Exhibit 12

EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP  Computation of Ratio of Earnings to Combined Fixed Charges ($ in thousands)
	Year Ended December 31,
	2016			2015			2014			2013			2012
Income (loss) from continuing operations	$	4,479,586		$	907,621		$	657,101		$	(168,174	)	$	160,298
Interest expense incurred, net	482,246			444,487			457,460			587,141			455,477
Amortization of deferred financing costs	12,633			10,801			11,088			22,197			21,295
Earnings before combined fixed charges and preferred distributions	4,974,465			1,362,909			1,125,649			441,164			637,070
Preferred Share/Preference Unit distributions	(3,091		)	(3,357		)	(4,145		)	(4,145		)	(10,355		)
Premium on redemption of Preferred Shares/Preference Units	—			(3,486		)	—			—			(5,152		)
Earnings before combined fixed charges	$	4,971,374		$	1,356,066		$	1,121,504		$	437,019		$	621,563
Interest expense incurred, net	$	482,246		$	444,487		$	457,460		$	587,141		$	455,477
Amortization of deferred financing costs	12,633			10,801			11,088			22,197			21,295
Interest capitalized for real estate and unconsolidated entities under development	51,451			59,885			52,782			47,321			22,509
Amortization of deferred financing costs for real estate under development	—			—			—			152			—
Total combined fixed charges	546,330			515,173			521,330			656,811			499,281
Preferred Share/Preference Unit distributions	3,091			3,357			4,145			4,145			10,355
Premium on redemption of Preferred Shares/Preference Units	—			3,486			—			—			5,152
Total combined fixed charges and preferred distributions	$	549,421		$	522,016		$	525,475		$	660,956		$	514,788
Ratio of earnings before combined fixed charges to total combined fixed charges (1) (2)	9.10			2.63			2.15			—			1.24
Ratio of earnings before combined fixed charges and preferred distributions to total      combined fixed charges and preferred distributions (1) (2)	9.05			2.61			2.14			—			1.24

(1) For the years ended December 31, 2016, 2015 and 2014, the ratios have been increased primarily due to gains on the sales of real estate properties that were not included in discontinued operations as a result of the Company's adoption of the new accounting standard effective January 1, 2014. See Note 11 in the Notes to Consolidated Financial Statements for additional discussion.

(2) For the year ended December 31, 2013, the coverage deficiency approximated $219.8 million. 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.