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Previous: EQUITY RESIDENTIAL PROPERTIES TRUST, 10-Q, 2000-08-10 |
Next: EQUITY RESIDENTIAL PROPERTIES TRUST, 10-Q, EX-27, 2000-08-10 |
<PAGE>
EXHIBIT 12
EQUITY RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED HISTORICAL
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
HISTORICAL
-----------------------------------------------------------
6/30/00 6/30/99 12/31/99 12/31/98
-----------------------------------------------------------
(AMOUNTS IN THOUSANDS)
<S> <C> <C> <C> <C>
REVENUES
Rental income $ 952,740 819,178 $ 1,711,738 $ 1,293,560
Fee income - outside managed 2,632 2,414 4,970 5,622
Interest income - investment in mortgage notes 5,499 5,644 12,559 18,564
Interest and other income 17,652 11,123 23,851 19,250
----------- ----------- ----------- -----------
Total revenues 978,523 838,359 1,753,118 1,336,996
----------- ----------- ----------- -----------
EXPENSES
Property and maintenance 227,845 196,865 414,026 326,733
Real estate taxes and insurance 95,001 84,515 171,289 126,009
Property management 37,760 27,973 61,626 53,101
Fee and asset management 2,102 1,624 3,587 4,279
Depreciation 224,512 197,134 408,688 301,869
Interest:
Expense incurred 190,263 158,499 337,189 246,585
Amortization of deferred financing costs 2,703 1,661 4,084 2,757
General and administrative 13,216 10,714 22,296 20,631
----------- ----------- ----------- -----------
Total expenses 793,402 678,985 1,422,785 1,081,964
----------- ----------- ----------- -----------
Income before extraordinary items $ 185,121 $ 159,374 $ 330,333 $ 255,032
=========== =========== =========== ===========
Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs $ 190,263 $ 158,499 $ 337,189 $ 246,585
Amortization of deferred financing costs 2,703 1,661 4,084 2,757
Preferred distributions 55,654 57,111 113,196 92,917
----------- ----------- ----------- -----------
Total Combined Fixed Charges
and Preferred Distributions $ 248,620 $ 217,271 $ 454,469 $ 342,259
=========== =========== =========== ===========
Earnings before combined fixed charges
and preferred distributions $ 378,087 $ 319,534 $ 671,606 $ 504,374
=========== =========== =========== ===========
Funds from operations before combined fixed
charges and preferred distributions (1)(2)(3) $ 598,951 $ 513,796 $ 1,074,072 $ 801,065
=========== =========== =========== ===========
Ratio of earnings before combined fixed charges
and preferred distributions to combined fixed charges
and preferred distributions 1.52 1.47 1.48 1.47
=========== =========== =========== ===========
Ratio of funds from operations before combined fixed
charges and preferred distributions to combined fixed
charges and preferred distributions 2.41 2.36 2.36 2.34
=========== =========== =========== ===========
-------------------------------------------------------------------------------------------------------------------------
(1) Includes the Company's share of depreciation
from Unconsolidated Properties $ 210 $ 551 $ 1,009 $ 183
=========== =========== =========== ===========
(2) Excludes non-real estate depreciation $ (3,157) $ (3,423) $ (7,231) $ (5,361)
=========== =========== =========== ===========
(3) Excludes the minority interests' share of depreciation
from Partially Owned Properties $ (701) $ -- $ -- $ --
=========== =========== =========== ===========
<CAPTION>
HISTORICAL
-------------------------------------------
12/31/97 12/31/96 12/31/95
-------------------------------------------
(AMOUNTS IN THOUSANDS)
<S> <C> <C> <C>
REVENUES
Rental income $ 707,733 $ 454,412 $ 373,919
Fee income - outside managed 5,697 6,749 7,030
Interest income - investment in mortgage notes 20,366 12,819 4,862
Interest and other income 13,282 4,405 4,573
----------- ----------- -----------
Total revenues 747,078 478,385 390,384
----------- ----------- -----------
EXPENSES
Property and maintenance 176,075 127,172 112,186
Real estate taxes and insurance 69,520 44,128 37,002
Property management 26,793 17,512 15,213
Fee and asset management 3,364 3,837 3,887
Depreciation 156,644 93,253 72,410
Interest:
Expense incurred 121,324 81,351 78,375
Amortization of deferred financing costs 2,523 4,242 3,444
General and administrative 14,821 9,857 8,129
----------- ----------- -----------
Total expenses 571,064 381,352 330,646
----------- ----------- -----------
Income before extraordinary items $ 176,014 $ 97,033 $ 59,738
=========== =========== ===========
Combined Fixed Charges and Preferred Distributions:
Interest and other financing costs $ 121,324 $ 81,351 $ 78,375
Amortization of deferred financing costs 2,523 4,242 3,444
Preferred distributions 59,012 29,015 10,109
----------- ----------- -----------
Total Combined Fixed Charges
and Preferred Distributions $ 182,859 $ 114,608 $ 91,928
=========== =========== ===========
Earnings before combined fixed charges
and preferred distributions $ 299,861 $ 182,626 $ 141,557
=========== =========== ===========
Funds from operations before combined fixed
charges and preferred distributions (1)(2)(3) $ 453,387 $ 273,800 $ 212,138
=========== =========== ===========
Ratio of earnings before combined fixed charges
and preferred distributions to combined fixed charges
and preferred distributions 1.64 1.59 1.54
=========== =========== ===========
Ratio of funds from operations before combined fixed
charges and preferred distributions to combined fixed
charges and preferred distributions 2.48 2.39 2.31
=========== =========== ===========
---------------------------------------------------------------------------------------------------------
(1) Includes the Company's share of depreciation
from Unconsolidated Properties $ -- $ -- $ --
=========== =========== ===========
(2) Excludes non-real estate depreciation $ (3,118) $ (2,079) $ (1,829)
=========== =========== ===========
(3) Excludes the minority interests' share of depreciation
from Partially Owned Properties $ -- $ -- $ --
=========== =========== ===========
</TABLE>
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