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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)




                                                    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 unit distributions                  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
    UNIT DISTRIBUTIONS                                    $23,801        $17,125        $12,831        $12,375

RATIO OF EARNINGS TO FIXED CHARGES
  (EXCLUDING PREFERRED UNIT DISTRIBUTIONS)                   2.51X          3.28X          2.22X          2.14X
                                                          =======        =======        =======        =======

RATIO OF EARNINGS TO COMBINED FIXED
  CHARGES AND PREFERRED DISTRIBUTIONS                        1.83X          2.76X          2.11X          2.14X
                                                          =======        =======        =======        =======