Exhibit 12.1
PROLOGIS, INC. AND PROLOGIS, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
|
| Six months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| June 30, |
|
| Year Ended December 31, |
| ||||||||||||||||||
|
| 2017 |
|
| 2016 |
|
| 2015 |
|
| 2014 |
|
| 2013 |
|
| 2012 |
| ||||||
Consolidated net earnings (loss) from continuing operations |
| $ | 508,669 |
|
| $ | 1,292,540 |
|
| $ | 925,515 |
|
| $ | 739,284 |
|
| $ | 229,529 |
|
| $ | (106,397 | ) |
Add (Deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
|
| 183,446 |
|
|
| 382,436 |
|
|
| 375,094 |
|
|
| 382,210 |
|
|
| 458,285 |
|
|
| 572,108 |
|
Capitalized interest |
|
| (27,940 | ) |
|
| (64,815 | ) |
|
| (60,808 | ) |
|
| (61,457 | ) |
|
| (67,955 | ) |
|
| (53,397 | ) |
Earnings from unconsolidated entities, net |
|
| (117,201 | ) |
|
| (206,307 | ) |
|
| (159,262 | ) |
|
| (134,288 | ) |
|
| (97,220 | ) |
|
| (31,676 | ) |
Distributed income from equity entities |
|
| 141,256 |
|
|
| 286,651 |
|
|
| 284,664 |
|
|
| 294,890 |
|
|
| 68,319 |
|
|
| 34,945 |
|
Income tax expense (benefit) |
|
| 24,381 |
|
|
| 54,564 |
|
|
| 23,090 |
|
|
| (25,656 | ) |
|
| 106,733 |
|
|
| 3,580 |
|
Earnings, as adjusted |
| $ | 712,611 |
|
| $ | 1,745,069 |
|
| $ | 1,388,293 |
|
| $ | 1,194,983 |
|
| $ | 697,691 |
|
| $ | 419,163 |
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| $ | 148,266 |
|
| $ | 303,146 |
|
| $ | 301,363 |
|
| $ | 308,885 |
|
| $ | 379,327 |
|
| $ | 505,215 |
|
Capitalized interest |
|
| 27,940 |
|
|
| 64,815 |
|
|
| 60,808 |
|
|
| 61,457 |
|
|
| 67,955 |
|
|
| 53,397 |
|
Portion of rents representative of the interest factor |
|
| 7,240 |
|
|
| 14,475 |
|
|
| 12,923 |
|
|
| 11,868 |
|
|
| 11,003 |
|
|
| 13,496 |
|
Total fixed charges |
| $ | 183,446 |
|
| $ | 382,436 |
|
| $ | 375,094 |
|
| $ | 382,210 |
|
| $ | 458,285 |
|
| $ | 572,108 |
|
Ratio of earnings, as adjusted, to fixed charges |
|
| 3.9 |
|
|
| 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. |
