EX-12.1 5 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
    
   
2012
      
2011 (1)
      
2010 (1)
      
2009 (1)
      
2008 (1)
      
2007 (1)
    
Earnings:
                                                
Income before discontinued operations
   $ 42,490       $ 48,868       $ 49,163       $ 43,279       $ 78,556       $ 54,819    
Gain on sales of real estate
     -         -         -         (103 )       (4,578 )       -    
Interest and amortization expense
     27,541         103,168         87,585         86,016         85,063         85,896    
Total earnings
   $ 70,031       $ 152,036       $ 136,748       $ 129,192       $ 159,041       $ 140,715    
                                                             
                                                             
Fixed charges:
                                                            
Interest and amortization expense
   $ 27,541       $ 103,168       $ 87,585       $ 86,016       $ 85,063       $ 85,896    
Capitalized interest
     2,319         8,240         9,486         10,463         10,908         5,134    
Preferred stock dividends
     1,368         4,753         2,170         4,860         9,241         9,174    
Perpetual preferred unit distributions
     -         1,650         6,300         6,300         9,909         10,238    
Total fixed charges and preferred  stock dividends
   $ 31,228       $ 117,811       $ 105,541       $ 107,639       $ 115,121       $ 110,442    
                                                             
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)
     2.35  
X
     1.36  
X
     1.41  
X
     1.34  
X
     1.66  
X
     1.55  
X
                                                             
                                                             
Ratio of earnings to combined fixed charges and preferred stock dividends
     2.24  
X
     1.29  
X
     1.30  
X
     1.20  
X
     1.38  
X
     1.27  
X
 
 
(1)
The results of operations for 2007-2011 have been reclassified and restated to reflect discontinued operations.