PROLOGIS - FORM 10-Q - EX-12.1

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EXCEL - IDEA: XBRL DOCUMENT - PROLOGIS	Financial_Report.xls
10-Q - FORM 10-Q - PROLOGIS	d71991e10vq.htm
EX-31.2 - EX-31.2 - PROLOGIS	d71991exv31w2.htm
EX-10.1 - EX-10.1 - PROLOGIS	d71991exv10w1.htm
EX-12.2 - EX-12.2 - PROLOGIS	d71991exv12w2.htm
EX-32.1 - EX-32.1 - PROLOGIS	d71991exv32w1.htm
EX-31.1 - EX-31.1 - PROLOGIS	d71991exv31w1.htm
EX-15.1 - EX-15.1 - PROLOGIS	d71991exv15w1.htm

EXHIBIT 12.1

PROLOGIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)


	Three Months Ended
	March 31,					Year Ended December 31,
	2010 (1)			2009		2009 (2)			2008 (2)			2007		2006		2005

Earnings (loss) from continuing operations	$	(92,998	)	$	170,435	$	(265,013	)	$	(282,280	)	$	928,708	$	678,879	$	272,478
Add (Deduct):
Income taxes		8,202			15,361		5,975			68,011			66,855		29,786		26,672
Interest expense		109,979			92,932		373,305			385,065			389,844		295,629		176,698

Earnings, as adjusted	$	25,183		$	278,728	$	114,267		$	170,796		$	1,385,407	$	1,004,294	$	475,848

Fixed charges:
Interest expense	$	109,979		$	92,932	$	373,305		$	385,065		$	389,844	$	295,629	$	176,698
Capitalized interest		16,846			31,017		94,205			168,782			123,880		95,635		63,020

Total fixed charges	$	126,825		$	123,949	$	467,510		$	553,847		$	513,724	$	391,264	$	239,718

Ratio of earnings, as adjusted, to fixed charges		0.2			2.2		0.2			0.3			2.7		2.6		2.0


(1)		Our fixed charges exceed our earnings, as adjusted, by $101.6 million.

(2)		The loss from continuing operations for 2009 and 2008 includes impairment charges of $495.2 million and $901.8 million, respectively, that are discussed in our Annual Report on Form 10-K. Due to these impairment charges, our fixed charges exceed our earnings, as adjusted, by $353.2 million and $383.1 million for 2009 and 2008, respectively.

PROLOGIS - FORM 10-Q - EX-12.1 - May 5, 2010