**Exhibit12**

 

**ERP OPERATING LIMITED PARTNERSHIPComputation of Ratio of Earnings to Combined Fixed Charges**

 
|                                                                                                                                                                                  |   | **03/31/03** |        | **03/31/02** |       | **12/31/02** |       | **12/31/01** |        | **12/31/00** |       | **12/31/99** |       | **12/31/98** |        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|-------------|--------------|------------|--------------|------------|--------------|-------------|--------------|------------|--------------|------------|--------------|-------------|
| 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 |   |
|                                                                                                                                                                                  |   |         |        |         |       |         |       |         |        |         |       |         |       |         |        |
| Interest and other financing costs                                                                                                                                                    |   | 80,809       |        | 84,331       |       | 337,489      |       | 352,903      |        | 363,851      |       | 328,459      |       | 243,531      |        |
| Amortization of deferred financing costs                                                                                                                                              |   | 1,408        |        | 1,385        |       | 5,748        |       | 5,818        |        | 5,432        |       | 4,024        |       | 2,724        |        |
| Income (loss) from investments in  unconsolidated entities                                                                                                                            |   | 107          |        | 226          |       | (3,698       | )          | 3,772        |        | 2,309        |       | 3,850        |       | 1,192        |        |
|                                                                                                                                                                                  |   |         | ** **  |         | ** ** |         | ** ** |         | ** **  |         | ** ** |         | ** ** |         | ** **  |
| **Earnings before combined fixed charges and  preferred distributions**                                                                                                               |   | **154,489**  | ** **  | **175,404**  | ** ** | **668,444**  | ** ** | **755,613**  | ** **  | **732,470**  | ** ** | **639,006**  | ** ** | **482,367**  | ** **  |
|                                                                                                                                                                                  |   |         | ** **  |         | ** ** |         | ** ** |         | ** **  |         | ** ** |         | ** ** |         | ** **  |
| Preferred distributions                                                                                                                                                               |   | 24,180       |        | 24,525       |       | 97,151       |       | 106,119      |        | 111,941      |       | 113,196      |       | 92,917       |        |
|                                                                                                                                                                                  |   |         |        |         |       |         |       |         |        |         |       |         |       |         |        |
| **Earnings before combined fixed charges**                                                                                                                                            |   | **$**        | **130,309** | ** **   | **$**      | **150,879**  | ** ** | **$**        | **571,293** | ** **   | **$**      | **649,494**  | ** ** | **$**        | **620,529** | ** ** | **$** | **525,810** | ** ** | **$** | **389,450** | ** ** |
|                                                                                                                                                                                  |   |         |        |         |       |         |       |         |        |         |       |         |       |         |        |
| Interest and other financing costs                                                                                                                                                    |   | $            | 80,809      |         | $          | 84,331       |       | $            | 337,489     |         | $          | 352,903      |       | $            | 363,851     |   | $ | 328,459 |   | $ | 243,531 |   |
| Amortization of deferred financing costs                                                                                                                                              |   | 1,408        |        | 1,385        |       | 5,748        |       | 5,818        |        | 5,432        |       | 4,024        |       | 2,724        |        |
| Interest capitalized for real estate and  unconsolidated entities under development                                                                                                   |   | 5,437        |        | 5,884        |       | 27,167       |       | 28,174       |        | 17,650       |       | 8,134        |       | 1,620        |        |
|                                                                                                                                                                                  |   |         |        |         |       |         |       |         |        |         |       |         |       |         |        |
| **Total combined fixed charges**                                                                                                                                                      |   | **87,654**   | ** **  | **91,600**   | ** ** | **370,404**  | ** ** | **386,895**  | ** **  | **386,933**  | ** ** | **340,617**  | ** ** | **247,875**  | ** **  |
|                                                                                                                                                                                  |   |         |        |         |       |         |       |         |        |         |       |         |       |         |        |
| Preferred distributions                                                                                                                                                               |   | 24,180       |        | 24,525       |       | 97,151       |       | 106,119      |        | 111,941      |       | 113,196      |       | 92,917       |        |
|                                                                                                                                                                                  |   |         |        |         |       |         |       |         |        |         |       |         |       |         |        |
| **Total combined fixed charges and preferred  distributions**                                                                                                                         |   | **$**        | **111,834** | ** **   | **$**      | **116,125**  | ** ** | **$**        | **467,555** | ** **   | **$**      | **493,014**  | ** ** | **$**        | **498,874** | ** ** | **$** | **453,813** | ** ** | **$** | **340,792** | ** ** |
|                                                                                                                                                                                  |   |         |        |         |       |         |       |         |        |         |       |         |       |         |        |
| **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**     | ** **  |
|                                                                                                                                                                                  |   |         | ** **  |         | ** ** |         | ** ** |         | ** **  |         | ** ** |         | ** ** |         | ** **  |
| **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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