RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Published on November 8, 2011
EXHIBIT 12.4
PROLOGIS, L.P.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(Dollar amounts in thousands)
| 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 | 388,746 | 391,762 | ||||||||||||||||||
| Capitalized interest |
(38,560 | ) | (53,661 | ) | (94,205 | ) | (168,782 | ) | 25,423 | (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 | 27,704 | 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 | $ | (1,143,679 | ) | $ | 73,352 | $ | 203,019 | $ | 1,337,346 | $ | 927,893 | |||||||||||
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| Combined fixed charges and preferred unit dividends: |
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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 | 545,570 | 515,472 | 391,762 | ||||||||||||||||||
| Preferred unit dividends |
24,420 | 25,424 | 25,423 | 25,423 | 25,423 | 25,416 | ||||||||||||||||||
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| Combined fixed charges and preferred unit dividends |
$ | 410,616 | $ | 543,823 | $ | 497,090 | $ | 582,753 | $ | 540,895 | $ | 417,178 | ||||||||||||
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| Ratio of earnings (loss), as adjusted, to combined fixed charges and preferred unit dividends |
(a | ) | (a | ) | (a | ) | (a | ) | 2.5 | 2.2 | ||||||||||||||
| (a) | Our combined fixed charges and preferred stock dividends exceeded our earnings, as adjusted, by $203.1 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 combined fixed charges and preferred stock dividends exceed our earnings (loss), as adjusted, by $1.7 billion, $423.7 million and $379.7 million for 2010, 2009 and 2008, respectively. |