Essex Property Trust (ESS) 10-Q 2014 Q2 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 June 30			Years ended December 31,
	2014			2013			2012			2011			2010			2009
Earnings:
Income from continuing operations	$	8,428		$	140,882		$	127,653		$	46,958		$	47,424		$	41,244
Gain on sales of real estate		-			-			-			-			-			(103	)
Interest and amortization expense		42,151			116,524			111,888			103,168			87,584			86,016
Total earnings	$	50,579		$	257,406		$	239,541		$	150,126		$	135,008		$	127,157
Fixed charges:
Interest and amortization expense	$	42,151		$	116,524		$	111,888		$	103,168		$	87,584		$	86,016
Capitalized interest		8,305			16,486			10,346			8,240			9,486			10,463
Preferred stock dividends		1,314			5,472			5,472			4,753			2,170			4,860
Perpetual preferred unit distributions		-			-			-			1,650			6,300			6,300
Total fixed charges and preferred stock dividends and preferred unit distributions	$	51,770		$	138,482		$	127,706		$	117,811		$	105,540		$	107,639
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)		1.00	X		1.94	X		1.96	X		1.35	X		1.39	X		1.32	X
Ratio of earnings to combined fixed charges and preferred stock dividends and preferred unit distributions		0.98	X		1.86	X		1.88	X		1.27	X		1.28	X		1.18	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)

	Quarter ended June 30			Years ended December 31,
	2014			2013			2012			2011			2010			2009
Earnings:
Income from continuing operations	$	8,428		$	140,882		$	127,653		$	46,958		$	47,424		$	41,244
Gain on sales of real estate		-			-			-			-			-			(103	)
Interest and amortization expense		42,151			116,524			111,888			103,168			87,584			86,016
Total earnings	$	50,579		$	257,406		$	239,541		$	150,126		$	135,008		$	127,157
Fixed charges:
Interest and amortization expense	$	42,151		$	116,524		$	111,888		$	103,168		$	87,584		$	86,016
Capitalized interest		8,305			16,486			10,346			8,240			9,486			10,463
Preferred interest distributions		1,314			5,472			5,472			4,753			2,170			4,860
Preferred unit distributions		-			-			-			1,650			6,300			6,300
Total fixed charges and preferred interests and    preferred unit distributions	$	51,770		$	138,482		$	127,706		$	117,811		$	105,540		$	107,639
Ratio of earnings to fixed charges (excluding preferred interests and preferred unit distributions)		1.00	X		1.94	X		1.96	X		1.35	X		1.39	X		1.32	X
Ratio of earnings to combined fixed charges and preferred interests and preferred unit distributions		0.98	X		1.86	X		1.88	X		1.27	X		1.28	X		1.18	X