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)
  
                                               
                                               
   
Quarter
                                          
   
ended
                                          
   
September 30
      
Years ended December 31
  
   
2008
      
2007(1)
      
2006
      
2005
      
2004
      
2003
  
Earnings:
                                              
Income before discontinued operations
   $ 15,270       $ 41,538       $ 33,002       $ 47,373       $ 72,756       $ 27,175  
Gain on sales of real estate
     (2,446 )       -         -         (6,391 )       (7,909 )       -  
Minority interests
     5,666         19,927         18,807         20,709         28,133         25,827  
Interest expense
     19,399         78,938         72,898         70,784         60,709         49,985  
Amortization of deferred financing costs
     686         3,055         2,745         1,947         1,560         1,187  
Total earnings
   $ 38,575       $ 143,458       $ 127,452       $ 134,422       $ 155,249       $ 104,174  
                                                           
                                                           
Fixed charges:
                                                          
Interest expense
   $ 19,399       $ 78,938       $ 72,898       $ 70,784       $ 60,709       $ 49,985  
Amortization of deferred financing costs
     686         3,055         2,745         1,947         1,560         1,187  
Capitalized interest
     2,936         5,134         3,913         1,100         1,997         4,084  
Preferred stock dividends
     2,310         9,174         5,145         1,953         1,952         195  
Perpetual preferred unit distributions
     2,559         10,238         10,238         10,238         14,175         17,996  
Total fixed charges and preferred stock dividends
   $ 27,890       $ 106,539       $ 94,939       $ 86,022       $ 80,393       $ 73,447  
                                                           
                                                           
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)
     1.68  
X
     1.65  
X
     1.60  
X
     1.82  
X
     2.42  
X
     1.89  
                                                           
                                                           
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.38  
X
     1.35  
X
     1.34  
X
     1.56  
X
     1.93  
X
     1.42  


(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 2007 have been reclassified to reflect discontinued operations for properties sold subsequent to December 31, 2007, and the results of operations for 2003 through 2006 have not been reclassifed.