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,  
     2013     2012     2011     2010     2009  

Earnings (loss) from continuing operations

    $ 229,529      $ (106,397 )    $ (274,944 )    $ (1,605,355 )    $ (372,126 ) 

Add (Deduct):

           

Fixed charges

      458,285        572,108        529,798        518,399        471,130   

Capitalized interest

      (67,955 )      (53,397 )      (52,651 )      (53,661 )      (94,205 ) 

Earnings from unconsolidated entities, net

      (97,220 )      (31,676 )      (59,935 )      (23,678 )      (28,059 ) 

Distributed income from equity entities

      68,618        34,945        72,976        27,404        63,885   

Income tax expense (benefit)

      106,733        3,580        1,776        (30,499 )      5,975   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss), as adjusted

    $ 697,990      $ 419,163      $ 217,020      $ (1,167,390 )    $ 46,600   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

           

Interest expense

    $ 379,327      $ 505,215      $ 466,571      $ 461,166      $ 372,768   

Capitalized interest

      67,955        53,397        52,651        53,661        94,205   

Portion of rents representative of the interest factor

      11,003        13,496        10,576        3,572        4,157   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

    $ 458,285      $ 572,108      $ 529,798      $ 518,399      $ 471,130   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      1.5             (a)           (a)           (a)           (a) 

 

(a) The loss from continuing operations for 2012, 2011, 2010 and 2009 included impairment charges of $269.0 million, $147.7 million, $1.1 billion and $495.2 million, respectively, that are discussed in our Annual Report on Form 10-K. Our fixed charges exceed our earnings (loss), as adjusted, by $152.9 million, $312.8 million, $1.7 billion and $424.5 million for the years ended December 31, 2012, 2011, 2010 and 2009, respectively.