EXHIBIT 12.2
 PROLOGIS, Inc.
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DIVIDENDS
(Dollar amounts in thousands)
 Six MonthsEndedJune 30,
    
    
    Year Ended December 31,2011
    
    
    2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006Earnings (loss) from continuing operations
    
    $
    (202,996
    )
    
    $
    (1,581,944
    )
    
    $
    (345,911
    )
    
    $
    (359,356
    )
    
    $
    852,641
    
    
    $
    608,663Add (Deduct):Fixed charges
    
    
    232,377
    
    
    
    518,399
    
    
    
    471,667
    
    
    
    557,330
    
    
    
    515,472
    
    
    
    391,762Capitalized interest
    
    
    (23,807
    )
    
    
    (53,661
    )
    
    
    (94,205
    )
    
    
    (168,782
    )
    
    
    (123,880
    )
    
    
    (95,635
    )Earnings from unconsolidated investees, net
    
    
    (25,040
    )
    
    
    (23,678
    )
    
    
    (28,059
    )
    
    
    55,774
    
    
    
    (94,453
    )
    
    
    (93,055
    )Distributed income from equity investees
    
    
    24,850
    
    
    
    27,404
    
    
    
    63,885
    
    
    
    50,042
    
    
    
    98,134
    
    
    
    86,372Income taxes
    
    
    12,798
    
    
    
    (30,499
    )
    
    
    5,975
    
    
    
    68,011
    
    
    
    66,855
    
    
    
    29,786Earnings (loss), as adjusted
    
    $
    18,182
    
    
    $
    (1,143,979
    )
    
    $
    73,352
    
    
    $
    203,019
    
    
    $
    1,314,769
    
    
    $
    927,893Combined fixed charges and preferred share
dividends:Interest expense
    
    $
    203,621
    
    
    $
    461,166
    
    
    $
    373,305
    
    
    $
    385,065
    
    
    $
    388,746
    
    
    $
    294,063Capitalized interest
    
    
    23,807
    
    
    
    53,661
    
    
    
    94,205
    
    
    
    168,782
    
    
    
    123,880
    
    
    
    95,635Portion of rents representative of the interest
factor
    
    
    4,949
    
    
    
    3,572
    
    
    
    4,157
    
    
    
    3,483
    
    
    
    2,846
    
    
    
    2,064Total fixed charges
    
    
    232,377
    
    
    
    518,399
    
    
    
    471,667
    
    
    
    557,330
    
    
    
    515,472
    
    
    
    391,762Preferred share dividends
    
    
    14,011
    
    
    
    25,424
    
    
    
    25,423
    
    
    
    25,423
    
    
    
    25,423
    
    
    
    25,416Combined fixed charges and preferred share
dividends
    
    $
    246,388
    
    
    $
    543,823
    
    
    $
    497,090
    
    
    $
    582,753
    
    
    $
    540,895
    
    
    $
    417,178Ratio of earnings (loss), as adjusted, to combined
fixed charges and preferred share dividends
    
    
    (a
    )
    
    
    (a
    )
    
    
    (a
    )
    
    
    (a
    )
    
    
    2.4
    
    
    
    2.2
 (a)
    
    Our combined fixed charges and preferred share dividends exceeded our earnings, as adjusted, by $228.2 million for the six months ended June 30, 2011. The loss from continuing operations for 2010, 2009 and 2008
includes impairment charges of $1.7 billion, $423.7 million, and $379.7 million, respectively, that are discussed in our Annual Report on Form 10-K. Due to these impairment charges, our combined fixed charges and
preferred share dividends exceed our earnings, as adjusted, by $1.7 billion,
$423.7 million and $379.7 million for 2010, 2009 and 2008, respectively.