EXHIBIT 12.1

PROLOGIS, INC. AND PROLOGIS, L.P.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Year Ended December 31,
	2014			2013			2012			2011			2010
Earnings (loss) from continuing operations	$	739,284		$	229,529		$	(106,397	)	$	(274,944	)	$	(1,605,355	)
Add (Deduct):
Fixed charges		382,210			458,285			572,108			529,798			518,399
Capitalized interest		(61,457	)		(67,955	)		(53,397	)		(52,651	)		(53,661	)
Earnings from unconsolidated entities, net		(134,288	)		(97,220	)		(31,676	)		(59,935	)		(23,678	)
Distributed income from equity entities		117,937			68,618			34,945			72,976			27,404
Income tax expense (benefit)		(25,656	)		106,733			3,580			1,776			(30,499	)
Earnings (loss), as adjusted	$	1,018,030		$	697,990		$	419,163		$	217,020		$	(1,167,390	)
Fixed charges:
Interest expense	$	308,885		$	379,327		$	505,215		$	466,571		$	461,166
Capitalized interest		61,457			67,955			53,397			52,651			53,661
Portion of rents representative of the interest factor		11,868			11,003			13,496			10,576			3,572
Total fixed charges	$	382,210		$	458,285		$	572,108		$	529,798		$	518,399
Ratio of earnings (loss), as adjusted, to fixed charges		2.7			1.5			(a)			(a)			(a)

(a) The loss from continuing operations for 2012, 2011 and 2010 included impairment charges of $269.0 million, $147.7 million and $1.1 billion, respectively. Our fixed charges exceed our earnings (loss), as adjusted, by $152.9 million, $312.8 million and $1.7 billion for the years ended December 31, 2012, 2011 and 2010, respectively.