Exhibit 12.1
PROLOGIS, INC. AND PROLOGIS, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars 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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2018 |
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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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Consolidated net earnings |
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$ |
1,132,470 |
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$ |
1,760,959 |
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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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Add (Deduct): |
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Fixed charges |
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215,347 |
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344,205 |
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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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Capitalized interest |
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(36,820 |
) |
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(54,493 |
) |
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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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Earnings from unconsolidated entities, net |
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(181,839 |
) |
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(248,567 |
) |
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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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Distributed income from equity entities |
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250,763 |
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307,220 |
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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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Income tax expense (benefit) |
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44,612 |
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54,609 |
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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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Earnings, as adjusted |
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$ |
1,424,533 |
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$ |
2,163,933 |
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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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Fixed charges: |
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Interest expense |
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$ |
166,761 |
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$ |
274,486 |
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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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Capitalized interest |
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36,820 |
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54,493 |
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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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Portion of rents representative of the interest factor |
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11,766 |
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15,226 |
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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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Total fixed charges |
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$ |
215,347 |
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$ |
344,205 |
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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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Ratio of earnings, as adjusted, to fixed charges |
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6.6 |
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6.3 |
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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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