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 September 30,			Years ended December 31
	2009			2008(1)			2007			2006			2005			2004
Earnings:
Income before discontinued operations	$	69		$	80,860		$	42,349		$	32,738		$	47,266		$	72,485
Gain on sales of real estate		-			(4,578	)		-			-			(6,391	)		(7,909	)
Noncontrolling interest		3,588			22,070			19,999			18,783			20,699			28,106
Interest expense		21,966			85,063			81,993			75,017			72,096			61,623
Total earnings	$	25,623		$	183,415		$	144,341		$	126,538		$	133,670		$	154,305
Fixed charges:
Interest expense	$	21,966		$	85,063		$	81,993		$	75,017		$	72,096		$	61,623
Capitalized interest		2,492			10,908			5,134			3,913			1,100			1,997
Preferred stock dividends		902			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	$	26,935		$	115,121		$	106,539		$	94,313		$	85,387		$	79,747
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)		1.05	X		1.91	X		1.66	X		1.60	X		1.83	X		2.43	X
Ratio of earnings to combined fixed charges and preferred stock dividends		N/A(2)	X		1.59	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 the standard entitled "Accounting for Convertible Debt Instruments That May be Settled in Cash Upon Conversion" subsequent to December 31, 2008.  The results of operations for 2004 through 2007 have not been reclassified nor restated.

(2) Total earnings was less than the fixed charges and preferred stock dividends by $1.3 million, resulting in a ratio of earnings to combined fixed charges and preferred dividends of 0.95 which was less than 1.00 for the quarter ended September 30, 2009.