EX-12.2 4 d01229exv12w2.txt EX-12.2 RATIO OF EARNINGS TO COMBINED CHARGES EXHIBIT 12.2 PROLOGIS 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, ------------------------- ---------------------------------------------------------------- 2002 2001 2001 2000 1999 1998 1997 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Earnings before gains (losses) on disposition of real estate and foreign currency exchange gains (losses) $ 181,719 $ 173,824 $ 126,582 $ 236,221 $ 161,570 $ 102,936 $ 38,832 Add: Interest Expense 116,790 123,377 163,269 172,191 170,746 77,650 52,704 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Earnings as Adjusted $ 298,509 $ 297,201 $ 289,851 $ 408,412 $ 332,316 $ 180,586 $ 91,536 =========== =========== =========== =========== =========== =========== =========== Combined Fixed Charges and Preferred Share Dividends: Interest Expense $ 116,790 $ 123,377 $ 163,269 $ 172,191 $ 170,746 $ 77,650 $ 52,704 Capitalized Interest 20,889 18,430 24,276 18,549 15,980 19,173 18,365 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total Fixed Charges 137,679 141,807 187,545 190,740 186,726 96,823 71,069 Preferred Share Dividends 24,537 29,130 37,309 56,763 56,835 49,098 35,318 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Combined Fixed Charges and Preferred Share Dividends $ 162,216 $ 170,937 $ 224,854 $ 247,503 $ 243,561 $ 145,921 $ 106,387 =========== =========== =========== =========== =========== =========== =========== Ratio of Earnings, as Adjusted to Combined Fixed Charges and Preferred Share Dividends 1.8 1.7 1.3 1.7 1.4 1.2 (a) =========== ========== =========== =========== =========== ========== ===========
(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.