Essex Property Trust (ESS) 10-Q 2007 Q2 Quarterly report

															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
		June 30			Years ended December 31
		2007			2006			2005 (1)			2004 (1)			2003(1)			2002(1)
Earnings:
Income before discontinued operations	$	11,902		$	35,337		$	49,651		$	74,775		$	29,177		$	36,708
Gain on sales of real estate		-			-			(6,391)			(7,909)			-			(145)
Minority interests		5,069			19,309			20,936			28,332			26,030			27,372
Interest expense		20,491			72,898			70,784			60,709			49,985			41,641
Amortization of deferred financing costs		678			2,743			1,947			1,560			1,187			743
Total earnings	$	38,140		$	130,287		$	136,927		$	157,467		$	106,379		$	106,319
Fixed charges:
Interest expense	$	20,491		$	72,989		$	70,784		$	60,709		$	49,985		$	41,641
Amortization of deferred financing costs		678			2,743			1,947			1,560			1,187			743
Capitalized interest		345			3,913			1,100			1,997			4,084			6,814
Preferred stock dividends		2,310			5,145			1,953			1,952			195			-
Perpetual preferred unit distributions		2,559			10,238			10,238			14,175			17,996			18,319
Total fixed charges and preferred
stock dividends	$	26,383		$	95,028		$	86,022		$	80,393		$	73,447		$	67,517
Ratio of earnings to fixed charges
(excluding preferred stock dividends
and preferred unit distributions)		1.77	X		1.64	X		1.85	X		2.45	X		1.92	X		2.16	X
Ratio of earnings to combined fixed
charges and preferred stock dividends		1.45	X		1.37	X		1.59	X		1.96	X		1.45	X		1.57	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 results of operations for 2005, 2004, 2003, and 2002 have been reclassified to reflect discontinued operations for properties
sold subsequent to December 31, 2005 or held for sale as of December 31, 2006.