Prologis, Inc. - FORM 10-Q - EX-12.1 - August 9, 2011

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EX-15.2 - EX-15.2 - Prologis, Inc.d83999exv15w2.htm
EX-32.1 - EX-32.1 - Prologis, Inc.d83999exv32w1.htm
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EX-31.1 - EX-31.1 - Prologis, Inc.d83999exv31w1.htm
EX-31.2 - EX-31.2 - Prologis, Inc.d83999exv31w2.htm
EX-31.3 - EX-31.3 - Prologis, Inc.d83999exv31w3.htm
EX-12.2 - EX-12.2 - Prologis, Inc.d83999exv12w2.htm
EX-31.4 - EX-31.4 - Prologis, Inc.d83999exv31w4.htm
EX-32.2 - EX-32.2 - Prologis, Inc.d83999exv32w2.htm
EX-10.11 - EX-10.11 - Prologis, Inc.d83999exv10w11.htm
EX-10.13 - EX-10.12 - Prologis, Inc.d83999exv10w13.htm
EX-10.12 - EX-10.12 - Prologis, Inc.d83999exv10w12.htm
EX-10.10 - EX-10.10 - Prologis, Inc.d83999exv10w10.htm
10-Q - FORM 10-Q - Prologis, Inc.d83999e10vq.htm
EXHIBIT 12.1
PROLOGIS, Inc.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
(Dollar amounts in thousands)
                                                 
    Six Months        
    Ended        
    June 30,     Year Ended December 31,  
    2011     2010     2009     2008     2007     2006  
 
Earnings (loss) from continuing operations
   $ (202,996 )   $ (1,581,944 )   $ (345,911 )   $ (359,356 )   $ 852,641     $ 608,663  
Add (Deduct):
                                                
Fixed charges
     232,377       518,399       471,667       557,330       515,472       391,762  
Capitalized interest
     (23,807 )     (53,661 )     (94,205 )     (168,782 )     (123,880 )     (95,635 )
Earnings from unconsolidated investees, net
     (25,040 )     (23,678 )     (28,059 )     55,774       (94,453 )     (93,055 )
Distributed income from equity investees
     24,850       27,404       63,885       50,042       98,134       86,372  
Income taxes
     12,798       (30,499 )     5,975       68,011       66,855       29,786  
 
                                    
Earnings (loss), as adjusted
   $ 18,182     $ (1,143,979 )   $ 73,352     $ 203,019     $ 1,314,769     $ 927,893  
 
                                    
Fixed charges:
                                                
Interest expense
   $ 203,621     $ 461,166     $ 373,305     $ 385,065     $ 388,746     $ 294,063  
Capitalized interest
     23,807       53,661       94,205       168,782       123,880       95,635  
Portion of rents representative of the interest factor
     4,949       3,572       4,157       3,483       2,846       2,064  
 
                                    
Total fixed charges
   $ 232,377     $ 518,399     $ 471,667     $ 557,330     $ 515,472     $ 391,762  
 
                                    
Ratio of earnings (loss), as adjusted, to fixed charges
     (a )     (a )     (a )     (a )     2.6       2.4  
 
(a)   Our combined fixed charges exceeded our earnings, as adjusted, by $214.2 million for the six months ended June 30, 2011. The loss from continuing operations for 2010, 2009 and 2008 includes impairment charges of $1.1 billion, $495.2 million, and $703.5 million, respectively, that are discussed in our Annual Report on Form 10-K. Due to these impairment charges, our combined fixed charges and preferred share dividends exceed our earnings, as adjusted, by $1.7 billion, $398.3 million and $354.3 million for 2010, 2009 and 2008, respectively.

 

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