12/11/2006

PROLOGIS LEASES MORE THAN 800,000 SQUARE FEET IN INDIANAPOLIS TO OZBURN-HESSEY LOGISTICS

DENVER - December 11, 2006 - ProLogis (NYSE: PLD), the world's largest owner, manager and developer of distribution facilities, announced today that it has leased an 812,000-square-foot distribution facility outside Indianapolis to Ozburn-Hessey Logistics, a leading supply chain management company. The newly developed warehouse is located in Plainfield, Indiana, just west of Indianapolis International Airport. OH Logistics will operate the building as a dedicated site for one of its major clients.

"We're extremely pleased to announce this agreement," said Dan Meador, ProLogis vice president and Indianapolis market officer. "It significantly enhances our relationship with OH Logistics, an important existing customer, and underscores the strength of Indianapolis as a national distribution hub. We look forward to delivering a state-of-the-art facility to OH Logistics and to providing them with world-class customer service at their new location."

OH Logistics operates over 100 value-added distribution centers throughout North America. The new facility brings the company's total platform in Plainfield to over 2.6 million square feet. Plainfield, located about 10 miles west of Indianapolis' central business district, is the city's primary submarket for large-scale bulk distribution.

"ProLogis already serves as a strategic provider of distribution space for our company in multiple U.S. markets," said Gary Kimball, executive vice president and chief financial officer at OH Logistics. "It made sense for us to turn to them again for this important project, given the quality of their facilities and their industry-leading reputation for customer care."

The new OH Logistics facility is located in the AirTech industrial park and is owned through a joint venture with Browning Investments, an Indianapolis-based developer of commercial real estate.

ProLogis is one of the largest providers of industrial space in Indianapolis, with more than 10 million square feet owned, managed or under development. In addition to OH Logistics, customers in the market include Belkin Corp., Brightpoint Inc., Electrolux, Georgia-Pacific and J.C. Penney.

About ProLogis
ProLogis is the world's largest owner, manager and developer of distribution facilities, with operations in 81 markets across North America, Europe and Asia. The company has $25.3 billion of assets owned, managed and under development, comprising 406.9 million square feet (37.8 million square meters) in 2,406 properties as of September 30, 2006. ProLogis' customers include manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. Headquartered in Denver, Colorado, ProLogis employs more than 1,200 people worldwide. For additional information about the company, go to www.prologis.com.

Media:
Arthur Hodges
ProLogis
303-567-5667
ahodges@prologis.com

Jessica Neal
ProLogis
303-567-5137
jneal@prologis.com

Suzanne Dawson
Linden Alschuler & Kaplan, Inc.
212-329-1420
sdawson@lakpr.com

Investors:
Melissa Marsden
ProLogis
303-567-5622
mmarsden@prologis.com

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