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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)




                                                       NINE MONTHS ENDED   YEAR ENDED        YEAR ENDED       YEAR ENDED
                                                          SEPTEMBER 30,    DECEMBER 31,      DECEMBER 31,      DECEMBER 31,
                                                              1998             1997              1996             1995
                                                             -------         -------         ------------      ----------

                                                                                                   
EARNINGS:
 Income before minority interests and 
    extraordinary item                                      $29,667           $34,146           $14,970           $14,244
  Interest expense                                           14,259            12,659            11,442            10,928
  Amortization of deferred financing costs                      553               509               639             1,355
                                                            -------           -------           -------           -------
  TOTAL EARNINGS                                            $44,479           $47,314           $27,051           $26,527
                                                            -------           -------           -------           -------


FIXED CHARGES:
  Interest expense                                          $14,259           $12,659           $11,442           $10,928
  Convertible preferred stock dividends                       2,625             2,681               635                --
  Perpetual preferred unit distributions                      3,789                --                --                --
  Amortization of deferred financing costs                      553               509               639             1,355
  Capitalized interest                                        2,575             1,276               115                92
                                                            -------           -------           -------           -------
  TOTAL FIXED CHARGES AND PREFERRED
    STOCK DIVIDENDS                                         $23,801           $17,125           $12,831           $12,375

RATIO OF EARNINGS TO FIXED CHARGES
  (EXCLUDING PREFERRED STOCK DIVIDENDS)                       2.56X             3.28X             2.22X             2.14X
                                                            =======           =======           =======           =======

RATIO OF EARNINGS TO COMBINED FIXED
  CHARGES AND PREFERRED DIVIDENDS                             1.87X             2.76X             2.11X             2.14X
                                                            =======           =======           =======           =======