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                                                                    EXHIBIT 12.1
                              ESSEX PORTFOLIO, L.P.

        SCHEDULE OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
                          PREFERRED UNIT DISTRIBUTIONS
                          (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 unit distributions            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
    UNIT DISTRIBUTIONS                            $14,219            $17,125          $12,831          $12,375

RATIO OF EARNINGS TO FIXED CHARGES
  (EXCLUDING PREFERRED UNIT DISTRIBUTIONS)           2.61X              3.28X            2.22X            2.14X
                                                  =======            =======          =======          =======

RATIO OF EARNINGS TO COMBINED FIXED
  CHARGES AND PREFERRED DISTRIBUTIONS                2.04X              2.76X            2.11X            2.14X
                                                  =======            =======          =======          =======