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,  
     2014     2013     2012     2011     2010     2009  

Earnings (loss) from continuing operations

    $ 12,003      $ 229,529      $ (106,397 )    $ (274,944 )    $ (1,605,355 )    $ (372,126 ) 

Add (Deduct):

             

Fixed charges

      102,749        458,285        572,108        529,798        518,399        471,130   

Capitalized interest

      (14,573 )      (67,955 )      (53,397 )      (52,651 )      (53,661 )      (94,205 ) 

Earnings from unconsolidated entities, net

      (29,746 )      (97,220 )      (31,676 )      (59,935 )      (23,678 )      (28,059 ) 

Distributed income from equity entities

      25,738        68,618        34,945        72,976        27,404        63,885   

Income tax expense (benefit)

      6,880        106,733        3,580        1,776        (30,499 )      5,975   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss), as adjusted

    $ 103,051      $ 697,990      $ 419,163      $ 217,020      $ (1,167,390 )    $ 46,600   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Combined fixed charges and preferred stock/unit dividends:

             

Interest expense

    $ 85,523      $ 379,327      $ 505,215      $ 466,571      $ 461,166      $ 372,768   

Capitalized interest

      14,573        67,955        53,397        52,651        53,661        94,205   

Portion of rents representative of the interest factor

      2,653        11,003        13,496        10,576        3,572        4,157   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

      102,749        458,285        572,108        529,798        518,399        471,130   

Preferred stock/unit dividends

      2,135        18,391        41,226        34,696        25,424        25,423   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Combined fixed charges and preferred stock/unit dividends

    $ 104,884      $ 476,676      $ 613,334      $ 564,494      $ 543,823      $ 496,553   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

      (a)        1.5        (a)        (a)        (a)        (a)   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) For the three months ended March 31, 2014, our combined fixed charges and preferred stock/unit dividends exceeded our earnings as adjusted by $1.8 million. 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 stock/unit dividends exceeded 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.