EXHIBIT 12.1
PROLOGIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(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
========= ========== ========== ========== ========== =========== ===========
Fixed Charges:
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
========= ========== ========== ========== ========== =========== ===========
Ratio of Earnings, as Adjusted
to Fixed Charges 2.1 1.6 1.8 1.9 1.3 2.2 2.0
========= ========== ========== ========== ========== =========== ===========
</TABLE>
