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 March 31 | Years ended December 31 | |||||||||||||||||||||||
2009 | 2008(1) | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before discontinued operations | $ | 21,088 | $ | 81,875 | $ | 42,349 | $ | 32,738 | $ | 47,266 | $ | 72,485 | ||||||||||||
Gain on sales of real estate | - | (4,578 | ) | - | - | (6,391 | ) | (7,909 | ) | |||||||||||||||
Noncontrolling interest | 4,942 | 22,255 | 19,999 | 18,783 | 20,699 | 28,106 | ||||||||||||||||||
Interest expense | 20,203 | 85,063 | 81,993 | 75,017 | 72,096 | 61,623 | ||||||||||||||||||
Total earnings | $ | 46,233 | $ | 184,615 | $ | 144,341 | $ | 126,538 | $ | 133,670 | $ | 154,305 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 20,203 | $ | 85,063 | $ | 81,993 | $ | 75,017 | $ | 72,096 | $ | 61,623 | ||||||||||||
Capitalized interest | 3,228 | 10,908 | 5,134 | 3,913 | 1,100 | 1,997 | ||||||||||||||||||
Preferred stock dividends | 1,826 | 9,241 | 9,174 | 5,145 | 1,953 | 1,952 | ||||||||||||||||||
Perpetual preferred unit distributions | 1,575 | 9,909 | 10,238 | 10,238 | 10,238 | 14,175 | ||||||||||||||||||
Total fixed charges and preferred stock dividends | $ | 26,832 | $ | 115,121 | $ | 106,539 | $ | 94,313 | $ | 85,387 | $ | 79,747 | ||||||||||||
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions) | 1.97 | X | 1.92 | X | 1.66 | X | 1.60 | X | 1.83 | X | 2.43 | X | ||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.72 | X | 1.60 | X | 1.35 | X | 1.34 | X | 1.57 | X | 1.93 | X |
(1) | The results of operations for 2008 have been reclassified to reflect discontinued operations for properties sold subsequent to December 31, 2008, and the results of operations for 2004 through 2007 have not been reclassified. |