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 | |||||||||||||||||||||||
2011 | 2010 (1) | 2009 (1) | 2008 (1) | 2007 (1) | 2006 (1) | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income before discontinued operations | $ | 11,965 | $ | 50,148 | $ | 44,473 | $ | 79,966 | $ | 56,106 | $ | 45,569 | ||||||||||||
Gain on sales of real estate | (180 | ) | - | (103 | ) | (4,578 | ) | - | - | |||||||||||||||
Interest expense | 25,032 | 87,585 | 86,016 | 85,063 | 85,896 | 78,705 | ||||||||||||||||||
Total earnings | $ | 36,817 | $ | 137,733 | $ | 130,386 | $ | 160,451 | $ | 142,002 | $ | 124,274 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 25,032 | $ | 87,585 | $ | 86,016 | $ | 85,063 | $ | 85,896 | $ | 78,705 | ||||||||||||
Capitalized interest | 2,395 | 9,486 | 10,463 | 10,908 | 5,134 | 3,913 | ||||||||||||||||||
Preferred stock dividends | 1,367 | 2,170 | 4,860 | 9,241 | 9,174 | 5,145 | ||||||||||||||||||
Perpetual preferred unit distributions | - | 6,300 | 6,300 | 9,909 | 10,238 | 10,238 | ||||||||||||||||||
Total fixed charges and preferred stock dividends | $ | 28,794 | $ | 105,541 | $ | 107,639 | $ | 115,121 | $ | 110,442 | $ | 98,001 | ||||||||||||
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions) | 1.34 | 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 | 1.28 | X | 1.31 | X | 1.21 | X | 1.39 | 1.29 | X | 1.27 | X |
(1) The results of operations for 2006-2010 have been reclassified and restated to reflect discontinued operations.