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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| Three Months Ended |
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| March 31, |
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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 |
| $ | 391,959 |
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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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| 62,212 |
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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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| (11,119 | ) |
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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 | ) |
Earnings from unconsolidated entities, net |
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| (62,656 | ) |
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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 | ) |
Distributed income from equity entities |
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| 85,229 |
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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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| 16,552 |
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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 |
| $ | 482,177 |
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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 |
| $ | 47,245 |
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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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| 11,119 |
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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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| 3,848 |
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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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| 62,212 |
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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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| 1,476 |
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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 |
| $ | 63,688 |
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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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| 7.6 |
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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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