EX-12.1 6 exhibit12-1.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
    
   
2006
    
2005(1)
    
2004 (1)
    
2003(1)
    
2002(1)
    
Earnings:
                                
Income before discontinued operations
$
35,337
 
$
49,651
 
$
74,775
 
$
29,177
 
$
36,708
   
Gain on sales of real estate
  
-
   
(6,391)
    
(7,909)
    
-
   
(145)
    
Minority interests
  
19,309
   
20,936
   
28,332
   
26,030
   
27,372
   
Interest expense
  
72,898
   
70,784
   
60,709
   
49,985
   
41,641
   
Amortization of deferred financing costs
  
2,743
   
1,947
   
1,560
   
1,187
   
743
   
Total earnings
$
130,287
 
$
136,927
 
$
157,467
 
$
106,379
 
$
106,319
   
                                 
                                 
Fixed charges:
                                
Interest expense
$
72,898
 
$
70,784
 
$
60,709
 
$
49,985
 
$
41,641
   
Amortization of deferred financing costs
  
2,743
   
1,947
   
1,560
   
1,187
   
743
   
Capitalized interest
  
3,913
   
1,100
   
1,997
   
4,084
   
6,814
   
Preferred stock dividends
  
5,145
   
1,953
   
1,952
   
195
   
-
   
Perpetual preferred unit distributions
  
10,238
   
10,238
   
14,175
   
17,996
   
18,319
   
Total fixed charges and preferred
                                
    stock dividends
$
94,937
 
$
86,022
 
$
80,393
 
$
73,447
 
$
67,517
   
                                 
                                 
Ratio of earnings to fixed charges
                                
    (excluding preferred stock dividends
                                
     and preferred unit distributions)
  
1.64
X
  
1.85
X
  
2.45
X
  
1.93
X
  
2.16
X
  
                                 
                                 
Ratio of earnings to combined fixed
                                
    charges and preferred stock dividends
  
1.37
X
  
1.59
X
  
1.96
X
  
1.45
X
  
1.57
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 results of operations for 2005, 2004, 2003, and 2002 have been reclassified to reflect discontinued operations for properties
   
                              sold subsequent to December 31, 2005.