EXHIBIT 12.1
PROLOGIS, INC. AND PROLOGIS, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
|
|
Year Ended December 31, |
|
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|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
2012 |
|
|||||
|
Consolidated net earnings (loss) from continuing operations |
$ |
1,292,540 |
|
|
$ |
925,515 |
|
|
$ |
739,284 |
|
|
$ |
229,529 |
|
|
$ |
(106,397 |
) |
|
Add (Deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
|
382,436 |
|
|
|
375,094 |
|
|
|
382,210 |
|
|
|
458,285 |
|
|
|
572,108 |
|
|
Capitalized interest |
|
(64,815 |
) |
|
|
(60,808 |
) |
|
|
(61,457 |
) |
|
|
(67,955 |
) |
|
|
(53,397 |
) |
|
Earnings from unconsolidated entities, net |
|
(206,307 |
) |
|
|
(159,262 |
) |
|
|
(134,288 |
) |
|
|
(97,220 |
) |
|
|
(31,676 |
) |
|
Distributed income from equity entities |
|
286,651 |
|
|
|
284,664 |
|
|
|
294,890 |
|
|
|
68,319 |
|
|
|
34,945 |
|
|
Income tax expense (benefit) |
|
54,564 |
|
|
|
23,090 |
|
|
|
(25,656 |
) |
|
|
106,733 |
|
|
|
3,580 |
|
|
Earnings, as adjusted |
$ |
1,745,069 |
|
|
$ |
1,388,293 |
|
|
$ |
1,194,983 |
|
|
$ |
697,691 |
|
|
$ |
419,163 |
|
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
$ |
303,146 |
|
|
$ |
301,363 |
|
|
$ |
308,885 |
|
|
$ |
379,327 |
|
|
$ |
505,215 |
|
|
Capitalized interest |
|
64,815 |
|
|
|
60,808 |
|
|
|
61,457 |
|
|
|
67,955 |
|
|
|
53,397 |
|
|
Portion of rents representative of the interest factor |
|
14,475 |
|
|
|
12,923 |
|
|
|
11,868 |
|
|
|
11,003 |
|
|
|
13,496 |
|
|
Total fixed charges |
$ |
382,436 |
|
|
$ |
375,094 |
|
|
$ |
382,210 |
|
|
$ |
458,285 |
|
|
$ |
572,108 |
|
|
Ratio of earnings, as adjusted, to fixed charges |
|
4.6 |
|
|
|
3.7 |
|
|
|
3.1 |
|
|
|
1.5 |
|
|
(a) |
|
|
|
(a) |
The loss from continuing operations for 2012 included impairment charges of $269 million. Our fixed charges exceed our earnings, as adjusted, by $153 million for the year ended December 31, 2012. |