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
                                            
   
June 30
      
Years ended December 31
    
   
2008
      
2007
      
2006(1)
      
2005(1)
      
2004(1)
      
2003(1)
    
Earnings:
                                                
Income before discontinued operations
   $ 11,999       $ 41,664       $ 33,002       $ 47,373       $ 72,756       $ 27,175    
Gain on sales of real estate
     -         -         -         (6,391 )       (7,909 )       -    
Minority interests
     5,346         19,937         18,807         20,709         28,133         25,827    
Interest expense
     19,781         80,995         72,898         70,784         60,709         49,985    
Amortization of deferred financing costs
     715         3,071         2,745         1,947         1,560         1,187    
Total earnings
   $ 37,841       $ 145,667       $ 127,452       $ 134,422       $ 155,249       $ 104,174    
                                                             
                                                             
Fixed charges:
                                                            
Interest expense
   $ 19,781       $ 80,995       $ 72,898       $ 70,784       $ 60,709       $ 49,985    
Amortization of deferred financing costs
     715         3,071         2,745         1,947         1,560         1,187    
Capitalized interest
     2,899         5,134         3,913         1,100         1,997         4,084    
Preferred stock dividends
     2,311         9,174         5,145         1,953         1,952         195    
Perpetual preferred unit distributions
     2,560         10,238         10,238         10,238         14,175         17,996    
Total fixed charges and preferred stock dividends
   $ 28,266       $ 108,612       $ 94,939       $ 86,022       $ 80,393       $ 73,447    
                                                             
                                                             
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)
     1.62  
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
     1.34  
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.