Exhibit 12

EQUITY RESIDENTIALConsolidated HistoricalComputation of Ratio of Earnings to Combined Fixed Charges

	12/31/02			12/31/01		12/31/00		12/31/99		12/31/98
Income before allocation to Minority Interests, income (loss) frominvestments in unconsolidated entities, net gain on sales ofunconsolidated entities, discontinued operations, extraordinaryitems and cumulative effect of change in accounting principle	$	328,905		$	393,120	$	360,878	$	302,673	$	234,920
Interest and other financing costs	337,489			352,903		363,851		328,459		243,531
Amortization of deferred financing costs	5,748			5,818		5,432		4,024		2,724
Income (loss) from investments in unconsolidated entities	(3,698		)	3,772		2,309		3,850		1,192
Earnings before combined fixed chargesand preferred distributions	668,444			755,613		732,470		639,006		482,367
Preferred distributions	97,151			106,119		111,941		113,196		92,917
Earnings before combined fixed charges	$	571,293		$	649,494	$	620,529	$	525,810	$	389,450
Interest and other financing costs	$	337,489		$	352,903	$	363,851	$	328,459	$	243,531
Interest and other financing costs –  discontinued operations	981			2,347		2,771		2,089		1,141
Amortization of deferred financing costs	5,748			5,818		5,432		4,024		2,724
Amortization of deferred financing costs – discontinued operations	6			23		41		60		33
Interest capitalized for real estate and unconsolidated entities under development	27,167			28,174		17,650		8,134		1,620
Total combined fixed charges	371,391			389,265		389,745		342,766		249,049
Preferred distributions	97,151			106,119		111,941		113,196		92,917
Total combined fixed chargesand preferred distributions	$	468,542		$	495,384	$	501,686	$	455,962	$	341,966
Ratio of earnings before combined fixed charges to total combined fixed charges	1.54			1.67		1.59		1.53		1.56
Ratio of earnings before combined fixed chargesand preferred distributions to total combinedfixed charges and preferred distributions	1.43			1.53		1.46		1.40		1.41