EX-12.2 3 d84976ex12-2.txt STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS 1 EXHIBIT 12.2 PROLOGIS COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS (DOLLAR AMOUNTS IN THOUSANDS)
YEAR ENDED DECEMBER 31, -------------------------------------------------------------- 2000 1999 1998 1997 1996 ---------- ---------- ---------- ---------- ---------- Net Earnings from Operations $ 236,221 $ 161,570 $ 102,936 $ 38,832 $ 79,384 Add: Interest Expense 172,191 170,746 77,650 52,704 38,819 ---------- ---------- ---------- ---------- ---------- Earnings as Adjusted $ 408,412 $ 332,316 $ 180,586 $ 91,536 $ 118,203 ========== ========== ========== ========== ========== Combined Fixed Charges and Preferred Share Dividends: Interest Expense $ 172,191 $ 170,746 $ 77,650 $ 52,704 $ 38,819 Capitalized Interest 18,549 15,980 19,173 18,365 16,138 ---------- ---------- ---------- ---------- ---------- Total Fixed Charges 190,740 186,726 96,823 71,069 54,957 Preferred Share Dividends 56,763 56,835 49,098 35,318 25,895 ---------- ---------- ---------- ---------- ---------- Combined Fixed Charges and Preferred Share Dividends $ 247,503 $ 243,561 $ 145,921 $ 106,387 $ 80,852 ========== ========== ========== ========== ========== Ratio of Earnings, as Adjusted to Combined Fixed Charges and Preferred Share Dividends 1.7 1.4 1.2 (a) 1.5 ========== ========== ========== ========== ==========
(a) Due to a one-time, non-recurring, non-cash charge of $75.4 million relating to the costs incurred in acquiring the management companies from a related party earnings were insufficient to cover combined fixed charges and preferred share dividends for the year ended December 31, 1997 by $14.9 million.