Exhibit 12

EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP  Computation of Ratio of Earnings to Combined Fixed Charges ($ in thousands)
	Year Ended December 31,
	2015			2014			2013			2012			2011
Income (loss) from continuing operations	$	907,621		$	657,101		$	(168,174	)	$	160,298		$	(72,941	)
Interest expense incurred, net	444,069			457,191			586,854			455,236			460,172
Amortization of deferred financing costs	10,801			11,088			22,197			21,295			16,616
Earnings before combined fixed charges and preferred distributions	1,362,491			1,125,380			440,877			636,829			403,847
Preferred Share/Preference Unit distributions	(3,357		)	(4,145		)	(4,145		)	(10,355		)	(13,865		)
Premium on redemption of Preferred Shares/Preference Units	(3,486		)	—			—			(5,152		)	—
Earnings before combined fixed charges	$	1,355,648		$	1,121,235		$	436,732		$	621,322		$	389,982
Interest expense incurred, net	$	444,069		$	457,191		$	586,854		$	455,236		$	460,172
Amortization of deferred financing costs	10,801			11,088			22,197			21,295			16,616
Interest capitalized for real estate and unconsolidated entities under development	59,885			52,782			47,321			22,509			9,108
Amortization of deferred financing costs for real estate under development	—			—			152			—			—
Total combined fixed charges	514,755			521,061			656,524			499,040			485,896
Preferred Share/Preference Unit distributions	3,357			4,145			4,145			10,355			13,865
Premium on redemption of Preferred Shares/Preference Units	3,486			—			—			5,152			—
Total combined fixed charges and preferred distributions	$	521,598		$	525,206		$	660,669		$	514,547		$	499,761
Ratio of earnings before combined fixed charges to total combined fixed charges (1)	2.63			2.15			—			1.25			—
Ratio of earnings before combined fixed charges and preferred distributions to total      combined fixed charges and preferred distributions (1)	2.61			2.14			—			1.24			—

(1) For the years ended December 31, 2013 and 2011, the coverage deficiencies approximated $219.8 million and $95.9 million, respectively. All 2013 and prior year 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.