Exhibit 12.1

AMB Property Corporation
Computation of Earnings to Fixed Charges and Preferred Stock Dividends Ratio
(In thousands)

		Six Months Ended				Year Ended December 31,
		June 30, 2008				2007				2006				2005				2004				2003
Earnings
Income from continuing operations before minority interests and income from unconsolidated entities		$	142,369			$	281,065			$	183,897			$	163,941			$	81,576			$	74,093
Add:
Fixed charges			109,905				207,367				231,867				223,707				206,357				188,205
Amortization of capitalized interest			2,948				4,621				2,770				2,044				1,577				1,364
Distributed income from unconsolidated entities			14,159				18,930				4,875				2,752				2,971				5,345
Less:
Interest capitalization			(34,927	)			(64,014	)			(42,938	)			(29,503	)			(18,687	)			(8,526	)
Total earnings		$	234,454			$	447,969			$	380,471			$	362,941			$	273,794			$	260,481
Fixed charges
Interest on indebtedness (including amortization of premiums and financing costs)		$	67,464			$	125,775			$	163,690			$	164,700			$	160,067			$	148,798
Interest capitalized			34,927				64,014				42,938				29,503				18,687				8,526
Portion of rents representative of the interest factor			4,650				9,536				8,777				8,031				7,442				6,274
Preferred distributions of consolidated subsidiaries			2,864				8,042				16,462				21,473				20,161				24,607
Total fixed charges		$	109,905			$	207,367			$	231,867			$	223,707			$	206,357			$	188,205
Preferred stock dividends		$	7,904			$	15,806			$	13,582			$	7,388			$	7,131			$	6,999
Total fixed charges and preferred stock dividends		$	117,809			$	223,173			$	245,449			$	231,095			$	213,488			$	195,204
Earnings to fixed charges and preferred stock dividends			2.0	x			2.0	x			1.6	x			1.6	x			1.3	x			1.3	x