EXHIBIT 12.2
PROLOGIS, INC. AND PROLOGIS, L.P.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK AND UNIT DIVIDENDS
(Dollars in thousands)
|
|
|
Year Ended December 31, |
|
|||||||||||||||||
|
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
|||||
|
Consolidated net earnings (loss) from continuing operations |
|
$ |
925,515 |
|
|
$ |
739,284 |
|
|
$ |
229,529 |
|
|
$ |
(106,397 |
) |
|
$ |
(274,944 |
) |
|
Add (Deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
|
|
375,094 |
|
|
|
382,210 |
|
|
|
458,285 |
|
|
|
572,108 |
|
|
|
529,798 |
|
|
Capitalized interest |
|
|
(60,808 |
) |
|
|
(61,457 |
) |
|
|
(67,955 |
) |
|
|
(53,397 |
) |
|
|
(52,651 |
) |
|
Earnings from unconsolidated entities, net |
|
|
(159,262 |
) |
|
|
(134,288 |
) |
|
|
(97,220 |
) |
|
|
(31,676 |
) |
|
|
(59,935 |
) |
|
Distributed income from equity entities |
|
|
144,045 |
|
|
|
117,938 |
|
|
|
68,319 |
|
|
|
34,945 |
|
|
|
72,976 |
|
|
Income tax expense (benefit) |
|
|
23,090 |
|
|
|
(25,656 |
) |
|
|
106,733 |
|
|
|
3,580 |
|
|
|
1,776 |
|
|
Earnings, as adjusted |
|
$ |
1,247,674 |
|
|
$ |
1,018,031 |
|
|
$ |
697,691 |
|
|
$ |
419,163 |
|
|
$ |
217,020 |
|
|
Combined fixed charges and preferred stock dividends and unit distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
301,363 |
|
|
$ |
308,885 |
|
|
$ |
379,327 |
|
|
$ |
505,215 |
|
|
$ |
466,571 |
|
|
Capitalized interest |
|
|
60,808 |
|
|
|
61,457 |
|
|
|
67,955 |
|
|
|
53,397 |
|
|
|
52,651 |
|
|
Portion of rents representative of the interest factor |
|
|
12,923 |
|
|
|
11,868 |
|
|
|
11,003 |
|
|
|
13,496 |
|
|
|
10,576 |
|
|
Total fixed charges |
|
|
375,094 |
|
|
|
382,210 |
|
|
|
458,285 |
|
|
|
572,108 |
|
|
|
529,798 |
|
|
Preferred stock dividends and unit distributions |
|
|
6,651 |
|
|
|
7,431 |
|
|
|
18,391 |
|
|
|
41,226 |
|
|
|
34,696 |
|
|
Combined fixed charges and preferred stock dividends and unit distributions |
|
$ |
381,745 |
|
|
$ |
389,641 |
|
|
$ |
476,676 |
|
|
$ |
613,334 |
|
|
$ |
564,494 |
|
|
Ratio of earnings, as adjusted, to combined fixed charges and preferred stock dividends and unit distributions |
|
|
3.3 |
|
|
|
2.6 |
|
|
|
1.5 |
|
|
(a |
) |
|
(a) |
|
||
|
(a) |
The loss from continuing operations for 2012 and 2011 includes impairment charges of $269.0 million and $147.7 million, respectively. Our combined fixed charges and preferred share dividends exceed our earnings, as adjusted, by $194.2 million and $347.5 million for the years ended December 31, 2012, and 2011, respectively. |