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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| 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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| 2010 |
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Consolidated net earnings (loss) from continuing operations |
| $ | 798,758 |
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| $ | 739,284 |
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| $ | 229,529 |
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| $ | (106,397 | ) |
| $ | (274,944 | ) |
| $ | (1,605,355 | ) |
Add (Deduct): |
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Fixed charges |
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| 275,283 |
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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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| 518,399 |
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Capitalized interest |
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| (46,686 | ) |
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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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| (53,661 | ) |
Earnings from unconsolidated entities, net |
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| (106,383 | ) |
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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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| (23,678 | ) |
Distributed income from equity entities |
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| 111,483 |
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| 117,937 |
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| 68,618 |
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| 34,945 |
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| 72,976 |
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| 27,404 |
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Income tax expense (benefit) |
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| 21,070 |
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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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| (30,499 | ) |
Earnings (loss), as adjusted |
| $ | 1,053,525 |
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| $ | 1,018,030 |
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| $ | 697,990 |
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| $ | 419,163 |
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| $ | 217,020 |
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| $ | (1,167,390 | ) |
Fixed charges: |
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Interest expense |
| $ | 218,698 |
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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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| $ | 461,166 |
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Capitalized interest |
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| 46,686 |
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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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| 53,661 |
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Portion of rents representative of the interest factor |
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| 9,899 |
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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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| 3,572 |
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Total fixed charges |
| $ | 275,283 |
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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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| $ | 518,399 |
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Ratio of earnings (loss), as adjusted, to fixed charges |
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| 3.8 |
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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) |
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(a) | The loss from continuing operations for 2012, 2011 and 2010 included impairment charges of $269.0 million, $147.7 million and $1.1 billion, 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, $312.8 million and $1.7 billion for the years ended December 31, 2012, 2011 and 2010, respectively. |