Exhibit 12.1
ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES
Schedule of computation of Ratio and Earnings to Fixed Charges and Preferred Stock Dividends
(Dollars in thousands, except ratios)
	Quarter
	ended
	September 30			Years ended December 31
	2006			2005				2004(1)				2003 (1)			2002(1)					2001(1)
Earnings:
Income before discontinued operations	$	11,413		$	51,019			$	78,294			$	32,016		$	38,568				$	46,414
Gain on sales of real estate		-			(6,391	)			(7,909	)			-			(145	)				(3,788	)
Minority interests		5,212			21,411				27,475				25,696			27,417					24,138
Interest expense		18,525			73,614				63,023				52,410			43,186					38,746
Amortization of deferred financing costs		778			1,970				1,587				1,197			814					657
Total earnings	$	35,928		$	141,623			$	162,470			$	111,319		$	109,840				$	106,167
Fixed charges:
Interest expense	$	18,525		$	73,614			$	63,023			$	52,410		$	43,186				$	38,746
Amortization of deferred financing costs		778			1,970				1,587				1,197			814					657
Capitalized interest		1,153			1,100				1,997				4,084			6,814					3,917
Preferred stock dividends		1,791			1,953				1,952				195			-					-
Perpetual preferred unit distributions		2,559			10,238				14,175				17,996			18,319					18,319
Total fixed charges and preferred
stock dividends	$	24,806		$	88,875			$	82,734			$	75,882		$	69,133				$	61,639
Ratio of earnings to fixed charges
(excluding preferred stock dividends
and preferred unit distributions)		1.76	X		1.85		X		2.44		X		1.93	X		2.16			X		2.45		X
Ratio of earnings to combined fixed
charges and preferred stock dividends		1.45	X		1.59		X		1.96		X		1.47	X		1.59			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 reclassified. 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.