Exhibit 12.1
ESSEX PROPERTY TRUST, INC.
Schedule of computation of Ratio and Earnings to Fixed Charges and Preferred Stock Dividends
(Dollars in thousands, except ratios)
Years ended December 31
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2002 2001 2000 1999 1998
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Earnings:
Income from continuing operations $ 44,588 $ 47,912 $ 43,914 $ 43,228 $ 30,507
Gain on sales of real estate -- (3,788) (4,022) (9,524) (9)
Minority interests 24,130 24,322 23,686 17,775 9,493
Interest expense 35,012 38,746 30,044 20,970 19,107
Amortization of deferred financing costs 605 657 639 566 718
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Total earnings $ 104,335 $ 107,849 $ 94,261 $ 73,015 $ 59,816
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Fixed charges:
Interest expense $ 35,012 $ 38,746 $ 30,044 $ 20,970 $ 19,107
Amortization of deferred financing costs 605 657 639 566 718
Capitalized interest 6,139 3,917 2,906 5,172 3,494
Convertible preferred stock dividends -- -- 246 1,333 3,500
Perpetual preferred unit distributions 18,319 18,319 18,319 12,238 5,595
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Total fixed charges and preferred
stock dividends $ 60,075 $ 61,639 $ 52,154 $ 40,279 $ 32,414
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Ratio of earnings to fixed charges
(excluding preferred stock dividends) 2.50 X 2.49 X 2.81 X 2.73 X 2.57 X
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Ratio of earnings to combined fixed
charges and preferred dividends 1.74 X 1.75 X 1.81 X 1.81 X 1.85 X
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