EXHIBIT 12.2
PROLOGIS, INC. AND PROLOGIS, L.P.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK AND UNIT DIVIDENDS
(Dollars in thousands)
| Year Ended December 31, |
| ||||||||||||||||||
|
| 2015 |
|
| 2014 |
|
| 2013 |
|
| 2012 |
|
| 2011 |
| |||||
Consolidated net earnings (loss) from continuing operations |
| $ | 925,515 |
|
| $ | 739,284 |
|
| $ | 229,529 |
|
| $ | (106,397 | ) |
| $ | (274,944 | ) |
Add (Deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
|
| 375,094 |
|
|
| 382,210 |
|
|
| 458,285 |
|
|
| 572,108 |
|
|
| 529,798 |
|
Capitalized interest |
|
| (60,808 | ) |
|
| (61,457 | ) |
|
| (67,955 | ) |
|
| (53,397 | ) |
|
| (52,651 | ) |
Earnings from unconsolidated entities, net |
|
| (159,262 | ) |
|
| (134,288 | ) |
|
| (97,220 | ) |
|
| (31,676 | ) |
|
| (59,935 | ) |
Distributed income from equity entities |
|
| 144,045 |
|
|
| 117,938 |
|
|
| 68,319 |
|
|
| 34,945 |
|
|
| 72,976 |
|
Income tax expense (benefit) |
|
| 23,090 |
|
|
| (25,656 | ) |
|
| 106,733 |
|
|
| 3,580 |
|
|
| 1,776 |
|
Earnings, as adjusted |
| $ | 1,247,674 |
|
| $ | 1,018,031 |
|
| $ | 697,691 |
|
| $ | 419,163 |
|
| $ | 217,020 |
|
Combined fixed charges and preferred stock dividends and unit distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| $ | 301,363 |
|
| $ | 308,885 |
|
| $ | 379,327 |
|
| $ | 505,215 |
|
| $ | 466,571 |
|
Capitalized interest |
|
| 60,808 |
|
|
| 61,457 |
|
|
| 67,955 |
|
|
| 53,397 |
|
|
| 52,651 |
|
Portion of rents representative of the interest factor |
|
| 12,923 |
|
|
| 11,868 |
|
|
| 11,003 |
|
|
| 13,496 |
|
|
| 10,576 |
|
Total fixed charges |
|
| 375,094 |
|
|
| 382,210 |
|
|
| 458,285 |
|
|
| 572,108 |
|
|
| 529,798 |
|
Preferred stock dividends and unit distributions |
|
| 6,651 |
|
|
| 7,431 |
|
|
| 18,391 |
|
|
| 41,226 |
|
|
| 34,696 |
|
Combined fixed charges and preferred stock dividends and unit distributions |
| $ | 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 |
|
| 3.3 |
|
|
| 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. Our combined fixed charges and preferred share dividends exceed our earnings, as adjusted, by $194.2 million and $347.5 million for the years ended December 31, 2012, and 2011, respectively. |