EXHIBIT 12.1
PROLOGIS, INC. AND PROLOGIS, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
| Six Months Ended June 30, |
Year Ended December 31, | |||||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
| Earnings (loss) from continuing operations |
$ | 164,433 | $ | 229,529 | $ | (106,397 | ) | $ | (274,944 | ) | $ | (1,605,355 | ) | $ | (372,126 | ) | ||||||||
| Add (Deduct): |
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| Fixed charges |
201,682 | 458,285 | 572,108 | 529,798 | 518,399 | 471,130 | ||||||||||||||||||
| Capitalized interest |
(30,304 | ) | (67,955 | ) | (53,397 | ) | (52,651 | ) | (53,661 | ) | (94,205 | ) | ||||||||||||
| Earnings from unconsolidated entities, net |
(50,897 | ) | (97,220 | ) | (31,676 | ) | (59,935 | ) | (23,678 | ) | (28,059 | ) | ||||||||||||
| Distributed income from equity entities |
56,715 | 68,618 | 34,945 | 72,976 | 27,404 | 63,885 | ||||||||||||||||||
| Income tax expense (benefit) |
(2,038 | ) | 106,733 | 3,580 | 1,776 | (30,499 | ) | 5,975 | ||||||||||||||||
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| Earnings (loss), as adjusted |
$ | 339,591 | $ | 697,990 | $ | 419,163 | $ | 217,020 | $ | (1,167,390 | ) | $ | 46,600 | |||||||||||
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| Fixed charges: |
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| Interest expense |
$ | 165,707 | $ | 379,327 | $ | 505,215 | $ | 466,571 | $ | 461,166 | $ | 372,768 | ||||||||||||
| Capitalized interest |
30,304 | 67,955 | 53,397 | 52,651 | 53,661 | 94,205 | ||||||||||||||||||
| Portion of rents representative of the interest factor |
5,671 | 11,003 | 13,496 | 10,576 | 3,572 | 4,157 | ||||||||||||||||||
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| Total fixed charges |
$ | 201,682 | $ | 458,285 | $ | 572,108 | $ | 529,798 | $ | 518,399 | $ | 471,130 | ||||||||||||
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| Ratio of earnings (loss), as adjusted, to fixed charges |
1.7 | 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. |