EXHIBIT 12.1
PROLOGIS, INC. AND PROLOGIS, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Nine Months
Ended
September 30, | | | Year Ended December 31, | |
| | | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Earnings (loss) from continuing operations | | $ | 223,429 | | | $ | (93,202 | ) | | $ | (267,190 | ) | | $ | (1,601,487 | ) | | $ | (368,265 | ) | | $ | (379,095 | ) |
Add (Deduct): | | | | | | | | | | | | | | | | | | | | | | | | |
Fixed charges | | | 351,005 | | | | 574,377 | | | | 531,299 | | | | 518,399 | | | | 471,130 | | | | 556,046 | |
Capitalized interest | | | (50,105 | ) | | | (53,397 | ) | | | (52,651 | ) | | | (53,661 | ) | | | (94,205 | ) | | | (168,782 | ) |
Loss (earnings) from unconsolidated entities, net | | | (59,554 | ) | | | (31,676 | ) | | | (59,935 | ) | | | (23,678 | ) | | | (28,059 | ) | | | 55,774 | |
Distributed income from equity entities | | | 55,621 | | | | 34,945 | | | | 72,976 | | | | 27,404 | | | | 63,885 | | | | 50,042 | |
Income tax expense (benefit) | | | 84,534 | | | | 3,580 | | | | 1,776 | | | | (30,499 | ) | | | 5,975 | | | | 68,011 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Earnings (loss), as adjusted | | $ | 604,930 | | | $ | 434,627 | | | $ | 226,275 | | | $ | (1,163,522 | ) | | $ | 50,461 | | | $ | 181,996 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Fixed charges: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | $ | 292,383 | | | $ | 507,484 | | | $ | 468,072 | | | $ | 461,166 | | | $ | 372,768 | | | $ | 383,781 | |
Capitalized interest | | | 50,105 | | | | 53,397 | | | | 52,651 | | | | 53,661 | | | | 94,205 | | | | 168,782 | |
Portion of rents representative of the interest factor | | | 8,517 | | | | 13,496 | | | | 10,576 | | | | 3,572 | | | | 4,157 | | | | 3,483 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total fixed charges | | $ | 351,005 | | | $ | 574,377 | | | $ | 531,299 | | | $ | 518,399 | | | $ | 471,130 | | | $ | 556,046 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of earnings (loss), as adjusted, to fixed charges | | | 1.7 | | | | (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. |
