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 | |||||||||||||||||||||||
2009 | 2008(1) | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before discontinued operations | $ | 69 | $ | 80,860 | $ | 42,349 | $ | 32,738 | $ | 47,266 | $ | 72,485 | ||||||||||||
Gain on sales of real estate | - | (4,578 | ) | - | - | (6,391 | ) | (7,909 | ) | |||||||||||||||
Noncontrolling interest | 3,588 | 22,070 | 19,999 | 18,783 | 20,699 | 28,106 | ||||||||||||||||||
Interest expense | 21,966 | 85,063 | 81,993 | 75,017 | 72,096 | 61,623 | ||||||||||||||||||
Total earnings | $ | 25,623 | $ | 183,415 | $ | 144,341 | $ | 126,538 | $ | 133,670 | $ | 154,305 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 21,966 | $ | 85,063 | $ | 81,993 | $ | 75,017 | $ | 72,096 | $ | 61,623 | ||||||||||||
Capitalized interest | 2,492 | 10,908 | 5,134 | 3,913 | 1,100 | 1,997 | ||||||||||||||||||
Preferred stock dividends | 902 | 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 | $ | 26,935 | $ | 115,121 | $ | 106,539 | $ | 94,313 | $ | 85,387 | $ | 79,747 | ||||||||||||
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions) | 1.05 | X | 1.91 | X | 1.66 | X | 1.60 | X | 1.83 | X | 2.43 | X | ||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | N/A(2) | X | 1.59 | 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 the standard entitled "Accounting for Convertible Debt Instruments That May be Settled in Cash Upon Conversion" subsequent to December 31, 2008. The results of operations for 2004 through 2007 have not been reclassified nor restated. |
(2) | Total earnings was less than the fixed charges and preferred stock dividends by $1.3 million, resulting in a ratio of earnings to combined fixed charges and preferred dividends of 0.95 which was less than 1.00 for the quarter ended September 30, 2009. |