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)
Quarter | ||||||||||||||||||||||||
ended | ||||||||||||||||||||||||
March 31 | Years ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income from continuing operations | 26,406 | $ | 140,882 | $ | 127,653 | $ | 46,958 | $ | 47,424 | $ | 41,244 | |||||||||||||
Gain on sales of real estate | - | - | - | - | - | (103 | ) | |||||||||||||||||
Interest and amortization expense | 29,041 | 116,524 | 111,888 | 103,168 | 87,584 | 86,016 | ||||||||||||||||||
Total earnings | 55,447 | $ | 257,406 | $ | 239,541 | $ | 150,126 | $ | 135,008 | $ | 127,157 | |||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest and amortization expense | 29,041 | $ | 116,524 | $ | 111,888 | $ | 103,168 | $ | 87,584 | $ | 86,016 | |||||||||||||
Capitalized interest | 3,125 | 16,486 | 10,346 | 8,240 | 9,486 | 10,463 | ||||||||||||||||||
Preferred stock dividends | 1,368 | 5,472 | 5,472 | 4,753 | 2,170 | 4,860 | ||||||||||||||||||
Perpetual preferred unit distributions | - | - | - | 1,650 | 6,300 | 6,300 | ||||||||||||||||||
Total fixed charges and preferred stock dividends and preferred unit distributions | 33,534 | $ | 138,482 | $ | 127,706 | $ | 117,811 | $ | 105,540 | $ | 107,639 | |||||||||||||
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions) | 1.72 | X | 1.94 | X | 1.96 | X | 1.35 | X | 1.39 | X | 1.32 | X | ||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends and preferred unit distributions | 1.65 | X | 1.86 | X | 1.88 | X | 1.27 | X | 1.28 | X | 1.18 | 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)
Quarter Ended March 31 | Years ended December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income from continuing operations | 26,406 | $ | 140,882 | $ | 127,653 | $ | 46,958 | $ | 47,424 | $ | 41,244 | |||||||||||||
Gain on sales of real estate | - | - | - | - | - | (103 | ) | |||||||||||||||||
Interest and amortization expense | 29,041 | 116,524 | 111,888 | 103,168 | 87,584 | 86,016 | ||||||||||||||||||
Total earnings | 55,447 | $ | 257,406 | $ | 239,541 | $ | 150,126 | $ | 135,008 | $ | 127,157 | |||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest and amortization expense | 29,041 | $ | 116,524 | $ | 111,888 | $ | 103,168 | $ | 87,584 | $ | 86,016 | |||||||||||||
Capitalized interest | 3,125 | 16,486 | 10,346 | 8,240 | 9,486 | 10,463 | ||||||||||||||||||
Preferred interest distributions | 1,368 | 5,472 | 5,472 | 4,753 | 2,170 | 4,860 | ||||||||||||||||||
Preferred unit distributions | - | - | - | 1,650 | 6,300 | 6,300 | ||||||||||||||||||
Total fixed charges and preferred interests and preferred unit distributions | 33,534 | $ | 138,482 | $ | 127,706 | $ | 117,811 | $ | 105,540 | $ | 107,639 | |||||||||||||
Ratio of earnings to fixed charges (excluding preferred interests and preferred unit distributions) | 1.72 | X | 1.94 | X | 1.96 | X | 1.35 | X | 1.39 | X | 1.32 | X | ||||||||||||
Ratio of earnings to combined fixed charges and preferred interests and preferred unit distributions | 1.65 | X | 1.86 | X | 1.88 | X | 1.27 | X | 1.28 | X | 1.18 | X |