EX-12.2 16 d66096exv12w2.htm EX-12.2 exv12w2
EXHIBIT 12.2
PROLOGIS
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DIVIDENDS
(Dollars in thousands)
                                         
    Year Ended December 31,  
    2008     2007     2006     2005     2004  
Earnings (loss) from continuing operations
   $ (195,408 )   $ 987,744     $ 714,151     $ 300,988     $ 215,815  
Add:
                                        
Minority interest
     3,837       4,814       3,451       5,243       4,875  
Income taxes
     68,011       68,855       29,786       26,672       43,562  
Interest expense
     341,305       368,512       295,629       176,698       152,537  
 
                              
Earnings as adjusted
   $ 217,745     $ 1,429,925     $ 1,043,017     $ 509,601     $ 416,789  
 
                              
Combined fixed charges and preferred share dividends:
                                        
Interest expense
   $ 341,305     $ 368,512     $ 295,629     $ 176,698     $ 152,537  
Capitalized interest
     148,685       121,656       95,635       63,020       37,374  
 
                              
Total fixed charges
   $ 489,990       490,168       391,264       239,718       189,911  
Preferred share dividends
     25,423       25,423       25,416       25,416       25,746  
 
                              
Combined fixed charges and preferred share dividends
   $ 515,413     $ 515,591     $ 416,680     $ 265,134     $ 215,657  
 
                              
Ratio of earnings as adjusted to combined fixed charges and preferred share dividends
     0.4       2.8       2.5       1.9       1.9  
 
                              
 
(1)   The loss from continuing operations for 2008 includes impairment charges of $901.8 million that are discussed in our Consolidated Financial Statements in Item 8. Due to these impairment charges, our combined fixed charges and preferred share dividends exceed our earnings as adjusted by $297.7 million.