Essex Property Trust (ESS) 8-K 2011 FY Other Events

Exhibit 12.1

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES

Schedule of Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(Dollars in thousands, except ratios)

	Year
	ended
	December 31,			Years ended December 31
	2011			2010			2009			2008			2007
Earnings:
Income before discontinued operations	$	48,868		$	49,162		$	43,279		$	78,625		$	54,819
Gain on sales of real estate		-			-			(103	)		(4,578	)		-
Interest and amortization expense		103,168			87,584			86,016			85,063			85,896
Total earnings	$	152,036		$	136,746		$	129,192		$	159,110		$	140,715
Fixed charges:
Interest and amortization expense	$	103,168		$	87,584		$	86,016		$	85,063		$	85,896
Capitalized interest		8,240			9,486			10,463			10,908			5,134
Preferred stock dividends		4,753			2,170			4,860			9,241			9,174
Preferred unit distributions		1,650			6,300			6,300			9,909			10,238
Total fixed charges and preferred stock dividends and preferred unit distributions	$	117,811		$	105,540		$	107,639		$	115,121		$	110,442
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)		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 and preferred unit distributions		1.29	X		1.30	X		1.20	X		1.38	X		1.27	X