|                                                                                                                                                                                                                                     |   |                           |       |   |   |                                          |   |   |        |             |   |   |   |             |        |  **Exhibit                  12.1** |   |                  |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|------------|--------|--------|----------------------------------------------------|--------|--------|-------------|-----------------------|--------|--------|--------|-----------------------|-------------|-----------------------------------------|--------|-----------------------|--------|
|                                                                                                                                                                                                                                     |   |                           |       |   |   |                                          |   |   |        |             |   |   |   |             |        |                                    |   |             |   |   |   |    |   |   |   |
| **ESSEX                  PORTFOLIO, L.P. AND SUBSIDIARIES**                                                                                                                                                                              |   |                                |       |
| **Schedule                  of computation of Ratio and Earnings to Fixed Charges and Preferred                  Unit                  Distributions**                                                                                   |   |                                |       |
| *(Dollars                  in thousands, except ratios)*                                                                                                                                                                                 |   |                                |       |
|                                                                                                                                                                                                                                     |   |                           |       |   |   |                                          |   |   |        |             |   |   |   |             |        |                                    |   |             |   |   |   |    |   |   |   |
|                                                                                                                                                                                                                                     |   |  **Quarter**                   |       |   |   |                                          |   |   |        |             |   |   |   |             |        |                                    |   |             |   |   |   |    |   |   |   |
|                                                                                                                                                                                                                                     |   |  **ended**                     |       |   |   |                                          |   |   |        |             |   |   |   |             |        |                                    |   |             |   |   |   |    |   |   |   |
|                                                                                                                                                                                                                                     |   |  **March                  31** |       |   |   |  **Years                  ended December 31** |   |   |        |
|                                                                                                                                                                                                                                     |   |  **2006**                      |       |   |   |  **2005**                                     |   |   |        |  **2004****(1)** |   |   |   |  **2003****(1)** |        |                                    |   |  **2002****(1)** |   |   |   |  **2001****(1)** |   |   |   |
| **Earnings:**                                                                                                                                                                                                                            |   |                           |       |   |   |                                          |   |   |        |             |   |   |   |             |        |                                    |   |             |   |   |   |    |   |   |   |
| Income                  from continuing operations                                                                                                                                                                                       |   | $                                   | 10,997     |   |   |                                               |   | $      | 67,220      |                  |   |   |   | $                     | 102,271     |                                    |   |                  |   | $ | 54,055 |   |   |   |   | $ | 62,798 |   |   |   |   | $ | 70,356 |   |   |   |   |
| Gain                  on sales of real estate                                                                                                                                                                                            |   |                                | -          |   |   |                                               |   |   | (6,391      | )                     |   |   |   |                  | (7,909      | )                                       |   |                  |   |   | - |   |   |   |   |   | (145 | ) |   |   |   |   | (3,788 | ) |   |   |   |
| Minority                  interests                                                                                                                                                                                                      |   |                                | 1,467      |   |   |                                               |   |   | 5,687       |                  |   |   |   |                  | 3,498       |                                    |   |                  |   |   | 4,134 |   |   |   |   |   | 3,664 |   |   |   |   |   | 196 |   |   |   |   |
| Interest                  expense                                                                                                                                                                                                        |   |                                | 18,990     |   |   |                                               |   |   | 73,614      |                  |   |   |   |                  | 63,023      |                                    |   |                  |   |   | 52,410 |   |   |   |   |   | 43,186 |   |   |   |   |   | 38,746 |   |   |   |   |
| Amortization                  of deferred financing costs                                                                                                                                                                                |   |                                | 696        |   |   |                                               |   |   | 1,970       |                  |   |   |   |                  | 1,587       |                                    |   |                  |   |   | 1,197 |   |   |   |   |   | 814 |   |   |   |   |   | 657 |   |   |   |   |
| **Total                  earnings**                                                                                                                                                                                                      |   | $                                   | **32,150** |   |   |                                               |   | $      | **142,100** |                  |   |   |   | $                     | **162,470** |                                    |   |                  |   | $ | **111,796** |   |   |   |   | $ | **110,317** |   |   |   |   | $ | **106,167** |   |   |   |   |
|                                                                                                                                                                                                                                     |   |                                |       |   |   |                                               |   |   |        |                  |   |   |   |                  |        |                                    |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Fixed                  charges:**                                                                                                                                                                                                      |   |                                |       |   |   |                                               |   |   |        |                  |   |   |   |                  |        |                                    |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                  expense                                                                                                                                                                                                        |   | $                                   | 18,990     |   |   |                                               |   | $      | 73,614      |                  |   |   |   | $                     | 63,023      |                                    |   |                  |   | $ | 52,410 |   |   |   |   | $ | 43,186 |   |   |   |   | $ | 38,746 |   |   |   |   |
| Amortization                  of deferred financing costs                                                                                                                                                                                |   |                                | 696        |   |   |                                               |   |   | 1,970       |                  |   |   |   |                  | 1,587       |                                    |   |                  |   |   | 1,197 |   |   |   |   |   | 814 |   |   |   |   |   | 657 |   |   |   |   |
| Capitalized                  interest                                                                                                                                                                                                    |   |                                | 549        |   |   |                                               |   |   | 1,100       |                  |   |   |   |                  | 1,997       |                                    |   |                  |   |   | 4,084 |   |   |   |   |   | 6,814 |   |   |   |   |   | 3,917 |   |   |   |   |
| Preferred                  unit distributions - Series F                                                                                                                                                                                 |   |                                | 488        |   |   |                                               |   |   | 1,953       |                  |   |   |   |                  | 1,952       |                                    |   |                  |   |   | 195 |   |   |   |   |   | - |   |   |   |   |   | - |   |   |   |   |
| Preferred                  unit distributions - limited partners                                                                                                                                                                         |   |                                | 2,559      |   |   |                                               |   |   | 10,238      |                  |   |   |   |                  | 14,175      |                                    |   |                  |   |   | 17,996 |   |   |   |   |   | 18,319 |   |   |   |   |   | 18,319 |   |   |   |   |
| **Total                  fixed charges and preferred**                                                                                                                                                                                   |   |                                |       |   |   |                                               |   |   |        |                  |   |   |   |                  |        |                                    |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **unit                  distributions**                                                                                                                                                                                                  |   | $                                   | **23,282** |   |   |                                               |   | $      | **88,875**  |                  |   |   |   | $                     | **82,734**  |                                    |   |                  |   | $ | **75,882** |   |   |   |   | $ | **69,133** |   |   |   |   | $ | **61,639** |   |   |   |   |
|                                                                                                                                                                                                                                     |   |                                |       |   |   |                                               |   |   |        |                  |   |   |   |                  |        |                                    |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Ratio                  of earnings to fixed charges**                                                                                                                                                                                  |   |                                |       |   |   |                                               |   |   |        |                  |   |   |   |                  |        |                                    |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **(excluding                  preferred unit distributions**                                                                                                                                                                             |   |                                | **1.59**   |   |   | **X**                                              |   |   | **1.85**    |                  |   | **X**  |   |                  | **2.44**    |                                    |   | **X**                 |   |   | **1.94** |   |   | **X** |   |   | **2.17** |   |   | **X** |   |   | **2.45** |   |   | **X** |   |
|                                                                                                                                                                                                                                     |   |                                |       |   |   |                                               |   |   |        |                  |   |   |   |                  |        |                                    |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Ratio                  of earnings to combined fixed**                                                                                                                                                                                 |   |                                |       |   |   |                                               |   |   |        |                  |   |   |   |                  |        |                                    |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **charges                  and preferred unit distributions**                                                                                                                                                                            |   |                                | **1.38**   |   |   | **X**                                              |   |   | **1.60**    |                  |   | **X**  |   |                  | **1.96**    |                                    |   | **X**                 |   |   | **1.47** |   |   | **X** |   |   | **1.60** |   |   | **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                  the                            |   |                                |       |
| retroactive                  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.                                                                                                                                                                                                                                   |   |                                |       |   |   |                                               |   |   |        |                  |   |   |   |                  |        |                                    |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
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