EXHIBIT 12.1
PROLOGIS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
| Three Months Ended March 31, |
Year Ended December 31, | |||||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
| Earnings (loss) from continuing operations |
$ | 194,684 | $ | (244,459 | ) | $ | (1,589,462 | ) | $ | (355,089 | ) | $ | (367,062 | ) | $ | 841,022 | ||||||||
| Add (Deduct): |
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| Fixed charges |
150,343 | 531,965 | 518,399 | 471,130 | 556,046 | 514,636 | ||||||||||||||||||
| Capitalized interest |
(13,619 | ) | (52,651 | ) | (53,661 | ) | (94,205 | ) | (168,782 | ) | (123,880 | ) | ||||||||||||
| Loss (earnings) from unconsolidated investees, net |
(13,995 | ) | (59,935 | ) | (23,678 | ) | (28,059 | ) | 55,774 | (99,026 | ) | |||||||||||||
| Distributed income from equity investees |
17,161 | 72,976 | 27,404 | 63,885 | 50,042 | 98,134 | ||||||||||||||||||
| Income tax expense (benefit) |
12,124 | 1,776 | (30,499 | ) | 5,975 | 68,011 | 66,855 | |||||||||||||||||
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| Earnings (loss), as adjusted |
$ | 346,698 | $ | 249,672 | $ | (1,151,497 | ) | $ | 63,637 | $ | 194,029 | $ | 1,297,741 | |||||||||||
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| Fixed charges: |
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| Interest expense |
$ | 133,447 | $ | 468,738 | $ | 461,166 | $ | 372,768 | $ | 383,781 | $ | 387,910 | ||||||||||||
| Capitalized interest |
13,619 | 52,651 | 53,661 | 94,205 | 168,782 | 123,880 | ||||||||||||||||||
| Portion of rents representative of the interest factor |
3,277 | 10,576 | 3,572 | 4,157 | 3,483 | 2,846 | ||||||||||||||||||
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| Total fixed charges |
$ | 150,343 | $ | 531,965 | $ | 518,399 | $ | 471,130 | $ | 556,046 | $ | 514,636 | ||||||||||||
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| Ratio of earnings (loss), as adjusted, to fixed charges |
2.3 | (a) | (a) | (a) | (a) | 2.5 | ||||||||||||||||||
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| (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 2011, 2010, 2009 and 2008, respectively. |