EXHIBIT 12.2

PROLOGIS
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DIVIDENDS
(Dollars in thousands)

	Year Ended December 31,
	2009 (1)			2008(1)(2)			2007 (2)		2006		2005
Earnings (loss) from continuing operations	$	(265,013	)	$	(282,280	)	$	928,708	$	678,879	$	272,478
Add:
Income taxes		5,975			68,011			66,855		29,786		26,672
Interest expense		373,305			385,065			389,844		295,629		176,698
Earnings as adjusted	$	114,267		$	170,796		$	1,385,407	$	1,004,294	$	475,848
Combined fixed charges and preferred share dividends:
Interest expense	$	373,305		$	385,065		$	389,844	$	295,629	$	176,698
Capitalized interest		94,205			168,782			123,880		95,635		63,020
Total fixed charges	$	467,510		$	553,847			513,724		391,264		239,718
Preferred share dividends		25,423			25,423			25,423		25,416		25,416
Combined fixed charges and preferred share dividends	$	492,933		$	579,270		$	539,147	$	416,680	$	265,134
Ratio of earnings as adjusted to combined fixed
charges and preferred share dividends		0.2			0.3			2.6		2.4		1.8

(1)	The loss from continuing operations for 2009 and 2008 includes impairment charges of $495.2 million and $901.8 million, respectively, 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 $378.7 million and $408.5 million for 2009 and 2008, respectively.
(2)	These periods have been restated to reflect the retroactive adoption of the new accounting standard for convertible debt, for interest expense related to our convertible debt