EX-12.2 4 d43827exv12w2.htm STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES 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,  
    2006     2005     2004     2003     2002  
Earnings from continuing operations
   $ 717,690     $ 306,203     $ 220,470     $ 236,701     $ 235,157  
Add:
                                        
Minority Interest
     3,457       5,243       4,875       4,959       5,508  
Income Taxes
     30,528       26,892       43,562       15,374       28,169  
Interest expense
     294,403       177,562       152,551       154,427       151,864  
 
                              
Earnings as adjusted
   $ 1,046,078     $ 515,900     $ 421,458     $ 411,461     $ 420,698  
 
                              
Combined fixed charges and preferred share dividends:
                                        
Interest expense
   $ 294,403     $ 177,562     $ 152,551     $ 154,427     $ 151,864  
Capitalized interest
     97,297       63,885       37,388       36,425       30,534  
 
                              
Total fixed charges
     391,700       241,447       189,939       190,852       182,398  
Preferred share dividends
     25,416       25,416       25,746       30,485       32,715  
 
                              
Combined fixed charges and preferred share dividends
   $ 417,116     $ 266,863     $ 215,685     $ 221,337     $ 215,113  
 
                              
Ratio of earnings as adjusted to combined fixed charges and preferred share dividends
     2.5       1.9       2.0       1.9       2.0