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