Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - ERP OPERATING LTD PARTNERSHIP | c60178e8vk.htm |
| EX-99.1 - EX-99.1 - ERP OPERATING LTD PARTNERSHIP | c60178exv99w1.htm |
| EX-23.1 - EX-23.1 - ERP OPERATING LTD PARTNERSHIP | c60178exv23w1.htm |
Exhibit 12
ERP OPERATING LIMITED PARTNERSHIP
Computation of Ratio of Earnings to Combined Fixed Charges
($ in thousands)
Computation of Ratio of Earnings to Combined Fixed Charges
($ in thousands)
| Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
| 2010 | 2009 | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||||
Income (loss) from continuing operations |
$ | 7,075 | $ | 24,287 | $ | 20,192 | $ | (21,325 | ) | $ | 13,147 | $ | (13,283 | ) | $ | 63,933 | ||||||||||||
Interest expense incurred, net |
231,116 | 239,172 | 503,542 | 489,349 | 489,054 | 417,097 | 343,104 | |||||||||||||||||||||
Amortization of deferred financing costs |
5,516 | 6,214 | 12,794 | 9,681 | 10,073 | 8,037 | 6,298 | |||||||||||||||||||||
Earnings before combined fixed charges
and preferred distributions |
243,707 | 269,673 | 536,528 | 477,705 | 512,274 | 411,851 | 413,335 | |||||||||||||||||||||
Preference Unit distributions |
(7,238 | ) | (7,240 | ) | (14,479 | ) | (14,507 | ) | (22,792 | ) | (37,113 | ) | (49,642 | ) | ||||||||||||||
Premium on redemption of Preference Units |
— | — | — | — | (6,154 | ) | (3,965 | ) | (4,359 | ) | ||||||||||||||||||
Preference Interest and Junior Preference Unit distributions |
— | (7 | ) | (9 | ) | (15 | ) | (441 | ) | (2,002 | ) | (7,606 | ) | |||||||||||||||
Premium on redemption of Preference Interests |
— | — | — | — | — | (684 | ) | (4,134 | ) | |||||||||||||||||||
Earnings before combined fixed charges |
$ | 236,469 | $ | 262,426 | $ | 522,040 | $ | 463,183 | $ | 482,887 | $ | 368,087 | $ | 347,594 | ||||||||||||||
Interest expense incurred, net |
$ | 231,116 | $ | 239,172 | $ | 503,542 | $ | 489,349 | $ | 489,054 | $ | 417,097 | $ | 343,104 | ||||||||||||||
Amortization of deferred financing costs |
5,516 | 6,214 | 12,794 | 9,681 | 10,073 | 8,037 | 6,298 | |||||||||||||||||||||
Interest capitalized for real estate and
unconsolidated entities under development |
7,940 | 21,018 | 34,859 | 60,072 | 45,107 | 20,734 | 13,701 | |||||||||||||||||||||
Amortization of deferred financing costs for
real estate under development |
1,211 | 2,133 | 3,585 | 1,986 | 1,521 | 46 | — | |||||||||||||||||||||
Total combined fixed charges |
245,783 | 268,537 | 554,780 | 561,088 | 545,755 | 445,914 | 363,103 | |||||||||||||||||||||
Preference Unit distributions |
7,238 | 7,240 | 14,479 | 14,507 | 22,792 | 37,113 | 49,642 | |||||||||||||||||||||
Premium on redemption of Preference Units |
— | — | — | — | 6,154 | 3,965 | 4,359 | |||||||||||||||||||||
Preference Interest and Junior Preference Unit distributions |
— | 7 | 9 | 15 | 441 | 2,002 | 7,606 | |||||||||||||||||||||
Premium on redemption of Preference Interests |
— | — | — | — | — | 684 | 4,134 | |||||||||||||||||||||
Total combined fixed charges
and preferred distributions |
$ | 253,021 | $ | 275,784 | $ | 569,268 | $ | 575,610 | $ | 575,142 | $ | 489,678 | $ | 428,844 | ||||||||||||||
Ratio of earnings before combined fixed charges
to total combined fixed charges (1) |
— | — | — | — | — | — | — | |||||||||||||||||||||
Ratio of earnings before combined fixed charges
and preferred distributions to total combined
fixed charges and preferred distributions (1) |
— | — | — | — | — | — | — | |||||||||||||||||||||
| (1) | For the six months ended June 30, 2010 and June 30, 2009 and the years ended December 31, 2009, 2008, 2007, 2006 and 2005, the coverage deficiencies on both ratios approximated $9.3 million, $6.1 million, $32.7 million, $97.9 million, $62.9 million, $77.8 million and $15.5 million, respectively. All ratios have been reduced due to the disposition of properties which resulted in the inclusion of those properties in discontinued operations. The ratios have been further reduced due to non-cash depreciation expense and impairment charges and premiums on the redemption of Preference Units and/or Preference Interests. The Operating Partnership was in compliance with its unsecured public debt covenants for all periods presented. |
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