Form: S-4

Registration of securities issued in business combination transactions

May 3, 2011

Documents

EXHIBIT 12.1
AMB Property Corporation
Computation of Consolidated Ratio of Earnings to Fixed Charges
(In thousands)
                                         
    Year Ended December 31,
    2010   2009   2008   2007   2006
Earnings
                                        
(Loss) income from continuing operations before noncontrolling interests and income from unconsolidated entities
   $ (23,826 )   $ (141,560 )   $ (50,846 )   $ 255,316     $ 172,726  
Add:
                                        
Fixed charges
     176,700       177,857       212,940       206,929       231,867  
Amortization of capitalized interest
     8,621       7,474       6,280       4,621       2,770  
Distributed income from unconsolidated entities
     25,424       11,687       24,279       18,930       4,875  
 
                                        
Less:
                                        
Interest capitalization
     (35,177 )     (44,869 )     (64,354 )     (64,014 )     (42,938 )
     
Total earnings
   $ 151,742     $ 10,589     $ 128,299     $ 421,782     $ 369,300  
 
                                        
 
                                        
Fixed charges
                                        
Interest on indebtedness (including amortization of premiums and financings costs)
   $ 130,387     $ 118,043     $ 132,763     $ 125,337     $ 163,690  
Interest capitalized
     35,177       44,869       64,354       64,014       42,938  
Portion of rents representative of the interest factor
     11,136       10,650       10,096       9,536       8,777  
Preferred distributions of consolidated subsidiaries
     —       4,295       5,727       8,042       16,462  
     
Total fixed charges
   $ 176,700     $ 177,857     $ 212,940     $ 206,929     $ 231,867  
 
                                        
     
Consolidated ratio of earnings to fixed charges (1)
    —       —       —       2.0       1.6  
     
                                         
    2010   2009   2008   2007   2006
     
Consolidated ratio of earnings to fixed charges (1)
    —       —       —       2.0       1.6  
     
 
(1) - The consolidated ratio of earnings to fixed charges was less than one-to-one for the years ended December 31, 2010, 2009 and 2008. For the years ended December 31, 2010, 2009 and 2008, earnings were insufficient to cover fixed charges by $25.0 million, $167.3 million and $84.6 million, respectively.