Exhibit 12.1
AMB Property Corporation
Computation of Ratio of Earnings to Fixed Charges
(In thousands)
                                                 
    Six Months Ended     Year Ended December 31,  
    June 30, 2009     2008     2007     2006     2005     2004  
(Loss) earnings
                                                
Loss (income) from continuing operations before noncontrolling interests and income from unconsolidated entities
   $ (119,456 )   $ (31,953 )   $ 270,497     $ 175,835     $ 157,585     $ 75,437  
Add:
                                                
Fixed charges
     92,971       213,726       207,367       231,867       223,707       206,357  
Amortization of capitalized interest
     3,674       6,280       4,621       2,770       2,044       1,577  
Distributed income from unconsolidated entities
     2,406       24,279       18,930       4,875       2,752       2,971  
 
                                                
Less:
                                                
Interest capitalization
     (22,920 )     (64,354 )     (64,014 )     (42,938 )     (29,503 )     (18,687 )
         
Total (loss) earnings
   $ (43,325 )   $ 147,978     $ 437,401     $ 372,409     $ 356,585     $ 267,655  
 
                                                
Fixed charges
                                                
Interest on indebtedness (including amortization of premiums and financings costs)
     61,796       133,549       125,775       163,690       164,700       160,067  
Interest capitalized
     22,920       64,354       64,014       42,938       29,503       18,687  
Portion of rents representative of the interest factor
     5,391       10,096       9,536       8,777       8,031       7,442  
Preferred distributions of consolidated subsidiaries
     2,864       5,727       8,042       16,462       21,473       20,161  
         
Total fixed charges
   $ 92,971     $ 213,726     $ 207,367     $ 231,867     $ 223,707     $ 206,357  
 
                                                
Ratio of earnings to fixed charges (1)
     —       —       2.1       1.6       1.6       1.3  
 
(1)   The ratio of earnings to fixed charges was less than one-to-one for the six months ended June 30, 2009 and the year ended December 31, 2008. For the six months ended June 30, 2009 and the year ended December 31, 2008, earnings were insufficient to cover fixed charges by $136.3 million and $65.7 million, respectively.