Prologis (PLD) 10-Q2018 Q1 Quarterly report

Filed: 24 Apr 18, 12:00am

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Removed: advanced, affected, agreement, AOCI, approximate, back, Brazilian, broader, closing, committed, conform, counterparty, daily, data, deferring, distributed, drawn, ending, enhance, entry, European, evaluating, exercisable, exercise, expanded, extinguished, fiscal, focused, footnote, forfeited, formation, highlight, inception, intrinsic, issue, joint, Kingdom, knowledge, leverage, locking, minimal, mortgage, overhead, predominantly, prospective, PTELF, qualitative, quantitative, recent, reclassify, referred, regularly, removed, repurchased, room, settle, spent, streamline, today, UKLV, unvested, USLV

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Exhibit 12.1

PROLOGIS, INC. AND PROLOGIS, L.P.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

	Three Months Ended
	March 31,			Year Ended December 31,
	2018			2017			2016			2015			2014			2013
Consolidated net earnings	$	391,959		$	1,760,959		$	1,292,540		$	925,515		$	739,284		$	229,529
Add (Deduct):
Fixed charges		62,212			344,205			382,436			375,094			382,210			458,285
Capitalized interest		(11,119	)		(54,493	)		(64,815	)		(60,808	)		(61,457	)		(67,955	)
Earnings from unconsolidated entities, net		(62,656	)		(248,567	)		(206,307	)		(159,262	)		(134,288	)		(97,220	)
Distributed income from equity entities		85,229			307,220			286,651			284,664			294,890			68,319
Income tax expense (benefit)		16,552			54,609			54,564			23,090			(25,656	)		106,733
Earnings, as adjusted	$	482,177		$	2,163,933		$	1,745,069		$	1,388,293		$	1,194,983		$	697,691
Fixed charges:
Interest expense	$	47,245		$	274,486		$	303,146		$	301,363		$	308,885		$	379,327
Capitalized interest		11,119			54,493			64,815			60,808			61,457			67,955
Portion of rents representative of the interest factor		3,848			15,226			14,475			12,923			11,868			11,003
Total fixed charges	$	62,212		$	344,205		$	382,436		$	375,094		$	382,210		$	458,285
Ratio of earnings, as adjusted, to fixed charges		7.8			6.3			4.6			3.7			3.1		1.5