<PAGE>
EXHIBIT 12.2
PROLOGIS
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED SHARE DIVIDENDS
(Dollar amounts in thousands)
<TABLE>
<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
======== ======== ======== ======== ======== ======== ========
Combined Fixed Charges and
Preferred Share Dividends:
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
Preferred Share Dividends... 42,675 42,391 56,835 49,098 35,318 25,895 6,698
-------- -------- -------- -------- -------- -------- --------
Combined Fixed Charges and
Preferred Share Dividends...... $183,989 $179,898 $243,561 $145,921 $106,387 $ 80,852 $ 47,302
======== ======== ======== ======== ======== ======== ========
Ratio of Earnings, as Adjusted
to Combined Fixed Charges and
Preferred Share Dividends ..... 1.7 1.3 1.4 1.2 (a) 1.5 1.7
======== ======== ======== ======== ======== ======== ========
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(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.
