Prologis (PLD) 10-Q 2016 Q2 Quarterly report

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.