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. |