EX-12.1 3 d73868exv12w1.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,  
    2010 (1)     2009 (2)     2008 (2)     2007     2006     2005  
 
Earnings (loss) from continuing operations
   $ (110,816 )   $ (265,013 )   $ (282,280 )   $ 928,708     $ 678,879     $ 272,478  
Add (Deduct):
                                                
Income taxes
     (32,047 )     5,975       68,011       66,855       29,786       26,672  
Interest expense
     228,899       373,305       385,065       389,844       295,629       176,698  
 
                                    
Earnings, as adjusted
   $ 86,036     $ 114,267     $ 170,796     $ 1,385,407     $ 1,004,294     $ 475,848  
 
                                    
Fixed charges:
                                                
Interest expense
   $ 228,899     $ 373,305     $ 385,065     $ 389,844     $ 295,629     $ 176,698  
Capitalized interest
     30,784       94,205       168,782       123,880       95,635       63,020  
 
                                    
Total fixed charges
   $ 259,683     $ 467,510     $ 553,847     $ 513,724     $ 391,264     $ 239,718  
 
                                    
Ratio of earnings, as adjusted, to fixed charges
     0.3       0.2       0.3       2.7       2.6       2.0  
 
(1)   Our fixed charges exceed our earnings, as adjusted, by $173.6 million.
 
(2)   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 Annual Report on Form 10-K. 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.