EXHIBIT 12.1

PROLOGIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)

	Six months ended
	June 30,				Year ended December 31,
	2007		2006		2006		2005		2004		2003		2002
Earnings from continuing operations	$	592,643	$	287,476	$	717,690	$	306,203	$	220,470	$	236,701	$	235,157
Add:
Minority interest		896		1,976		3,457		5,243		4,875		4,959		5,508
Income taxes		38,563		46,671		30,528		26,892		43,562		15,374		28,169
Interest expense		179,291		139,516		294,403		177,562		152,551		154,427		151,864
Earnings, as adjusted	$	811,393	$	475,639	$	1,046,078	$	515,900	$	421,458	$	411,461	$	420,698
Fixed charges:
Interest expense	$	179,291	$	139,516	$	294,403	$	177,562	$	152,551	$	154,427	$	151,864
Capitalized interest		53,189		46,706		97,297		63,885		37,388		36,425		30,534
Total fixed charges	$	232,480	$	186,222	$	391,700	$	241,447	$	189,939	$	190,852	$	182,398
Ratio of earnings, as adjusted to fixed charges		3.5		2.6		2.7		2.1		2.2		2.2		2.3