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 | |||||||||||||||||||||||||||||||||||||
September 30 | Years ended December 31 | ||||||||||||||||||||||||||||||||||||
2006 | 2005 | 2004(1) | 2003 (1) | 2002(1) | 2001(1) | ||||||||||||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||||||||||
Income before discontinued operations | $ | 11,413 | $ | 51,019 | $ | 78,294 | $ | 32,016 | $ | 38,568 | $ | 46,414 | |||||||||||||||||||||||||
Gain on sales of real estate | - | (6,391 | ) | (7,909 | ) | - | (145 | ) | (3,788 | ) | |||||||||||||||||||||||||||
Minority interests | 5,212 | 21,411 | 27,475 | 25,696 | 27,417 | 24,138 | |||||||||||||||||||||||||||||||
Interest expense | 18,525 | 73,614 | 63,023 | 52,410 | 43,186 | 38,746 | |||||||||||||||||||||||||||||||
Amortization of deferred financing costs | 778 | 1,970 | 1,587 | 1,197 | 814 | 657 | |||||||||||||||||||||||||||||||
Total earnings | $ | 35,928 | $ | 141,623 | $ | 162,470 | $ | 111,319 | $ | 109,840 | $ | 106,167 | |||||||||||||||||||||||||
Fixed charges: | |||||||||||||||||||||||||||||||||||||
Interest expense | $ | 18,525 | $ | 73,614 | $ | 63,023 | $ | 52,410 | $ | 43,186 | $ | 38,746 | |||||||||||||||||||||||||
Amortization of deferred financing costs | 778 | 1,970 | 1,587 | 1,197 | 814 | 657 | |||||||||||||||||||||||||||||||
Capitalized interest | 1,153 | 1,100 | 1,997 | 4,084 | 6,814 | 3,917 | |||||||||||||||||||||||||||||||
Preferred stock dividends | 1,791 | 1,953 | 1,952 | 195 | - | - | |||||||||||||||||||||||||||||||
Perpetual preferred unit distributions | 2,559 | 10,238 | 14,175 | 17,996 | 18,319 | 18,319 | |||||||||||||||||||||||||||||||
Total fixed charges and preferred | |||||||||||||||||||||||||||||||||||||
stock dividends | $ | 24,806 | $ | 88,875 | $ | 82,734 | $ | 75,882 | $ | 69,133 | $ | 61,639 | |||||||||||||||||||||||||
Ratio of earnings to fixed charges | |||||||||||||||||||||||||||||||||||||
(excluding preferred stock dividends | |||||||||||||||||||||||||||||||||||||
and preferred unit distributions) | 1.76 | X | 1.85 | X | 2.44 | X | 1.93 | X | 2.16 | X | 2.45 | X | |||||||||||||||||||||||||
Ratio of earnings to combined fixed | |||||||||||||||||||||||||||||||||||||
charges and preferred stock dividends | 1.45 | X | 1.59 | X | 1.96 | X | 1.47 | X | 1.59 | X | 1.72 | X | |||||||||||||||||||||||||
(1) The above financial and operating information from January 1, 2002 through December 31, 2003 reflect the retroactive adoption of FIN 46R and SFAS 123. The above financial and operating information from January 1 through December 31, 2001 has not been restated to reflect the retroactive adoption of FIN 46R and SFAS 123. The results of operations for 2004, 2003, and 2002 have been reclassified to reflect discontinued operations for properties sold subsequent to December 31, 2004. Results of operations for 2001 have not been reclassified. Because 2001 results have not been reclassified, the results for that period may not be comparable to the results for the later periods set forth above. |
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10-Q Filing
Essex Property Trust (ESS) 10-Q2006 Q4 Quarterly report
Filed: 8 Nov 06, 12:00am