Prologis (PLD) 10-Q2012 Q1 Quarterly report

Filed: 8 May 12, 12:00am

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EXHIBIT 12.3

PROLOGIS, L.P.

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):
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

Earnings (loss), as adjusted	$	346,698		$	249,672		$	(1,151,497	)	$	63,637		$	194,029		$	1,297,741

Fixed charges:
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

Total fixed charges	$	150,343		$	531,965		$	518,399		$	471,130		$	556,046		$	514,636

Ratio of earnings (loss), as adjusted, to fixed charges		2.3			(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. 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.

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