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)

 

    

Nine Months
Ended

September 30,

    Year Ended December 31,  
     2013     2012     2011     2010     2009     2008  

Earnings (loss) from continuing operations

   $ 223,429      $ (93,202   $ (267,190   $ (1,601,487   $ (368,265   $ (379,095

Add (Deduct):

            

Fixed charges

     351,005        574,377        531,299        518,399        471,130        556,046   

Capitalized interest

     (50,105     (53,397     (52,651     (53,661     (94,205     (168,782

Loss (earnings) from unconsolidated entities, net

     (59,554     (31,676     (59,935     (23,678     (28,059     55,774   

Distributed income from equity entities

     55,621        34,945        72,976        27,404        63,885        50,042   

Income tax expense (benefit)

     84,534        3,580        1,776        (30,499     5,975        68,011   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss), as adjusted

   $ 604,930      $ 434,627      $ 226,275      $ (1,163,522   $ 50,461      $ 181,996   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Combined fixed charges and preferred stock/unit dividends:

            

Interest expense

   $ 292,383      $ 507,484      $ 468,072      $ 461,166      $ 372,768      $ 383,781   

Capitalized interest

     50,105        53,397        52,651        53,661        94,205        168,782   

Portion of rents representative of the interest factor

     8,517        13,496        10,576        3,572        4,157        3,483   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

     351,005        574,377        531,299        518,399        471,130        556,046   

Preferred stock/unit dividends

     16,256        41,226        34,696        25,424        25,423        25,423   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Combined fixed charges and preferred stock/unit dividends

   $ 367,261      $ 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

     1.6        (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.