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)
Nine Months | ||||||||||||||||||||||||||||||
ended | ||||||||||||||||||||||||||||||
September 30, | Years ended December 31 | |||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||
Income before discontinued operations | $ | 79,913 | $ | 48,868 | $ | 49,163 | $ | 43,279 | $ | 78,625 | $ | 54,819 | ||||||||||||||||||
Gain on sales of real estate | - | - | - | (103 | ) | (4,578 | ) | - | ||||||||||||||||||||||
Interest and amortization expense | 83,061 | 103,168 | 87,584 | 86,016 | 85,063 | 85,896 | ||||||||||||||||||||||||
Total earnings | $ | 162,974 | $ | 152,036 | $ | 136,747 | $ | 129,192 | $ | 159,110 | $ | 140,715 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||||
Interest and amortization expense | $ | 83,061 | $ | 103,168 | $ | 87,584 | $ | 86,016 | $ | 85,063 | $ | 85,896 | ||||||||||||||||||
Capitalized interest | 6,758 | 8,240 | 9,486 | 10,463 | 10,908 | 5,134 | ||||||||||||||||||||||||
Preferred stock dividends | 4,104 | 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 | $ | 93,923 | $ | 117,811 | $ | 105,540 | $ | 107,639 | $ | 115,121 | $ | 110,442 | ||||||||||||||||||
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions) | 1.81 | 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 and preferred unit distributions | 1.74 | X | 1.29 | X | 1.30 | X | 1.20 | X | 1.38 | X | 1.27 | X |
ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES
Schedule of computation of Ratio and Earnings to Fixed Charges and Preferred Unit
Distributions
(Dollars in thousands, except ratios)
Nine Months | ||||||||||||||||||||||||||||||
ended | ||||||||||||||||||||||||||||||
September 30, 2012 | Years ended December 31, | |||||||||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||
Income before discontinued operations | $ | 79,913 | $ | 48,868 | $ | 49,162 | $ | 43,279 | $ | 78,625 | $ | 54,819 | ||||||||||||||||||
Gain on sales of real estate | - | - | - | (103 | ) | (4,578 | ) | - | ||||||||||||||||||||||
Interest and amortization expense | 83,061 | 103,168 | 87,584 | 86,016 | 85,063 | 85,896 | ||||||||||||||||||||||||
Total earnings | $ | 162,974 | $ | 152,036 | $ | 136,746 | $ | 129,192 | $ | 159,110 | $ | 140,715 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||||
Interest and amortization expense | $ | 83,061 | $ | 103,168 | $ | 87,584 | $ | 86,016 | $ | 85,063 | $ | 85,896 | ||||||||||||||||||
Capitalized interest | 6,758 | 8,240 | 9,486 | 10,463 | 10,908 | 5,134 | ||||||||||||||||||||||||
Preferred interest distributions | 4,104 | 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 interests and preferred unit distributions | $ | 93,923 | $ | 117,811 | $ | 105,540 | $ | 107,639 | $ | 115,121 | $ | 110,442 | ||||||||||||||||||
Ratio of earnings to fixed charges (excluding preferred interests and preferred unit distributions) | 1.81 | 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 interests and preferred unit distributions | 1.74 | X | 1.29 | X | 1.30 | X | 1.20 | X | 1.38 | X | 1.27 | X |