EX-12.1 2 a05-5625_1ex12d1.htm EX-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

 

 

 

2004

 

2003(1)

 

2002 (1)

 

2001(1)

 

2000(1)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

78,976

 

$

33,527

 

$

40,283

 

$

47,912

 

$

43,795

 

Gain on sales of real estate

 

(7,909

)

—

 

(145

)

(3,788

)

(4,022

)

Minority interests

 

27,542

 

25,845

 

27,628

 

24,322

 

23,686

 

Interest expense (2)

 

63,023

 

52,410

 

43,186

 

38,746

 

30,163

 

Amortization of deferred financing costs

 

1,587

 

1,197

 

814

 

657

 

639

 

Total earnings

 

$

163,219

 

$

112,979

 

$

111,766

 

$

107,849

 

$

94,261

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense (2)

 

$

63,023

 

$

52,410

 

$

43,186

 

$

38,746

 

$

30,163

 

Amortization of deferred financing costs

 

1,587

 

1,197

 

814

 

657

 

639

 

Capitalized interest

 

1,997

 

4,084

 

6,814

 

3,917

 

2,906

 

Convertible preferred stock dividends

 

—

 

—

 

—

 

—

 

245

 

Preferred stock dividends

 

1,952

 

195

 

—

 

—

 

—

 

Perpetual preferred unit distributions

 

14,174

 

17,996

 

18,319

 

18,319

 

18,319

 

Total fixed charges and preferred  stock dividends

 

$

82,733

 

$

75,882

 

$

69,133

 

$

61,639

 

$

52,272

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)

 

2.45

X

1.96

X

2.20

X

2.49

X

2.80

X

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

1.97

X

1.49

X

1.62

X

1.75

X

1.80

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, 2000 through December 31, 2001 have not been restated to reflect the retroactive adoption of FIN 46R and SFAS 123 and have not been reclassified to present properties sold as discontinued operations. Because the 2000 and 2001 balances have not been restated, the results for those periods may not be comparable to the results for the later periods set forth above.

 

(2)          Extraordinary item - loss on early extinguishment of debt of $119 for the year ended December 31, 2000 has been reclassified as interest expense in accordance with the adoption of SFAS 145 on January 1, 2003.