Exhibit 12.1

PROLOGIS, INC. AND PROLOGIS, L.P.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollar amounts in thousands)

 

 

Nine months

ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

Year Ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

Consolidated net earnings (loss) from

    continuing operations

 

$

1,422,086

 

 

$

1,292,540

 

 

$

925,515

 

 

$

739,284

 

 

$

229,529

 

 

$

(106,397

)

Add (Deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

265,041

 

 

 

382,436

 

 

 

375,094

 

 

 

382,210

 

 

 

458,285

 

 

 

572,108

 

Capitalized interest

 

 

(41,491

)

 

 

(64,815

)

 

 

(60,808

)

 

 

(61,457

)

 

 

(67,955

)

 

 

(53,397

)

Earnings from unconsolidated

   entities, net

 

 

(172,267

)

 

 

(206,307

)

 

 

(159,262

)

 

 

(134,288

)

 

 

(97,220

)

 

 

(31,676

)

Distributed income from equity entities

 

 

231,441

 

 

 

286,651

 

 

 

284,664

 

 

 

294,890

 

 

 

68,319

 

 

 

34,945

 

Income tax expense (benefit)

 

 

42,328

 

 

 

54,564

 

 

 

23,090

 

 

 

(25,656

)

 

 

106,733

 

 

 

3,580

 

Earnings, as adjusted

 

$

1,747,138

 

 

$

1,745,069

 

 

$

1,388,293

 

 

$

1,194,983

 

 

$

697,691

 

 

$

419,163

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

212,456

 

 

$

303,146

 

 

$

301,363

 

 

$

308,885

 

 

$

379,327

 

 

$

505,215

 

Capitalized interest

 

 

41,491

 

 

 

64,815

 

 

 

60,808

 

 

 

61,457

 

 

 

67,955

 

 

 

53,397

 

Portion of rents representative of the

   interest factor

 

 

11,094

 

 

 

14,475

 

 

 

12,923

 

 

 

11,868

 

 

 

11,003

 

 

 

13,496

 

Total fixed charges

 

$

265,041

 

 

$

382,436

 

 

$

375,094

 

 

$

382,210

 

 

$

458,285

 

 

$

572,108

 

Ratio of earnings, as adjusted, to fixed

     charges

 

 

6.6

 

 

 

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.