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                                                                   EXHIBIT 12.1


                           ESSEX PROPERTY TRUST, INC.
       Schedule of computation of Ratio of Earnings to Fixed Charges and
                            Preferred Stock Dividends
                          (in thousands, except ratios)




                                              Six months ended    Year ended        Year ended      Year ended
                                                   June 30,       December 31,      December 31,     December 31,
                                                     1998             1997             1996              1995
                                              ----------------    ------------      ------------    -------------
                                                                                              
Earnings:
 Income before minority interests                   $19,660          $34,146          $14,970          $14,244
  Interest expense                                    9,014           12,659           11,442           10,928
  Amortization of deferred financing costs              341              509              639            1,355
                                                    -------          -------          -------          -------
  Total earnings                                    $29,015          $47,314          $27,051          $26,527
                                                    -------          -------          -------          -------


Fixed charges:
  Interest expense                                  $ 9,014          $12,659          $11,442          $10,928
  Convertible preferred stock dividends                 875            2,681              635               --
  Perpetual preferred unit distributions              2,214               --               --               --
  Amortization of deferred financing costs              341              509              639            1,355
  Capitalized interest                                1,775            1,276              115               92
                                                    -------          -------          -------          -------
  Total fixed charges and preferred
    stock dividends                                 $14,219          $17,125          $12,831          $12,375

Ratio of earnings to fixed charges
  (excluding preferred stock dividends)                2.61X            3.20X            2.22X            2.14X
                                                    =======          =======          =======          =======

Ratio of earnings to combined fixed
  charges and preferred dividends                      2.04X            2.76X            2.11X            2.14X
                                                    =======          =======          =======          =======