EX-12.2 3 pld-ex122_201506309.htm EX-12.2 pld-ex122_201506309.htm

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)

 

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

Year Ended December 31,

 

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

 

2011

 

 

2010

 

Consolidated net earnings (loss) from continuing operations

 

$

491,572

 

 

$

739,284

 

 

$

229,529

 

 

$

(106,397

)

 

$

(274,944

)

 

$

(1,605,355

)

Add (Deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

177,137

 

 

 

382,210

 

 

 

458,285

 

 

 

572,108

 

 

 

529,798

 

 

 

518,399

 

Capitalized interest

 

 

(32,772

)

 

 

(61,457

)

 

 

(67,955

)

 

 

(53,397

)

 

 

(52,651

)

 

 

(53,661

)

Earnings from unconsolidated entities, net

 

 

(72,826

)

 

 

(134,288

)

 

 

(97,220

)

 

 

(31,676

)

 

 

(59,935

)

 

 

(23,678

)

Distributed income from equity entities

 

 

64,083

 

 

 

117,937

 

 

 

68,618

 

 

 

34,945

 

 

 

72,976

 

 

 

27,404

 

Income tax expense (benefit)

 

 

6,742

 

 

 

(25,656

)

 

 

106,733

 

 

 

3,580

 

 

 

1,776

 

 

 

(30,499

)

Earnings (loss), as adjusted

 

$

633,936

 

 

$

1,018,030

 

 

$

697,990

 

 

$

419,163

 

 

$

217,020

 

 

$

(1,167,390

)

Combined fixed charges and preferred stock/unit

   dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

137,663

 

 

$

308,885

 

 

$

379,327

 

 

$

505,215

 

 

$

466,571

 

 

$

461,166

 

Capitalized interest

 

 

32,772

 

 

 

61,457

 

 

 

67,955

 

 

 

53,397

 

 

 

52,651

 

 

 

53,661

 

Portion of rents representative of the interest factor

 

 

6,702

 

 

 

11,868

 

 

 

11,003

 

 

 

13,496

 

 

 

10,576

 

 

 

3,572

 

Total fixed charges

 

 

177,137

 

 

 

382,210

 

 

 

458,285

 

 

 

572,108

 

 

 

529,798

 

 

 

518,399

 

Preferred stock/unit dividends

 

 

3,348

 

 

 

7,431

 

 

 

18,391

 

 

 

41,226

 

 

 

34,696

 

 

 

25,424

 

Combined fixed charges and preferred stock

   dividends/unit distributions

 

$

180,485

 

 

$

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

 

 

3.5

 

 

 

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.