Exhibit 12.1
ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES
Schedule of computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Dollars in thousands, except ratios)
		Years ended December 31
		2007			2006(1)			2005(1)			2004(1)			2003(1)
Earnings:
Income before discontinued operations	$	56,754		$	46,832		$	62,742		$	96,339		$	48,306
Gain on sales of real estate		-			-			(6,391)			(7,909)			-
Minority interests		4,847			4,977			5,340			4,550			4,696
Interest expense		80,995			72,898			70,784			60,709			49,985
Amortization of deferred financing costs		3,071			2,745			1,947			1,560			1,187
Total earnings	$	145,667		$	127,452		$	134,422		$	155,249		$	104,174
Fixed charges:
Interest expense	$	80,995		$	72,898		$	70,784		$	60,709		$	49,985
Amortization of deferred financing costs		3,071			2,745			1,947			1,560			1,187
Capitalized interest		5,134			3,913			1,100			1,997			4,084
Preferred stock dividends		9,174			5,145			1,953			1,952			195
Perpetual preferred unit distributions		10,238			10,238			10,238			14,175			17,996
Total fixed charges and preferred
stock dividends	$	108,612		$	94,939		$	86,022		$	80,393		$	73,447
Ratio of earnings to fixed charges
(excluding preferred stock dividends
and preferred unit distributions)		1.63	X		1.60	X		1.82	X		2.42	X		1.89	X
Ratio of earnings to combined fixed
charges and preferred stock dividends		1.34	X		1.34	X		1.56	X		1.93	X		1.42	X
(1)The above financial and operating information from January 1, 2003 through December 31, 2003 reflect the retroactive adoption of FIN 46R
and SFAS 123. The results of operations for 2006, 2005, 2004, and 2003 have been reclassified to reflect discontinued operations for properties
sold subsequent to December 31, 2006.