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)

	Years ended December 31,
	2014			2013			2012			2011			2010
Earnings:
Income before discontinued operations	$	134,438		$	140,882		$	127,653		$	46,958		$	47,424
Interest expense	164,551			116,524			111,888			103,168			87,584
Total earnings	$	298,989		$	257,406		$	239,541		$	150,126		$	135,008
Fixed charges:
Interest expense	$	164,551		$	116,524		$	111,888		$	103,168		$	87,584
Capitalized interest	22,510			16,486			10,346			8,240			9,486
Preferred stock dividends	5,291			5,472			5,472			4,753			2,170
Perpetual preferred unit distributions	—			—			—			1,650			6,300
Total fixed charges and preferred
stock dividends and preferred unit distributions	$	192,352		$	138,482		$	127,706		$	117,811		$	105,540
Ratio of earnings to fixed charges
(excluding preferred stock dividends
and preferred unit distributions)	1.60		X	1.94		X	1.96		X	1.35		X	1.39		X
Ratio of earnings to combined fixed
charges and preferred stock dividends and
preferred unit distributions	1.55		X	1.86		X	1.88		X	1.27		X	1.28		X

ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Schedule of computation of Ratio and Earnings to Fixed Charges and Preferred Stock Dividends

(Dollars in thousands, except ratios)

	Years ended December 31,
	2014			2013			2012			2011			2010
Earnings:
Income before discontinued operations	$	134,438		$	140,882		$	127,653		$	46,958		$	47,424
Interest expense	164,551			116,524			111,888			103,168			87,584
Total earnings	$	298,989		$	257,406		$	239,541		$	150,126		$	135,008
Fixed charges:
Interest expense	$	164,551		$	116,524		$	111,888		$	103,168		$	87,584
Capitalized interest	22,510			16,486			10,346			8,240			9,486
Preferred stock dividends	5,291			5,472			5,472			4,753			2,170
Perpetual preferred unit distributions	—			—			—			1,650			6,300
Total fixed charges and preferred
stock dividends and preferred unit distributions	$	192,352		$	138,482		$	127,706		$	117,811		$	105,540
Ratio of earnings to fixed charges
(excluding preferred stock dividends
and preferred unit distributions)	1.60		X	1.94		X	1.96		X	1.35		X	1.39		X
Ratio of earnings to combined fixed
charges and preferred stock dividends and
preferred unit distributions	1.55		X	1.86		X	1.88		X	1.27		X	1.28		X