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 | Years ended December 31 | |||||||||||||||||||||||||||||
2012 | 2011 (1) | 2010 (1) | 2009 (1) | 2008 (1) | 2007 (1) | |||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||
Income before discontinued operations | $ | 42,490 | $ | 48,868 | $ | 49,163 | $ | 43,279 | $ | 78,556 | $ | 54,819 | ||||||||||||||||||
Gain on sales of real estate | - | - | - | (103 | ) | (4,578 | ) | - | ||||||||||||||||||||||
Interest and amortization expense | 27,541 | 103,168 | 87,585 | 86,016 | 85,063 | 85,896 | ||||||||||||||||||||||||
Total earnings | $ | 70,031 | $ | 152,036 | $ | 136,748 | $ | 129,192 | $ | 159,041 | $ | 140,715 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||||
Interest and amortization expense | $ | 27,541 | $ | 103,168 | $ | 87,585 | $ | 86,016 | $ | 85,063 | $ | 85,896 | ||||||||||||||||||
Capitalized interest | 2,319 | 8,240 | 9,486 | 10,463 | 10,908 | 5,134 | ||||||||||||||||||||||||
Preferred stock dividends | 1,368 | 4,753 | 2,170 | 4,860 | 9,241 | 9,174 | ||||||||||||||||||||||||
Perpetual preferred unit distributions | - | 1,650 | 6,300 | 6,300 | 9,909 | 10,238 | ||||||||||||||||||||||||
Total fixed charges and preferred stock dividends | $ | 31,228 | $ | 117,811 | $ | 105,541 | $ | 107,639 | $ | 115,121 | $ | 110,442 | ||||||||||||||||||
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions) | 2.35 | X | 1.36 | X | 1.41 | X | 1.34 | X | 1.66 | X | 1.55 | X | ||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 2.24 | X | 1.29 | X | 1.30 | X | 1.20 | X | 1.38 | X | 1.27 | X |
(1) | The results of operations for 2007-2011 have been reclassified and restated to reflect discontinued operations. |