Exhibit 12.2

PROLOGIS, INC. AND PROLOGIS, L.P.

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS AND UNIT DISTRIBUTIONS

(Dollar amounts in thousands)

 

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

 

2011

 

Consolidated net earnings (loss) from

   continuing operations

 

$

518,596

 

 

$

925,515

 

 

$

739,284

 

 

$

229,529

 

 

$

(106,397

)

 

$

(274,944

)

Add (Deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

193,885

 

 

 

375,094

 

 

 

382,210

 

 

 

458,285

 

 

 

572,108

 

 

 

529,798

 

Capitalized interest

 

 

(30,275

)

 

 

(60,808

)

 

 

(61,457

)

 

 

(67,955

)

 

 

(53,397

)

 

 

(52,651

)

Earnings from unconsolidated

   entities, net

 

 

(99,765

)

 

 

(159,262

)

 

 

(134,288

)

 

 

(97,220

)

 

 

(31,676

)

 

 

(59,935

)

Distributed income from equity entities

 

 

98,887

 

 

 

144,045

 

 

 

117,938

 

 

 

68,319

 

 

 

34,945

 

 

 

72,976

 

Income tax expense (benefit)

 

 

20,679

 

 

 

23,090

 

 

 

(25,656

)

 

 

106,733

 

 

 

3,580

 

 

 

1,776

 

Earnings, as adjusted

 

$

702,007

 

 

$

1,247,674

 

 

$

1,018,031

 

 

$

697,691

 

 

$

419,163

 

 

$

217,020

 

Combined fixed charges and preferred stock

     dividends and unit distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

157,267

 

 

$

301,363

 

 

$

308,885

 

 

$

379,327

 

 

$

505,215

 

 

$

466,571

 

Capitalized interest

 

 

30,275

 

 

 

60,808

 

 

 

61,457

 

 

 

67,955

 

 

 

53,397

 

 

 

52,651

 

Portion of rents representative of the

   interest factor

 

 

6,343

 

 

 

12,923

 

 

 

11,868

 

 

 

11,003

 

 

 

13,496

 

 

 

10,576

 

Total fixed charges

 

 

193,885

 

 

 

375,094

 

 

 

382,210

 

 

 

458,285

 

 

 

572,108

 

 

 

529,798

 

Preferred stock dividends and unit

   distributions

 

 

3,385

 

 

 

6,651

 

 

 

7,431

 

 

 

18,391

 

 

 

41,226

 

 

 

34,696

 

Combined fixed charges and preferred

   stock dividends and unit distributions

 

$

197,270

 

 

$

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

 

 

3.6

 

 

 

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, 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 and $347.5 million for the years ended December 31, 2012 and 2011, respectively.