Essex Property Trust (ESS) 10-Q 2008 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
	2008			2007			2006(1)			2005(1)				2004(1)				2003(1)
Earnings:
Income before discontinued operations	$	11,999		$	41,664		$	33,002		$	47,373			$	72,756			$	27,175
Gain on sales of real estate		-			-			-			(6,391	)			(7,909	)			-
Minority interests		5,346			19,937			18,807			20,709				28,133				25,827
Interest expense		19,781			80,995			72,898			70,784				60,709				49,985
Amortization of deferred financing costs		715			3,071			2,745			1,947				1,560				1,187
Total earnings	$	37,841		$	145,667		$	127,452		$	134,422			$	155,249			$	104,174
Fixed charges:
Interest expense	$	19,781		$	80,995		$	72,898		$	70,784			$	60,709			$	49,985
Amortization of deferred financing costs		715			3,071			2,745			1,947				1,560				1,187
Capitalized interest		2,899			5,134			3,913			1,100				1,997				4,084
Preferred stock dividends		2,311			9,174			5,145			1,953				1,952				195
Perpetual preferred unit distributions		2,560			10,238			10,238			10,238				14,175				17,996
Total fixed charges and preferred stock dividends	$	28,266		$	108,612		$	94,939		$	86,022			$	80,393			$	73,447
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)		1.62	X		1.63	X		1.60	X		1.82		X		2.42		X		1.89	X
Ratio of earnings to combined fixed charges and preferred stock dividends		1.34	X		1.34	X		1.34	X		1.56		X		1.93		X		1.42	X

(1) The above financial and operating information from January 1, 2003 through December 31, 2003 reflect the retroactive adoption of FIN 46R and SFAS 123. The results of operations for 2006, 2005, 2004, and 2003 have been reclassified to reflect discontinued operations for properties sold subsequent to December 31, 2006.