EX-12.2 4 d77468exv12w2.htm EX-12.2 exv12w2
EXHIBIT 12.2
PROLOGIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED SHARE DIVIDENDS
(Dollar amounts in thousands)
                                                 
    Nine        
    Months        
    Ended        
    September 30,     Year Ended December 31,  
    2010 (1)     2009 (2)     2008 (2)     2007     2006     2005  
 
Earnings (loss) from continuing operations
   $ (127,135 )   $ (265,013 )   $ (282,280 )   $ 928,708     $ 678,879     $ 272,478  
Add (Deduct):
                                                
Income taxes
     (24,592 )     5,975       68,011       66,855       29,786       26,672  
Interest expense
     349,132       373,305       385,065       389,844       295,629       176,698  
 
                                    
Earnings, as adjusted
   $ 197,405     $ 114,267     $ 170,796     $ 1,385,407     $ 1,004,294     $ 475,848  
 
                                    
Combined fixed charges and preferred share dividends:
                                                
Interest expense
   $ 349,132     $ 373,305     $ 385,065     $ 389,844     $ 295,629     $ 176,698  
Capitalized interest
     41,832       94,205       168,782       123,880       95,635       63,020  
 
                                    
Total fixed charges
     390,964       467,510       553,847       513,724       391,264       239,718  
Preferred share dividends
     19,107       25,423       25,423       25,423       25,416       25,416  
 
                                    
Combined fixed charges and preferred share dividends
   $ 410,071     $ 492,933     $ 579,270     $ 539,147     $ 416,680     $ 265,134  
 
                                    
Ratio of earnings, as adjusted, to combined fixed charges and preferred share dividends
     0.5       0.2       0.3       2.6       2.4       1.8  
 
 
(1)   Our fixed charges exceed our earnings, as adjusted, by $212.7 million.
 
(2)   The loss from continuing operations for 2009 and 2008 includes impairment charges of $495.2 million and $901.8 million, respectively, that are discussed in our Annual Report on Form 10-K. Due to these impairment charges, our combined fixed charges and preferred share dividends exceed our earnings, as adjusted, by $378.7 million and $408.5 million for 2009 and 2008, respectively.