EX-12.1 2 d68454exv12w1.htm EX-12.1 exv12w1
EXHIBIT 12.1
PROLOGIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
                                                         
    Six Months Ended        
    June 30,     Year Ended December 31,  
    2009     2008 (1)     2008 (1)(2)     2007 (1)     2006     2005     2004  
Earnings (loss) from continuing operations
   $ 213,468     $ 393,774     $ (242,373 )   $ 966,395     $ 714,151     $ 300,988     $ 215,815  
 
Add (Deduct):
                                                        
 
Non-controlling interest
     804       2,238       3,837       4,814       3,451       5,243       4,875  
 
Income taxes
     19,167       45,476       68,011       66,855       29,786       26,672       43,562  
 
Interest expense
     175,981       190,462       385,065       389,845       295,629       176,698       152,537  
 
                                          
 
Earnings, as adjusted
   $ 409,420     $ 631,950     $ 214,540     $ 1,427,909     $ 1,043,017     $ 509,601     $ 416,789  
 
                                          
 
Fixed charges:
                                                        
 
Interest expense
   $ 175,981     $ 190,462     $ 385,065     $ 389,845     $ 295,629     $ 176,698     $ 152,537  
 
Capitalized interest
     55,848       83,048       168,783       123,879       95,635       63,020       37,374  
 
                                          
 
Total fixed charges
   $ 231,829     $ 273,510     $ 553,848     $ 513,724     $ 391,264     $ 239,718     $ 189,911  
 
                                          
 
Ratio of earnings, as adjusted to fixed charges
     1.8       2.3       0.4       2.8       2.7       2.1       2.2  
 
                                          
 
(1)   These periods have been restated to reflect the retroactive adoption of FSP APB 14-1, also known as ASC 470-20, for interest expense related to our convertible debt.
 
(2)   The loss from continuing operations for 2008 includes impairment charges of $901.8 million that are discussed in our Annual Report on Form 10-K. Due to these impairment charges, our fixed charges exceed our earnings as adjusted by $339.3 million.