Essex Property Trust (ESS) 10-Q 2016 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)

	Six Months Ended June 30,			Years Ended December 31,
	2016			2015			2014			2013			2012
Earnings before fixed charges:
Income before discontinued operations	$	163,731		$	248,239		$	134,438		$	140,882		$	127,653
Interest expense	108,034			204,827			164,551			116,524			111,888
Interest portion of rental expense	545			559			267			136			130
Total earnings before fixed charges	$	272,310		$	453,625		$	299,256		$	257,542		$	239,671
Fixed charges:
Interest expense	$	108,034		$	204,827		$	164,551		$	116,524		$	111,888
Capitalized interest	6,237			15,571			22,510			16,486			10,346
Interest portion of rental expense	545			559			267			136			130
Total fixed charges	$	114,816		$	220,957		$	187,328		$	133,146		$	122,364
Preferred stock dividends	1,314			5,255			5,291			5,472			5,472
Total fixed charges and preferred
stock dividends	$	116,130		$	226,212		$	192,619		$	138,618		$	127,836
Ratio of earnings to fixed charges
(excluding preferred stock dividends)	2.37		X	2.05		X	1.60		X	1.93		X	1.96		X
Ratio of earnings to combined fixed
charges and preferred stock dividends	2.34		X	2.01		X	1.55		X	1.86		X	1.87		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)

	Six Months Ended June 30,			Years Ended December 31,
	2016			2015			2014			2013			2012
Earnings before fixed charges:
Income before discontinued operations	$	163,731		$	248,239		$	134,438		$	140,882		$	127,653
Interest expense	108,034			204,827			164,551			116,524			111,888
Interest portion of rental expense	545			559			267			136			130
Total earnings before fixed charges	$	272,310		$	453,625		$	299,256		$	257,542		$	239,671
Fixed charges:
Interest expense	$	108,034		$	204,827		$	164,551		$	116,524		$	111,888
Capitalized interest	6,237			15,571			22,510			16,486			10,346
Interest portion of rental expense	545			559			267			136			130
Total fixed charges	$	114,816		$	220,957		$	187,328		$	133,146		$	122,364
Preferred interest distributions	1,314			5,255			5,291			5,472			5,472
Total fixed charges and
preferred interest distributions	$	116,130		$	226,212		$	192,619		$	138,618		$	127,836
Ratio of earnings to fixed charges
(excluding preferred interest
distributions)	2.37		X	2.05		X	1.60		X	1.93		X	1.96		X
Ratio of earnings to combined fixed
charges and preferred interest
distributions	2.34		X	2.01		X	1.55		X	1.86		X	1.87		X