EXHIBIT 12.1
ESSEX PROPERTY TRUST, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(in thousands, except ratios)
ESSEX PROPERTY TRUST, INC.
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PERIOD OF
9 MONTHS ENDED YEAR ENDED JUNE 13, 1994
SEPTEMBER 30, DECEMBER 31, TO DECEMBER 31,
1996 1995 1994
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EARNINGS:
Income before extraordinary item
and minority interest $ 10,423 $ 8,231 $ 4,397
Interest expense 8,738 10,928 4,304
Amortization of deferred financing
costs 529 1,355 773
Capitalized interest 84 92 -
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TOTAL EARNINGS $ 19,774 $ 20,606 $ 9,474
FIXED CHARGES:
Interest expense $ 8,738 $ 10,928 $ 4,304
Convertible preferred stock dividends 197 - -
Amortization of deferred financing
costs 529 1,355 773
Capitalized interest 84 92 -
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TOTAL FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS $ 9,548 $ 12,375 $ 5,077
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RATIO OF EARNINGS TO FIXED CHARGES
(EXCLUDING PREFERRED STOCK DIVIDENDS) 2.11 1.67 1.87
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RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS 2.07 1.67 1.87
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FIXED CHARGES IN EXCESS ON EARNINGS - - -
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ESSEX PARTNERS PROPERTIES
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PERIOD OF
JANUARY 1, 1994 YEAR ENDED YEAR ENDED YEAR ENDED
TO JUNE 12, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1994 1993 1992 1991
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EARNINGS:
Income before extraordinary item
and minority interest $ 332 $ 387 (2,344) (3,582)
Interest expense 5,924 11,902 13,224 14,762
Amortization of deferred financing
costs 96 219 218 216
Capitalized interest - - - -
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TOTAL EARNINGS $ 6,352 $ 12,508 $ 11,098 $ 11,396
FIXED CHARGES:
Interest expense $ 5,924 $ 11,902 $ 13,224 $ 14,762
Convertible preferred stock dividends - - - -
Amortization of deferred financing
costs 96 219 218 216
Capitalized interest - - - -
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TOTAL FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS $ 6,020 $ 12,121 $ 13,442 $ 14,978
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RATIO OF EARNINGS TO FIXED CHARGES
(EXCLUDING PREFERRED STOCK DIVIDENDS) 1.06 1.03 0.83 0.76
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RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED DIVIDENDS 1.06 1.03 0.83 0.76
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FIXED CHARGES IN EXCESS ON EARNINGS - - 2,344 3,582
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