EX-12.1 2 d79405exv12w1.htm EX-12.1 exv12w1
EXHIBIT 12.1
PROLOGIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
                                         
    Year Ended December 31,
    2010 (1)     2009 (1)     2008 (1)     2007     2006  
 
Earnings (loss) from continuing operations
   $ (1,581,944 )   $ (345,911 )   $ (359,356 )   $ 852,641     $ 608,663
Add (Deduct):
                                      
Income taxes
     (30,499 )     5,975       68,011       66,855       29,786
Interest expense
     461,166       373,305       385,065       388,746       294,063
 
                            
Earnings, as adjusted
   $ (1,151,277 )   $ 33,369     $ 93,720     $ 1,308,242     $ 932,512
 
                            
Fixed charges:
                                        
Interest expense
   $ 461,166     $ 373,305     $ 385,065     $ 388,746     $ 294,063
Capitalized interest
     53,661       94,205       168,782       123,880       95,635
 
                            
Total fixed charges
   $ 514,827     $ 467,510     $ 553,847     $ 512,626     $ 389,698
 
                            
Ratio of earnings, as adjusted, to fixed charges
     (2.2 )     0.1       0.2       2.6       2.4
 
 
(1)   The loss from continuing operations for 2010, 2009 and 2008 includes impairment charges of $1.1 billion, $495.2 million and $703.5 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 $1.7 billion, $434.1 million and $460.1 million for 2010, 2009 and 2008, respectively.