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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2016 |
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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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Consolidated net earnings (loss) from continuing operations |
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$ |
825,838 |
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$ |
925,515 |
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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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Add (Deduct): |
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Fixed charges |
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289,123 |
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375,094 |
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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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Capitalized interest |
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(46,567 |
) |
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(60,808 |
) |
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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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Earnings from unconsolidated entities, net |
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(145,622 |
) |
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(159,262 |
) |
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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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Distributed income from equity entities |
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221,279 |
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144,045 |
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117,938 |
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68,319 |
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34,945 |
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72,976 |
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Income tax expense (benefit) |
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36,598 |
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23,090 |
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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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Earnings, as adjusted |
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$ |
1,180,649 |
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$ |
1,247,674 |
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$ |
1,018,031 |
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$ |
697,691 |
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$ |
419,163 |
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$ |
217,020 |
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Fixed charges: |
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Interest expense |
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$ |
232,577 |
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$ |
301,363 |
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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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Capitalized interest |
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46,567 |
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60,808 |
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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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Portion of rents representative of the interest factor |
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9,979 |
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12,923 |
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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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Total fixed charges |
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$ |
289,123 |
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$ |
375,094 |
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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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Ratio of earnings, as adjusted, to fixed charges |
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4.1 |
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3.3 |
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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) |
The loss from continuing operations for 2012 and 2011 included impairment charges of $269.0 million and $147.7 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 and $312.8 million for the years ended December 31, 2012 and 2011, respectively. |