EXHIBIT 12.2

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

	Year Ended December 31,
	2010 (1)			2009 (1)			2008 (1)			2007		2006
Earnings (loss) from continuing operations	$	(1,581,944	)	$	(345,911	)	$	(359,356	)	$	852,641	$	608,663
Add (Deduct):
Income taxes		(30,499	)		5,975			68,011			66,855		29,786
Interest expense		461,166			373,305			385,065			388,746		294,063
Earnings, as adjusted	$	(1,151,277	)	$	33,369		$	93,720		$	1,308,242	$	932,512
Combined fixed charges and preferred share dividends:
Interest expense	$	461,166		$	373,305		$	385,065		$	388,746	$	294,063
Capitalized interest		53,661			94,205			168,782			123,880		95,635
Total fixed charges		514,827			467,510			553,847			512,626		389,698
Preferred share dividends		25,424			25,423			25,423			25,423		25,416
Combined fixed charges and preferred share dividends	$	540,251		$	492,933		$	579,270		$	538,049	$	415,114
Ratio of earnings, as adjusted, to combined fixed charges and preferred share dividends		(2.1	)		0.1			0.2			2.4		2.2

(1) The loss from continuing operations for 2010, 2009 and 2008 includes impairment charges of $1.1 billion, $495.2 million and $703.5 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 $459.6 million and $485.6 million for 2010, 2009 and 2008, respectively.