EXHIBIT 12.2
PROLOGIS, INC. AND PROLOGIS, L.P.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK/UNIT DIVIDENDS
(Dollar amounts in thousands)
| Year Ended December 31, | ||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
| Loss from continuing operations |
$ | (93,202 | ) | $ | (267,190 | ) | $ | (1,601,487 | ) | $ | (368,265 | ) | $ | (379,095 | ) | |||||
| Add (Deduct): |
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| Fixed charges |
574,377 | 531,299 | 518,399 | 471,130 | 556,046 | |||||||||||||||
| Capitalized interest |
(53,397 | ) | (52,651 | ) | (53,661 | ) | (94,205 | ) | (168,782 | ) | ||||||||||
| Loss (earnings) from unconsolidated entities, net |
(31,676 | ) | (59,935 | ) | (23,678 | ) | (28,059 | ) | 55,774 | |||||||||||
| Distributed income from equity entities |
34,945 | 72,976 | 27,404 | 63,885 | 50,042 | |||||||||||||||
| Income tax expense (benefit) |
3,580 | 1,776 | (30,499 | ) | 5,975 | 68,011 | ||||||||||||||
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| Earnings (loss), as adjusted |
$ | 434,627 | $ | 226,275 | $ | (1,163,522 | ) | $ | 50,461 | $ | 181,996 | |||||||||
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| Combined fixed charges and preferred share dividends: |
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| Interest expense |
$ | 507,484 | $ | 468,072 | $ | 461,166 | $ | 372,768 | $ | 383,781 | ||||||||||
| Capitalized interest |
53,397 | 52,651 | 53,661 | 94,205 | 168,782 | |||||||||||||||
| Portion of rents representative of the interest factor |
13,496 | 10,576 | 3,572 | 4,157 | 3,483 | |||||||||||||||
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| Total fixed charges |
574,377 | 531,299 | 518,399 | 471,130 | 556,046 | |||||||||||||||
| Preferred stock dividends |
41,226 | 34,696 | 25,424 | 25,423 | 25,423 | |||||||||||||||
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| Combined fixed charges and preferred stock/unit dividends |
$ | 615,603 | $ | 565,995 | $ | 543,823 | $ | 496,553 | $ | 581,469 | ||||||||||
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| Ratio of earnings (loss), as adjusted, to combined fixed charges and preferred stock/unit dividends |
(a) | (a) | (a) | (a) | (a) | |||||||||||||||
| (a) | The loss from continuing operations for 2012, 2011, 2010, 2009 and 2008 includes impairment charges of $269.0 million, $147.7 million, $1.1 billion, $495.2 million, and $595.3 million, respectively, that are discussed in our Annual Report on Form 10-K. Our combined fixed charges and preferred share dividends exceed our earnings (loss), as adjusted, by $181.0 million, $339.7 million, $1.7 billion, $446.1 million and $399.5 million for the years ended December 31, 2012, 2011, 2010, 2009 and 2008, respectively. |