EX-12.1 2 ex_12-1.htm EXHIBIT 12.1 Exhibit 12.1

                         
 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
                                                        
     
March 31
    
Years ended December 31
  
     
2007
    
2006
    
   2005(1)
    
   2004(1)
    
   2003(1)
    
   2002(1)
  
Earnings:
                                          
Income before discontinued operations
  
  $
14,503
 
  $
35,337
 
  $
49,651
 
  $
74,775
 
$
29,177
 
$
36,708
 
Gain on sales of real estate
    
-
 
 
- 
 
 
(6,391)
 
 
(7,909)
 
 
- 
 
 
(145)
  
Minority interests
    
5,307
 
 
19,309
 
 
20,936
 
 
28,332
 
 
26,030
 
 
27,372
 
Interest expense
    
18,266
 
 
72,898
 
 
70,784
 
 
60,709
 
 
49,985
 
 
41,641
 
Amortization of deferred financing costs
    
677
 
 
2,743
 
 
1,947
 
 
1,560
 
 
1,187
 
 
743
 
Total earnings
  
  $
38,753
 
  $
130,287
 
  $
136,927
 
  $
157,467
 
$
106,379
 
$
106,319
 
                                       
                                       
Fixed charges:
                                      
Interest expense
  
  $
18,266
 
  $
72,989
 
  $
70,784
 
  $
60,709
 
$
49,985
 
$
41,641
 
Amortization of deferred financing costs
  
 
677
 
 
2,743
 
 
1,947
 
 
1,560
 
 
1,187
 
 
743
 
Capitalized interest
    
1,972
 
 
3,913
 
 
1,100
 
 
1,997
 
 
4,084
 
 
6,814
 
Preferred stock dividends
    
2,243
 
 
5,145
 
 
1,953
 
 
1,952
 
 
195
 
 
-
 
Perpetual preferred unit distributions
    
2,559
 
 
10,238
 
 
10,238
 
 
14,175
 
 
17,996
 
 
18,319
 
Total fixed charges and preferred
                                      
    stock dividends
  
  $
25,717
 
  $
95,028
 
  $
86,022
 
  $
80,393
 
$
73,447
 
$
67,517
 
                                       
                                       
Ratio of earnings to fixed charges
                                      
    (excluding preferred stock dividends
                                      
    and preferred unit distributions)
    
1.85
 X
  
1.64
 X
  
1.85
 X
  
2.45
 X
  
1.92
 X
  
2.16
 X
                                       
                                       
Ratio of earnings to combined fixed
                                      
    charges and preferred stock dividends
    
1.51
 X
  
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 or held for sale as of December 31, 2006.