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)

	Year
	ended
	December 31,			Years ended December 31
	2011			2010 (1)			2009 (1)				2008 (1)				2007 (1)
Earnings:
Income before discontinued operations	$	49,782		$	50,077		$	44,282			$	79,690			$	55,893
Gain on sales of real estate		-			-			(103	)			(4,578	)			-
Interest expense and amortization expense		103,168			87,585			86,016				85,063				85,896
Total earnings	$	152,950		$	137,662		$	130,195			$	160,175			$	141,789
Fixed charges:
Interest expense	$	103,168		$	87,585		$	86,016			$	85,063			$	85,896
Capitalized interest		8,240			9,486			10,463				10,908				5,134
Preferred stock dividends		4,753			2,170			4,860				9,241				9,174
Perpetual preferred unit distributions		1,650			6,300			6,300				9,909				10,238
Total fixed charges and preferred stock dividends	$	117,811		$	105,541		$	107,639			$	115,121			$	110,442
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)		1.37	X		1.42	X		1.35		X		1.67		X		1.56	X
Ratio of earnings to combined fixed charges and preferred stock dividends		1.30	X		1.30	X		1.21		X		1.39		X		1.28	X

(1) The results of operations for 2006-2010 have been reclassified and restated to reflect discontinued operations.