EXHIBIT 12.1 AMB PROPERTY, L.P. 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 $107,345 Interest expense.............. -- -- 4 -- 3,528 45,429 65,809 Amortization of capitalized interest.................... -- -- -- -- 8 56 77 ---- ------ ------ ------ ------- -------- -------- Total earnings.......... $798 $2,925 $3,300 $7,140 $22,421 $149,388 $173,231 ==== ====== ====== ====== ======= ======== ======== Fixed charges: Interest expense(4)........... $ -- $ -- $ 4 $ -- $ 3,528 $ 45,429 $ 65,809 Capitalized interest(5)....... -- -- -- -- 448 2,979 3,623 ---- ------ ------ ------ ------- -------- -------- Total fixed charges..... $ -- $ -- $ 4 $ -- $ 3,976 $ 48,408 $ 69,432 ==== ====== ====== ====== ======= ======== ======== Ratio of earnings to fixed charges(6).................... N/A N/A 825x N/A 5.6x 3.1x 2.5x ==== ====== ====== ====== ======= ======== ======== 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 $29,973 Interest expense.............. -- 11,841 16,243 Amortization of capitalized interest.................... -- 24 77 ------ ------- ------- Total earnings.......... $1,239 $41,053 $46,293 ====== ======= ======= Fixed charges: Interest expense(4)........... $ -- $11,841 $16,243 Capitalized interest(5)....... -- 1,253 1,253 ------ ------- ------- Total fixed charges..... $ -- $13,094 $17,496 ====== ======= ======= Ratio of earnings to fixed charges(6).................... N/A 3.1x 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) 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. (6) The ratio of earnings to fixed charges is not applicable for periods during which the Predecessor incurred no interest expense.