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|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------|-------------|--------|--------|--------------------------------------------------|--------|--------|--------------|-----------------------|--------|--------|--------|-----------------------|---------------|--------|--------|-----------------------|--------|---------------------------------|--------------|-----------------------|--------|--------|--------|
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| **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** |   |   |         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |  **2006**                                                                                                     |        |   |   |  **2005**                                   |   |   |         |  **2004****(1)** |   |   |   |  **2003****(1)** |          |   |   |  **2002****(1)** |   |                            |         |  **2001****(1)** |   |   |   |
| **Earnings:**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                                          |        |   |   |                                        |   |   |         |             |   |   |   |             |          |   |   |             |   |                            |         |             |   |   |   |
| Income                before discontinued operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $                                                                                                                  | 15,242      |   |   |                                             |   | $      | 66,786  |                  |   |   |   | $                     | 101,838  |   |   |                  |   | $                               | 53,621  |                  |   |   |   | $ | 62,373  |   |   |   |   | $ | 70,356  |   |   |   |   |
| Gain                on sales of real estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                                               | -           |   |   |                                             |   |   | (6,391       | )                     |   |   |   |                  | (7,909        | )      |   |                  |   |                            | -            |                  |   |   |   |   | (145 | ) |   |   |   |   | (3,788 | ) |   |   |   |
| Minority                interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                                               | 1,383  |   |   |                                             |   |   | 5,644   |                  |   |   |   |                  | 3,454    |   |   |                  |   |                            | 4,091   |                  |   |   |   |   | 3,612  |   |   |   |   |   | 196  |   |   |   |   |
| Interest                expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                                               | 18,525      |   |   |                                             |   |   | 73,614       |                  |   |   |   |                  | 63,023        |   |   |                  |   |                            | 52,410       |                  |   |   |   |   | 43,186 |   |   |   |   |   | 38,746 |   |   |   |   |
| Amortization                of deferred financing costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                                               | 778         |   |   |                                             |   |   | 1,970        |                  |   |   |   |                  | 1,587         |   |   |                  |   |                            | 1,197        |                  |   |   |   |   | 814 |   |   |   |   |   | 657 |   |   |   |   |
| **Total                earnings**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | $                                                                                                                  | **35,928**  |   |   |                                             |   | $      | **141,623**  |                  |   |   |   | $                     | **161,993**   |   |   |                  |   | $                               | **111,319**  |                  |   |   |   | $ | **109,840** |   |   |   |   | $ | **106,167** |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                               |        |   |   |                                             |   |   |         |                  |   |   |   |                  |          |   |   |                  |   |                            |         |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                               |        |   |   |                                             |   |   |         |                  |   |   |   |                  |          |   |   |                  |   |                            |         |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Fixed                charges:**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                                               |        |   |   |                                             |   |   |         |                  |   |   |   |                  |          |   |   |                  |   |                            |         |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | $                                                                                                                  | 18,525      |   |   |                                             |   | $      | 73,614       |                  |   |   |   | $                     | 63,023        |   |   |                  |   | $                               | 52,410       |                  |   |   |   | $ | 43,186 |   |   |   |   | $ | 38,746 |   |   |   |   |
| Amortization                of deferred financing costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                                               | 778         |   |   |                                             |   |   | 1,970        |                  |   |   |   |                  | 1,587         |   |   |                  |   |                            | 1,197        |                  |   |   |   |   | 814 |   |   |   |   |   | 657 |   |   |   |   |
| Capitalized                interest                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                                               | 1,153  |   |   |                                             |   |   | 1,100        |                  |   |   |   |                  | 1,997         |   |   |                  |   |                            | 4,084        |                  |   |   |   |   | 6,814 |   |   |   |   |   | 3,917 |   |   |   |   |
| Preferred                stock dividends                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                                               | 1,791       |   |   |                                             |   |   | 1,953        |                  |   |   |   |                  | 1,952         |   |   |                  |   |                            | 195          |                  |   |   |   |   | - |   |   |   |   |   | - |   |   |   |   |
| Perpetual                preferred unit distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                                               | 2,559       |   |   |                                             |   |   | 10,238       |                  |   |   |   |                  | 14,175        |   |   |                  |   |                            | 17,996       |                  |   |   |   |   | 18,319 |   |   |   |   |   | 18,319 |   |   |   |   |
| **Total                fixed charges and preferred**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                               |        |   |   |                                             |   |   |         |                  |   |   |   |                  |          |   |   |                  |   |                            |         |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **                  stock dividends**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | $                                                                                                                  | **24,806**  |   |   |                                             |   | $      | **88,875**   |                  |   |   |   | $                     | **82,734**    |   |   |                  |   | $                               | **75,882**   |                  |   |   |   | $ | **69,133** |   |   |   |   | $ | **61,639** |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                               |        |   |   |                                             |   |   |         |                  |   |   |   |                  |          |   |   |                  |   |                            |         |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                               |        |   |   |                                             |   |   |         |                  |   |   |   |                  |          |   |   |                  |   |                            |         |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Ratio                of earnings to fixed charges**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                                               |        |   |   |                                             |   |   |         |                  |   |   |   |                  |          |   |   |                  |   |                            |         |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **                  (excluding preferred stock dividends**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                               |        |   |   |                                             |   |   |         |                  |   |   |   |                  |          |   |   |                  |   |                            |         |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **    and                preferred unit distributions)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                                               | **1.76**    |   |   | **X**                                            |   |   | **1.85**     |                  |   | **X**  |   |                  | **2.44**      |   |   | **X**                 |   |                            | **1.93**     |                  |   | **X**  |   |   | **2.16** |   |   | **X** |   |   | **2.45** |   |   | **X** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                               |        |   |   |                                             |   |   |         |                  |   |   |   |                  |          |   |   |                  |   |                            |         |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                               |        |   |   |                                             |   |   |         |                  |   |   |   |                  |          |   |   |                  |   |                            |         |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Ratio                of earnings to combined fixed**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                                               |        |   |   |                                             |   |   |         |                  |   |   |   |                  |          |   |   |                  |   |                            |         |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **charges                and preferred stock dividends**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                                               | **1.45**    |   |   | **X**                                            |   |   | **1.59**     |                  |   | **X**  |   |                  | **1.96**      |   |   | **X**                 |   |                            | **1.47**     |                  |   | **X**  |   |   | **1.59** |   |   | **X** |   |   | **1.72** |   |   | **X** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                               |        |   |   |                                             |   |   |         |                  |   |   |   |                  |          |   |   |                  |   |                            |         |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                               |        |   |   |                                             |   |   |         |                  |   |   |   |                  |          |   |   |                  |   |                            |         |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                               |        |   |   |                                             |   |   |         |                  |   |   |   |                  |          |   |   |                  |   |                            |         |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)                    The                above financial and operating information from January 1, 2002 through                December 31, 2003 reflect the retroactive adoption of FIN 46R and                  SFAS 123. The above financial and operating information from January                  1                  through December 31, 2001 has not been restated to reflect theretroactive                    adoption of FIN 46R and SFAS 123. The results of operations for                    2004,                    2003, and 2002 have been reclassified to reflect discontinued                      operations for properties sold subsequent to December 31, 2004.                      Results of                      operations for 2001 have not been reclassified. Because                        2001 results have not been reclassified, the results for                        that period may                        not be comparable to the results for the later periods set                        forth above.  |   |                                                                                                               |