EX-12.1 2 ex12_1.htm EXHIBIT 12.1 ex12_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
                                
   
March 31
    
Years ended December 31
  
   
2008
    
2007
    
2006(1)
    
2005(1)
    
2004(1)
    
2003(1)
  
Earnings:
                                    
Income before discontinued operations
   $ 18,014     $ 41,664     $ 33,002     $ 47,373     $ 72,756     $ 27,175  
Gain on sales of real estate
     -       -       -       (6,391 )     (7,909 )     -  
Minority interests
     5,843       19,937       18,807       20,709       28,133       25,827  
Interest expense
     20,183       80,995       72,898       70,784       60,709       49,985  
Amortization of deferred financing costs
     722       3,071       2,745       1,947       1,560       1,187  
Total earnings
   $ 44,762     $ 145,667     $ 127,452     $ 134,422     $ 155,249     $ 104,174  
                                                 
                                                 
Fixed charges:
                                                
Interest expense
   $ 20,183     $ 80,995     $ 72,898     $ 70,784     $ 60,709     $ 49,985  
Amortization of deferred financing costs
     722       3,071       2,745       1,947       1,560       1,187  
Capitalized interest
     2,370       5,134       3,913       1,100       1,997       4,084  
Preferred stock dividends
     2,310       9,174       5,145       1,953       1,952       195  
Perpetual preferred unit distributions
     2,559       10,238       10,238       10,238       14,175       17,996  
Total fixed charges and preferred stock dividends
   $ 28,144     $ 108,612     $ 94,939     $ 86,022     $ 80,393     $ 73,447  
                                                 
                                                 
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)
     1.92  X     1.63  X     1.60  X     1.82  X     2.42  X     1.89  X
                                                 
                                                 
                                                 
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.59  X     1.34  X     1.34  X     1.56  X     1.93  X     1.42  X

(1)
The above financial and operating information from January 1, 2003 through December 31, 2003 reflect the retroactive adoption of FIN 46R and SFAS 123. The results of operations for 2006, 2005, 2004, and 2003 have been reclassified to reflect discontinued operations for properties sold subsequent to December 31, 2006.