EX-12.1 15 d66096exv12w1.htm EX-12.1 exv12w1
EXHIBIT 12.1
PROLOGIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
                                         
    Year Ended December 31,  
    2008     2007     2006     2005     2004  
Earnings (loss) from continuing operations (1)
   $ (195,408 )   $ 987,744     $ 714,151     $ 300,988     $ 215,815  
Add:
                                        
Minority interest
     3,837       4,814       3,451       5,243       4,875  
Income taxes
     68,011       66,855       29,786       26,672       43,562  
Interest expense
     341,305       368,512       295,629       176,698       152,537  
 
                              
Earnings as adjusted
   $ 217,745     $ 1,427,925     $ 1,043,017     $ 509,601     $ 416,789  
 
                              
Fixed charges:
                                        
Interest expense
   $ 341,305     $ 368,512     $ 295,629     $ 176,698     $ 152,537  
Capitalized interest
     148,685       121,656       95,635       63,020       37,374  
 
                              
Total fixed charges
   $ 489,990     $ 490,168     $ 391,264     $ 239,718     $ 189,911  
 
                              
Ratio of earnings as adjusted to fixed charges
     0.4       2.9       2.7       2.1       2.2  
 
                              
 
(1)   The loss from continuing operations for 2008 includes impairment charges of $901.8 million 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 $272.2 million.