EX-12.1 3 d99184exv12w1.txt COMPUATION OF RATIO OF EARNINGS TO FIXED CHARGES 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, ------------------------- ---------------------------------------------------------------- 2002 2001 2001 2000 1999 1998 1997 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Net Earnings from Operations $ 146,206 $ 113,990 $ 126,582 $ 236,221 $ 161,570 $ 102,936 $ 38,832 Add: Interest Expense 81,031 82,166 163,269 172,191 170,746 77,650 52,704 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Earnings as Adjusted $ 227,237 $ 196,156 $ 289,851 $ 408,412 $ 332,316 $ 180,586 $ 91,536 =========== =========== =========== =========== =========== =========== =========== Fixed Charges: Interest Expense $ 81,031 $ 82,166 $ 163,269 $ 172,191 $ 170,746 $ 77,650 $ 52,704 Capitalized Interest 10,386 12,412 24,276 18,549 15,980 19,173 18,365 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total Fixed Charges $ 91,417 $ 94,578 $ 187,545 $ 190,740 $ 186,726 $ 96,823 $ 71,069 =========== =========== =========== =========== =========== =========== =========== Ratio of Earnings, as Adjusted to Fixed Charges 2.5 2.1 1.5 2.1 1.8 1.9 1.3 =========== ========== =========== =========== =========== ========== ===========