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)

 

     Three
Months
Ended
March 31,
    Year Ended December 31,  
     2013     2012     2011     2010     2009     2008  

Earnings (loss) from continuing operations

   $ 290,851     $ (93,202   $ (267,190   $ (1,601,487   $ (368,265   $ (379,095

Add (Deduct):

            

Fixed charges

     131,708       574,377       531,299       518,399       471,130       556,046  

Capitalized interest

     (13,744     (53,397     (52,651     (53,661     (94,205     (168,782

Loss (earnings) from unconsolidated entities, net

     (24,768     (31,676     (59,935     (23,678     (28,059     55,774  

Distributed income from equity entities

     18,464       34,945       72,976       27,404       63,885       50,042  

Income tax expense (benefit)

     51,866       3,580       1,776       (30,499     5,975       68,011  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss), as adjusted

   $ 454,377     $ 434,627     $ 226,275     $ (1,163,522   $ 50,461     $ 181,996  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Combined fixed charges and preferred stock/unit dividends:

            

Interest expense

   $ 115,028     $ 507,484     $ 468,072     $ 461,166     $ 372,768     $ 383,781  

Capitalized interest

     13,744       53,397       52,651       53,661       94,205       168,782  

Portion of rents representative of the interest factor

     2,936       13,496       10,576       3,572       4,157       3,483  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

     131,708       574,377       531,299       518,399       471,130       556,046  

Preferred stock/unit dividends

     10,305       41,226       34,696       25,424       25,423       25,423  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Combined fixed charges and preferred stock/unit dividends

   $ 142,013     $ 615,603     $ 565,995     $ 543,823     $ 496,553     $ 581,469  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings (loss), as adjusted, to combined fixed charges and preferred stock/unit dividends

     3.2       (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 stock/unit 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.