Essex Property Trust (ESS) 10-Q 2008 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)
	Quarter
	ended
	September 30				Years ended December 31
	2008				2007(1)			2006			2005				2004				2003
Earnings:
Income before discontinued operations	$	15,270			$	41,538		$	33,002		$	47,373			$	72,756			$	27,175
Gain on sales of real estate		(2,446	)			-			-			(6,391	)			(7,909	)			-
Minority interests		5,666				19,927			18,807			20,709				28,133				25,827
Interest expense		19,399				78,938			72,898			70,784				60,709				49,985
Amortization of deferred financing costs		686				3,055			2,745			1,947				1,560				1,187
Total earnings	$	38,575			$	143,458		$	127,452		$	134,422			$	155,249			$	104,174
Fixed charges:
Interest expense	$	19,399			$	78,938		$	72,898		$	70,784			$	60,709			$	49,985
Amortization of deferred financing costs		686				3,055			2,745			1,947				1,560				1,187
Capitalized interest		2,936				5,134			3,913			1,100				1,997				4,084
Preferred stock dividends		2,310				9,174			5,145			1,953				1,952				195
Perpetual preferred unit distributions		2,559				10,238			10,238			10,238				14,175				17,996
Total fixed charges and preferred stock dividends	$	27,890			$	106,539		$	94,939		$	86,022			$	80,393			$	73,447
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)		1.68		X		1.65	X		1.60	X		1.82		X		2.42		X		1.89
Ratio of earnings to combined fixed charges and preferred stock dividends		1.38		X		1.35	X		1.34	X		1.56		X		1.93		X		1.42

(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 2007 have been reclassified to reflect discontinued operations for properties sold subsequent to December 31, 2007, and the results of operations for 2003 through 2006 have not been reclassifed.