EX-12.1 5 dex121.txt SCHEDULE OF COMPUTATION OF RATIO Exhibit 12.1
ESSEX PROPERTY TRUST, INC. Schedule of computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Dollars in thousands, except ratios) Years ended December 31 ------------------------------------------------------------------------------------- 2001 2000 1999 1998 1997 1996 ---------- ---------- ---------- ---------- ---------- ---------- Earnings: Income before minority interests and extraordinary item $ 72,944 $ 68,222 $ 61,616 $ 40,600 $ 34,146 $ 14,970 Interest expense 39,105 30,384 21,268 19,374 12,659 11,442 Amortization of deferred financing costs 657 639 566 718 509 639 ---------- ---------- ---------- ---------- ---------- ---------- Total earnings $112,706 $ 99,245 $ 83,450 $ 60,692 $ 47,314 $ 27,051 ========== ========== ========== ========== ========== ========== Fixed charges: Interest expense $ 39,105 $ 30,384 $ 21,268 $ 19,374 $ 12,659 $ 11,442 Amortization of deferred financing costs 657 639 566 718 509 639 Capitalized interest 3,917 2,906 5,172 3,494 1,276 115 Convertible preferred stock dividends - 246 1,333 3,500 2,681 635 Perpetual preferred unit distributions 18,319 18,319 12,238 5,595 - - ---------- ---------- ---------- ---------- ---------- ---------- Total fixed charges and preferred stock dividends $ 61,998 $ 52,494 $ 40,577 $ 32,681 $ 17,125 $ 12,831 ========== ========== ========== ========== ========== ========== Ratio of earnings to fixed charges (excluding preferred stock dividends) 2.58 X 2.93 X 3.09 X 2.57 X 3.28 X 2.22 X ========== ========== ========== ========== ========== ========== Ratio of earnings to combined fixed charges and preferred dividends 1.82 X 1.89 X 2.06 X 1.86 X 2.76 X 2.11 X ========== ========== ========== ========== ========== ==========