Essex Portfolio S-3ASR Automatic shelf registration

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,
	2018			2017			2016			2015			2014
Earnings before fixed charges:
Net income	$	203,049		$	458,043		$	438,410		$	248,239		$	134,438
Interest expense		111,139			222,894			219,654			204,827			164,551
Interest portion of rental expense		618			1,330			1,151			559			267
Total earnings before fixed charges	$	314,806		$	682,267		$	659,215		$	453,625		$	299,256
Fixed charges:
Interest expense	$	111,139		$	222,894		$	219,654		$	204,827		$	164,551
Capitalized interest		8,406			13,860			12,486			15,571			22,510
Interest portion of rental expense		618			1,330			1,151			559			267
Total fixed charges	$	120,163		$	238,084		$	233,291		$	220,957		$	187,328
Preferred stock dividends		—			—			1,314			5,255			5,291
Total fixed charges and preferred     stock dividends	$	120,163		$	238,084		$	234,605		$	226,212		$	192,619
Ratio of earnings to fixed charges     (excluding preferred stock     dividends)		2.62	X		2.87	X		2.83	X		2.05	X		1.60	X
Ratio of earnings to combined     fixed charges and preferred     stock dividends		2.62	X		2.87	X		2.81	X		2.01	X		1.55	X

ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES

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

(Dollars in thousands, except ratios)

	Six Months Ended June 30,			Years Ended December 31,
	2018			2017			2016			2015			2014
Earnings before fixed charges:
Net income	$	203,049		$	458,043		$	438,410		$	248,239		$	134,438
Interest expense		111,139			222,894			219,654			204,827			164,551
Interest portion of rental expense		618			1,330			1,151			559			267
Total earnings before fixed charges	$	314,806		$	682,267		$	659,215		$	453,625		$	299,256
Fixed charges:
Interest expense	$	111,139		$	222,894		$	219,654		$	204,827		$	164,551
Capitalized interest		8,406			13,860			12,486			15,571			22,510
Interest portion of rental expense		618			1,330			1,151			559			267
Total fixed charges	$	120,163		$	238,084		$	233,291		$	220,957		$	187,328
Preferred interest distributions		—			—			1,314			5,255			5,291
Total fixed charges and preferred     stock interest distributions	$	120,163		$	238,084		$	234,605		$	226,212		$	192,619
Ratio of earnings to fixed charges     (excluding preferred interest     distributions)		2.62	X		2.87	X		2.83	X		2.05	X		1.60	X
Ratio of earnings to combined     fixed charges and preferred     interest distributions		2.62	X		2.87	X		2.81	X		2.01	X		1.55	X