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Exhibit 12.1


PROLOGIS


COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES


|                                               |                      |                               |         |         |         |   |         |         |         |   |         |         |         |      |         |         |         |   |         |         |         | 
|---------------------------------------------- | -------------------- | ----------------------------- | ------- | ------- | ------- | - | ------- | ------- | ------- | - | ------- | ------- | ------- | ---- | ------- | ------- | ------- | - | ------- | ------- | ------- | 
|                                               |                      | Year Ended December 31,       |        
|                                               |                      |                               |        
|                                               |                      | 2005                          |         |         | 2004    |   |         | 2003    |         |   | 2002    |         |         | 2001 |        
|                                               |                      |                               |         |         |         |   |         |         |         |   |         |         |         |      |        
|                                               |                      | (Dollar amounts in thousands) |        
|Earnings from continuing operations            |                      | $                             | 317,842 |         |         | $ | 228,200 |         |         | $ | 243,543 |         |         | $    | 241,268 |         |         | $ | 119,355 |        
|Add:                                           |                      |                               |         |         |         |   |         |         |         |   |         |         |         |      |         |         |         |   |         |        
|                                               | Interest expense     |                               |         | 178,369 |         |   |         | 152,551 |         |   |         | 154,427 |         |      |         | 151,864 |         |   |         | 162,493 |        
|                                               |                      |                               |         |         |         |   |         |         |         |   |         |         |         |      |        
|Earnings as adjusted                           |                      | $                             | 496,211 |         |         | $ | 380,751 |         |         | $ | 397,970 |         |         | $    | 393,132 |         |         | $ | 281,848 |        
|                                               |                      |                               |         |         |         |   |         |         |         |   |         |         |         |      |        
|Fixed charges:                                 |                      |                               |         |         |         |   |         |         |         |   |         |         |         |      |         |         |         |   |         |        
|                                               | Interest expense     |                               | $       | 178,369 |         |   | $       | 152,551 |         |   | $       | 154,427 |         |      | $       | 151,864 |         |   | $       | 162,493 |        
|                                               | Capitalized interest |                               |         | 63,885  |         |   |         | 37,388  |         |   |         | 36,425  |         |      |         | 30,534  |         |   |         | 24,276  |        
|                                               |                      |                               |         |         |         |   |         |         |         |   |         |         |         |      |        
|                                               |                      | Total fixed charges           |         | $       | 242,254 |   |         | $       | 189,939 |   |         | $       | 190,852 |      |         | $       | 182,398 |   |         | $       | 186,769 | 
|                                               |                      |                               |         |         |         |   |         |         |         |   |         |         |         |      |        
|Ratio of earnings as adjusted to fixed charges |                      |                               | 2.0     |         |         |   | 2.0     |         |         |   | 2.1     |         |         |      | 2.2     |         |         |   | 1.5     |        
|                                               |                      |                               |         |         |         |   |         |         |         |   |         |         |         |      |