EX-12.2 4 pld-ex122_6.htm EX-12.2 pld-ex122_6.htm

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)

 

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

Year Ended December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

Consolidated net earnings

 

$

1,132,470

 

 

$

1,760,959

 

 

$

1,292,540

 

 

$

925,515

 

 

$

739,284

 

 

$

229,529

 

Add (Deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

215,347

 

 

 

344,205

 

 

 

382,436

 

 

 

375,094

 

 

 

382,210

 

 

 

458,285

 

Capitalized interest

 

 

(36,820

)

 

 

(54,493

)

 

 

(64,815

)

 

 

(60,808

)

 

 

(61,457

)

 

 

(67,955

)

Earnings from unconsolidated

   entities, net

 

 

(181,839

)

 

 

(248,567

)

 

 

(206,307

)

 

 

(159,262

)

 

 

(134,288

)

 

 

(97,220

)

Distributed income from equity entities

 

 

250,763

 

 

 

307,220

 

 

 

286,651

 

 

 

284,664

 

 

 

294,890

 

 

 

68,319

 

Income tax expense (benefit)

 

 

44,612

 

 

 

54,609

 

 

 

54,564

 

 

 

23,090

 

 

 

(25,656

)

 

 

106,733

 

Earnings, as adjusted

 

$

1,424,533

 

 

$

2,163,933

 

 

$

1,745,069

 

 

$

1,388,293

 

 

$

1,194,983

 

 

$

697,691

 

Combined fixed charges and preferred stock

     dividends and unit distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

166,761

 

 

$

274,486

 

 

$

303,146

 

 

$

301,363

 

 

$

308,885

 

 

$

379,327

 

Capitalized interest

 

 

36,820

 

 

 

54,493

 

 

 

64,815

 

 

 

60,808

 

 

 

61,457

 

 

 

67,955

 

Portion of rents representative of the

   interest factor

 

 

11,766

 

 

 

15,226

 

 

 

14,475

 

 

 

12,923

 

 

 

11,868

 

 

 

11,003

 

Total fixed charges

 

 

215,347

 

 

 

344,205

 

 

 

382,436

 

 

 

375,094

 

 

 

382,210

 

 

 

458,285

 

Preferred stock dividends and unit

   distributions

 

 

4,443

 

 

 

6,499

 

 

 

6,714

 

 

 

6,651

 

 

 

7,431

 

 

 

18,391

 

Combined fixed charges and preferred

   stock dividends and unit distributions

 

$

219,790

 

 

$

350,704

 

 

$

389,150

 

 

$

381,745

 

 

$

389,641

 

 

$

476,676

 

Ratio of earnings, as adjusted, to combined

   fixed charges and preferred stock

        dividends and unit distributions

 

 

6.5

 

 

 

6.2

 

 

 

4.5

 

 

 

3.6

 

 

 

3.1

 

 

 

1.5