Stock Symbol: PLD

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Business Description
ProLogis is a real estate investment trust (REIT) that operates a global network of industrial distribution properties. The Company's business is organized into two operating segments, property operations and the corporate distribution facilities services (CDFS) business. The property operations segment represents the long-term ownership, management and leasing of industrial distribution properties. ProLogis' property operations segment, as of December 31, 2003, consisted of 1,737 operating properties, aggregating 230.4 million square feet. The Company develops distribution properties in its other operating segment, the CDFS business segment, with the intent to contribute the property to a property fund or to sell the property to a third party. As of December 31, 2003, ProLogis had 27 distribution properties, aggregating 9.8 million square feet under development.

Financial Information
For the six months ended 6/30/04, revenues fell less than 1% to $300.9 million. Net income applicable to Common and from continuing operations rose 27% to $109.4 million. Revenues reflect the negative impact on occupancy levels caused by weakening economic conditions. Net income reflects higher gains on the disposition of CDFS business assets.