Essex Property Trust (ESS) 10-Q 2013 Q3 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 September 30			Years ended December 31
	2013			2012			2011			2010			2009				2008
Earnings:
Income before discontinued operations	$	63,032		$	129,553		$	48,868		$	49,162		$	43,279			$	78,625
Gain on sales of real estate		-			-			-			-			(103	)			(4,578	)
Interest and amortization expense		29,192			111,888			103,168			87,584			86,016				85,063
Total earnings	$	92,224		$	241,441		$	152,036		$	136,746		$	129,192			$	159,110
Fixed charges:
Interest and amortization expense	$	29,192		$	111,888		$	103,168		$	87,584		$	86,016			$	85,063
Capitalized interest		4,572			10,346			8,240			9,486			10,463				10,908
Preferred stock dividends		1,368			5,472			4,753			2,170			4,860				9,241
Perpetual preferred unit distributions		-			-			1,650			6,300			6,300				9,909
Total fixed charges and preferred stock dividends and preferred unit distributions	$	35,132		$	127,706		$	117,811		$	105,540		$	107,639			$	115,121
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)		2.73	X		1.98	X		1.36	X		1.41	X		1.34		X		1.66	X
Ratio of earnings to combined fixed charges and preferred stock dividends and preferred unit distributions		2.63	X		1.89	X		1.29	X		1.30	X		1.20		X		1.38	X