EXHIBIT 12.2
PROLOGIS, INC.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DIVIDENDS
(Dollar amounts in thousands)
Nine Months Ended | ||||||||||||||||||||||||
| September 30, | Year Ended December 31, | |||||||||||||||||||||||
| 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
Earnings (loss) from continuing operations | $ | 175,314 | $ | (244,459 | ) | $ | (1,589,462 | ) | $ | (355,089 | ) | $ | (367,062 | ) | $ | 841,022 | ||||||||
Add (Deduct): | ||||||||||||||||||||||||
Fixed charges | 434,488 | 531,965 | 518,399 | 471,130 | 556,046 | 514,636 | ||||||||||||||||||
Capitalized interest | (40,054 | ) | (52,651 | ) | (53,661 | ) | (94,205 | ) | (168,782 | ) | (123,880 | ) | ||||||||||||
Loss (earnings) from unconsolidated entities, net | (20,447 | ) | (59,935 | ) | (23,678 | ) | (28,059 | ) | 55,774 | (99,026 | ) | |||||||||||||
Distributed income from equity entities | 27,644 | 72,976 | 27,404 | 63,885 | 50,042 | 98,134 | ||||||||||||||||||
Income tax expense (benefit) | 216 | 1,776 | (30,499 | ) | 5,975 | 68,011 | 66,855 | |||||||||||||||||
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Earnings (loss), as adjusted | $ | 577,161 | $ | 249,672 | $ | (1,151,497 | ) | $ | 63,637 | $ | 194,029 | $ | 1,297,741 | |||||||||||
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Combined fixed charges and preferred share dividends: | ||||||||||||||||||||||||
Interest expense | $ | 384,489 | $ | 468,738 | $ | 461,166 | $ | 372,768 | $ | 383,781 | $ | 387,910 | ||||||||||||
Capitalized interest | 40,054 | 52,651 | 53,661 | 94,205 | 168,782 | 123,880 | ||||||||||||||||||
Portion of rents representative of the interest factor | 9,945 | 10,576 | 3,572 | 4,157 | 3,483 | 2,846 | ||||||||||||||||||
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Total fixed charges | 434,488 | 531,965 | 518,399 | 471,130 | 556,046 | 514,636 | ||||||||||||||||||
Preferred share dividends | 30,921 | 34,696 | 25,424 | 25,423 | 25,423 | 25,423 | ||||||||||||||||||
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Combined fixed charges and preferred share dividends | $ | 465,409 | $ | 566,661 | $ | 543,823 | $ | 496,553 | $ | 581,469 | $ | 540,059 | ||||||||||||
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Ratio of earnings (loss), as adjusted, to combined fixed charges and preferred share dividends | 1.2 | (a | ) | (a | ) | (a | ) | (a | ) | 2.4 | ||||||||||||||
| (a) | The loss from continuing operations for 2011, 2010, 2009 and 2008 includes impairment charges of $147.7 million, $1.1 billion, $495.2 million, and $595.3 million, respectively, that are discussed in our Annual Report on Form 10-K. Our combined fixed charges and preferred share dividends exceeded our earnings (loss), as adjusted, by $317.0 million, $1.7 billion, $432.9 million and $387.4 million for 2011, 2010, 2009 and 2008, respectively. |