Exhibit 12

EQUITY RESIDENTIAL

Computation of Ratio of Earnings to Combined Fixed Charges

	12/31/05			12/31/04			12/31/03			12/31/02			12/31/01
Income from continuing operations	$	152,462		$	117,779		$	123,294		$	149,421		$	203,192
Interest expense incurred, net	384,021			328,289			316,251			318,048			324,612
Amortization of deferred financing costs	6,570			6,057			5,440			5,400			4,719
Allocation to Minority Interests:
Operating Partnership	58,514			31,228			34,658			26,862			32,391
Preference Interests	7,591			19,420			20,211			20,211			18,263
Junior Convertible Units	15			70			325			325			352
Premium on redemption of Preference Interests	4,134			1,117			—			—			—
Earnings before combined fixed charges and preferred distributions	613,307			503,960			500,179			520,267			583,529
Preferred Share distributions	(49,642		)	(53,746		)	(76,435		)	(76,615		)	(87,504
Premium on redemption of Preferred Shares	(4,359		)	—			(20,237		)	—			(5,324
Preference Interest distributions	(7,591		)	(19,420		)	(20,211		)	(20,211		)	(18,263
Junior Preference Unit distributions	(15		)	(70		)	(325		)	(325		)	(352
Premium on redemption of Preference Interests	(4,134		)	(1,117		)	—			—			—
Earnings before combined fixed charges	$	547,566		$	429,607		$	382,971		$	423,116		$	472,086
Interest expense incurred, net	$	384,021		$	328,289		$	316,251		$	318,048		$	324,612
Amortization of deferred financing costs	6,570			6,057			5,440			5,400			4,719
Interest capitalized for real estate and unconsolidated entities under development	13,701			13,969			20,647			27,167			28,174
Total combined fixed charges	404,292			348,315			342,338			350,615			357,505
Preferred Share distributions	49,642			53,746			76,435			76,615			87,504
Premium on redemption of Preferred Shares	4,359			—			20,237			—			5,324
Preference Interest distributions	7,591			19,420			20,211			20,211			18,263
Junior Preference Unit distributions	15			70			325			325			352
Premium on redemption of Preference Interests	4,134			1,117			—			—			—
Total combined fixed charges and preferred distributions	$	470,033		$	422,668		$	459,546		$	447,766		$	468,948
Ratio of earnings before combined fixed charges to total combined fixed charges	1.35			1.23			1.12			1.21			1.32
Ratio of earnings before combined fixed charges and preferred distributions to total combined fixed charges and preferred distributions	1.30			1.19			1.09			1.16			1.24