Exhibit 12.1
PROLOGIS, INC. AND PROLOGIS, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
| 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 |
| $ | 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 | ) |
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 | ) |
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 | ) |
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 |
| $ | 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 |
| $ | 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 |
| $ | 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. |