EXHIBIT 12.2

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

	Nine Months Ended
	September 30,				Year Ended December 31,
	2004		2003		2003		2002		2001		2000		1999
Earnings from operations	$	198,986	$	128,516	$	205,241	$	277,941	$	133,043	$	241,807	$	166,627
Add:
Interest Expense		115,601		115,856		155,475		152,958		163,629		172,191		170,746
Earnings, as Adjusted	$	314,587	$	244,372	$	360,716	$	430,899	$	296,672	$	413,998	$	337,373
Combined Fixed Charges and Preferred Share Dividends:
Interest Expense	$	115,601	$	115,856	$	155,475	$	152,958	$	163,629	$	172,191	$	170,746
Capitalized Interest		26,671		28,821		36,425		30,534		24,276		18,549		15,980
Total Fixed Charges		142,272		144,677		191,900		183,492		187,905		190,740		186,726
Preferred Share Dividends		19,392		23,450		30,485		32,715		37,309		56,763		56,835
Combined Fixed Charges and Preferred Share Dividends	$	161,664	$	168,127	$	222,385	$	216,207	$	225,214	$	247,503	$	243,561
Ratio of Earnings, as Adjusted to Combined Fixed Charges and Preferred Share Dividends		2.0		1.5		1.6		2.0		1.3		1.7		1.4