EX-12.1 2 ex12_1.htm EXHIBIT 12.1 Exhibit 12.1

                                                                                  
  Exhibit 12.1
      
ESSEX PROPERTY TRUST, INC.
      
Schedule of computation of Ratio and Earnings to Fixed Charges and Preferred Stock Dividends
      
(Dollars in thousands, except ratios)
      
                                                                                                                                                                                            
   
 Years ended December 31
      
   
 2005
      
 2004
      
 2003 (1)
      
 2002(1)
      
 2001(1)
      
Earnings:
                                               
Income from continuing operations
  
$
51,442
       
$
78,294
       
$
32,450
       
$
38,992
       
$
46,414
       
Gain on sales of real estate
    
(6,391
)
        
(7,909
)
        
-
         
(145
)
        
(3,788
)
      
Minority interests
    
21,465
         
27,475
         
25,739
         
27,470
         
24,138
       
Interest expense
   
73,614
         
63,023
         
52,410
         
43,186
         
38,746
       
Amortization of deferred financing costs
    
1,970
         
1,587
         
1,197
         
814
         
657
       
Total earnings
  
$
142,100
       
$
162,470
       
$
111,796
       
$
110,317
       
$
106,167
       
                                                               
Fixed charges:
                                                              
Interest expense
  
$
73,614
       
$
63,023
       
$
52,410
       
$
43,186
       
$
38,746
       
Amortization of deferred financing costs
    
1,970
         
1,587
         
1,197
         
814
         
657
       
Capitalized interest
    
1,100
         
1,997
         
4,084
         
6,814
         
3,917
       
Preferred stock dividends
    
1,953
         
1,952
         
195
         
-
         
-
       
Perpetual preferred unit distributions
    
10,238
         
14,175
         
17,996
         
18,319
         
18,319
       
Total fixed charges and preferred
                                                              
stock dividends
  
$
88,875
       
$
82,734
       
$
75,882
       
$
69,133
       
$
61,639
       
                                                               
Ratio of earnings to fixed charges
                                                              
(excluding preferred stock dividends
                                                              
and preferred unit distributions)
    
1.85
   
X
    
2.44
   
X
    
1.94
   
X
    
2.17
   
X
    
2.45
   
X
  
                                                               
Ratio of earnings to combined fixed
                                                              
charges and preferred stock dividends
    
1.60
   
X
    
1.96
   
X
    
1.47
   
X
    
1.60
   
X
    
1.72
   
X
  
                                                               
(1)     The above financial and operating information from January 1, 2002 through December 31, 2003 reflect the retroactive adoption of FIN 46R and SFAS 123. The above financial and operating information from January 1 through December 31, 2001 has not been restated to reflect the retroactive adoption of FIN 46R and SFAS 123. The results of operations for 2004, 2003, and 2002 have been reclassified to reflect discontinued operations for properties sold subsequent to December 31, 2004. Results of operations for 2001 have not been reclassify. Because 2001 results have not been reclassified, the results for that period may not be comparable to the results for the later periods set forth above.