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)

 
   
Year ended December 31,
    
Years ended December 31
   
2009
    
2008(1)
    
2007(1)
    
2006(1)
    
2005(1)
  
Earnings:
                              
Income before discontinued operations
   $ 45,052     $ 80,651     $ 56,737     $ 46,174     $ 65,912  
Gain on sales of real estate
     (103 )     (4,578 )     -       -       (6,391 )
Noncontrolling interest from continuing operations
     15,915       22,070       19,634       18,438       20,643  
Interest expense
     86,016       85,063       85,896       78,705       72,696  
Total earnings
   $ 146,880     $ 183,206     $ 162,267     $ 143,317     $ 152,860  
                                         
                                         
Fixed charges:
                                        
Interest expense
   $ 86,016     $ 85,063     $ 85,896     $ 78,705     $ 72,696  
Capitalized interest
     10,463       10,908       5,134       3,913       1,100  
Preferred stock dividends
     4,860       9,241       9,174       5,145       1,953  
Perpetual preferred unit distributions
     6,300       9,909       10,238       10,238       10,238  
Total fixed charges and preferred stock dividends
   $ 107,639     $ 115,121     $ 110,442     $ 98,001     $ 85,987  
                                         
                                         
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)
     1.52 X     1.91 X     1.78 X     1.73 X     2.07 X
                                         
                                         
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.36 X     1.59 X     1.47 X     1.46 X     1.78 X

 
(1)
The results of operations for 2005-2008 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 have not been reclassified nor restated.