EX-12.1 5 d70802exv12w1.htm EX-12.1 exv12w1
EXHIBIT 12.1
PROLOGIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
                                         
    Year Ended December 31,  
    2009 (1)   2008 (1)(2)     2007 (2)    
2006
     2005  
Earnings (loss) from continuing operations
   $   (265,013 )   $   (282,280 )   $   928,708     $   678,879     $   272,478  
Add:
                                        
Income taxes
     5,975       68,011       66,855       29,786       26,672  
Interest expense
     373,305       385,065       389,844       295,629       176,698  
 
                              
Earnings as adjusted
   $   114,267     $   170,796     $   1,385,407     $   1,004,294     $   475,848  
 
                              
Fixed charges:
                                        
Interest expense
   $   373,305     $   385,065     $   389,844     $   295,629     $   176,698  
Capitalized interest
     94,205       168,782       123,880       95,635       63,020  
 
                              
Total fixed charges
   $   467,510     $   553,847     $   513,724     $   391,264     $   239,718  
 
                              
Ratio of earnings as adjusted to fixed charges
     0.2       0.3       2.7       2.6       2.0  
 
                              
 
(1)   The loss from continuing operations for 2009 and 2008 includes impairment charges of $495.2 million and $901.8 million, respectively, that are discussed in our Consolidated Financial Statements in Item 8. Due to these impairment charges, our fixed charges exceed our earnings as adjusted by $353.2 million and $383.1 million for 2009 and 2008, respectively.
 
(2)   These periods have been restated to reflect the retroactive adoption of the new accounting standard for convertible debt, for interest expense related to our convertible debt.