ProLogis Updates Additional De-Leveraging Initiatives

Company Repurchases and Retires Debt at a Discount; Provides Update on
Additional Capital Markets Activity and Asset Dispositions

DENVER, April 7 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), a leading
global provider of distribution facilities, announced today additional
progress on its various de-leveraging initiatives.

Closes Eurobond Tender
PLD International Finance LLC, a wholly owned, indirect subsidiary of
ProLogis, has accepted for purchase approximately EUR42.65 million (US$57.6
million) principal amount of its EUR350 million, 4.375 percent Notes due April
2011 for approximately EUR32.0 million (US$43.2 million including accrued
interest).

The consideration to be paid for each EUR50,000 principal amount of Notes
accepted for payment will be EUR37,500. In addition, each tendering holder of
Notes accepted for payment will be paid accrued and unpaid interest on such
Notes from the last interest payment date up to, but not including, the
payment date for the tender offer.

Additional Capital Markets Activity
Additionally, the company announced it has repurchased a total of
approximately $162.8 million original principal amount of its convertible
notes, including $21.7 million of 2.25% convertible senior notes due 2037 for
approximately $12.0 million, including accrued interest and $141.1 million of
its 1.875% convertible senior notes due 2037 for $72.3 million, including
accrued interest.

"Between our Eurobond tender launched last week and the repurchase of
convertible debt at discounts to the principal amount, we have repurchased
more than $220 million of senior notes and reduced our on-balance sheet debt
by more than $94 million in recent weeks," said Walter C. Rakowich, ProLogis'
chief executive officer.

William E. Sullivan, chief financial officer, said, "In addition, we are
currently negotiating term sheets with various lenders for approximately $344
million in new secured borrowings in the United States and have fixed the
interest rate on the full amount. We also are targeting new secured debt
financings in Japan and are in active discussions with our bank group to
restructure our global line of credit."

Contribution and Disposition Activities
During the first quarter of 2009, ProLogis completed $131 million of
contributions to ProLogis European Properties Fund (PEPFII) that closed in
March. In addition, the company is currently marketing approximately $700
million of operating and development properties for sale, approximately 85% of
which are currently under contract or non-binding letters of intent. The
company also has other assets in its operating and development portfolios that
are currently under contract for sale or scheduled for contribution to
property funds in 2009, subject to certain conditions, for an expected
aggregate sales price of approximately $950 million, including the recently
completed contribution to PEPFII, as follows:

-- 12.5 billion yen ($138 million as of March 31, 2009) in proceeds from
the sale of ProLogis Park Misato II to affiliates of GIC Real Estate
scheduled to close in April;
-- $606 million of additional contributions to PEPFII anticipated to
close
in 2009 as properties meet stabilization criteria. Approximately $538
million of the properties are greater than 93% leased, meeting the
company's primary criterion for contribution; and

-- $75 million of contributions to Mexico Industrial Fund anticipated to
close in 2009 as properties meet stabilization criteria (approximately
$43 million of the properties are currently greater than 93% leased,
meeting the company's primary criterion for contribution).

In November 2008, ProLogis announced a series of immediate, definitive actions
and outlined a strategic plan to reduce debt, de-risk its development pipeline
and right-size the company. The plan includes re-financing and/or
renegotiating debt maturities on ProLogis' balance sheet and in its property
funds, halting new development starts, shrinking the development pipeline,
de-levering the balance sheet, and retaining capital through reductions in G&A
and the common dividend.

About ProLogis
ProLogis is a leading global provider of distribution facilities, with more
than 475 million square feet of industrial space (44 million square meters) in
markets across North America, Europe and Asia. The company leases its
industrial facilities to more than 4,500 customers, including manufacturers,
retailers, transportation companies, third-party logistics providers and other
enterprises with large-scale distribution needs. For additional information
about the company, go to www.prologis.com.

The statements above that are not historical facts are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements are based on current expectations, estimates
and projections about the industry and markets in which ProLogis operates,
management's beliefs and assumptions made by management, they involve
uncertainties that could significantly impact ProLogis' financial results.
Words such as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "estimates," variations of such words and similar expressions are
intended to identify such forward-looking statements, which generally are not
historical in nature. All statements that address operating performance,
events or developments that we expect or anticipate will occur in the future -
including statements relating to rent and occupancy growth, development
activity and changes in sales or contribution volume of developed properties,
general conditions in the geographic areas where we operate and the
availability of capital in existing or new property funds - are
forward-looking statements. These statements are not guarantees of future
performance and involve certain risks, uncertainties and assumptions that are
difficult to predict. Although we believe the expectations reflected in any
forward-looking statements are based on reasonable assumptions, we can give no
assurance that our expectations will be attained and therefore, actual
outcomes and results may differ materially from what is expressed or
forecasted in such forward-looking statements. Some of the factors that may
affect outcomes and results include, but are not limited to: (i) national,
international, regional and local economic climates, (ii) changes in financial
markets, interest rates and foreign currency exchange rates, (iii) increased
or unanticipated competition for our properties, (iv) risks associated with
acquisitions, (v) maintenance of real estate investment trust ("REIT") status,
(vi) availability of financing and capital, (vii) changes in demand for
developed properties, and (viii) those additional factors discussed in "Item
1A --Risk Factors" in ProLogis' Annual Report on Form 10-K for the year ended
December 31, 2008. ProLogis undertakes no duty to update any forward-looking
statements appearing in this press release.

SOURCE ProLogis

Investor Relations, Melissa Marsden, +1-303-567-5622, mmarsden@prologis.com,
or Media, Krista Shepard, +1-303-567-5907, kshepard@prologis.com, both of
ProLogis; or Financial Media, Suzanne Dawson of Linden Alschuler & Kaplan,
Inc, +1-212-329-1420, sdawson@lakpr.com, for ProLogis