EX-12.1 3 ex12_1.htm EXHIBIT 12.1 ex12_1.htm
Exhibit 12.1


ESSEX PROPERTY TRUST, INC.
Schedule of computation of Ratio and Earnings to Fixed Charges and Preferred Stock Dividends
(Dollars in thousands, except ratios)


   
Years ended December 31
    
   
2008
      
2007(1)
      
2006(1)
      
2005(1)
      
2004(1)
    
Earnings:
                                        
Income before discontinued operations
   $ 63,517       $ 42,349       $ 32,738       $ 47,266       $ 72,485    
Gain on sales of real estate and retirement of debt
     (8,095 )       -         -         (6,391 )       (7,909 )  
Minority interests
     22,395         19,999         18,783         20,699         28,106    
Interest expense
     78,203         78,938         72,272         70,149         60,063    
Amortization of deferred financing costs
     2,883         3,055         2,745         1,947         1,560    
Total earnings
   $ 158,903       $ 144,341       $ 126,538       $ 133,670       $ 154,305    
                                                   
                                                   
Fixed charges:
                                                  
Interest expense
   $ 78,203       $ 78,938       $ 72,272       $ 70,149       $ 60,063    
Amortization of deferred financing costs
     2,883         3,055         2,745         1,947         1,560    
Capitalized interest
     10,908         5,134         3,913         1,100         1,997    
Preferred stock dividends
     9,241         9,174         5,145         1,953         1,952    
Perpetual preferred unit distributions
     9,909         10,238         10,238         10,238         14,175    
Total fixed charges and preferred stock dividends
   $ 111,144       $ 106,539       $ 94,313       $ 85,387       $ 79,747    
                                                   
                                                   
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)
     1.73  
X
     1.66  
X
     1.60  
X
     1.83  
X
     2.43  
X
                                                   
                                                   
Ratio of earnings to combined fixed charges and preferred stock dividends
     1.43  
X
     1.35  
X
     1.34  
X
     1.57  
X
     1.93  
X

(1)
The results of operations for 2007, 2006, 2005 and 2004 have been reclassified to reflect discontinued operations for properties sold subsequent to December 31, 2007.