COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES OF PROLOGIS, INC.
Published on November 8, 2011
EXHIBIT 12.1
PROLOGIS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
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Nine Months Ended September 30, |
Year Ended December 31, | |||||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
| Earnings (loss) from continuing operations |
$ | (149,672 | ) | $ | (1,581,944 | ) | $ | (345,911 | ) | $ | (359,356 | ) | $ | 852,641 | $ | 608,663 | ||||||||
| Add (Deduct): |
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| Fixed charges |
386,196 | 518,399 | 471,667 | 557,330 | 515,472 | 391,762 | ||||||||||||||||||
| Capitalized interest |
(38,560 | ) | (53,661 | ) | (94,205 | ) | (168,782 | ) | (123,880 | ) | (95,635 | ) | ||||||||||||
| Earnings from unconsolidated investees, net |
(56,015 | ) | (23,678 | ) | (28,059 | ) | 55,774 | (94,453 | ) | (93,055 | ) | |||||||||||||
| Distributed income from equity investees |
55,599 | 27,404 | 63,885 | 50,042 | 98,134 | 86,372 | ||||||||||||||||||
| Income taxes |
9,960 | (30,499 | ) | 5,975 | 68,011 | 66,855 | 29,786 | |||||||||||||||||
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| Earnings (loss), as adjusted |
$ | 207,508 | $ | (1,143,979 | ) | $ | 73,352 | $ | 203,019 | $ | 1,314,769 | $ | 927,893 | |||||||||||
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| Fixed charges: |
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| Interest expense |
$ | 339,579 | $ | 461,166 | $ | 373,305 | $ | 385,065 | $ | 388,746 | $ | 294,063 | ||||||||||||
| Capitalized interest |
38,560 | 53,661 | 94,205 | 168,782 | 123,880 | 95,635 | ||||||||||||||||||
| Portion of rents representative of the interest factor |
8,057 | 3,572 | 4,157 | 3,483 | 2,846 | 2,064 | ||||||||||||||||||
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| Total fixed charges |
$ | 386,196 | $ | 518,399 | $ | 471,667 | $ | 557,330 | $ | 515,472 | $ | 391,762 | ||||||||||||
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| Ratio of earnings (loss), as adjusted, to fixed charges |
(a | ) | (a | ) | (a | ) | (a | ) | 2.6 | 2.4 | ||||||||||||||
| (a) | Our combined fixed charges exceeded our earnings, as adjusted, by $178.7 million for the nine months ended September 30, 2011. 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 (loss), as adjusted, by $1.7 billion, $398.3 million and $354.3 million for 2010, 2009 and 2008, respectively. |