Attached files

file filename
EX-31.2 - EXHIBIT 31.2 - ESSEX PROPERTY TRUST, INC.ex31_2.htm
EX-31.1 - EXHIBIT 31.1 - ESSEX PROPERTY TRUST, INC.ex31_1.htm
EX-32.1 - EXHIBIT 32.1 - ESSEX PROPERTY TRUST, INC.ex32_1.htm
EX-32.2 - EXHIBIT 32.2 - ESSEX PROPERTY TRUST, INC.ex32_2.htm
10-Q - ESSEX PROPERTY TRUST, INC 10Q 9-30-2009 - ESSEX PROPERTY TRUST, INC.form10q.htm

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,
   
Years ended December 31
 
   
2009
   
2008(1)
   
2007
   
2006
   
2005
   
2004
 
Earnings:
                                   
Income before discontinued operations
  $ 69     $ 80,860     $ 42,349     $ 32,738     $ 47,266     $ 72,485  
Gain on sales of real estate
    -       (4,578 )     -       -       (6,391 )     (7,909 )
Noncontrolling interest
    3,588       22,070       19,999       18,783       20,699       28,106  
Interest expense
    21,966       85,063       81,993       75,017       72,096       61,623  
Total earnings
  $ 25,623     $ 183,415     $ 144,341     $ 126,538     $ 133,670     $ 154,305  
                                                 
                                                 
Fixed charges:
                                               
Interest expense
  $ 21,966     $ 85,063     $ 81,993     $ 75,017     $ 72,096     $ 61,623  
Capitalized interest
    2,492       10,908       5,134       3,913       1,100       1,997  
Preferred stock dividends
    902       9,241       9,174       5,145       1,953       1,952  
Perpetual preferred unit distributions
    1,575       9,909       10,238       10,238       10,238       14,175  
Total fixed charges and preferred stock dividends
  $ 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)
    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
    N/A(2) X     1.59 X     1.35 X     1.34 X     1.57 X     1.93 X


(1)
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.
 
(2)
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.