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 | |||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||
Income before discontinued operations | $ | 12,507 | $ | 50,782 | $ | 45,052 | $ | 80,651 | $ | 56,737 | $ | 46,174 | ||||||||||||||||||
Gain on sales of real estate | - | - | (103 | ) | (4,578 | ) | - | - | ||||||||||||||||||||||
Interest expense | 24,662 | 87,585 | 86,016 | 85,063 | 85,896 | 78,705 | ||||||||||||||||||||||||
Total earnings | $ | 37,169 | $ | 138,367 | $ | 130,965 | $ | 161,136 | $ | 142,633 | $ | 124,879 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||||
Interest expense | $ | 24,662 | $ | 87,585 | $ | 86,016 | $ | 85,063 | $ | 85,896 | $ | 78,705 | ||||||||||||||||||
Capitalized interest | 2,182 | 9,486 | 10,463 | 10,908 | 5,134 | 3,913 | ||||||||||||||||||||||||
Preferred stock dividends | 543 | 2,170 | 4,860 | 9,241 | 9,174 | 5,145 | ||||||||||||||||||||||||
Perpetual preferred unit distributions | 1,575 | 6,300 | 6,300 | 9,909 | 10,238 | 10,238 | ||||||||||||||||||||||||
Total fixed charges and preferred stock dividends | $ | 28,962 | $ | 105,541 | $ | 107,639 | $ | 115,121 | $ | 110,442 | $ | 98,001 | ||||||||||||||||||
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions) | 1.38 | X | 1.43 | X | 1.36 | X | 1.68 | X | 1.57 | X | 1.51 | X | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 1.28 | X | 1.31 | X | 1.22 | X | 1.40 | X | 1.29 | X | 1.27 | X |