Exhibit 12.1 | |||||||||||||||||||||||||||||||
ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||
Schedule of computation of Ratio of Earnings to Fixed Charges and Preferred Unit Distributions | |||||||||||||||||||||||||||||||
(Dollars in thousands, except ratios) | |||||||||||||||||||||||||||||||
Years ended December 31 | |||||||||||||||||||||||||||||||
2005 | 2004 | 2003 (1) | 2002(1) | 2001(1) | |||||||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||||
Income from continuing operations | $ | 67,220 | $ | 102,271 | $ | 54,055 | $ | 62,798 | $ | 70,356 | |||||||||||||||||||||
Gain on sales of real estate | (6,391 | ) | (7,909 | ) | - | (145 | ) | (3,788 | ) | ||||||||||||||||||||||
Minority interests | 5,687 | 3,498 | 4,134 | 3,664 | 196 | ||||||||||||||||||||||||||
Interest expense (2) | 73,614 | 63,023 | 52,410 | 43,186 | 38,746 | ||||||||||||||||||||||||||
Amortization of deferred financing costs | 1,970 | 1,587 | 1,197 | 814 | 657 | ||||||||||||||||||||||||||
Total earnings | $ | 142,100 | $ | 162,470 | $ | 111,796 | $ | 110,317 | $ | 106,167 | |||||||||||||||||||||
Fixed charges: | |||||||||||||||||||||||||||||||
Interest expense | $ | 73,614 | $ | 63,023 | $ | 52,410 | $ | 43,186 | $ | 38,746 | |||||||||||||||||||||
Amortization of deferred financing costs | 1,970 | 1,587 | 1,197 | 814 | 657 | ||||||||||||||||||||||||||
Capitalized interest | 1,100 | 1,997 | 4,084 | 6,814 | 3,917 | ||||||||||||||||||||||||||
Preferred unit distributions - Series F | 1,953 | 1,952 | 195 | - | - | ||||||||||||||||||||||||||
Preferred unit distributions - limited partners | 10,238 | 14,175 | 17,996 | 18,319 | 18,319 | ||||||||||||||||||||||||||
Total fixed charges and preferred | |||||||||||||||||||||||||||||||
unit distributions | $ | 88,875 | $ | 82,734 | $ | 75,882 | $ | 69,133 | $ | 61,639 | |||||||||||||||||||||
Ratio of earnings to fixed charges | |||||||||||||||||||||||||||||||
(excluding preferred unit distributions) | 1.85 | X | 2.44 | X | 1.94 | X | 2.17 | X | 2.45 | X | |||||||||||||||||||||
Ratio of earnings to combined fixed charges | |||||||||||||||||||||||||||||||
and preferred unit distributions | 1.60 | X | 1.96 | X | 1.47 | X | 1.60 | X | 1.72 | X | |||||||||||||||||||||
(1) The above financial and operating information from January 1, 2002 through December 31, 2003 reflect the retroactive adoption of FIN 46R and SFAS 123. The above financial and operating information from January 1 through December 31, 2001 has not been restated to reflect the retroactive adoption of FIN 46R and SFAS 123. The results of operations for 2004, 2003, and 2002 have been reclassified to reflect discontinued operations for properties sold subsequent to December 31, 2004. Results of operations for 2001 have not been reclassified. Because 2001 results have not been reclassified, the results for that period may not be comparable to the results for the later periods set forth above. | |||||||||||||||||||||||||||||||
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10-K Filing
Essex Portfolio 10-K2006 FY Annual report
Filed: 16 Mar 06, 12:00am