EXHIBIT 12.1
AMB PROPERTY CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(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 $113,833
Interest expense.............. -- -- 4 -- 3,528 45,429 70,414
Amortization of capitalized
interest.................... -- -- -- -- 8 56 77
---- ------ ------ ------ ------- -------- --------
Total earnings.......... $798 $2,925 $3,300 $7,140 $22,421 $149,388 $184,324
==== ====== ====== ====== ======= ======== ========
Fixed charges:
Interest expense(4)........... $ -- $ -- $ 4 $ -- $ 3,528 $ 45,429 $ 70,414
Capitalized interest(5)....... -- -- -- -- 448 3,455 4,118
---- ------ ------ ------ ------- -------- --------
Total fixed charges..... $ -- $ -- $ 4 $ -- $ 3,976 $ 48,884 $ 74,532
==== ====== ====== ====== ======= ======== ========
Series A Preferred
Stock dividends............... -- -- -- -- -- -- 8,500
---- ------ ------ ------ ------- -------- --------
Total fixed charges and
preferred stock
dividends............. $ -- $ -- $ 4 $ -- $ 3,976 $ 48,884 $ 83,032
==== ====== ====== ====== ======= ======== ========
Ratio of earnings to fixed
charges....................... N/A N/A 825x N/A 5.6x 3.1x 2.5x
==== ====== ====== ====== ======= ======== ========
Ratio of earnings to fixed
charges and preferred stock
dividends..................... N/A N/A 825x N/A 5.6x 3.1x 2.2x
==== ====== ====== ====== ======= ======== ========
FOR THE THREE MONTHS ENDED
MARCH 31,
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1998
1997 1998 PRO
HISTORICAL HISTORICAL FORMA(3)
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Earnings:
Income (loss) from operations
before minority interests... $1,239 $29,188 $32,421
Interest expense.............. -- 11,841 17,379
Amortization of capitalized
interest.................... -- 24 77
------ ------- -------
Total earnings.......... $1,239 $41,053 $49,877
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Fixed charges:
Interest expense(4)........... $ -- $11,841 $17,379
Capitalized interest(5)....... -- 1,253 1,253
------ ------- -------
Total fixed charges..... $ -- $13,094 $18,632
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Series A Preferred
Stock dividends............... -- -- 2,125
------ ------- -------
Total fixed charges and
preferred stock
dividends............. $ -- $13,094 $20,757
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Ratio of earnings to fixed
charges....................... N/A 3.1x 2.7x
====== ======= =======
Ratio of earnings to fixed
charges and preferred stock
dividends..................... N/A 3.1x 2.4x
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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 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.