EX-12.2 4 d95835a1ex12-2.txt COMPUTATION OF RATIO OF EARNINGS - COMBINED EXHIBIT 12.2 PROLOGIS COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS (DOLLAR AMOUNTS IN THOUSANDS)
SIX MONTHS ENDED JUNE 30, YEAR ENDED DECEMBER 31, ------------------- ---------------------------------------------------- 2001 2000 2000 1999 1998 1997 1996 -------- -------- -------- -------- -------- -------- -------- Net Earnings from Operations $113,990 $112,049 $236,221 $161,570 $102,936 $ 38,832 $ 79,384 Add: Interest expense 82,166 84,842 172,191 170,746 77,650 52,704 38,819 -------- -------- -------- -------- -------- -------- -------- Earnings as adjusted $196,156 $196,891 $408,412 $332,316 $180,586 $ 91,536 $118,203 ======== ======== ======== ======== ======== ======== ======== Combined fixed charges and preferred share dividends: Interest expense $ 82,166 $ 84,842 $172,191 $170,746 $ 77,650 $ 52,704 $ 38,819 Capitalized interest 12,412 8,446 18,549 15,980 19,173 18,365 16,138 -------- -------- -------- -------- -------- -------- -------- Total fixed charges 94,578 93,288 190,740 186,726 96,823 71,069 54,957 Preferred share dividends 20,951 28,555 56,763 56,835 49,098 35,318 25,895 -------- -------- -------- -------- -------- -------- -------- Combined fixed charges and preferred share dividends $115,529 $121,843 $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 1.6 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.