Prologis (PLD) 10-Q 2014 Q3 Quarterly report

Exhibit 12.2

PROLOGIS, INC. AND PROLOGIS, L.P.

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK/UNIT DIVIDENDS

(Dollar amounts in thousands)

	Nine Months Ended September 30,			Year Ended December 31,
	2014			2013			2012			2011			2010			2009
Earnings (loss) from continuing operations	$	311,560		$	229,529		$	(106,397	)	$	(274,944	)	$	(1,605,355	)	$	(372,126	)
Add (Deduct):
Fixed charges		288,979			458,285			572,108			529,798			518,399			471,130
Capitalized interest		(45,325	)		(67,955	)		(53,397	)		(52,651	)		(53,661	)		(94,205	)
Earnings from unconsolidated entities, net		(79,411	)		(97,220	)		(31,676	)		(59,935	)		(23,678	)		(28,059	)
Distributed income from equity entities		84,645			68,618			34,945			72,976			27,404			63,885
Income tax expense (benefit)		(25,302	)		106,733			3,580			1,776			(30,499	)		5,975
Earnings (loss), as adjusted	$	535,146		$	697,990		$	419,163		$	217,020		$	(1,167,390	)	$	46,600
Combined fixed charges and preferred stock/unit dividends:
Interest expense	$	234,793		$	379,327		$	505,215		$	466,571		$	461,166		$	372,768
Capitalized interest		45,325			67,955			53,397			52,651			53,661			94,205
Portion of rents representative of the interest factor		8,861			11,003			13,496			10,576			3,572			4,157
Total fixed charges		288,979			458,285			572,108			529,798			518,399			471,130
Preferred stock/unit dividends		5,753			18,391			41,226			34,696			25,424			25,423
Combined fixed charges and preferred stock/unit dividends	$	294,732		$	476,676		$	613,334		$	564,494		$	543,823		$	496,553
Ratio of earnings (loss), as adjusted, to combined fixed charges and preferred stock/unit dividends		1.8			1.5			(a	)		(a	)		(a	)		(a	)

(a) The loss from continuing operations for 2012, 2011, 2010, and 2009 includes impairment charges of $269.0 million, $147.7 million, $1.1 billion, and $495.2 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, $347.5 million, $1.7 billion, and $450.0 million for the years ended December 31, 2012, 2011, 2010 and 2009, respectively.