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)
| Year Ended December 31, |
| ||||||||||||||||||
|
| 2016 |
|
| 2015 |
|
| 2014 |
|
| 2013 |
|
| 2012 |
| |||||
Consolidated net earnings (loss) from continuing operations |
| $ | 1,292,540 |
|
| $ | 925,515 |
|
| $ | 739,284 |
|
| $ | 229,529 |
|
| $ | (106,397 | ) |
Add (Deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
|
| 382,436 |
|
|
| 375,094 |
|
|
| 382,210 |
|
|
| 458,285 |
|
|
| 572,108 |
|
Capitalized interest |
|
| (64,815 | ) |
|
| (60,808 | ) |
|
| (61,457 | ) |
|
| (67,955 | ) |
|
| (53,397 | ) |
Earnings from unconsolidated entities, net |
|
| (206,307 | ) |
|
| (159,262 | ) |
|
| (134,288 | ) |
|
| (97,220 | ) |
|
| (31,676 | ) |
Distributed income from equity entities |
|
| 286,651 |
|
|
| 284,664 |
|
|
| 294,890 |
|
|
| 68,319 |
|
|
| 34,945 |
|
Income tax expense (benefit) |
|
| 54,564 |
|
|
| 23,090 |
|
|
| (25,656 | ) |
|
| 106,733 |
|
|
| 3,580 |
|
Earnings, as adjusted |
| $ | 1,745,069 |
|
| $ | 1,388,293 |
|
| $ | 1,194,983 |
|
| $ | 697,691 |
|
| $ | 419,163 |
|
Combined fixed charges and preferred stock dividends and unit distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| $ | 303,146 |
|
| $ | 301,363 |
|
| $ | 308,885 |
|
| $ | 379,327 |
|
| $ | 505,215 |
|
Capitalized interest |
|
| 64,815 |
|
|
| 60,808 |
|
|
| 61,457 |
|
|
| 67,955 |
|
|
| 53,397 |
|
Portion of rents representative of the interest factor |
|
| 14,475 |
|
|
| 12,923 |
|
|
| 11,868 |
|
|
| 11,003 |
|
|
| 13,496 |
|
Total fixed charges |
|
| 382,436 |
|
|
| 375,094 |
|
|
| 382,210 |
|
|
| 458,285 |
|
|
| 572,108 |
|
Preferred stock dividends and unit distributions |
|
| 6,714 |
|
|
| 6,651 |
|
|
| 7,431 |
|
|
| 18,391 |
|
|
| 41,226 |
|
Combined fixed charges and preferred stock dividends and unit distributions |
| $ | 389,150 |
|
| $ | 381,745 |
|
| $ | 389,641 |
|
| $ | 476,676 |
|
| $ | 613,334 |
|
Ratio of earnings, as adjusted, to combined fixed charges and preferred stock dividends and unit distributions |
|
| 4.5 |
|
|
| 3.6 |
|
|
| 3.1 |
|
|
| 1.5 |
|
| (a) |
|
(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. |