Exhibit 12.2

PROLOGIS

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED SHARE DIVIDENDS

			Year Ended December 31,
			2005		2004		2003		2002		2001
			(Dollar amounts in thousands)
Earnings from continuing operations			$	317,842	$	228,200	$	243,543	$	241,268	$	119,355
Add:
	Interest expense			178,369		152,551		154,427		151,864		162,493
Earnings as adjusted			$	496,211	$	380,751	$	397,970	$	393,132	$	281,848
Combined fixed charges and preferred share dividends:
	Interest expense		$	178,369	$	152,551	$	154,427	$	151,864	$	162,493
	Capitalized interest			63,885		37,388		36,425		30,534		24,276
		Total fixed charges		242,254		189,939		190,852		182,398		186,769
	Preferred share dividends			25,416		25,746		30,485		32,715		37,309
Combined fixed charges and preferred share dividends			$	267,670	$	215,685	$	221,337	$	215,113	$	224,078
Ratio of earnings as adjusted to combined fixed charges and preferred share dividends				1.9		1.8		1.8		1.8		1.3