|                                                                                                                                                                                                                  |   |   |                                                                                                                            |   |   |                                                                                                                            |   |   |    |   |   |                                                                            | Exhibit      12.1 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|---------------------------------------------------------------------------------|-------------------|--------|
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| ESSEX      PORTFOLIO, L.P. AND SUBSIDIARIES                                                                                                                                                                           |   |
| Schedule      of computation of Ratio of Earnings to Fixed Charges and Preferred Stock      Dividends                                                                                                                 |   |
| (Dollars      in thousands, except ratios)                                                                                                                                                                            |   |
|                                                                                                                                                                                                                  |   |   |                                                                                                                            |   |   |                                                                                                                            |   |   |    |   |   |                                                                            |              |   |   |   |
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|                                                                                                                                                                                                                  |   |   |                                                                                                                            |   |   |                                                                                                                            |   |   |    |   |   |                                                                            |              |   |   |   |
|                                                                                                                                                                                                                  |   |   |                                                                                                                            |   |   |                                                                                                                            |   |   |    |   |   |                                                                            |              |   |   |   |
|                                                                                                                                                                                                                  |   |   | Years      ended December 31                                                                                                    |   |
|                                                                                                                                                                                                                  |   |   | 2007                                                                                                                            |   |   | 2006(1)                                                                                                                         |   |   | 2005(1) |   |   | 2004(1)                                                                         |              |   | 2003(1) |   |
| Earnings:                                                                                                                                                                                                             |   |   |                                                                                                                            |   |   |                                                                                                                            |   |   |    |   |   |                                                                            |              |   |   |   |
| Income      before discontinued operations                                                                                                                                                                            |   | $      | 56,754                                                                                                                          |   | $      | 46,832                                                                                                                          |   | $      | 62,742  |   | $      | 96,339                                                                          |              | $      | 48,306 |   |
| Gain      on sales of real estate                                                                                                                                                                                     |   |   |                      - |   |   |                      - |   |   | (6,391) |   |   |             (7,909) |              |   |                      - |   |
| Minority      interests                                                                                                                                                                                               |   |   | 4,847                                                                                                                           |   |   | 4,977                                                                                                                           |   |   | 5,340   |   |   | 4,550                                                                           |              |   | 4,696 |   |
| Interest      expense                                                                                                                                                                                                 |   |   | 80,995                                                                                                                          |   |   | 72,898                                                                                                                          |   |   | 70,784  |   |   | 60,709                                                                          |              |   | 49,985 |   |
| Amortization      of deferred financing costs                                                                                                                                                                         |   |   | 3,071                                                                                                                           |   |   | 2,745                                                                                                                           |   |   | 1,947   |   |   | 1,560                                                                           |              |   | 1,187 |   |
| Total      earnings                                                                                                                                                                                                   |   | $      | 145,667                                                                                                                         |   | $      | 127,452                                                                                                                         |   | $      | 134,422 |   | $      | 155,249                                                                         |              | $      | 104,174 |   |
|                                                                                                                                                                                                                  |   |   |                                                                                                                            |   |   |                                                                                                                            |   |   |    |   |   |                                                                            |              |   |   |   |
|                                                                                                                                                                                                                  |   |   |                                                                                                                            |   |   |                                                                                                                            |   |   |    |   |   |                                                                            |              |   |   |   |
| Fixed      charges:                                                                                                                                                                                                   |   |   |                                                                                                                            |   |   |                                                                                                                            |   |   |    |   |   |                                                                            |              |   |   |   |
| Interest      expense                                                                                                                                                                                                 |   | $      | 80,995                                                                                                                          |   | $      | 72,898                                                                                                                          |   | $      | 70,784  |   | $      | 60,709                                                                          |              | $      | 49,985 |   |
| Amortization      of deferred financing costs                                                                                                                                                                         |   |   | 3,071                                                                                                                           |   |   | 2,745                                                                                                                           |   |   | 1,947   |   |   | 1,560                                                                           |              |   | 1,187 |   |
| Capitalized      interest                                                                                                                                                                                             |   |   | 5,134                                                                                                                           |   |   | 3,913                                                                                                                           |   |   | 1,100   |   |   | 1,997                                                                           |              |   | 4,084 |   |
| Preferred      stock dividends                                                                                                                                                                                        |   |   | 9,174                                                                                                                           |   |   | 5,145                                                                                                                           |   |   | 1,953   |   |   | 1,952                                                                           |              |   |                  195 |   |
| Perpetual      preferred unit distributions                                                                                                                                                                           |   |   | 10,238                                                                                                                          |   |   | 10,238                                                                                                                          |   |   | 10,238  |   |   | 14,175                                                                          |              |   | 17,996 |   |
| Total      fixed charges and preferred                                                                                                                                                                                |   |   |                                                                                                                            |   |   |                                                                                                                            |   |   |    |   |   |                                                                            |              |   |   |   |
|     stock      dividends                                                                                                                                                                          |   | $      | 108,612                                                                                                                         |   | $      | 94,939                                                                                                                          |   | $      | 86,022  |   | $      | 80,393                                                                          |              | $      | 73,447 |   |
|                                                                                                                                                                                                                  |   |   |                                                                                                                            |   |   |                                                                                                                            |   |   |    |   |   |                                                                            |              |   |   |   |
|                                                                                                                                                                                                                  |   |   |                                                                                                                            |   |   |                                                                                                                            |   |   |    |   |   |                                                                            |              |   |   |   |
| Ratio      of earnings to fixed charges                                                                                                                                                                               |   |   |                                                                                                                            |   |   |                                                                                                                            |   |   |    |   |   |                                                                            |              |   |   |   |
|     (excluding      preferred stock dividends                                                                                                                                                     |   |   |                                                                                                                            |   |   |                                                                                                                            |   |   |    |   |   |                                                                            |              |   |   |   |
|     and      preferred unit distributions)                                                                                                                                                        |   |   | 1.63                                                                                                                            | X      |   | 1.60                                                                                                                            | X      |   | 1.82    | X      |   | 2.42                                                                            | X                 |   | 1.89 | X |
|                                                                                                                                                                                                                  |   |   |                                                                                                                            |   |   |                                                                                                                            |   |   |    |   |   |                                                                            |              |   |   |   |
|                                                                                                                                                                                                                  |   |   |                                                                                                                            |   |   |                                                                                                                            |   |   |    |   |   |                                                                            |              |   |   |   |
| Ratio      of earnings to combined fixed                                                                                                                                                                              |   |   |                                                                                                                            |   |   |                                                                                                                            |   |   |    |   |   |                                                                            |              |   |   |   |
|     charges      and preferred stock dividends                                                                                                                                                    |   |   | 1.34                                                                                                                            | X      |   | 1.34                                                                                                                            | X      |   | 1.56    | X      |   | 1.93                                                                            | X                 |   | 1.42 | X |
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| (1)          The above financial and operating information from January 1, 2003      through December 31, 2003 reflect the retroactive adoption of FIN      46R                                   |   |
|                and SFAS 123. The results of operations for 2006, 2005, 2004, and 2003      have been reclassified to reflect discontinued operations for      properties |
|                sold subsequent to December 31, 2006.                                                                                                                     |   |   |                                                                                                                            |   |   |                                                                                                                            |   |   |    |   |   |                                                                            |              |   |   |
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