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)
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Six months ended |
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June 30, |
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Year Ended December 31, |
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2017 |
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2016 |
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2015 |
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2014 |
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2013 |
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2012 |
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Consolidated net earnings (loss) from continuing operations |
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$ |
508,669 |
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$ |
1,292,540 |
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$ |
925,515 |
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$ |
739,284 |
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$ |
229,529 |
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$ |
(106,397 |
) |
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Add (Deduct): |
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Fixed charges |
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183,446 |
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382,436 |
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375,094 |
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382,210 |
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458,285 |
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572,108 |
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Capitalized interest |
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(27,940 |
) |
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(64,815 |
) |
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(60,808 |
) |
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(61,457 |
) |
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(67,955 |
) |
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(53,397 |
) |
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Earnings from unconsolidated entities, net |
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(117,201 |
) |
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(206,307 |
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(159,262 |
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(134,288 |
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(97,220 |
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(31,676 |
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Distributed income from equity entities |
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141,256 |
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286,651 |
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284,664 |
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294,860 |
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68,319 |
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34,945 |
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Income tax expense (benefit) |
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24,381 |
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54,564 |
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23,090 |
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(25,656 |
) |
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106,733 |
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3,580 |
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Earnings, as adjusted |
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$ |
712,611 |
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$ |
1,745,069 |
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$ |
1,388,293 |
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$ |
1,194,953 |
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$ |
697,691 |
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$ |
419,163 |
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Combined fixed charges and preferred stock dividends and unit distributions: |
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Interest expense |
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$ |
148,266 |
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$ |
303,146 |
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$ |
301,363 |
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$ |
308,885 |
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$ |
379,327 |
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$ |
505,215 |
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Capitalized interest |
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27,940 |
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64,815 |
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60,808 |
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61,457 |
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67,955 |
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53,397 |
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Portion of rents representative of the interest factor |
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7,240 |
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14,475 |
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12,923 |
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11,868 |
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11,003 |
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13,496 |
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Total fixed charges |
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183,446 |
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382,436 |
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375,094 |
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382,210 |
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458,285 |
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572,108 |
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Preferred stock dividends and unit distributions |
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3,348 |
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6,714 |
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6,651 |
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7,431 |
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18,391 |
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41,226 |
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Combined fixed charges and preferred stock dividends and unit distributions |
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$ |
186,794 |
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$ |
389,150 |
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$ |
381,745 |
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$ |
389,641 |
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$ |
476,676 |
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$ |
613,334 |
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Ratio of earnings, as adjusted, to combined fixed charges and preferred stock dividends and unit distributions |
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3.8 |
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4.5 |
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3.6 |
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3.1 |
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1.5 |
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(a) |
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(a) |
The loss from continuing operations for 2012 includes impairment charges of $269 million. Our combined fixed charges and preferred share dividends exceed our earnings, as adjusted, by $194 million for the year ended December 31, 2012. |