ProLogis
Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Share Dividends
(Dollar amounts in thousands)
Exhibit 12.2

	Year Ended December 31,
	2004		2003		2002		2001		2000
Earnings from Operations	$	233,542	$	249,190	$	247,592	$	126,822	$	213,158
Add:
Interest Expense		153,334		155,475		152,958		163,629		172,191
Earnings as Adjusted	$	386,876	$	404,665	$	400,550	$	290,451	$	385,349
Combined Fixed Charges and Preferred Share Dividends:
Interest Expense	$	153,334	$	155,475	$	152,958	$	163,629	$	172,191
Capitalized Interest		37,388		36,425		30,534		24,276		18,549
Total Fixed Charges		190,722		191,900		183,492		187,905		190,740
Preferred Share Dividends		25,746		30,485		32,715		37,309		56,763
Combined Fixed Charges and Preferred Share Dividends	$	216,468	$	222,385	$	216,207	$	225,214	$	247,503
Ratio of Earnings, as Adjusted to Combined Fixed Charges and Preferred Share Dividends		1.8		1.8		1.9		1.3		1.6