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Content analysis
?Positive | ||
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Constraining | ||
Legalese | ||
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H.S. freshman Good
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EXHIBIT 12.1
PROLOGIS, INC. AND PROLOGIS, L.P.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
| Year Ended December 31, |
| |||||||||||||||||
| 2017 |
|
| 2016 |
|
| 2015 |
|
| 2014 |
|
| 2013 |
| |||||
Consolidated net earnings | $ | 1,760,959 |
|
| $ | 1,292,540 |
|
| $ | 925,515 |
|
| $ | 739,284 |
|
| $ | 229,529 |
|
Add (Deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
| 344,205 |
|
|
| 382,436 |
|
|
| 375,094 |
|
|
| 382,210 |
|
|
| 458,285 |
|
Capitalized interest |
| (54,493 | ) |
|
| (64,815 | ) |
|
| (60,808 | ) |
|
| (61,457 | ) |
|
| (67,955 | ) |
Earnings from unconsolidated entities, net |
| (248,567 | ) |
|
| (206,307 | ) |
|
| (159,262 | ) |
|
| (134,288 | ) |
|
| (97,220 | ) |
Distributed income from equity entities |
| 307,220 |
|
|
| 286,651 |
|
|
| 284,664 |
|
|
| 294,890 |
|
|
| 68,319 |
|
Income tax expense (benefit) |
| 54,609 |
|
|
| 54,564 |
|
|
| 23,090 |
|
|
| (25,656 | ) |
|
| 106,733 |
|
Earnings, as adjusted | $ | 2,163,933 |
|
| $ | 1,745,069 |
|
| $ | 1,388,293 |
|
| $ | 1,194,983 |
|
| $ | 697,691 |
|
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense | $ | 274,486 |
|
| $ | 303,146 |
|
| $ | 301,363 |
|
| $ | 308,885 |
|
| $ | 379,327 |
|
Capitalized interest |
| 54,493 |
|
|
| 64,815 |
|
|
| 60,808 |
|
|
| 61,457 |
|
|
| 67,955 |
|
Portion of rents representative of the interest factor |
| 15,226 |
|
|
| 14,475 |
|
|
| 12,923 |
|
|
| 11,868 |
|
|
| 11,003 |
|
Total fixed charges | $ | 344,205 |
|
| $ | 382,436 |
|
| $ | 375,094 |
|
| $ | 382,210 |
|
| $ | 458,285 |
|
Ratio of earnings, as adjusted, to fixed charges |
| 6.3 |
|
|
| 4.6 |
|
|
| 3.7 |
|
|
| 3.1 |
|
|
| 1.5 |
|