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 | |||||||||||||||||||||||||||||
2009 | 2008(1) | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||
Income before discontinued operations | $ | 16,660 | $ | 81,152 | $ | 42,349 | $ | 32,738 | $ | 47,266 | $ | 72,485 | ||||||||||||||||||
Gain on sales of real estate | - | (4,578 | ) | - | - | (6,391 | ) | (7,909 | ) | |||||||||||||||||||||
Noncontrolling interest | 4,453 | 22,255 | 19,999 | 18,783 | 20,699 | 28,106 | ||||||||||||||||||||||||
Interest expense | 21,509 | 85,063 | 81,993 | 75,017 | 72,096 | 61,623 | ||||||||||||||||||||||||
Total earnings | $ | 42,622 | $ | 183,892 | $ | 144,341 | $ | 126,538 | $ | 133,670 | $ | 154,305 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||||
Interest expense | $ | 21,509 | $ | 85,063 | $ | 81,993 | $ | 75,017 | $ | 72,096 | $ | 61,623 | ||||||||||||||||||
Capitalized interest | 2,658 | 10,908 | 5,134 | 3,913 | 1,100 | 1,997 | ||||||||||||||||||||||||
Preferred stock dividends | 1,584 | 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 | $ | 27,326 | $ | 115,121 | $ | 106,539 | $ | 94,313 | $ | 85,387 | $ | 79,747 | ||||||||||||||||||
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions) | 1.76 | 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 | 1.56 | 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 and restated to reflect discontinued operations and the adoption of APB 14-1 for activities subsequent to December 31, 2008. The results of operations for 2004 through 2007 have not been reclassified nor restated. |