EXHIBIT 12.2
PROLOGIS, INC.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DIVIDENDS
(Dollar amounts in thousands)
| Nine Months Ended September 30, |
Year Ended December 31, | |||||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
| Earnings (loss) from continuing operations |
$ | (149,672 | ) | $ | (1,581,944 | ) | $ | (345,911 | ) | $ | (359,356 | ) | $ | 852,641 | $ | 608,663 | ||||||||
| Add (Deduct): |
||||||||||||||||||||||||
| Fixed charges |
386,196 | 518,399 | 471,667 | 557,330 | 515,472 | 391,762 | ||||||||||||||||||
| Capitalized interest |
(38,560 | ) | (53,661 | ) | (94,205 | ) | (168,782 | ) | (123,880 | ) | (95,635 | ) | ||||||||||||
| Earnings from unconsolidated investees, net |
(56,015 | ) | (23,678 | ) | (28,059 | ) | 55,774 | (94,453 | ) | (93,055 | ) | |||||||||||||
| Distributed income from equity investees |
55,599 | 27,404 | 63,885 | 50,042 | 98,134 | 86,372 | ||||||||||||||||||
| Income taxes |
9,960 | (30,499 | ) | 5,975 | 68,011 | 66,855 | 29,786 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Earnings (loss), as adjusted |
$ | 207,508 | $ | (1,143,979 | ) | $ | 73,352 | $ | 203,019 | $ | 1,314,769 | $ | 927,893 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Combined fixed charges and preferred share dividends: |
||||||||||||||||||||||||
| Interest expense |
$ | 339,579 | $ | 461,166 | $ | 373,305 | $ | 385,065 | $ | 388,746 | $ | 294,063 | ||||||||||||
| Capitalized interest |
38,560 | 53,661 | 94,205 | 168,782 | 123,880 | 95,635 | ||||||||||||||||||
| Portion of rents representative of the interest factor |
8,057 | 3,572 | 4,157 | 3,483 | 2,846 | 2,064 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total fixed charges |
386,196 | 518,399 | 471,667 | 557,330 | 515,472 | 391,762 | ||||||||||||||||||
| Preferred share dividends |
24,420 | 25,424 | 25,423 | 25,423 | 25,423 | 25,416 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Combined fixed charges and preferred share dividends |
$ | 410,616 | $ | 543,823 | $ | 497,090 | $ | 582,753 | $ | 540,895 | $ | 417,178 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Ratio of earnings (loss), as adjusted, to combined fixed charges and preferred share dividends |
(a | ) | (a | ) | (a | ) | (a | ) | 2.4 | 2.2 | ||||||||||||||
| (a) | Our combined fixed charges and preferred share dividends exceeded our earnings, as adjusted, by $203.1 million for the nine months ended September 30, 2011. The loss from continuing operations for 2010, 2009 and 2008 includes impairment charges of $1.1 billion, $495.2 million, and $703.5 million, respectively, that are discussed in our Annual Report on Form 10-K. Due to these impairment charges, our combined fixed charges and preferred share dividends exceed our earnings (loss), as adjusted, by $1.7 billion, $423.7 million and $379.7 million for 2010, 2009 and 2008, respectively. |