<PAGE>
EXHIBIT 12.1
PROLOGIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar amounts in thousands)
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<CAPTION>
Nine Months Ended
September 30, Year Ended December 31,
------------------- ----------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
-------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Earnings from Operations ... $178,014 $113,268 $161,570 $102,936 $ 38,832 $ 79,384 $ 47,660
Add:
Interest Expense .......... 128,542 126,478 170,746 77,650 52,704 38,819 32,005
-------- -------- -------- -------- -------- -------- --------
Earnings as Adjusted ........... $306,556 $239,746 $332,316 $180,586 $ 91,536 $118,203 $ 79,665
======== ======== ======== ======== ======== ======== ========
Fixed Charges:
Interest Expense .......... $128,542 $126,478 $170,746 $ 77,650 $ 52,704 $ 38,819 $ 32,005
Capitalized Interest ...... 12,772 11,029 15,980 19,173 18,365 16,138 8,599
-------- -------- -------- -------- -------- -------- --------
Total Fixed Charges ... $141,314 $137,507 $186,726 $ 96,823 $ 71,069 $ 54,957 $ 40,604
======== ======== ======== ======== ======== ======== ========
Ratio of Earnings, as Adjusted
to Fixed Charges........... 2.2 1.7 1.8 1.9 1.3 2.2 2.0
======== ======== ======== ======== ======== ======== ========
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