|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                        |        |   |   |      |   |   |        |             |   |   |   |  **Exhibit                12.1** |        |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|-------------|--------|--------|----------------|--------|--------|-------------|-----------------------|--------|--------|--------|---------------------------------------|-------------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                        |        |   |   |      |   |   |        |             |   |   |   |                             |        |   |   |    |   |   |   |
| **ESSEX                PORTFOLIO, L.P. AND SUBSIDIARIES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                             |        |
| **Schedule                of computation of Ratio of Earnings to Fixed Charges and Preferred                Unit                Distributions**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                             |        |
| *(Dollars                in thousands, except ratios)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                             |        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                        |        |   |   |      |   |   |        |             |   |   |   |                             |        |   |   |    |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |  **Years                ended December 31** |        |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |  **2005**                                   |        |   |   |  **2004** |   |   |        |  **2003****(1)** |   |   |   |  **2002****(1)**                 |        |   |   |  **2001****(1)** |   |   |   |
| **Earnings:**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                        |        |   |   |      |   |   |        |             |   |   |   |                             |        |   |   |    |   |   |   |
| Income                from continuing operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | $                                                | 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                             | 5,687       |   |   |           |   |   | 3,498       |                  |   |   |   |                                  | 4,134       |   |   |   |   |   | 3,664 |   |   |   |   |   | 196 |   |   |   |   |
| Interest                expense (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                             | 73,614      |   |   |           |   |   | 63,023      |                  |   |   |   |                                  | 52,410      |   |   |   |   |   | 43,186 |   |   |   |   |   | 38,746 |   |   |   |   |
| Amortization                of deferred financing costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                             | 1,970       |   |   |           |   |   | 1,587       |                  |   |   |   |                                  | 1,197       |   |   |   |   |   | 814 |   |   |   |   |   | 657 |   |   |   |   |
| **Total                earnings**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | $                                                | **142,100** |   |   |           |   | $      | **162,470** |                  |   |   |   | $                                     | **111,796** |   |   |   |   | $ | **110,317** |   |   |   |   | $ | **106,167** |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                             |        |   |   |           |   |   |        |                  |   |   |   |                                  |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Fixed                charges:**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                             |        |   |   |           |   |   |        |                  |   |   |   |                                  |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | $                                                | 73,614      |   |   |           |   | $      | 63,023      |                  |   |   |   | $                                     | 52,410      |   |   |   |   | $ | 43,186 |   |   |   |   | $ | 38,746 |   |   |   |   |
| Amortization                of deferred financing costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                             | 1,970       |   |   |           |   |   | 1,587       |                  |   |   |   |                                  | 1,197       |   |   |   |   |   | 814 |   |   |   |   |   | 657 |   |   |   |   |
| Capitalized                interest                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                             | 1,100       |   |   |           |   |   | 1,997       |                  |   |   |   |                                  | 4,084       |   |   |   |   |   | 6,814 |   |   |   |   |   | 3,917 |   |   |   |   |
| Preferred                unit distributions - Series F                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                             | 1,953       |   |   |           |   |   | 1,952       |                  |   |   |   |                                  | 195         |   |   |   |   |   | - |   |   |   |   |   | - |   |   |   |   |
| Preferred                unit distributions - limited partners                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                             | 10,238      |   |   |           |   |   | 14,175      |                  |   |   |   |                                  | 17,996      |   |   |   |   |   | 18,319 |   |   |   |   |   | 18,319 |   |   |   |   |
| **Total                fixed charges and preferred**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                             |        |   |   |           |   |   |        |                  |   |   |   |                                  |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **unit                distributions**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | $                                                | **88,875**  |   |   |           |   | $      | **82,734**  |                  |   |   |   | $                                     | **75,882**  |   |   |   |   | $ | **69,133** |   |   |   |   | $ | **61,639** |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                             |        |   |   |           |   |   |        |                  |   |   |   |                                  |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Ratio                  of earnings to fixed charges**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                             |        |   |   |           |   |   |        |                  |   |   |   |                                  |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **(excluding                  preferred unit distributions)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                             | **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**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                             | **1.60**    |   |   | **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 forthabove. |   |                                             |        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                             |        |   |   |           |   |   |        |                  |   |   |   |                                  |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |