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 |