Exhibit 12.1

ESSEX PROPERTY TRUST, INC. 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,
	2015			2014			2013			2012			2011
Earnings before fixed charges:
Income before discontinued operations	$	248,239		$	134,438		$	140,882		$	127,653		$	46,958
Interest expense	204,827			164,551			116,524			111,888			103,168
Interest portion of rental expense	559			267			136			130			55
Total earnings before fixed charges	$	453,625		$	299,256		$	257,542		$	239,671		$	150,181
Fixed charges:
Interest expense	$	204,827		$	164,551		$	116,524		$	111,888		$	103,168
Capitalized interest	15,571			22,510			16,486			10,346			8,240
Interest portion of rental expense	559			267			136			130			55
Total fixed charges	$	220,957		$	187,328		$	133,146		$	122,364		$	111,463
Preferred stock dividends	5,255			5,291			5,472			5,472			4,753
Perpetual preferred unit distributions	—			—			—			—			1,650
Total fixed charges and preferred
stock dividends and preferred unit distributions	$	226,212		$	192,619		$	138,618		$	127,836		$	117,866
Ratio of earnings to fixed charges
(excluding preferred stock dividends
and preferred unit distributions)	2.05		X	1.60		X	1.93		X	1.96		X	1.35		X
Ratio of earnings to combined fixed
charges and preferred stock dividends and
preferred unit distributions	2.01		X	1.55		X	1.86		X	1.87		X	1.27		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,
	2015			2014			2013			2012			2011
Earnings before fixed charges:
Income before discontinued operations	$	248,239		$	134,438		$	140,882		$	127,653		$	46,958
Interest expense	204,827			164,551			116,524			111,888			103,168
Interest portion of rental expense	559			267			136			130			55
Total earnings before fixed charges	$	453,625		$	299,256		$	257,542		$	239,671		$	150,181
Fixed charges:
Interest expense	$	204,827		$	164,551		$	116,524		$	111,888		$	103,168
Capitalized interest	15,571			22,510			16,486			10,346			8,240
Interest portion of rental expense	559			267			136			130			55
Total fixed charges	$	220,957		$	187,328		$	133,146		$	122,364		$	111,463
Preferred interest distributions	5,255			5,291			5,472			5,472			4,753
Perpetual preferred unit distributions	—			—			—			—			1,650
Total fixed charges and preferred
interest and preferred unit distributions	$	226,212		$	192,619		$	138,618		$	127,836		$	117,866
Ratio of earnings to fixed charges
(excluding preferred interest
and preferred unit distributions)	2.05		X	1.60		X	1.93		X	1.96		X	1.35		X
Ratio of earnings to combined fixed
charges and preferred interest
and preferred unit distributions	2.01		X	1.55		X	1.86		X	1.87		X	1.27		X