Exhibit 12
EQUITY RESIDENTIAL
Computation of Ratio of Earnings to Combined Fixed Charges
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| 06/30/03 |
| 06/30/02 |
| 12/31/02 |
| 12/31/01 |
| 12/31/00 |
| 12/31/99 |
| 12/31/98 |
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Income from continuing operations |
| $ | 127,399 |
| $ | 161,543 |
| $ | 301,532 |
| $ | 362,201 |
| $ | 321,558 |
| $ | 276,987 |
| $ | 217,583 |
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Interest and other financing costs |
| 164,532 |
| 170,528 |
| 337,489 |
| 352,903 |
| 363,851 |
| 328,459 |
| 243,531 |
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Amortization of deferred financing costs |
| 3,104 |
| 2,962 |
| 5,748 |
| 5,818 |
| 5,432 |
| 4,024 |
| 2,724 |
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Allocation to Minority Interests – Operating Partnership |
| 18,281 |
| 13,784 |
| 26,862 |
| 32,829 |
| 41,761 |
| 29,536 |
| 18,529 |
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Earnings before combined fixed charges and preferred distributions |
| 313,316 |
| 348,817 |
| 671,631 |
| 753,751 |
| 732,602 |
| 639,006 |
| 482,367 |
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Preferred distributions |
| 48,417 |
| 48,781 |
| 97,151 |
| 106,119 |
| 111,941 |
| 113,196 |
| 92,917 |
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Earnings before combined fixed charges |
| $ | 264,899 |
| $ | 300,036 |
| $ | 574,480 |
| $ | 647,632 |
| $ | 620,661 |
| $ | 525,810 |
| $ | 389,450 |
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Interest and other financing costs |
| $ | 164,532 |
| $ | 170,528 |
| $ | 337,489 |
| $ | 352,903 |
| $ | 363,851 |
| $ | 328,459 |
| $ | 243,531 |
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Amortization of deferred financing costs |
| 3,104 |
| 2,962 |
| 5,748 |
| 5,818 |
| 5,432 |
| 4,024 |
| 2,724 |
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Interest capitalized for real estate and unconsolidated entities under development |
| 10,923 |
| 12,323 |
| 27,167 |
| 28,174 |
| 17,650 |
| 8,134 |
| 1,620 |
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Total combined fixed charges |
| 178,559 |
| 185,813 |
| 370,404 |
| 386,895 |
| 386,933 |
| 340,617 |
| 247,875 |
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Preferred distributions |
| 48,417 |
| 48,781 |
| 97,151 |
| 106,119 |
| 111,941 |
| 113,196 |
| 92,917 |
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Total combined fixed charges and preferred distributions |
| $ | 226,976 |
| $ | 234,594 |
| $ | 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 |
| 1.48 |
| 1.61 |
| 1.55 |
| 1.67 |
| 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 |
| 1.49 |
| 1.44 |
| 1.53 |
| 1.47 |
| 1.41 |
| 1.42 |
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