Exhibit 12.1 | ||||||||||||||||
ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES | ||||||||||||||||
Schedule of computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends | ||||||||||||||||
(Dollars in thousands, except ratios) | ||||||||||||||||
Years ended December 31 | ||||||||||||||||
2007 | 2006(1) | 2005(1) | 2004(1) | 2003(1) | ||||||||||||
Earnings: | ||||||||||||||||
Income before discontinued operations | $ | 56,754 | $ | 46,832 | $ | 62,742 | $ | 96,339 | $ | 48,306 | ||||||
Gain on sales of real estate | - | - | (6,391) | (7,909) | - | |||||||||||
Minority interests | 4,847 | 4,977 | 5,340 | 4,550 | 4,696 | |||||||||||
Interest expense | 80,995 | 72,898 | 70,784 | 60,709 | 49,985 | |||||||||||
Amortization of deferred financing costs | 3,071 | 2,745 | 1,947 | 1,560 | 1,187 | |||||||||||
Total earnings | $ | 145,667 | $ | 127,452 | $ | 134,422 | $ | 155,249 | $ | 104,174 | ||||||
Fixed charges: | ||||||||||||||||
Interest expense | $ | 80,995 | $ | 72,898 | $ | 70,784 | $ | 60,709 | $ | 49,985 | ||||||
Amortization of deferred financing costs | 3,071 | 2,745 | 1,947 | 1,560 | 1,187 | |||||||||||
Capitalized interest | 5,134 | 3,913 | 1,100 | 1,997 | 4,084 | |||||||||||
Preferred stock dividends | 9,174 | 5,145 | 1,953 | 1,952 | 195 | |||||||||||
Perpetual preferred unit distributions | 10,238 | 10,238 | 10,238 | 14,175 | 17,996 | |||||||||||
Total fixed charges and preferred | ||||||||||||||||
stock dividends | $ | 108,612 | $ | 94,939 | $ | 86,022 | $ | 80,393 | $ | 73,447 | ||||||
Ratio of earnings to fixed charges | ||||||||||||||||
(excluding preferred stock dividends | ||||||||||||||||
and preferred unit distributions) | 1.63 | X | 1.60 | X | 1.82 | X | 2.42 | X | 1.89 | X | ||||||
Ratio of earnings to combined fixed | ||||||||||||||||
charges and preferred stock dividends | 1.34 | X | 1.34 | X | 1.56 | X | 1.93 | X | 1.42 | X | ||||||
(1) The above financial and operating information from January 1, 2003 through December 31, 2003 reflect the retroactive adoption of FIN 46R | ||||||||||||||||
and SFAS 123. The results of operations for 2006, 2005, 2004, and 2003 have been reclassified to reflect discontinued operations for properties | ||||||||||||||||
sold subsequent to December 31, 2006. | ||||||||||||||||
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10-K Filing
Essex Portfolio 10-K2007 FY Annual report
Filed: 29 Feb 08, 12:00am