EX-12.2 4 d99184exv12w2.txt COMPUTATION OF RATIO OF EARNINGS TO 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, ------------------------- ---------------------------------------------------------------- 2002 2001 2001 2000 1999 1998 1997 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Net Earnings from Operations $ 146,206 $ 113,990 $ 126,582 $ 236,221 $ 161,570 $ 102,936 $ 38,832 Add: Interest Expense 81,031 82,166 163,269 172,191 170,746 77,650 52,704 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Earnings as Adjusted $ 227,237 $ 196,156 $ 289,851 $ 408,412 $ 332,316 $ 180,586 $ 91,536 =========== =========== =========== =========== =========== =========== =========== Combined Fixed Charges and Preferred Share Dividends: Interest Expense $ 81,031 $ 82,166 $ 163,269 $ 172,191 $ 170,746 $ 77,650 $ 52,704 Capitalized Interest 10,386 12,412 24,276 18,549 15,980 19,173 18,365 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Total Fixed Charges 91,417 94,578 187,545 190,740 186,726 96,823 71,069 Preferred Share Dividends 16,358 20,951 37,309 56,763 56,835 49,098 35,318 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Combined Fixed Charges and Preferred Share Dividends $ 107,775 $ 115,529 $ 224,854 $ 247,503 $ 243,561 $ 145,921 $ 106,387 =========== =========== =========== =========== =========== =========== =========== Ratio of Earnings, as Adjusted to Combined Fixed Charges and Preferred Share Dividends 2.1 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.