|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |                                                                                                           |               |               |                                                                     |               |               |                                                                     |               |               |                                                                     |               |  **Exhibit              12.1** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------------------------------------------------|--------------------|--------------------|--------------------------------------------------------------------------|--------------------|--------------------|--------------------------------------------------------------------------|--------------------|--------------------|--------------------------------------------------------------------------|--------------------|-------------------------------------|
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| **ESSEX                PORTFOLIO, L.P. AND SUBSIDIARIES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |
| **Schedule                of computation of Ratio and Earnings to Fixed Charges and Preferred                Stock                Dividends**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
| *(Dollars                in thousands, except ratios)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |                                                                                                           |               |               |                                                                     |               |               |                                                                     |               |               |                                                                     |               |                                |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |                                |     |     |              |     |     |              |     |     |              |               |                      |              |   |   |              |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | **Quarter**                                                                                                    |               |               |                                                                     |               |               |                                                                     |               |               |                                                                     |               |                                |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | **ended**                                                                                                      |               |               |                                                                     |               |               |                                                                     |               |               |                                                                     |     |                                |   |     |   |   |       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | **March                31**                                                                                    |               |               | **Years                ended December 31**                               |               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | **2007**                                                                                                       |               |               | ** 2006**                                                           |               |               | ** 2005****(1)**                                                    |               |               | **                 2004****(1)**                                    |               |                                | **                 2003****(1)** |   |   | ** 2002****(1)** |   |
| **Earnings:**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |                                                                                                           |               |               |                                                                     |               |               |                                                                     |               |               |                                                                     |               |                                |   |   |   |   |   |
| Income                before discontinued operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | $      | 18,638                                                                                                         |               | $                  | 49,667                                                                   |               | $                  | 65,247                                                                   |               | $                  | 98,557                                                                   |               | $                                   | 51,073 |   | $ | 59,320 |   |
| Gain                on sales of real estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   | -                                                                                                              |               |               | -                                                                        |               |               | (6,391)                                                                  |               |               | (7,909)                                                                  |               |                                | - |   |   | (145) |   |
| Minority                interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   | 1,172                                                                                                          |               |               | 4,979                                                                    |               |               | 5,340                                                                    |               |               | 4,550                                                                    |               |                                | 4,134 |   |   | 4,760 |   |
| Interest                expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 18,266                                                                                                         |               |               | 72,898                                                                   |               |               | 70,784                                                                   |               |               | 60,709                                                                   |               |                                | 49,985 |   |   | 41,641 |   |
| Amortization                of deferred financing costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 677                                                                                                            |               |               | 2,743                                                                    |               |               | 1,947                                                                    |               |               | 1,560                                                                    |               |                                | 1,187 |   |   | 743 |   |
| **Total                earnings**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | $      | **38,753**                                                                                                     |               | $                  | **130,287**                                                              |               | $                  | **136,927**                                                              |               | $                  | **157,467**                                                              |               | $                                   | **106,379** |   | $ | **106,319** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |                                                                                                           |               |               |                                                                     |               |               |                                                                     |               |               |                                                                     |               |                                |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |                                                                                                           |               |               |                                                                     |               |               |                                                                     |               |               |                                                                     |               |                                |   |   |   |   |   |
| **Fixed                charges:**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |   |                                                                                                           |               |               |                                                                     |               |               |                                                                     |               |               |                                                                     |               |                                |   |   |   |   |   |
| Interest                expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | $      | 18,266                                                                                                         |               | $                  | 72,898                                                                   |               | $                  | 70,784                                                                   |               | $                  | 60,709                                                                   |               | $                                   | 49,985 |   | $ | 41,641 |   |
| Amortization                of deferred financing costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   | 677                                                                                                            |               |               | 2,743                                                                    |               |               | 1,947                                                                    |               |               | 1,560                                                                    |               |                                | 1,187 |   |   | 743 |   |
| Capitalized                interest                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   | 1,972                                                                                                          |               |               | 3,913                                                                    |               |               | 1,100                                                                    |               |               | 1,997                                                                    |               |                                | 4,084 |   |   | 6,814 |   |
| Preferred                stock dividends                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |   | 2,243                                                                                                          |               |               | 5,145                                                                    |               |               | 1,953                                                                    |               |               | 1,952                                                                    |               |                                | 195 |   |   | - |   |
| Perpetual                preferred unit distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | 2,559                                                                                                          |               |               | 10,238                                                                   |               |               | 10,238                                                                   |               |               | 14,175                                                                   |               |                                | 17,996 |   |   | 18,319 |   |
| **Total                fixed charges and preferred**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |                                                                                                           |               |               |                                                                     |               |               |                                                                     |               |               |                                                                     |               |                                |   |   |   |   |   |
| **    stock                dividends**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $      | **25,717**                                                                                                     |               | $                  | **94,937**                                                               |               | $                  | **86,022**                                                               |               | $                  | **80,393**                                                               |               | $                                   | **73,447** |   | $ | **67,517** |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |                                                                                                           |               |               |                                                                     |               |               |                                                                     |               |               |                                                                     |               |                                |   |   |   |   |   |
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| **Ratio                of earnings to fixed charges**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |                                                                                                           |               |               |                                                                     |               |               |                                                                     |               |               |                                                                     |               |                                |   |   |   |   |   |
| **    (excluding                preferred stock dividends**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |   |                                                                                                           |               |               |                                                                     |               |               |                                                                     |               |               |                                                                     |               |                                |   |   |   |   |   |
| **    and                preferred unit distributions)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   | **1.85**                                                                                                       | **X**              |               | **1.64**                                                                 | **X**              |               | **1.85**                                                                 | **X**              |               | **2.45**                                                                 | **X**              |                                | **1.92** | **X** |   | **2.16** | **X** |
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| **Ratio                of earnings to combined fixed**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |                                                                                                           |               |               |                                                                     |               |               |                                                                     |               |               |                                                                     |               |                                |   |   |   |   |   |
| **    charges                and preferred stock dividends**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   | **1.51**                                                                                                       | **X**              |               | **1.37**                                                                 | **X**              |               | **1.59**                                                                 | **X**              |               | **1.96**                                                                 | **X**              |                                | **1.45** | **X** |   | **1.57** | **X** |
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| (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 results of operations for 2005, 2004, 2003,                and                2002 have been reclassified to reflect                       discontinued operations                for properties sold subsequent to December 31, 2005 or held for sale                as of                December 31, 2006. |
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