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,
	2007		2006		2006		2005		2004		2003		2002
Earnings from continuing operations	$	891,579	$	408,948	$	717,690	$	306,203	$	220,470	$	236,701	$	235,157
Add:
Minority interest		2,751		2,541		3,457		5,243		4,875		4,959		5,508
Income taxes		64,659		59,133		30,528		26,892		43,562		15,374		28,169
Interest expense		287,255		216,933		294,403		177,562		152,551		154,427		151,864
Earnings, as adjusted	$	1,246,244	$	687,555	$	1,046,078	$	515,900	$	421,458	$	411,461	$	420,698
Combined fixed charges and preferred share dividends:
Interest expense	$	287,255	$	216,933	$	294,403	$	177,562	$	152,551	$	154,427	$	151,864
Capitalized interest		83,897		69,801		97,297		63,885		37,388		36,425		30,534
Total fixed charges		371,152		286,734		391,700		241,447		189,939		190,852		182,398
Preferred share dividends		19,065		19,062		25,416		25,416		25,746		30,485		32,715
Combined fixed charges and preferred share dividends	$	390,217	$	305,796	$	417,116	$	266,863	$	215,685	$	221,337	$	215,113
Ratio of earnings, as adjusted to combined fixed charges and preferred share dividends		3.2		2.2		2.5		1.9		2.0		1.9		2.0