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, ------------------------------------------------------------------------------- 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, ------------------------------------ 1998 1997 1998 PRO HISTORICAL HISTORICAL FORMA(3) ---------- ---------- ---------- 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 ====== ======= ======== 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 ====== ======= ========
- --------------- (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.