Prologis 10-Q 2013 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,
	2013			2012			2011			2010			2009			2008
Earnings (loss) from continuing operations	$	223,429		$	(93,202	)	$	(267,190	)	$	(1,601,487	)	$	(368,265	)	$	(379,095	)
Add (Deduct):
Fixed charges		351,005			574,377			531,299			518,399			471,130			556,046
Capitalized interest		(50,105	)		(53,397	)		(52,651	)		(53,661	)		(94,205	)		(168,782	)
Loss (earnings) from unconsolidated entities, net		(59,554	)		(31,676	)		(59,935	)		(23,678	)		(28,059	)		55,774
Distributed income from equity entities		55,621			34,945			72,976			27,404			63,885			50,042
Income tax expense (benefit)		84,534			3,580			1,776			(30,499	)		5,975			68,011
Earnings (loss), as adjusted	$	604,930		$	434,627		$	226,275		$	(1,163,522	)	$	50,461		$	181,996
Combined fixed charges and preferred stock/unit dividends:
Interest expense	$	292,383		$	507,484		$	468,072		$	461,166		$	372,768		$	383,781
Capitalized interest		50,105			53,397			52,651			53,661			94,205			168,782
Portion of rents representative of the interest factor		8,517			13,496			10,576			3,572			4,157			3,483
Total fixed charges		351,005			574,377			531,299			518,399			471,130			556,046
Preferred stock/unit dividends		16,256			41,226			34,696			25,424			25,423			25,423
Combined fixed charges and preferred stock/unit dividends	$	367,261		$	615,603		$	565,995		$	543,823		$	496,553		$	581,469
Ratio of earnings (loss), as adjusted, to combined fixed charges and preferred stock/unit dividends		1.6			(a	)		(a	)		(a	)		(a	)		(a	)

(a) The loss from continuing operations for 2012, 2011, 2010, 2009 and 2008 includes impairment charges of $269.0 million, $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 stock/unit dividends exceed our earnings (loss), as adjusted, by $181.0 million, $339.7 million, $1.7 billion, $446.1 million and $399.5 million for the years ended December 31, 2012, 2011, 2010, 2009 and 2008, respectively.