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.