EXHIBIT 12.1 AMB PROPERTY CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (IN THOUSANDS, EXCEPT RATIOS)
FOR THE YEARS ENDED DECEMBER 31, ------------------------------------------------------------------------------- 1997 1997 1997 1993 1994 1995 1996 HISTORICAL(1) AS ADJUSTED(2) PRO FORMA(3) ---- ------ ------ ------ ------------- -------------- ------------ Earnings: Income (loss) from operations before minority interests... $798 $2,925 $3,296 $7,140 $18,885 $103,903 $112,044 Interest expense.............. -- -- 4 -- 3,528 45,429 69,286 Amortization of capitalized interest.................... -- -- -- -- 8 56 77 ---- ------ ------ ------ ------- -------- -------- Total earnings.......... $798 $2,925 $3,300 $7,140 $22,421 $149,388 $181,407 ==== ====== ====== ====== ======= ======== ======== Fixed charges: Interest expense(4)........... $ -- $ -- $ 4 $ -- $ 3,528 $ 45,429 $ 69,286 Capitalized interest(5)....... -- -- -- -- 448 3,455 4,118 ---- ------ ------ ------ ------- -------- -------- Total fixed charges..... $ -- $ -- $ 4 $ -- $ 3,976 $ 48,884 $ 73,404 ==== ====== ====== ====== ======= ======== ======== Series A Preferred Stock dividends............... -- -- -- -- -- -- 12,563 ---- ------ ------ ------ ------- -------- -------- Total fixed charges and preferred stock dividends............. $ -- $ -- $ 4 $ -- $ 3,976 $ 48,884 $ 85,967 ==== ====== ====== ====== ======= ======== ======== Ratio of earnings to fixed charges....................... N/A N/A 825x N/A 5.6x 3.1x 2.5x ==== ====== ====== ====== ======= ======== ======== Ratio of earnings to fixed charges and preferred stock dividends..................... N/A N/A 825x N/A 5.6x 3.1x 2.1x ==== ====== ====== ====== ======= ======== ======== FOR THE THREE MONTHS ENDED MARCH 31, ------------------------------------ 1998 1997 1998 PRO HISTORICAL HISTORICAL FORMA(3) ---------- ---------- ---------- Earnings: Income (loss) from operations before minority interests... $1,239 $29,188 $30,367 Interest expense.............. -- 11,841 17,097 Amortization of capitalized interest.................... -- 24 77 ------ ------- ------- Total earnings.......... $1,239 $41,053 $47,541 ====== ======= ======= Fixed charges: Interest expense(4)........... $ -- $11,841 $17,097 Capitalized interest(5)....... -- 1,253 1,253 ------ ------- ------- Total fixed charges..... $ -- $13,094 $18,350 ====== ======= ======= Series A Preferred Stock dividends............... -- -- 3,141 ------ ------- ------- Total fixed charges and preferred stock dividends............. $ -- $13,094 $21,491 ====== ======= ======= Ratio of earnings to fixed charges....................... N/A 3.1x 2.6x ====== ======= ======= Ratio of earnings to fixed charges and preferred stock dividends..................... N/A 3.1x 2.2x ====== ======= =======
- --------------- (1) Historical ratio of earnings to fixed charges includes the results of the Predecessor for the period from January 1, 1997 through November 25, 1997, and the results of the Company subsequent to November 25, 1997, the date of acquisition by the Company. (2) As adjusted ratio of earnings to fixed charges has been prepared as if the Formation Transactions, the IPO and certain 1997 property acquisitions and dispositions had occurred on January 1, 1997. (3) Pro forma ratio of earnings to fixed charges has been prepared as if the 1998 property acquisitions and the Offering had occurred on January 1, 1997. (4) Includes amortization of debt premiums and deferred financing fees. (5) Historical capitalized interest represents construction interest incurred subsequent to November 25, 1997, the date of acquisition by the Company.