Essex Portfolio 10-Q 2015 Q2 Quarterly report

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)

	Six Months ended June 30,			Years ended December 31,
	2015			2014			2013			2012			2011
Earnings:
Income before discontinued operations	$	115,295		$	134,438		$	140,882		$	127,653		$	46,958
Interest expense	98,348			164,551			116,524			111,888			103,168
Total earnings	$	213,643		$	298,989		$	257,406		$	239,541		$	150,126
Fixed charges:
Interest expense	$	98,348		$	164,551		$	116,524		$	111,888		$	103,168
Capitalized interest	8,265			22,510			16,486			10,346			8,240
Preferred stock dividends	2,627			5,291			5,472			5,472			4,753
Perpetual preferred unit distributions	—			—			—			—			1,650
Total fixed charges and preferred
stock dividends and preferred unit distributions	$	109,240		$	192,352		$	138,482		$	127,706		$	117,811
Ratio of earnings to fixed charges
(excluding preferred stock dividends
and preferred unit distributions)	2.00		X	1.60		X	1.94		X	1.96		X	1.35		X
Ratio of earnings to combined fixed
charges and preferred stock dividends and
preferred unit distributions	1.96		X	1.55		X	1.86		X	1.88		X	1.27		X

ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

Schedule of computation of Ratio and Earnings to Fixed Charges and Preferred Unit Distributions

(Dollars in thousands, except ratios)

	Six Months ended June 30,			Years ended December 31,
	2015			2014			2013			2012			2011
Earnings:
Income before discontinued operations	$	115,295		$	134,438		$	140,882		$	127,653		$	46,958
Interest expense	98,348			164,551			116,524			111,888			103,168
Total earnings	$	213,643		$	298,989		$	257,406		$	239,541		$	150,126
Fixed charges:
Interest expense	$	98,348		$	164,551		$	116,524		$	111,888		$	103,168
Capitalized interest	8,265			22,510			16,486			10,346			8,240
Preferred interest distributions	2,627			5,291			5,472			5,472			4,753
Perpetual preferred unit distributions	—			—			—			—			1,650
Total fixed charges and preferred
interest and preferred unit distributions	$	109,240		$	192,352		$	138,482		$	127,706		$	117,811
Ratio of earnings to fixed charges
(excluding preferred interest
and preferred unit distributions)	2.00		X	1.60		X	1.94		X	1.96		X	1.35		X
Ratio of earnings to combined fixed
charges and preferred interest and
preferred unit distributions	1.96		X	1.55		X	1.86		X	1.88		X	1.27		X