EXHIBIT 12.2

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

	Three months ended
	March 31,				Year ended December 31,
	2008		2007		2007		2006		2005		2004		2003
Earnings from continuing operations	$	195,922	$	227,033	$	987,139	$	712,813	$	300,062	$	215,621	$	231,765
Add:
Minority interest		1,106		173		6,003		3,457		5,243		4,875		4,959
Income taxes		27,332		21,421		68,899		30,528		26,892		43,562		15,374
Interest expense		85,124		88,651		368,065		294,403		177,562		152,551		154,427
Earnings, as adjusted	$	309,484	$	337,278	$	1,430,106	$	1,041,201	$	509,759	$	416,609	$	406,525
Combined fixed charges and preferred share dividends:
Interest expense	$	85,124	$	88,651	$	368,065	$	294,403	$	177,562	$	152,551	$	154,427
Capitalized interest		41,339		25,705		125,382		97,297		63,885		37,388		36,425
Total fixed charges		126,463		114,356		493,447		391,700		241,447		189,939		190,852
Preferred share dividends		6,354		6,354		25,423		25,416		25,416		25,746		30,485
Combined fixed charges and preferred share dividends	$	132,817	$	120,710	$	518,870	$	417,116	$	266,863	$	215,685	$	221,337
Ratio of earnings, as adjusted to combined fixed charges and preferred share dividends		2.3		2.8		2.8		2.5		1.9		1.9		1.8