EXHIBIT 12.1 AMB PROPERTY CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS (IN THOUSANDS, EXCEPT RATIOS)
FOR THE YEARS ENDED DECEMBER 31, ----------------------------------------------- 1997 1993 1994 1995 1996 HISTORICAL(1) ---- ------ ------ ------ ------------- Earnings: Income (loss) from operations before minority interests... $798 $2,925 $3,296 $7,140 $18,885 Interest expense.............. -- -- 4 -- 3,528 ---- ------ ------ ------ ------- Total earnings.......... $798 $2,925 $3,300 $7,140 $22,413 ==== ====== ====== ====== ======= Fixed charges: Interest expense(4)........... $ -- $ -- $ 4 $ -- $ 3,528 Capitalized interest(5)....... -- -- -- -- 448 ---- ------ ------ ------ ------- Total fixed charges..... $ -- $ -- $ 4 $ -- $ 3,976 ==== ====== ====== ====== ======= Ratio of earnings to fixed charges....................... N/A N/A 825x N/A 5.6x ==== ====== ====== ====== ======= FOR THE NINE MONTHS ENDED SEPTEMBER 30, ------------------------- 1997 1998 HISTORICAL HISTORICAL ---------- ---------- Earnings: Income (loss) from operations before minority interests... $8,982 $ 91,372 Interest expense.............. -- 47,105 ------ -------- Total earnings.......... $8,982 $138,477 ====== ======== Fixed charges: Interest expense(2)........... $ -- $ 47,105 Capitalized interest(3)....... -- 4,974 ------ -------- Total fixed charges..... $ -- $ 52,079 ====== ======== Preferred Stock dividends....... -- 1,514 ------ -------- Total fixed charges and preferred dividends... $ -- $ 53,593 ====== ======== Ratio of earnings to fixed charges....................... N/A 2.7x ====== ======== Ratio of earnings to fixed charges and preferred dividends..................... N/A 2.6x ====== ========
- --------------- (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) Includes amortization of debt premiums and deferred financing fees. (3) Historical capitalized interest represents construction interest incurred subsequent to November 25, 1997, the date of acquisition by the Company.