EX-12.2 4 d95837a1ex12-2.txt COMPUTATION OF RATIO OF EARNINGS - COMBINED EXHIBIT 12.2 PROLOGIS TRUST COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS (DOLLAR AMOUNTS IN THOUSANDS)
NINE MONTHS ENDED SEPTEMBER 30, YEAR ENDED DECEMBER 31, ------------------ ------------------------------------------------ 2001 2000 2000 1999 1998 1997 1996 -------- -------- -------- -------- -------- -------- -------- Net Earnings from Operations $173,824 $178,015 $236,221 $161,570 $102,936 $ 38,832 $ 79,384 Add: Interest expense 123,377 128,542 172,191 170,746 77,650 52,704 38,819 -------- -------- -------- -------- -------- -------- -------- Earnings as adjusted $297,201 $306,557 $408,412 $332,316 $180,586 $ 91,536 $118,203 ======== ======== ======== ======== ======== ======== ======== Combined fixed charges and preferred share dividends: Interest expense $123,377 $128,542 $172,191 $170,746 $ 77,650 $ 52,704 $ 38,819 Capitalized interest 18,430 12,772 18,549 15,980 19,173 18,365 16,138 -------- -------- -------- -------- -------- -------- -------- Total fixed charges 141,807 141,314 190,740 186,726 96,823 71,069 54,957 Preferred share dividends 29,130 42,675 56,763 56,835 49,098 35,318 25,895 -------- -------- -------- -------- -------- -------- -------- Combined fixed charges and preferred share dividends $170,937 $183,989 $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 1.7 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.