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, | ||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
| Earnings (loss) from continuing operations |
$ | 229,529 | $ | (106,397 | ) | $ | (274,944 | ) | $ | (1,605,355 | ) | $ | (372,126 | ) | ||||||
| Add (Deduct): |
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| Fixed charges |
458,285 | 572,108 | 529,798 | 518,399 | 471,130 | |||||||||||||||
| Capitalized interest |
(67,955 | ) | (53,397 | ) | (52,651 | ) | (53,661 | ) | (94,205 | ) | ||||||||||
| Earnings from unconsolidated entities, net |
(97,220 | ) | (31,676 | ) | (59,935 | ) | (23,678 | ) | (28,059 | ) | ||||||||||
| Distributed income from equity entities |
68,618 | 34,945 | 72,976 | 27,404 | 63,885 | |||||||||||||||
| Income tax expense (benefit) |
106,733 | 3,580 | 1,776 | (30,499 | ) | 5,975 | ||||||||||||||
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| Earnings (loss), as adjusted |
$ | 697,990 | $ | 419,163 | $ | 217,020 | $ | (1,167,390 | ) | $ | 46,600 | |||||||||
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| Combined fixed charges and preferred share dividends: |
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| Interest expense |
$ | 379,327 | $ | 505,215 | $ | 466,571 | $ | 461,166 | $ | 372,768 | ||||||||||
| Capitalized interest |
67,955 | 53,397 | 52,651 | 53,661 | 94,205 | |||||||||||||||
| Portion of rents representative of the interest factor |
11,003 | 13,496 | 10,576 | 3,572 | 4,157 | |||||||||||||||
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| Total fixed charges |
458,285 | 572,108 | 529,798 | 518,399 | 471,130 | |||||||||||||||
| Preferred stock dividends |
18,391 | 41,226 | 34,696 | 25,424 | 25,423 | |||||||||||||||
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| Combined fixed charges and preferred stock/unit dividends |
$ | 476,676 | $ | 613,334 | $ | 564,494 | $ | 543,823 | $ | 496,553 | ||||||||||
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| Ratio of earnings (loss), as adjusted, to combined fixed charges and preferred stock/unit dividends |
1.5 | (a) | (a) | (a) | (a) | |||||||||||||||
| (a) | The loss from continuing operations for 2012, 2011, 2010, and 2009 includes impairment charges of $269.0 million, $147.7 million, $1.1 billion and $495.2 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 $194.2 million, $347.5 million, $1.7 billion, and $450.0 million for the years ended December 31, 2012, 2011, 2010 and 2009, respectively. |