Exhibit 12

EQUITY RESIDENTIAL
Computation of Ratio of Earnings to Combined Fixed Charges

	06/30/03			06/30/02		12/31/02		12/31/01		12/31/00		12/31/99		12/31/98
Income from continuing operations	$		127,399	$	161,543	$	301,532	$	362,201	$	321,558	$	276,987	$	217,583
Interest and other financing costs	164,532			170,528		337,489		352,903		363,851		328,459		243,531
Amortization of deferred financing costs	3,104			2,962		5,748		5,818		5,432		4,024		2,724
Allocation to Minority Interests – Operating Partnership	18,281			13,784		26,862		32,829		41,761		29,536		18,529
Earnings before combined fixed charges and preferred distributions	313,316			348,817		671,631		753,751		732,602		639,006		482,367
Preferred distributions	48,417			48,781		97,151		106,119		111,941		113,196		92,917
Earnings before combined fixed charges	$	264,899		$	300,036	$	574,480	$	647,632	$	620,661	$	525,810	$	389,450
Interest and other financing costs	$	164,532		$	170,528	$	337,489	$	352,903	$	363,851	$	328,459	$	243,531
Amortization of deferred financing costs	3,104			2,962		5,748		5,818		5,432		4,024		2,724
Interest capitalized for real estate and unconsolidated entities under development	10,923			12,323		27,167		28,174		17,650		8,134		1,620
Total combined fixed charges	178,559			185,813		370,404		386,895		386,933		340,617		247,875
Preferred distributions	48,417			48,781		97,151		106,119		111,941		113,196		92,917
Total combined fixed charges and preferred distributions	$	226,976		$	234,594	$	467,555	$	493,014	$	498,874	$	453,813	$	340,792
Ratio of earnings before combined fixed charges to total combined fixed charges	1.48			1.61		1.55		1.67		1.60		1.54		1.57
Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions	1.38			1.49		1.44		1.53		1.47		1.41		1.42