Exhibit 12.1 | |||||||||||||||||||
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) | |||||||||||||||||||
Quarter | |||||||||||||||||||
ended | |||||||||||||||||||
June 30 | Years ended December 31 | ||||||||||||||||||
2007 | 2006 | 2005 (1) | 2004 (1) | 2003(1) | 2002(1) | ||||||||||||||
Earnings: | |||||||||||||||||||
Income before discontinued operations | $ | 15,782 | $ | 49,667 | $ | 65,247 | $ | 98,557 | $ | 51,073 | $ | 59,320 | |||||||
Gain on sales of real estate | - | - | (6,391) | (7,909) | - | (145) | |||||||||||||
Minority interests | 1,189 | 4,979 | 5,340 | 4,550 | 4,134 | 4,760 | |||||||||||||
Interest expense | 20,491 | 72,898 | 70,784 | 60,709 | 49,985 | 41,641 | |||||||||||||
Amortization of deferred financing costs | 678 | 2,743 | 1,947 | 1,560 | 1,187 | 743 | |||||||||||||
Total earnings | $ | 38,140 | $ | 130,287 | $ | 136,927 | $ | 157,467 | $ | 106,379 | $ | 106,319 | |||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 20,491 | $ | 72,989 | $ | 70,784 | $ | 60,709 | $ | 49,985 | $ | 41,641 | |||||||
Amortization of deferred financing costs | 678 | 2,743 | 1,947 | 1,560 | 1,187 | 743 | |||||||||||||
Capitalized interest | 345 | 3,913 | 1,100 | 1,997 | 4,084 | 6,814 | |||||||||||||
Preferred stock dividends | 2,310 | 5,145 | 1,953 | 1,952 | 195 | - | |||||||||||||
Perpetual preferred unit distributions | 2,559 | 10,238 | 10,238 | 14,175 | 17,996 | 18,319 | |||||||||||||
Total fixed charges and preferred | |||||||||||||||||||
stock dividends | $ | 26,383 | $ | 95,028 | $ | 86,022 | $ | 80,393 | $ | 73,447 | $ | 67,517 | |||||||
Ratio of earnings to fixed charges | |||||||||||||||||||
(excluding preferred stock dividends | |||||||||||||||||||
and preferred unit distributions) | 1.77 | X | 1.64 | X | 1.85 | X | 2.45 | X | 1.92 | X | 2.16 | X | |||||||
Ratio of earnings to combined fixed | |||||||||||||||||||
charges and preferred stock dividends | 1.45 | X | 1.37 | X | 1.59 | X | 1.96 | X | 1.45 | X | 1.57 | 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 results of operations for 2005, 2004, 2003, and 2002 have been reclassified to reflect discontinued operations for properties | |||||||||||||||||||
sold subsequent to December 31, 2005 or held for sale as of December 31, 2006. | |||||||||||||||||||
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10-Q Filing
Essex Portfolio 10-Q2007 Q2 Quarterly report
Filed: 9 Aug 07, 12:00am