EXHIBIT 12.1

PROLOGIS, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollar amounts in thousands)

 

    Year Ended December 31,  
    2011     2010     2009     2008     2007  

 

  

Earnings (loss) from continuing operations

   $     (244,459)      $     (1,589,462)      $     (355,089)      $     (367,062)      $ 841,022   

Add (Deduct):

          

Fixed charges

     531,965        518,399        471,130        556,046        514,636   

Capitalized interest

     (52,651)        (53,661)        (94,205)        (168,782)        (123,880)   

Loss (earnings) from unconsolidated investees, net

     (59,935)        (23,678)        (28,059)        55,774        (99,026)   

Distributed income from equity investees

     72,976        27,404        63,885        50,042        98,134   

Income taxes

     1,776        (30,499)        5,975        68,011        66,855   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss), as adjusted

   $ 249,672      $ (1,151,497)      $ 63,637      $ 194,029      $     1,297,741   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

          

Interest expense

   $ 468,738      $ 461,166      $ 372,768      $ 383,781      $ 387,910   

Capitalized interest

     52,651        53,661        94,205        168,782        123,880   

Portion of rents representative of the interest factor

     10,576        3,572        4,157        3,483        2,846   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

   $ 531,965      $ 518,399      $ 471,130      $ 556,046      $ 514,636   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings (loss), as adjusted, to fixed charges

     (a)        (a)        (a)        (a)        2.5   

 

  

 

(a) The loss from continuing operations for 2011, 2010, 2009 and 2008 includes impairment charges of $147.7 million, $1.1 billion, $495.2 million, and $595.3 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 $282.3 million, $1.7 billion, $407.5 million and $362.0 million for the years ended December 31, 2011, 2010, 2009 and 2008, respectively.