EXHIBIT 12.2
PROLOGIS
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DIVIDENDS
(Dollar amounts in thousands)
<TABLE>
<CAPTION>
Six Months Ended
June 30, Year Ended December 31,
----------------------- --------------------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
---------- ----------- ----------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Earnings from Operations $ 112,049 $ 55,733 $ 161,570 $ 102,936 $ 38,832 $ 79,384 $ 47,660
Add:
Interest Expense 84,842 76,269 170,746 77,650 52,704 38,819 32,005
---------- ----------- ----------- ---------- ---------- ----------- ----------
Earnings as Adjusted $ 196,891 $ 132,002 $ 332,316 $ 180,586 $ 91,536 $ 118,203 $ 79,665
========== =========== =========== ========== ========== =========== ==========
Combined Fixed Charges and
Preferred Share Dividends:
Interest Expense $ 84,842 $ 76,269 $ 170,746 $ 77,650 $ 52,704 $ 38,819 $ 32,005
Capitalized Interest 8,446 7,711 15,980 19,173 18,365 16,138 8,599
---------- ----------- ----------- ---------- ---------- ----------- ----------
Total Fixed Charges 93,288 83,980 186,726 96,823 71,069 54,957 40,604
Preferred Share Dividends 28,555 27,938 56,835 49,098 35,318 25,895 6,698
---------- ----------- ----------- ---------- ---------- ----------- ----------
Combined Fixed Charges and
Preferred Share Dividends $ 121,843 $ 111,918 $ 243,561 $ 145,921 $ 106,387 $ 80,852 $ 47,302
========== =========== =========== ========== ========== =========== ==========
Ratio of Earnings, as Adjusted
to Combined Fixed Charges
and Preferred Share
Dividends 1.6 1.2 1.4 1.2 (a) 1.5 1.7
========== =========== =========== ========== ========== =========== ==========
<FN>
(a) Due to a one-time, non-recurring, non-cash charge of $75.4 million relating
to the costs incurred in acquiring the management companies from a related
party earnings were insufficient to cover combined fixed charges and
preferred share dividends for the year ended December 31, 1997 by $14.9
million.
</FN>
</TABLE>
