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**Exhibit      12.1**

| **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)*                                                                                                     |   |                                             |
|                                                                                                                                                       |   |                                        |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |
|                                                                                                                                                       |   |                                        |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |
|                                                                                                                                                       |   |                                        |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |
|                                                                                                                                                       |   |                                        |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |
|                                                                                                                                                       |   |  **Years                ended December 31** |   |   |
|                                                                                                                                                       |   |  **2006**                                   |   |   |   |  **2005****(1)** |   |   |   |  **2004****(1)** |   |   |   |  **2003****(1)** |   |   |   |  **2002****(1)** |   |   |
| **Earnings:**                                                                                                                                              |   |                                        |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |
| Income                before discontinued operations                                                                                                       |   | $                                                | 49,667 |   |   |   |   | $ | 65,247 |   |   |   |   | $ | 98,557 |   |   |   |   | $ | 51,073 |   |   |   |   | $ | 59,320 |   |   |   |
| Gain                on sales of real estate                                                                                                                |   |                                             | - |   |   |   |   |   | (6,391 | ) |   |   |   |   | (7,909 | ) |   |   |   |   | - |   |   |   |   |   | (145 | ) |   |   |
| Minority                interests                                                                                                                          |   |                                             | 4,979 |   |   |   |   |   | 5,340 |   |   |   |   |   | 4,550 |   |   |   |   |   | 4,134 |   |   |   |   |   | 4,760 |   |   |   |
| Interest                expense                                                                                                                            |   |                                             | 72,898 |   |   |   |   |   | 70,784 |   |   |   |   |   | 60,709 |   |   |   |   |   | 49,985 |   |   |   |   |   | 41,641 |   |   |   |
| Amortization                of deferred financing costs                                                                                                    |   |                                             | 2,743 |   |   |   |   |   | 1,947 |   |   |   |   |   | 1,560 |   |   |   |   |   | 1,187 |   |   |   |   |   | 743 |   |   |   |
| **Total                earnings**                                                                                                                          |   | $                                                | **130,287** |   |   |   |   | $ | **136,927** |   |   |   |   | $ | **157,467** |   |   |   |   | $ | **106,379** |   |   |   |   | $ | **106,319** |   |   |   |
|                                                                                                                                                       |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Fixed                charges:**                                                                                                                          |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                expense                                                                                                                            |   | $                                                | 72,898 |   |   |   |   | $ | 70,784 |   |   |   |   | $ | 60,709 |   |   |   |   | $ | 49,985 |   |   |   |   | $ | 41,641 |   |   |   |
| Amortization                of deferred financing costs                                                                                                    |   |                                             | 2,743 |   |   |   |   |   | 1,947 |   |   |   |   |   | 1,560 |   |   |   |   |   | 1,187 |   |   |   |   |   | 743 |   |   |   |
| Capitalized                interest                                                                                                                        |   |                                             | 3,913 |   |   |   |   |   | 1,100 |   |   |   |   |   | 1,997 |   |   |   |   |   | 4,084 |   |   |   |   |   | 6,814 |   |   |   |
| Preferred                stock dividends                                                                                                                   |   |                                             | 5,145 |   |   |   |   |   | 1,953 |   |   |   |   |   | 1,952 |   |   |   |   |   | 195 |   |   |   |   |   | - |   |   |   |
| Perpetual                preferred unit distributions                                                                                                      |   |                                             | 10,238 |   |   |   |   |   | 10,238 |   |   |   |   |   | 14,175 |   |   |   |   |   | 17,996 |   |   |   |   |   | 18,319 |   |   |   |
|                                                                                                                                                       |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Total                fixed charges and preferred stock dividends**                                                                                       |   | $                                                | **94,937** |   |   |   |   | $ | **86,022** |   |   |   |   | $ | **80,393** |   |   |   |   | $ | **73,447** |   |   |   |   | $ | **67,517** |   |   |   |
|                                                                                                                                                       |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Ratio                of earnings to fixed charges (excluding preferred stock dividends                and                preferred unit distributions)** |   |                                             | **1.64** |   | **X** |   |   | **1.85** |   | **X** |   |   | **2.45** |   | **X** |   |   | **1.93** |   | **X** |   |   | **2.16** |   | **X** |
|                                                                                                                                                       |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Ratio                of earnings to combined fixed charges and preferred stock                dividends**                                                |   |                                             | **1.37** |   | **X** |   |   | **1.59** |   |  **X** |   |   | **1.96** |   | **X** |   |   | **1.45** |   | **X** |   |   | **1.57** |   | **X** |

| (1) | The                above financial and operating information from January 1, 2002 through                December 31, 2003 reflect the retroactive adoption of FIN 46Rand                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. |
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