EX-12.2
Published on October 22, 2018
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
(Dollars in thousands)
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Nine Months Ended |
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September 30, |
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Year Ended December 31, |
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2018 |
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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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Consolidated net earnings |
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$ |
1,132,470 |
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$ |
1,760,959 |
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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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Add (Deduct): |
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Fixed charges |
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215,347 |
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344,205 |
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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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Capitalized interest |
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(36,820 |
) |
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(54,493 |
) |
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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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Earnings from unconsolidated entities, net |
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(181,839 |
) |
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(248,567 |
) |
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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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Distributed income from equity entities |
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250,763 |
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307,220 |
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286,651 |
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284,664 |
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294,890 |
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68,319 |
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Income tax expense (benefit) |
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44,612 |
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54,609 |
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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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Earnings, as adjusted |
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$ |
1,424,533 |
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$ |
2,163,933 |
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$ |
1,745,069 |
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$ |
1,388,293 |
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$ |
1,194,983 |
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$ |
697,691 |
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Combined fixed charges and preferred stock dividends and unit distributions: |
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Interest expense |
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$ |
166,761 |
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$ |
274,486 |
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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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Capitalized interest |
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36,820 |
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54,493 |
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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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Portion of rents representative of the interest factor |
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11,766 |
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15,226 |
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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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Total fixed charges |
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215,347 |
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344,205 |
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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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Preferred stock dividends and unit distributions |
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4,443 |
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6,499 |
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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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Combined fixed charges and preferred stock dividends and unit distributions |
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$ |
219,790 |
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$ |
350,704 |
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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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Ratio of earnings, as adjusted, to combined fixed charges and preferred stock dividends and unit distributions |
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6.5 |
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6.2 |
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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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