Essex Property Trust (ESS) 10-Q 2017 Q3 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)

	Nine Months Ended September 30,			Years Ended December 31,
	2017			2016			2015			2014			2013
Earnings before fixed charges:
Income before discontinued operations	$	348,381		$	438,410		$	248,239		$	134,438		$	140,882
Interest expense	167,333			219,654			204,827			164,551			116,524
Interest portion of rental expense	928			1,151			559			267			136
Total earnings before fixed charges	$	516,642		$	659,215		$	453,625		$	299,256		$	257,542
Fixed charges:
Interest expense	$	167,333		$	219,654		$	204,827		$	164,551		$	116,524
Capitalized interest	10,014			12,486			15,571			22,510			16,486
Interest portion of rental expense	928			1,151			559			267			136
Total fixed charges	$	178,275		$	233,291		$	220,957		$	187,328		$	133,146
Preferred stock dividends	—			1,314			5,255			5,291			5,472
Total fixed charges and preferred
stock dividends	$	178,275		$	234,605		$	226,212		$	192,619		$	138,618
Ratio of earnings to fixed charges
(excluding preferred stock dividends)	2.90		X	2.83		X	2.05		X	1.60		X	1.93		X
Ratio of earnings to combined fixed
charges and preferred stock dividends	2.90		X	2.81		X	2.01		X	1.55		X	1.86		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)

	Nine Months Ended September 30,			Years Ended December 31,
	2017			2016			2015			2014			2013
Earnings before fixed charges:
Income before discontinued operations	$	348,381		$	438,410		$	248,239		$	134,438		$	140,882
Interest expense	167,333			219,654			204,827			164,551			116,524
Interest portion of rental expense	928			1,151			559			267			136
Total earnings before fixed charges	$	516,642		$	659,215		$	453,625		$	299,256		$	257,542
Fixed charges:
Interest expense	$	167,333		$	219,654		$	204,827		$	164,551		$	116,524
Capitalized interest	10,014			12,486			15,571			22,510			16,486
Interest portion of rental expense	928			1,151			559			267			136
Total fixed charges	$	178,275		$	233,291		$	220,957		$	187,328		$	133,146
Preferred interest distributions	—			1,314			5,255			5,291			5,472
Total fixed charges and
preferred interest distributions	$	178,275		$	234,605		$	226,212		$	192,619		$	138,618
Ratio of earnings to fixed charges
(excluding preferred interest
distributions)	2.90		X	2.83		X	2.05		X	1.60		X	1.93		X
Ratio of earnings to combined fixed
charges and preferred interest
distributions	2.90		X	2.81		X	2.01		X	1.55		X	1.86		X