**Exhibit12**

** **

**ERPOPERATING LIMITED PARTNERSHIP**

**Computationof Ratio of Earnings to Combined Fixed Charges**

** **
| ** **                                                                                                                                        | ** ** | **Nine Months Ended  September 30,** | ** **  | **Year Ended December 31,** | ** ** |
|---------------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------------------------------------------------|-------------|--------------------------------------------|------------|
| ** **                                                                                                                                        | ** ** | **2006**                                            | ** **  | **2005**                                   | ** ** | **2005** | ** ** | **2004** | ** ** | **2003** | ** ** | **2002** | ** ** | **2001** | ** ** |
|                                                                                                                                              |       |                                                |        |                                       |       |   |   |   |   |   |   |   |   |   |   |
| Income from  continuing operations                                                                                                                |       | $                                                   | 95,323      |                                       | $          | 134,799 |   | $ | 168,184 |   | $ | 115,628 |   | $ | 123,077 |   | $ | 132,386 |   | $ | 188,917 |   |
|                                                                                                                                              |       |                                                |        |                                       |       |   |   |   |   |   |   |   |   |   |   |
| Interest expense  incurred, net                                                                                                                   |       | 319,236                                             |        | 266,063                                    |       | 363,756 |   | 309,150 |   | 294,490 |   | 289,851 |   | 293,975 |   |
| Amortization of  deferred financing costs                                                                                                         |       | 6,419                                               |        | 4,832                                      |       | 6,514 |   | 5,825 |   | 5,280 |   | 5,292 |   | 4,597 |   |
|                                                                                                                                              |       |                                                |        |                                       |       |   |   |   |   |   |   |   |   |   |   |
| **Earnings before combined fixed  charges and preferred distributions**                                                                           | ** ** | **420,978**                                         | ** **  | **405,694**                                | ** ** | **538,454** | ** ** | **430,603** | ** ** | **422,847** | ** ** | **427,529** | ** ** | **487,489** | ** ** |
|                                                                                                                                              |       |                                                |        |                                       |       |   |   |   |   |   |   |   |   |   |   |
| Preference Unit  distributions                                                                                                                    |       | (29,682                                             | )           | (39,004                                    | )          | (49,642 | ) | (53,746 | ) | (76,435 | ) | (76,615 | ) | (87,504 | ) |
| Preference  Interest and Junior Preference Unit distributions                                                                                     |       | (1,779                                              | )           | (6,442                                     | )          | (7,606 | ) | (19,490 | ) | (20,536 | ) | (20,536 | ) | (18,615 | ) |
| Premium on  redemption of Preference Units                                                                                                        |       | (3,941                                              | )           | (4,316                                     | )          | (4,359 | ) | — |   | (20,237 | ) | — |   | (5,324 | ) |
| Premium on  redemption of Preference Interests                                                                                                    |       | (684                                                | )           | (4,134                                     | )          | (4,134 | ) | (1,117 | ) | — |   | — |   | — |   |
|                                                                                                                                              |       |                                                |        |                                       |       |   |   |   |   |   |   |   |   |   |   |
| **Earnings before combined fixed  charges**                                                                                                       | ** ** | **$**                                               | **384,892** | ** **                                 | **$**      | **351,798** | ** ** | **$** | **472,713** | ** ** | **$** | **356,250** | ** ** | **$** | **305,639** | ** ** | **$** | **330,378** | ** ** | **$** | **376,046** | ** ** |
|                                                                                                                                              |       |                                                |        |                                       |       |   |   |   |   |   |   |   |   |   |   |
| Interest expense  incurred, net                                                                                                                   |       | $                                                   | 319,236     |                                       | $          | 266,063 |   | $ | 363,756 |   | $ | 309,150 |   | $ | 294,490 |   | $ | 289,851 |   | $ | 293,975 |   |
| Amortization of  deferred financing costs                                                                                                         |       | 6,419                                               |        | 4,832                                      |       | 6,514 |   | 5,825 |   | 5,280 |   | 5,292 |   | 4,597 |   |
| Interest  capitalized for real estate and unconsolidated entities under development                                                               |       | 13,176                                              |        | 9,105                                      |       | 13,701 |   | 13,969 |   | 20,647 |   | 27,167 |   | 28,174 |   |
|                                                                                                                                              |       |                                                |        |                                       |       |   |   |   |   |   |   |   |   |   |   |
| **Total combined fixed charges**                                                                                                                  | ** ** | **338,831**                                         | ** **  | **280,000**                                | ** ** | **383,971** | ** ** | **328,944** | ** ** | **320,417** | ** ** | **322,310** | ** ** | **326,746** | ** ** |
| ** **                                                                                                                                        | ** ** | ** **                                          | ** **  | ** **                                 | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Preference Unit  distributions                                                                                                                    |       | 29,682                                              |        | 39,004                                     |       | 49,642 |   | 53,746 |   | 76,435 |   | 76,615 |   | 87,504 |   |
| Preference  Interest and Junior Preference Unit distributions                                                                                     |       | 1,779                                               |        | 6,442                                      |       | 7,606 |   | 19,490 |   | 20,536 |   | 20,536 |   | 18,615 |   |
| Premium on  redemption of Preference Units                                                                                                        |       | 3,941                                               |        | 4,316                                      |       | 4,359 |   | — |   | 20,237 |   | — |   | 5,324 |   |
| Premium on  redemption of Preference Interests                                                                                                    |       | 684                                                 |        | 4,134                                      |       | 4,134 |   | 1,117 |   | — |   | — |   | — |   |
| ** **                                                                                                                                        | ** ** | ** **                                          | ** **  | ** **                                 | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **Total combined fixed charges and  preferred distributions**                                                                                     | ** ** | **$**                                               | **374,917** | ** **                                 | **$**      | **333,896** | ** ** | **$** | **449,712** | ** ** | **$** | **403,297** | ** ** | **$** | **437,625** | ** ** | **$** | **419,461** | ** ** | **$** | **438,189** | ** ** |
|                                                                                                                                              |       |                                                |        |                                       |       |   |   |   |   |   |   |   |   |   |   |
| **Ratio of earnings before  combined fixed charges to total combined fixed charges (1)**                                                          | ** ** | **1.14**                                            | ** **  | **1.26**                                   | ** ** | **1.23** | ** ** | **1.08** | ** ** | **—** | ** ** | **1.03** | ** ** | **1.15** | ** ** |
| ** **                                                                                                                                        | ** ** | ** **                                          | ** **  | ** **                                 | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **Ratio of earnings before  combined fixed charges and preferred distributions to total combined fixed  charges and preferred distributions (1)** | ** ** | **1.12**                                            | ** **  | **1.22**                                   | ** ** | **1.20** | ** ** | **1.07** | ** ** | **—** | ** ** | **1.02** | ** ** | **1.11** | ** ** |

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(1) For 2003, thecoverage deficiencies on both ratios approximated $14.8 million. All ratioshave been reduced due to the disposition of properties and the reclassificationof the Lexford Housing Division to held for sale, both of which resulted in theinclusion of those properties in discontinued operations for all periodspresented. For 2003, the ratios have been further reduced due to the one-time$20.2 million premium on the redemption of the Series G Preference Units.

 

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