ProLogis Closes 4.26 Billion Yen ($44.3 Million) TMK Bond Financing

DENVER, July 6 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), a leading
global provider of distribution facilities, announced today that it has
completed a 4.26 billion yen ($44.3 million) TMK secured financing. The
financing has a three-year maturity with loan-to-value of approximately 50
percent and is secured by ProLogis Parc Narashino III, a multi-tenant facility
that is 100% leased and located in Tokyo, Japan. Tokutei Mokuteki Kaisha (TMK)
is a tax favored, special purpose securitization vehicle that issues corporate
bonds to its holders secured by real estate assets. Proceeds from this
financing were used to pay down ProLogis' global lines of credit.

"This financing is another example of our continued access to secured markets
globally and the attractiveness of industrial assets as security," said Bill
Sullivan, chief financial officer. "We will continue to review opportunities
with regard to our unencumbered assets and their role in our financing
initiatives."

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.

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