |
| 1,408 |
| 1,385 |
| 5,748 |
| 5,818 |
| 5,432 |
| 4,024 |
| 2,724 |
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Income (loss) from investments in unconsolidated entities |
| 107 |
| 226 |
| (3,698 | ) | 3,772 |
| 2,309 |
| 3,850 |
| 1,192 |
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Earnings before combined fixed charges and preferred distributions |
| 154,489 |
| 175,404 |
| 668,444 |
| 755,613 |
| 732,470 |
| 639,006 |
| 482,367 |
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Preferred distributions |
| 24,180 |
| 24,525 |
| 97,151 |
| 106,119 |
| 111,941 |
| 113,196 |
| 92,917 |
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Earnings before combined fixed charges |
| $ | 130,309 |
| $ | 150,879 |
| $ | 571,293 |
| $ | 649,494 |
| $ | 620,529 |
| $ | 525,810 |
| $ | 389,450 |
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Interest and other financing costs |
| $ | 80,809 |
| $ | 84,331 |
| $ | 337,489 |
| $ | 352,903 |
| $ | 363,851 |
| $ | 328,459 |
| $ | 243,531 |
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Amortization of deferred financing costs |
| 1,408 |
| 1,385 |
| 5,748 |
| 5,818 |
| 5,432 |
| 4,024 |
| 2,724 |
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Interest capitalized for real estate and unconsolidated entities under development |
| 5,437 |
| 5,884 |
| 27,167 |
| 28,174 |
| 17,650 |
| 8,134 |
| 1,620 |
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Total combined fixed charges |
| 87,654 |
| 91,600 |
| 370,404 |
| 386,895 |
| 386,933 |
| 340,617 |
| 247,875 |
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Preferred distributions |
| 24,180 |
| 24,525 |
| 97,151 |
| 106,119 |
| 111,941 |
| 113,196 |
| 92,917 |
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Total combined fixed charges and preferred distributions |
| $ | 111,834 |
| $ | 116,125 |
| $ | 467,555 |
| $ | 493,014 |
| $ | 498,874 |
| $ | 453,813 |
| $ | 340,792 |
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Ratio of earnings before combined fixed charges to total combined fixed charges |
| 1.49 |
| 1.65 |
| 1.54 |
| 1.68 |
| 1.60 |
| 1.54 |
| 1.57 |
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Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions |
| 1.38 |
| 1.51 |
| 1.43 |
| 1.53 |
| 1.47 |
| 1.41 |
| 1.42 |
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