EXHIBIT 12.1 AMB Property Corporation Computation of Earnings to Fixed Charges Ratio (In thousands)
2001 2000 1999 1998 1997 -------- -------- -------- -------- -------- Earnings Income from continuing operations before adjustment for minority interest 138,559 121,782 178,593 112,593 18,228 Add: Minority interest in income of majority owned subsidiaries 63,541 44,961 34,011 11,157 657 Fixed charges 173,794 131,204 119,619 79,062 4,010 Amortization of capitalized interest 849 463 191 11 -- Losses from unconsolidated entities 43 3,159 875 313 61 Distributed income from unconsolidated entities 5,341 4,295 3,787 1,934 -- Less: Interest capitalization (13,650) (15,461) (10,872) (7,192) (448) Preferred distributions of consolidated subsidiaries (28,682) (24,613) (19,501) (1,795) -- Income from unconsolidated entities and other (2,990) (3,754) (3,745) (1,350) -- ------------------------------------------------------------------ Total earnings 336,805 262,036 302,958 194,733 22,508 Fixed charges Interest on indebtedness (including amortization of premiums and financings costs) 128,985 90,270 88,681 69,670 3,528 Interest capitalized 13,650 15,461 10,872 7,192 448 Portion of rents representative of the interest factor 2,477 860 565 405 34 Preferred distributions of consolidated subsidiaries 28,682 24,613 19,501 1,795 -- ------------------------------------------------------------------ Total fixed charges 173,794 131,204 119,619 79,062 4,010 Earnings to fixed charges 1.9 2.0 2.5 2.5 5.6