EX-12.1 9 d834674dex121.htm EX-12.1 EX-12.1

EXHIBIT 12.1

PROLOGIS, INC. AND PROLOGIS, L.P.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in thousands)

 

     Year Ended December 31,  
     2014     2013     2012     2011     2010  

Earnings (loss) from continuing operations

   $ 739,284      $ 229,529      $ (106,397   $ (274,944   $ (1,605,355

Add (Deduct):

          

Fixed charges

     382,210        458,285        572,108        529,798        518,399   

Capitalized interest

     (61,457     (67,955     (53,397     (52,651     (53,661

Earnings from unconsolidated entities, net

     (134,288     (97,220     (31,676     (59,935     (23,678

Distributed income from equity entities

     117,937        68,618        34,945        72,976        27,404   

Income tax expense (benefit)

     (25,656     106,733        3,580        1,776        (30,499
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss), as adjusted

$ 1,018,030    $ 697,990    $ 419,163    $ 217,020    $ (1,167,390
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

Interest expense

$ 308,885    $ 379,327    $ 505,215    $ 466,571    $ 461,166   

Capitalized interest

  61,457      67,955      53,397      52,651      53,661   

Portion of rents representative of the interest factor

  11,868      11,003      13,496      10,576      3,572   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

$ 382,210    $ 458,285    $ 572,108    $ 529,798    $ 518,399   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings (loss), as adjusted, to fixed charges

  2.7      1.5      (a)      (a)      (a)   

 

(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. 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.