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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2017 |
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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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Consolidated net earnings (loss) from continuing operations |
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$ |
1,422,086 |
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$ |
1,292,540 |
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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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Add (Deduct): |
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Fixed charges |
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265,041 |
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382,436 |
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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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Capitalized interest |
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(41,491 |
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(64,815 |
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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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Earnings from unconsolidated entities, net |
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(172,267 |
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(206,307 |
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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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Distributed income from equity entities |
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231,441 |
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286,651 |
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284,664 |
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294,890 |
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68,319 |
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34,945 |
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Income tax expense (benefit) |
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42,328 |
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54,564 |
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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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Earnings, as adjusted |
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$ |
1,747,138 |
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$ |
1,745,069 |
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$ |
1,388,293 |
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$ |
1,194,983 |
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$ |
697,691 |
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$ |
419,163 |
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Fixed charges: |
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Interest expense |
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$ |
212,456 |
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$ |
303,146 |
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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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Capitalized interest |
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41,491 |
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64,815 |
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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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Portion of rents representative of the interest factor |
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11,094 |
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14,475 |
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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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Total fixed charges |
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$ |
265,041 |
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$ |
382,436 |
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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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Ratio of earnings, as adjusted, to fixed charges |
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6.6 |
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4.6 |
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3.7 |
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3.1 |
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1.5 |
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(a) |
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(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. |