EXHIBIT 12.1
AMB PROPERTY CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS
(IN THOUSANDS, EXCEPT RATIOS)
FOR THE YEARS ENDED DECEMBER 31,
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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 $118,539
Interest expense.............. -- -- 4 -- 3,528 45,429 83,062
---- ------ ------ ------ ------- -------- --------
Total earnings.......... $798 $2,925 $3,300 $7,140 $22,413 $149,332 $201,601
==== ====== ====== ====== ======= ======== ========
Fixed charges:
Interest expense(4)........... $ -- $ -- $ 4 $ -- $ 3,528 $ 45,429 $ 83,062
Capitalized interest(5)....... -- -- -- -- 448 3,455 4,118
---- ------ ------ ------ ------- -------- --------
Total fixed charges..... $ -- $ -- $ 4 $ -- $ 3,976 $ 48,884 $ 87,180
==== ====== ====== ====== ======= ======== ========
Series A and Series B Preferred
Stock dividends............... -- -- -- -- -- -- 14,875
---- ------ ------ ------ ------- -------- --------
Total fixed charges and
preferred stock
dividends............. $ -- $ -- $ 4 $ -- $ 3,976 $ 48,884 $102,055
==== ====== ====== ====== ======= ======== ========
Ratio of earnings to fixed
charges....................... N/A N/A 825x N/A 5.6x 3.1x 2.3x
==== ====== ====== ====== ======= ======== ========
Ratio of earnings to fixed
charges and preferred stock
dividends..................... N/A N/A 825x N/A 5.6x 3.1x 2.0x
==== ====== ====== ====== ======= ======== ========
FOR THE SIX MONTHS ENDED
JUNE 30,
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1998
1997 1998 PRO
HISTORICAL HISTORICAL FORMA(3)
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Earnings:
Income (loss) from operations
before minority interests... $2,764 $59,570 $ 67,501
Interest expense.............. -- 27,561 40,211
------ ------- --------
Total earnings.......... $2,764 $87,131 $107,712
====== ======= ========
Fixed charges:
Interest expense(4)........... $ -- $27,561 $ 40,211
Capitalized interest(5)....... -- 3,098 3,098
------ ------- --------
Total fixed charges..... $ -- $30,659 $ 43,309
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Series A and Series B Preferred
Stock dividends............... -- -- 7,438
------ ------- --------
Total fixed charges and
preferred stock
dividends............. $ -- $30,659 $ 50,747
====== ======= ========
Ratio of earnings to fixed
charges....................... N/A 2.8x 2.5x
====== ======= ========
Ratio of earnings to fixed
charges and preferred stock
dividends..................... N/A 2.8x 2.1x
====== ======= ========
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(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, the issuance of Senior Debt Securities, the
issuance of Series A Preferred Stock 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.