Exhibit 12

EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP  Computation of Ratio of Earnings to Combined Fixed Charges ($ in thousands)
	Year Ended December 31,
	2013			2012			2011			2010			2009
(Loss) income from continuing operations	$	(168,174	)	$	160,298		$	(72,941	)	$	(204,152	)	$	(185,089	)
Interest expense incurred, net	586,854			455,236			460,172			455,692			481,849
Amortization of deferred financing costs	22,197			21,295			16,616			9,412			11,870
Earnings before combined fixed charges and preferred distributions	440,877			636,829			403,847			260,952			308,630
Preferred Share/Preference Unit distributions	(4,145		)	(10,355		)	(13,865		)	(14,368		)	(14,479		)
Premium on redemption of Preferred Shares/Preference Units	—			(5,152		)	—			—			—
Preference Interest and Junior Preference Unit distributions	—			—			—			—			(9		)
Earnings before combined fixed charges	$	436,732		$	621,322		$	389,982		$	246,584		$	294,142
Interest expense incurred, net	$	586,854		$	455,236		$	460,172		$	455,692		$	481,849
Amortization of deferred financing costs	22,197			21,295			16,616			9,412			11,870
Interest capitalized for real estate and unconsolidated entities under development	47,321			22,509			9,108			13,008			34,859
Amortization of deferred financing costs for real estate under development	152			—			—			2,768			3,585
Total combined fixed charges	656,524			499,040			485,896			480,880			532,163
Preferred Share/Preference Unit distributions	4,145			10,355			13,865			14,368			14,479
Premium on redemption of Preferred Shares/Preference Units	—			5,152			—			—			—
Preference Interest and Junior Preference Unit distributions	—			—			—			—			9
Total combined fixed charges and preferred distributions	$	660,669		$	514,547		$	499,761		$	495,248		$	546,651
Ratio of earnings before combined fixed charges to total combined fixed charges (1)	—			1.25			—			—			—
Ratio of earnings before combined fixed charges and preferred distributions to total      combined fixed charges and preferred distributions (1)	—			1.24			—			—			—

(1) For 2013, 2011, 2010 and 2009, the coverage deficiencies approximated $219.8 million, $95.9 million, $234.3 million and $238.0 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 Preferred Shares/Preference Units. The Company was in compliance with its unsecured public debt covenants for all periods presented.