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
    
   
2009
      
2008(1)
      
2007
      
2006
      
2005
      
2004
    
Earnings:
                                                
Income before discontinued operations
   $ 16,660       $ 81,152       $ 42,349       $ 32,738       $ 47,266       $ 72,485    
Gain on sales of real estate
     -         (4,578 )       -         -         (6,391 )       (7,909 )  
Noncontrolling interest
     4,453         22,255         19,999         18,783         20,699         28,106    
Interest expense
     21,509         85,063         81,993         75,017         72,096         61,623    
Total earnings
   $ 42,622       $ 183,892       $ 144,341       $ 126,538       $ 133,670       $ 154,305    
                                                             
                                                             
Fixed charges:
                                                            
Interest expense
   $ 21,509       $ 85,063       $ 81,993       $ 75,017       $ 72,096       $ 61,623    
Capitalized interest
     2,658         10,908         5,134         3,913         1,100         1,997    
Preferred stock dividends
     1,584         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
   $ 27,326       $ 115,121       $ 106,539       $ 94,313       $ 85,387       $ 79,747    
                                                             
                                                             
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)
     1.76  
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
     1.56  
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 and restated to reflect discontinued operations and the adoption of APB 14-1 for activities subsequent to December 31, 2008.  The results of operations for 2004 through 2007 have not been reclassified nor restated.