Exhibit 12.1
PROLOGIS, INC. AND PROLOGIS, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
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Nine Months Ended |
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September 30, |
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Year Ended December 31, |
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2015 |
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2014 |
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2013 |
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2012 |
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2011 |
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2010 |
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Consolidated net earnings (loss) from continuing operations |
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$ |
798,758 |
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$ |
739,284 |
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$ |
229,529 |
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$ |
(106,397 |
) |
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$ |
(274,944 |
) |
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$ |
(1,605,355 |
) |
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Add (Deduct): |
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Fixed charges |
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275,283 |
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382,210 |
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458,285 |
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572,108 |
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529,798 |
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518,399 |
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Capitalized interest |
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(46,686 |
) |
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(61,457 |
) |
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(67,955 |
) |
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(53,397 |
) |
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(52,651 |
) |
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(53,661 |
) |
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Earnings from unconsolidated entities, net |
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(106,383 |
) |
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(134,288 |
) |
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(97,220 |
) |
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(31,676 |
) |
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(59,935 |
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(23,678 |
) |
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Distributed income from equity entities |
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111,483 |
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117,937 |
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68,618 |
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34,945 |
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72,976 |
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27,404 |
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Income tax expense (benefit) |
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21,070 |
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(25,656 |
) |
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106,733 |
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3,580 |
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1,776 |
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(30,499 |
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Earnings (loss), as adjusted |
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$ |
1,053,525 |
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$ |
1,018,030 |
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$ |
697,990 |
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$ |
419,163 |
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$ |
217,020 |
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$ |
(1,167,390 |
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Fixed charges: |
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Interest expense |
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$ |
218,698 |
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$ |
308,885 |
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$ |
379,327 |
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$ |
505,215 |
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$ |
466,571 |
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$ |
461,166 |
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Capitalized interest |
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46,686 |
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61,457 |
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67,955 |
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53,397 |
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52,651 |
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53,661 |
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Portion of rents representative of the interest factor |
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9,899 |
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11,868 |
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11,003 |
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13,496 |
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10,576 |
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3,572 |
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Total fixed charges |
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$ |
275,283 |
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$ |
382,210 |
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$ |
458,285 |
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$ |
572,108 |
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$ |
529,798 |
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$ |
518,399 |
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Ratio of earnings (loss), as adjusted, to fixed charges |
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3.8 |
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2.7 |
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1.5 |
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(a) |
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(a) |
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(a) |
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(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, 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 and $1.7 billion for the years ended December 31, 2012, 2011 and 2010, respectively. |