EXHIBIT 12.1
ESSEX PROPERTY TRUST, INC.
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(in thousands, except ratios)
Essex Partners
Essex Property Trust, Inc. Properties
---------------------------------------------------------------- ---------------
Period of Period of
June 13, January 1,
1994 1994
Quarter ended Year ended Year ended to to
March 31, December 31, December 31, December 31, June 12,
1997 1996 1995 1994 1994
------- -------- -------- ------- -------
Earnings:
Income before provision for income taxes,
extraordinary items and minority interest $ 5,743 $ 14,970 $ 14,244 $ 4,397 $ 332
Interest expense 3,363 11,442 10,928 4,304 5,924
Amortization of deferred financing costs 127 639 1,355 773 96
Capitalized interest 61 115 92 - -
------- -------- -------- ------- -------
Total earnings $ 9,294 $ 27,166 $ 26,619 $ 9,474 $ 6,352
======= ======== ======== ======= =======
Fixed charges:
Interest expense $ 3,363 $ 11,442 $ 10,928 $ 4,304 $ 5,924
Convertible preferred stock dividends 438 635 - - -
Amortization of deferred financing costs 127 639 1,355 773 96
Capitalized interest 61 115 92 - -
------- -------- -------- ------- -------
Total fixed charges and preferred
stock dividends 3,989 12,831 12,375 5,077 6,020
------- -------- -------- ------- -------
Ratio of earnings to fixed charges
(excluding preferred stock dividends) 2.62 2.23 2.15 1.87 1.06
======= ======== ======== ======= =======
Ratio of earnings to combined fixed
charges and preferred dividends 2.33 2.12 2.15 1.87 1.06
======= ======== ======== ======= =======
Page 77 of 77