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 |
Years ended December 31,
|
||||||||||||||||||||||
|
2014
|
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||||
Earnings:
|
||||||||||||||||||||||||
Income from continuing operations
|
$
|
8,428
|
$
|
140,882
|
$
|
127,653
|
$
|
46,958
|
$
|
47,424
|
$
|
41,244
|
||||||||||||
Gain on sales of real estate
|
-
|
-
|
-
|
-
|
-
|
(103
|
)
|
|||||||||||||||||
Interest and amortization expense
|
42,151
|
116,524
|
111,888
|
103,168
|
87,584
|
86,016
|
||||||||||||||||||
Total earnings
|
$
|
50,579
|
$
|
257,406
|
$
|
239,541
|
$
|
150,126
|
$
|
135,008
|
$
|
127,157
|
||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Fixed charges:
|
||||||||||||||||||||||||
Interest and amortization expense
|
$
|
42,151
|
$
|
116,524
|
$
|
111,888
|
$
|
103,168
|
$
|
87,584
|
$
|
86,016
|
||||||||||||
Capitalized interest
|
8,305
|
16,486
|
10,346
|
8,240
|
9,486
|
10,463
|
||||||||||||||||||
Preferred stock dividends
|
1,314
|
5,472
|
5,472
|
4,753
|
2,170
|
4,860
|
||||||||||||||||||
Perpetual preferred unit distributions
|
-
|
-
|
-
|
1,650
|
6,300
|
6,300
|
||||||||||||||||||
Total fixed charges and preferred stock dividends and preferred unit distributions
|
$
|
51,770
|
$
|
138,482
|
$
|
127,706
|
$
|
117,811
|
$
|
105,540
|
$
|
107,639
|
||||||||||||
|
||||||||||||||||||||||||
Ratio of earnings to fixed charges (excluding preferred stock dividends and preferred unit distributions)
|
1.00
|
X
|
1.94
|
X
|
1.96
|
X
|
1.35
|
X
|
1.39
|
X
|
1.32
|
X
|
||||||||||||
|
||||||||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends and preferred unit distributions
|
0.98
|
X
|
1.86
|
X
|
1.88
|
X
|
1.27
|
X
|
1.28
|
X
|
1.18
|
X
|
ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES
Schedule of computation of Ratio and Earnings to Fixed Charges and Preferred Unit Distributions
(Dollars in thousands, except ratios)
|
Quarter
ended |
Years ended December 31,
|
||||||||||||||||||||||
|
2014
|
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||||
Earnings:
|
||||||||||||||||||||||||
Income from continuing operations
|
$
|
8,428
|
$
|
140,882
|
$
|
127,653
|
$
|
46,958
|
$
|
47,424
|
$
|
41,244
|
||||||||||||
Gain on sales of real estate
|
-
|
-
|
-
|
-
|
-
|
(103
|
)
|
|||||||||||||||||
Interest and amortization expense
|
42,151
|
116,524
|
111,888
|
103,168
|
87,584
|
86,016
|
||||||||||||||||||
Total earnings
|
$
|
50,579
|
$
|
257,406
|
$
|
239,541
|
$
|
150,126
|
$
|
135,008
|
$
|
127,157
|
||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Fixed charges:
|
||||||||||||||||||||||||
Interest and amortization expense
|
$
|
42,151
|
$
|
116,524
|
$
|
111,888
|
$
|
103,168
|
$
|
87,584
|
$
|
86,016
|
||||||||||||
Capitalized interest
|
8,305
|
16,486
|
10,346
|
8,240
|
9,486
|
10,463
|
||||||||||||||||||
Preferred interest distributions
|
1,314
|
5,472
|
5,472
|
4,753
|
2,170
|
4,860
|
||||||||||||||||||
Preferred unit distributions
|
-
|
-
|
-
|
1,650
|
6,300
|
6,300
|
||||||||||||||||||
Total fixed charges and preferred interests and preferred unit distributions
|
$
|
51,770
|
$
|
138,482
|
$
|
127,706
|
$
|
117,811
|
$
|
105,540
|
$
|
107,639
|
||||||||||||
|
||||||||||||||||||||||||
Ratio of earnings to fixed charges (excluding preferred interests and preferred unit distributions)
|
1.00
|
X
|
1.94
|
X
|
1.96
|
X
|
1.35
|
X
|
1.39
|
X
|
1.32
|
X
|
||||||||||||
|
||||||||||||||||||||||||
Ratio of earnings to combined fixed charges and preferred interests and preferred unit distributions
|
0.98
|
X
|
1.86
|
X
|
1.88
|
X
|
1.27
|
X
|
1.28
|
X
|
1.18
|
X
|