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EXHIBIT 12.1
PROLOGIS, INC. AND PROLOGIS, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
| Three Months Ended March 31, |
Year Ended December 31, | |||||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
| Earnings (loss) from continuing operations |
$ | 290,851 | $ | (93,202 | ) | $ | (267,190 | ) | $ | (1,601,487 | ) | $ | (368,265 | ) | $ | (379,095 | ) | |||||||
| Add (Deduct): |
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| Fixed charges |
131,708 | 574,377 | 531,299 | 518,399 | 471,130 | 556,046 | ||||||||||||||||||
| Capitalized interest |
(13,744 | ) | (53,397 | ) | (52,651 | ) | (53,661 | ) | (94,205 | ) | (168,782 | ) | ||||||||||||
| Loss (earnings) from unconsolidated entities, net |
(24,768 | ) | (31,676 | ) | (59,935 | ) | (23,678 | ) | (28,059 | ) | 55,774 | |||||||||||||
| Distributed income from equity entities |
18,464 | 34,945 | 72,976 | 27,404 | 63,885 | 50,042 | ||||||||||||||||||
| Income tax expense (benefit) |
51,866 | 3,580 | 1,776 | (30,499 | ) | 5,975 | 68,011 | |||||||||||||||||
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| Earnings (loss), as adjusted |
$ | 454,377 | $ | 434,627 | $ | 226,275 | $ | (1,163,522 | ) | $ | 50,461 | $ | 181,996 | |||||||||||
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| Fixed charges: |
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| Interest expense |
$ | 115,028 | $ | 507,484 | $ | 468,072 | $ | 461,166 | $ | 372,768 | $ | 383,781 | ||||||||||||
| Capitalized interest |
13,744 | 53,397 | 52,651 | 53,661 | 94,205 | 168,782 | ||||||||||||||||||
| Portion of rents representative of the interest factor |
2,936 | 13,496 | 10,576 | 3,572 | 4,157 | 3,483 | ||||||||||||||||||
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| Total fixed charges |
$ | 131,708 | $ | 574,377 | $ | 531,299 | $ | 518,399 | $ | 471,130 | $ | 556,046 | ||||||||||||
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| Ratio of earnings (loss), as adjusted, to fixed charges |
3.4 | (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. |