Attached files
Exhibit
12.1
ESSEX
PROPERTY TRUST, INC. AND SUBSIDIARIES
Schedule
of computation of Ratio and Earnings to Fixed Charges and Preferred Stock
Dividends
(Dollars
in thousands, except ratios)
Quarter
ended
September 30,
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Years ended December 31
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2009
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2008(1)
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2007
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2006
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2005
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2004
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Earnings:
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Income
before discontinued operations
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$ | 69 | $ | 80,860 | $ | 42,349 | $ | 32,738 | $ | 47,266 | $ | 72,485 | ||||||||||||
Gain
on sales of real estate
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- | (4,578 | ) | - | - | (6,391 | ) | (7,909 | ) | |||||||||||||||
Noncontrolling
interest
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3,588 | 22,070 | 19,999 | 18,783 | 20,699 | 28,106 | ||||||||||||||||||
Interest
expense
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21,966 | 85,063 | 81,993 | 75,017 | 72,096 | 61,623 | ||||||||||||||||||
Total
earnings
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$ | 25,623 | $ | 183,415 | $ | 144,341 | $ | 126,538 | $ | 133,670 | $ | 154,305 | ||||||||||||
Fixed
charges:
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Interest
expense
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$ | 21,966 | $ | 85,063 | $ | 81,993 | $ | 75,017 | $ | 72,096 | $ | 61,623 | ||||||||||||
Capitalized
interest
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2,492 | 10,908 | 5,134 | 3,913 | 1,100 | 1,997 | ||||||||||||||||||
Preferred
stock dividends
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902 | 9,241 | 9,174 | 5,145 | 1,953 | 1,952 | ||||||||||||||||||
Perpetual
preferred unit distributions
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1,575 | 9,909 | 10,238 | 10,238 | 10,238 | 14,175 | ||||||||||||||||||
Total
fixed charges and preferred stock dividends
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$ | 26,935 | $ | 115,121 | $ | 106,539 | $ | 94,313 | $ | 85,387 | $ | 79,747 | ||||||||||||
Ratio
of earnings to fixed charges (excluding preferred stock dividends and
preferred unit distributions)
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1.05 | X | 1.91 | X | 1.66 | X | 1.60 | X | 1.83 | X | 2.43 | X | ||||||||||||
Ratio
of earnings to combined fixed charges and preferred stock
dividends
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N/A(2) | X | 1.59 | X | 1.35 | X | 1.34 | X | 1.57 | X | 1.93 | X |
(1)
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The
results of operations for 2008 have been reclassified and restated to
reflect discontinued operations and the adoption of the standard entitled
"Accounting for Convertible Debt Instruments That May be Settled in Cash
Upon Conversion" subsequent to December 31, 2008. The results
of operations for 2004 through 2007 have not been reclassified nor
restated.
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(2)
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Total
earnings was less than the fixed charges and preferred stock dividends by
$1.3 million, resulting in a ratio of earnings to combined fixed charges
and preferred dividends of 0.95 which was less than 1.00 for the quarter
ended September 30, 2009.
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