EXHIBIT 12.1

PROLOGIS, INC. AND PROLOGIS, L.P.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollar amounts in thousands)

 

     Year Ended December 31,  
     2012     2011     2010     2009     2008  

Loss from continuing operations

    $ (93,202 )    $ (267,190 )    $ (1,601,487 )    $ (368,265 )    $ (379,095 ) 

Add (Deduct):

           

Fixed charges

      574,377        531,299        518,399        471,130        556,046   

Capitalized interest

      (53,397 )      (52,651 )      (53,661 )      (94,205 )      (168,782 ) 

Loss (earnings) from unconsolidated entities, net

      (31,676 )      (59,935 )      (23,678 )      (28,059 )      55,774   

Distributed income from equity entities

      34,945        72,976        27,404        63,885        50,042   

Income tax expense (benefit)

      3,580        1,776        (30,499 )      5,975        68,011   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss), as adjusted

   $ 434,627      $ 226,275      $ (1,163,522 )    $ 50,461      $ 181,996   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

           

Interest expense

    $ 507,484      $ 468,072      $ 461,166      $ 372,768      $ 383,781   

Capitalized interest

      53,397        52,651        53,661        94,205        168,782   

Portion of rents representative of the interest factor

      13,496        10,576        3,572        4,157        3,483   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

   $ 574,377      $ 531,299      $ 518,399      $ 471,130      $ 556,046   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      (a)        (a)        (a)        (a)        (a)   

 

(a) The loss from continuing operations for 2012, 2011, 2010, 2009 and 2008 included impairment charges of $269.0 million, $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 exceed our earnings (loss), as adjusted, by $139.8 million, $305.0 million, $1.7 billion, $420.7 million and $374.0 million for the years ended December 31, 2012, 2011, 2010, 2009 and 2008, respectively.