EX-12.1 2 0002.txt RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 ESSEX PORTFOLIO, L.P. Schedule of computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Dollars in thousands, except ratios)
Years ended December 31 2000 1999 1998 1997 1996 --------- ---------- --------- --------- ---------- Earnings: Income before minority interests and extraordinary item $ 68,222 $ 61,616 $ 40,600 $ 34,146 $ 14,970 Interest expense 30,384 21,268 19,374 12,659 11,442 Amortization of deferred financing costs 639 566 718 509 639 --------- ---------- --------- --------- ---------- Total earnings $ 99,245 $ 83,450 $ 60,692 $ 47,314 $ 27,051 ========= ========== ========= ========= ========== Fixed charges: Interest expense $ 30,384 $ 21,268 $ 19,374 $ 12,659 $ 11,442 Amortization of deferred financing costs 639 566 718 509 639 Capitalized interest 2,906 5,172 3,494 1,276 115 Convertible preferred stock dividends 246 1,333 3,500 2,681 635 Perpetual preferred unit distributions 18,319 12,238 5,595 - - --------- ---------- --------- --------- ---------- Total fixed charges and preferred stock dividends $ 52,494 $ 40,577 $ 32,681 $ 17,125 $ 12,831 ========= ========== ========= ========= ========== Ratio of earnings to fixed charges (excluding preferred stock dividends) 2.93 X 3.09 X 2.57 X 3.28 X 2.22 X ========= ========== ========= ========= ========== Ratio of earnings to combined fixed charges and preferred dividends 1.89 X 2.06 X 1.86 X 2.76 X 2.11 X ========= ========== ========= ========= ==========