Essex Property Trust (ESS) 10-Q 2010 Q1 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 March 31,			Years ended December 31
	2010			2009			2008			2007			2006			2005
Earnings:
Income before discontinued operations	$	17,858		$	45,052		$	80,651		$	56,737		$	46,174		$	65,912
Gain on sales of real estate		-			(103	)		(4,578	)		-			-			(6,391	)
Interest expense		20,836			86,016			85,063			85,896			78,705			72,696
Total earnings	$	38,694		$	130,965		$	161,136		$	142,633		$	124,879		$	132,217
Fixed charges:
Interest expense	$	20,836		$	86,016		$	85,063		$	85,896		$	78,705		$	72,696
Capitalized interest		2,850			10,463			10,908			5,134			3,913			1,100
Preferred stock dividends		542			4,860			9,241			9,174			5,145			1,953
Perpetual preferred unit distributions		1,575			6,300			9,909			10,238			10,238			10,238
Total fixed charges and preferred stock dividends	$	25,803		$	107,639		$	115,121		$	110,442		$	98,001		$	85,987
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)		1.63	X		1.36	X		1.68	X		1.57	X		1.51	X		1.79	X
Ratio of earnings to combined fixed charges and preferred stock dividends		1.50	X		1.22	X		1.40	X		1.29	X		1.27	X		1.54	X

(1) The results of operations for 2005-2009 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.