Exhibit 12.1

AMERIVEST PROPERTIES    COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES  AND PREFERRED SHARE DIVIDENDS    (Dollar amounts in thousands)    (Unaudited)

|                                                                          |                           | 2004(1) |            | 2003(1)    |   | 2002(1)    |           | 2001(1) |           | 2000(1)   |  
|------------------------------------------------------------------------- | ------------------------- | ------- | ---------- | ---------- | - | ---------- | --------- | ------- | --------- | --------- | -
|Loss from continuing operations                                           |                           | $       | (6,915,873 | )          | $ | (2,301,279 | )         | $       | (642,893  | )         | $
|Add:                                                                      |                           |         |            |            |   |            |           |         |           |           |  
|                                                                          | Interest expense          |         |            | 12,443,610 |   |            | 7,747,017 |         |           | 4,016,457 |  
|                                                                          |                           |         |            |            |   |            |           |         |           |           |  
|Loss as adjusted                                                          |                           | $       | 5,527,737  |            | $ | 5,445,738  |           | $       | 3,373,564 |           | $
|                                                                          |                           |         |            |            |   |            |           |         |           |           |  
|Combined fixed charges and Preferred Share dividends:                     |                           |         |            |            |   |            |           |         |           |           |  
|                                                                          | Interest expense          |         | $          | 12,443,610 |   | $          | 7,747,017 |         | $         | 4,016,457 |  
|                                                                          | Preferred Share dividends |         |            |           |   |            |          |         |           |          |  
|                                                                          |                           |         |            |            |   |            |           |         |           |           |  
|Combined fixed charges and Preferred Share dividends                      |                           | $       | 12,443,610 |            | $ | 7,747,017  |           | $       | 4,016,457 |           | $
|                                                                          |                           |         |            |            |   |            |           |         |           |           |  
|Ratio of earnings to combined fixed charges and Preferred Share dividends |                           |         | 0.44       |            |   | 0.70       |           |         | 0.84      |           |  
|                                                                          |                           |         |            |            |   |            |           |         |           |           |  

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