EX-12.1 2 d22556exv12w1.htm COMPUTATION OF RATIO OF EARNINGS - FIXED CHARGES exv12w1
 

ProLogis
Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Share Dividends
(Dollar amounts in thousands)
Exhibit 12.1

                                         
    Year Ended December 31,  
    2004     2003     2002     2001     2000  
Earnings from Operations
   $ 233,542     $ 249,190     $ 247,592     $ 126,822     $ 213,158  
Add:
                                        
Interest Expense
     153,334       155,475       152,958       163,629       172,191  
 
                              
Earnings as Adjusted
   $ 386,876     $ 404,665     $ 400,550     $ 290,451     $ 385,349  
 
                              
 
                                        
Fixed Charges:
                                        
Interest Expense
   $ 153,334     $ 155,475     $ 152,958     $ 163,629     $ 172,191  
Capitalized Interest
     37,388       36,425       30,534       24,276       18,549  
 
                              
Total Fixed Charges
   $ 190,722     $ 191,900     $ 183,492     $ 187,905     $ 190,740  
 
                              
Ratio of Earnings, as Adjusted to Fixed Charges
     2.0       2.1       2.2       1.5       2.0