EX-12.1 3 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
  
   
2009
    
2008(1)
    
2007
    
2006
    
2005
    
2004
  
Earnings:
                                    
Income before discontinued operations
   $ 21,088     $ 81,875     $ 42,349     $ 32,738     $ 47,266     $ 72,485  
Gain on sales of real estate
     -       (4,578 )     -       -       (6,391 )     (7,909 )
Noncontrolling interest
     4,942       22,255       19,999       18,783       20,699       28,106  
Interest expense
     20,203       85,063       81,993       75,017       72,096       61,623  
Total earnings
   $ 46,233     $ 184,615     $ 144,341     $ 126,538     $ 133,670     $ 154,305  
                                                 
                                                 
Fixed charges:
                                                
Interest expense
   $ 20,203     $ 85,063     $ 81,993     $ 75,017     $ 72,096     $ 61,623  
Capitalized interest
     3,228       10,908       5,134       3,913       1,100       1,997  
Preferred stock dividends
     1,826       9,241       9,174       5,145       1,953       1,952  
Perpetual preferred unit distributions
     1,575       9,909       10,238       10,238       10,238       14,175  
Total fixed charges and preferred stock dividends
   $ 26,832     $ 115,121     $ 106,539     $ 94,313     $ 85,387     $ 79,747  
                                                 
                                                 
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)
     1.97 X     1.92 X     1.66 X     1.60 X     1.83 X     2.43 X
                                                 
                                                 
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.72 X     1.60 X     1.35 X     1.34 X     1.57 X     1.93 X



(1)
The results of operations for 2008 have been reclassified to reflect discontinued operations for properties sold subsequent to December 31, 2008, and the results of operations for 2004 through 2007 have not been reclassified.