|                                                                                                                                                                                                                                                               |   |   |                                                                                  |   |   |                                                                                  |   |   |                        |   |   |                                  |   |   |                                                                                  | **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)*                                                                                                                                                                                                             |   |
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|                                                                                                                                                                                                                                                               |   |   |                                                                                  |   |   |                                                                                  |   |   |                        |   |   |                                  |   |   |                                                                                  |                            |   |   |   |
|                                                                                                                                                                                                                                                               |   |   | **Quarter**                                                                           |   |   |                                                                                  |   |   |                        |   |   |                                  |   |   |                                                                                  |                            |   |   |   |
|                                                                                                                                                                                                                                                               |   |   | **ended**                                                                             |   |   |                                                                                  |   |   |                        |   |   |                                  |   |   |                                                                                  |                            |   |   |   |
|                                                                                                                                                                                                                                                               |   |   | **June                30**                                                            |   |   | **Years                ended December 31**                                            |   |
|                                                                                                                                                                                                                                                               |   |   | **2007**                                                                              |   |   | **2006**                                                                              |   |   | **2005                (1)** |   |   | **2004                (1)**           |   |   | **2003(1)**                                                                           |                            |   | **2002(1)** |   |
| **Earnings:**                                                                                                                                                                                                                                                      |   |   |                                                                                  |   |   |                                                                                  |   |   |                        |   |   |                                  |   |   |                                                                                  |                            |   |   |   |
| Income                before discontinued operations                                                                                                                                                                                                               |   | $      |      15,782                                                  |   | $      | 49,667                                                                                |   | $      | 65,247                      |   | $      | 98,557                                |   | $      | 51,073                                                                                |                            | $      | 59,320 |   |
| Gain                on sales of real estate                                                                                                                                                                                                                        |   |   |               - |   |   |               - |   |   | (6,391)                     |   |   |      (7,909) |   |   |               - |                            |   | (145) |   |
| Minority                interests                                                                                                                                                                                                                                  |   |   |        1,189                                       |   |   | 4,979                                                                                 |   |   | 5,340                       |   |   | 4,550                                 |   |   | 4,134                                                                                 |                            |   | 4,760 |   |
| Interest                expense                                                                                                                                                                                                                                    |   |   |      20,491                                                  |   |   | 72,898                                                                                |   |   | 70,784                      |   |   | 60,709                                |   |   | 49,985                                                                                |                            |   | 41,641 |   |
| Amortization                of deferred financing costs                                                                                                                                                                                                            |   |   |           678                       |   |   | 2,743                                                                                 |   |   | 1,947                       |   |   | 1,560                                 |   |   | 1,187                                                                                 |                            |   | 743 |   |
| **Total                earnings**                                                                                                                                                                                                                                  |   | $      | **     38,140**                                              |   | $      | **130,287**                                                                           |   | $      | **136,927**                 |   | $      | **157,467**                           |   | $      | **106,379**                                                                           |                            | $      | **106,319** |   |
|                                                                                                                                                                                                                                                               |   |   |                                                                                  |   |   |                                                                                  |   |   |                        |   |   |                                  |   |   |                                                                                  |                            |   |   |   |
|                                                                                                                                                                                                                                                               |   |   |                                                                                  |   |   |                                                                                  |   |   |                        |   |   |                                  |   |   |                                                                                  |                            |   |   |   |
| **Fixed                charges:**                                                                                                                                                                                                                                  |   |   |                                                                                  |   |   |                                                                                  |   |   |                        |   |   |                                  |   |   |                                                                                  |                            |   |   |   |
| Interest                expense                                                                                                                                                                                                                                    |   | $      |      20,491                                                  |   | $      | 72,989                                                                                |   | $      | 70,784                      |   | $      | 60,709                                |   | $      | 49,985                                                                                |                            | $      | 41,641 |   |
| Amortization                of deferred financing costs                                                                                                                                                                                                            |   |   |           678                       |   |   | 2,743                                                                                 |   |   | 1,947                       |   |   | 1,560                                 |   |   | 1,187                                                                                 |                            |   | 743 |   |
| Capitalized                interest                                                                                                                                                                                                                                |   |   |           345                       |   |   | 3,913                                                                                 |   |   | 1,100                       |   |   | 1,997                                 |   |   | 4,084                                                                                 |                            |   | 6,814 |   |
| Preferred                stock dividends                                                                                                                                                                                                                           |   |   |        2,310                                       |   |   | 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**                                                                                                                                                                                                         |   | $      | **     26,383**                                              |   | $      | **95,028**                                                                            |   | $      | **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)**                                                                                                                                                                                       |   |   | **1.77**                                                                              | **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**                                                                                                                                                                                   |   |   | **1.45**                                                                              | **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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