EX-12.1 2 ex_12-1.htm EXHIBIT 12.1 ex_12-1.htm
                               
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
                                
     
June 30
    
Years ended December 31
  
     
2007
    
2006
    
2005 (1)
    
2004 (1)
    
2003(1)
    
2002(1)
  
Earnings:
                                      
Income before discontinued operations
  
$
     11,902
  
$
35,337
  
$
49,651
  
$
74,775
  
$
29,177
  
$
36,708
  
Gain on sales of real estate
    
              -
    
              -
    
(6,391)
    
     (7,909)
    
              -
    
(145)
  
Minority interests
    
       5,069
    
19,309
    
20,936
    
28,332
    
26,030
    
27,372
  
Interest expense
    
     20,491
    
72,898
    
70,784
    
60,709
    
49,985
    
41,641
  
Amortization of deferred financing costs
    
          678
    
2,743
    
1,947
    
1,560
    
1,187
    
743
  
Total earnings
  
$
     38,140
  
$
130,287
  
$
136,927
  
$
157,467
  
$
106,379
  
$
106,319
  
                                       
                                       
Fixed charges:
                                      
Interest expense
  
$
     20,491
  
$
72,989
  
$
70,784
  
$
60,709
  
$
49,985
  
$
41,641
  
Amortization of deferred financing costs
    
          678
    
2,743
    
1,947
    
1,560
    
1,187
    
743
  
Capitalized interest
    
          345
    
3,913
    
1,100
    
1,997
    
4,084
    
6,814
  
Preferred stock dividends
    
       2,310
    
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
  
$
     26,383
  
$
95,028
  
$
86,022
  
$
80,393
  
$
73,447
  
$
67,517
  
                                       
                                       
Ratio of earnings to fixed charges
                                      
    (excluding preferred stock dividends
                                      
    and preferred unit distributions)
    
1.77
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
    
1.45
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.