EXHIBIT 12.1

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

		2006				2005				2004				2003				2002
Earnings
Income from continuing operations before minority interests and income from unconsolidated entities			$195,083				$172,843				$90,504				$81,508				$84,582
Add:
Fixed charges			231,867				223,707				206,357				188,205				186,955
Amortization of capitalized interest			2,770				2,044				1,577				1,364				1,191
Distributed income from unconsolidated entities			4,875				2,752				2,971				5,345				6,423
Less:
Interest capitalization			(42,938	)			(29,503	)			(18,687	)			(8,526	)			(6,919	)
Total earnings			391,657				371,843				282,722				267,896				272,232
Fixed charges
Interest on indebtedness (including amortization of premiums and financings costs)			163,690				164,700				160,067				148,798				151,027
Interest capitalized			42,938				29,503				18,687				8,526				6,919
Portion of rents representative of the interest factor			8,777				8,031				7,442				6,274				3,860
Preferred distributions of consolidated subsidiaries			16,462				21,473				20,161				24,607				25,149
Total fixed charges			231,867				223,707				206,357				188,205				186,955
Preferred stock dividends			13,582				7,388				7,131				6,999				8,496
Total fixed charges and preferred stock dividends			$245,449				$231,095				$213,488				$195,204				$195,451
Earnings to fixed charges and preferred stock dividends			1.6	X			1.6	X			1.3	X			1.4	X			1.4	X