**Exhibit 12.1**

 

**ESSEX PORTFOLIO, L.P. AND SUBSIDIARIES**

**Schedule of computation of Ratio and Earnings toFixed Charges and Preferred Stock Dividends**

*(Dollars in thousands, except ratios)*

 
| ** **                                                                                             | ** ** | **Years ended December 31** | ** **  |
|--------------------------------------------------------------------------------------------------------|------------|----------------------------------|-------------|
| ** **                                                                                             | ** ** | **2004**                         | ** **  | **2003(1)** | ** ** | **2002(1)** | ** ** | **2001(1)** | ** ** | **2000(1)** | ** ** |
| **Earnings:**                                                                                          |       |                             |        |   |   |   |   |   |   |   |   |
| Income from  continuing operations                                                                     |       | $                                | 103,020     |   | $ | 55,238 |   | $ | 64,247 |   | $ | 72,038 |   | $ | 67,109 |   |
| Gain on  sales of real estate                                                                          |       | (7,909                           | )           | — |   | (145 | ) | (3,788 | ) | (4,022 | ) |
| Minority  interests                                                                                    |       | 3,498                            |        | 4,134 |   | 3,664 |   | 196 |   | 372 |   |
| Interest expense  (2)                                                                                  |       | 63,023                           |        | 52,410 |   | 43,186 |   | 38,746 |   | 30,163 |   |
| Amortization  of deferred financing costs                                                              |       | 1,587                            |        | 1,197 |   | 814 |   | 657 |   | 639 |   |
| **Total  earnings**                                                                                    | ** ** | **$**                            | **163,219** | ** ** | **$** | **112,979** | ** ** | **$** | **111,766** | ** ** | **$** | **107,849** | ** ** | **$** | **94,261** |   |
|                                                                                                   |       |                             |        |   |   |   |   |   |   |   |   |
| **Fixed  charges:**                                                                                    |       |                             |        |   |   |   |   |   |   |   |   |
| Interest  expense (2)                                                                                  |       | $                                | 63,023      |   | $ | 52,410 |   | $ | 43,186 |   | $ | 38,746 |   | $ | 30,163 |   |
| Amortization  of deferred financing costs                                                              |       | 1,587                            |        | 1,197 |   | 814 |   | 657 |   | 639 |   |
| Capitalized  interest                                                                                  |       | 1,997                            |        | 4,084 |   | 6,814 |   | 3,917 |   | 2,906 |   |
| Convertible  preferred stock dividends                                                                 |       | —                           |        | — |   | — |   | — |   | 245 |   |
| Preferred  return to general partner - Series F                                                        |       | 1,952                            |        | 195 |   | — |   | — |   | — |   |
| Perpetual  preferred unit distributions                                                                |       | 14,174                           |        | 17,996 |   | 18,319 |   | 18,319 |   | 18,319 |   |
| **Total  fixed charges and preferred  stock  dividends**                                          | ** ** | **$**                            | **82,733**  | ** ** | **$** | **75,882** | ** ** | **$** | **69,133** | ** ** | **$** | **61,639** | ** ** | **$** | **52,272** |   |
|                                                                                                   |       |                             |        |   |   |   |   |   |   |   |   |
| **Ratio of  earnings to fixed charges (excluding preferred return and preferred unit  distributions)** | ** ** | **2.45**                         | **X**       | **1.96** | **X ** | **2.20** | **X ** | **2.49** | **X** | **2.80** | **X** |
| ** **                                                                                             | ** ** | ** **                       | ** **  | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| **Ratio of  earnings to combined fixed  charges and  preferred stock dividends**                  | ** ** | **1.97**                         | **X**       | **1.49** | **X** | **1.62** | **X** | **1.75** | **X** | **1.80** | **X** |

 

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(1)   The above financial and operating informationfrom January 1, 2002 through December 31, 2003 reflect theretroactive adoption of FIN 46R and SFAS 123. The above financial and operatinginformation from January 1, 2000 through December 31, 2001 have notbeen restated to reflect the retroactive adoption of FIN 46R and SFAS 123 andhave not been reclassified to present properties sold as discontinued operations.Because the 2000 and 2001 balances have not been restated, the results forthose periods may not be comparable to the results for the later periods setforth above.

 

(2)   Extraordinary item - loss on earlyextinguishment of debt of $119 for the year ended December 31, 2000 has beenreclassified as interest expense in accordance with the adoption of SFAS 145 onJanuary 1, 2003.

 

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