EX-12.1 3 d95837a1ex12-1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 PROLOGIS TRUST COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLAR AMOUNTS IN THOUSANDS)
NINE MONTHS ENDED SEPTEMBER 30, YEAR ENDED DECEMBER 31, ------------------ ------------------------------------------------ 2001 2000 2000 1999 1998 1997 1996 -------- -------- -------- -------- -------- -------- -------- Net Earnings from Operations $173,824 $178,015 $236,221 $161,570 $102,936 $ 38,832 $ 79,384 Add: Interest expense 123,377 128,542 172,191 170,746 77,650 52,704 38,819 -------- -------- -------- -------- -------- -------- -------- Earnings as adjusted $297,201 $306,557 $408,412 $332,316 $180,586 $ 91,536 $118,203 ======== ======== ======== ======== ======== ======== ======== Fixed charges: Interest expense $123,377 $128,542 $172,191 $170,746 $ 77,650 $ 52,704 $ 38,819 Capitalized interest 18,430 12,772 18,549 15,980 19,173 18,365 16,138 -------- -------- -------- -------- -------- -------- -------- Total fixed charges $141,807 $141,314 $190,740 $186,726 $ 96,823 $ 71,069 $ 54,957 ======== ======== ======== ======== ======== ======== ======== Ratio of earnings, as adjusted to fixed charges 2.1 2.2 2.1 1.8 1.9 1.3 2.2 ======== ======== ======== ======== ======== ======== ========