Exhibit 12.2
PROLOGIS, INC. AND PROLOGIS, L.P.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS/UNIT DISTRIBUTIONS
(Dollar amounts in thousands)
| | Nine Months Ended | | | | | | | | | | | | | | | | | | | | | |
| | September 30, | | | Year Ended December 31, | |
| | 2015 | | | 2014 | | | 2013 | | | 2012 | | | 2011 | | | 2010 | |
Consolidated net earnings (loss) from continuing operations | | $ | 798,758 | | | $ | 739,284 | | | $ | 229,529 | | | $ | (106,397 | ) | | $ | (274,944 | ) | | $ | (1,605,355 | ) |
Add (Deduct): | | | | | | | | | | | | | | | | | | | | | | | | |
Fixed charges | | | 275,283 | | | | 382,210 | | | | 458,285 | | | | 572,108 | | | | 529,798 | | | | 518,399 | |
Capitalized interest | | | (46,686 | ) | | | (61,457 | ) | | | (67,955 | ) | | | (53,397 | ) | | | (52,651 | ) | | | (53,661 | ) |
Earnings from unconsolidated entities, net | | | (106,383 | ) | | | (134,288 | ) | | | (97,220 | ) | | | (31,676 | ) | | | (59,935 | ) | | | (23,678 | ) |
Distributed income from equity entities | | | 111,483 | | | | 117,937 | | | | 68,618 | | | | 34,945 | | | | 72,976 | | | | 27,404 | |
Income tax expense (benefit) | | | 21,070 | | | | (25,656 | ) | | | 106,733 | | | | 3,580 | | | | 1,776 | | | | (30,499 | ) |
Earnings (loss), as adjusted | | $ | 1,053,525 | | | $ | 1,018,030 | | | $ | 697,990 | | | $ | 419,163 | | | $ | 217,020 | | | $ | (1,167,390 | ) |
Combined fixed charges and preferred stock dividends/unit distributions: | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | $ | 218,698 | | | $ | 308,885 | | | $ | 379,327 | | | $ | 505,215 | | | $ | 466,571 | | | $ | 461,166 | |
Capitalized interest | | | 46,686 | | | | 61,457 | | | | 67,955 | | | | 53,397 | | | | 52,651 | | | | 53,661 | |
Portion of rents representative of the interest factor | | | 9,899 | | | | 11,868 | | | | 11,003 | | | | 13,496 | | | | 10,576 | | | | 3,572 | |
Total fixed charges | | | 275,283 | | | | 382,210 | | | | 458,285 | | | | 572,108 | | | | 529,798 | | | | 518,399 | |
Preferred stock dividends/unit distributions | | | 5,019 | | | | 7,431 | | | | 18,391 | | | | 41,226 | | | | 34,696 | | | | 25,424 | |
Combined fixed charges and preferred stock dividends/unit distributions | | $ | 280,302 | | | $ | 389,641 | | | $ | 476,676 | | | $ | 613,334 | | | $ | 564,494 | | | $ | 543,823 | |
Ratio of earnings (loss), as adjusted, to combined fixed charges and preferred stock dividends/unit distributions | | | 3.8 | | | | 2.6 | | | | 1.5 | | | (a) | | | (a) | | | (a) | |
(a) | The loss from continuing operations for 2012, 2011 and 2010 includes impairment charges of $269.0 million, $147.7 million and $1.1 billion, 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 and $1.7 billion for the years ended December 31, 2012, 2011 and 2010, respectively. |
