Prologis (PLD) 10-K 2013 FY Annual report

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.