Exhibit 12.3

PROLOGIS, L.P.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollar amounts in thousands)

 

     Six Months
Ended

June  30,
    Year Ended December 31,  
     2012     2011     2010     2009     2008     2007  

Earnings (loss) from continuing operations

   $ 187,830      $ (244,459   $ (1,589,462   $ (355,089   $ (367,062   $ 841,022   

Add (Deduct):

            

Fixed charges

     294,237        531,965        518,399        471,130        556,046        514,636   

Capitalized interest

     (26,565     (52,651     (53,661     (94,205     (168,782     (123,880

Loss (earnings) from unconsolidated entities, net

     (17,884     (59,935     (23,678     (28,059     55,774        (99,026

Distributed income from equity entities

     20,733        72,976        27,404        63,885        50,042        98,134   

Income tax expense (benefit)

     20,199        1,776        (30,499     5,975        68,011        66,855   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss), as adjusted

   $ 478,550      $ 249,672      $ (1,151,497   $ 63,637      $ 194,029      $ 1,297,741   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

            

Interest expense

   $ 261,328      $ 468,738      $ 461,166      $ 372,768      $ 383,781      $ 387,910   

Capitalized interest

     26,565        52,651        53,661        94,205        168,782        123,880   

Portion of rents representative of the interest factor

     6,344        10,576        3,572        4,157        3,483        2,846   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 294,237      $ 531,965      $ 518,399      $ 471,130      $ 556,046      $ 514,636   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

     1.6        (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. Our fixed charges exceeded 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.