Essex Property Trust (ESS) 10-Q 2011 Q2 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 June 30,			Years ended December 31
	2011			2010 (1)			2009 (1)			2008 (1)			2007 (1)			2006 (1)
Earnings:
Income before discontinued operations	$	10,702		$	50,148		$	44,473		$	79,966		$	56,106		$	45,569
Gain on sales of real estate		-			-			(103	)		(4,578	)		-			-
Interest expense		25,446			87,585			86,016			85,063			85,896			78,705
Total earnings	$	36,148		$	137,733		$	130,386		$	160,451		$	142,002		$	124,274
Fixed charges:
Interest expense	$	25,446		$	87,585		$	86,016		$	85,063		$	85,896		$	78,705
Capitalized interest		2,362			9,486			10,463			10,908			5,134			3,913
Preferred stock dividends		1,475			2,170			4,860			9,241			9,174			5,145
Perpetual preferred unit distributions		75			6,300			6,300			9,909			10,238			10,238
Total fixed charges and preferred stock dividends	$	29,358		$	105,541		$	107,639		$	115,121		$	110,442		$	98,001
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)		1.30	X		1.42	X		1.35	X		1.67	X		1.56	X		1.50	X
Ratio of earnings to combined fixed charges and preferred stock dividends		1.23	X		1.31	X		1.21	X		1.39	X		1.29	X		1.27	X

(1)The results of operations for 2006-2010 have been reclassified and restated to reflect discontinued operations.