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 | |||||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before discontinued operations | $ | 13,869 | $ | 45,052 | $ | 80,651 | $ | 56,737 | $ | 46,174 | $ | 65,912 | ||||||||||||
Gain on sales of real estate | - | (103 | ) | (4,578 | ) | - | - | (6,391 | ) | |||||||||||||||
Interest expense | 21,004 | 86,016 | 85,063 | 85,896 | 78,705 | 72,696 | ||||||||||||||||||
Total earnings | $ | 34,873 | $ | 130,965 | $ | 161,136 | $ | 142,633 | $ | 124,879 | $ | 132,217 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 21,004 | $ | 86,016 | $ | 85,063 | $ | 85,896 | $ | 78,705 | $ | 72,696 | ||||||||||||
Capitalized interest | 2,869 | 10,463 | 10,908 | 5,134 | 3,913 | 1,100 | ||||||||||||||||||
Preferred stock dividends | 543 | 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 | $ | 25,991 | $ | 107,639 | $ | 115,121 | $ | 110,442 | $ | 98,001 | $ | 85,987 | ||||||||||||
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions) | 1.46 | 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 | 1.34 | X | 1.22 | X | 1.40 | X | 1.29 | X | 1.27 | X | 1.54 | X |