SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

MEYER STEVEN K

(Last)

(First)

(Middle)

CAPRONILAAN 25-27

1119 NP SCHIPHOL-RIJK

(Street)

THE NETHERLANDS

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/02/2004

3. Issuer Name and Ticker or Trading Symbol
PROLOGIS [ PLD ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President & COO - Europe

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Shares of Beneficial Interest, par value $0.01	13,714	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Options Right-to-buy	09/08/1999⁽¹⁾	09/08/2007	Common Shares of Beneficial Interest, par value $0.01	8,270	$21.2188	D
Options Right-to-buy	09/08/1999⁽¹⁾	09/08/2007	Common Shares of Beneficial Interest, par value $0.01	65,978	$21.2188	D
Options Right-to-buy	10/15/1999⁽²⁾	10/15/2008	Common Shares of Beneficial Interest, par value $0.01	28,444	$21.0938	D
Restricted Share Unit Award⁽³⁾	12/31/1999	08/08/1988⁽³⁾	Common Shares of Beneficial Interest, par value $0.01	30,000	$0⁽³⁾	D
Options Right-to-buy	09/15/2000⁽⁴⁾	09/15/2009	Common Shares of Beneficial Interest, par value $0.01	21,476	$18.625	D
Options Right-to-buy	09/14/2001⁽⁵⁾	09/14/2010	Common Shares of Beneficial Interest, par value $0.01	19,998	$24.25	D
Options Right-to-buy	09/19/2002⁽⁶⁾	09/19/2011	Common Shares of Beneficial Interest, par value $0.01	17,820	$20.675	D
Options Right-to-buy	09/26/2003⁽⁷⁾	09/26/2012	Common Shares of Beneficial Interest, par value $0.01	25,000	$24.755	D
Options Right-to-buy	11/27/2002	09/08/2007	Common Shares of Beneficial Interest, par value $0.01	34,884	$24.643	D
Performance Share Unit Award⁽⁸⁾	12/31/2004	08/08/1988⁽⁸⁾	Common Shares of Beneficial Interest, par value $0.01	6,600	$0⁽⁸⁾	D
Options Right-to-buy	09/25/2004⁽⁹⁾	09/25/2013	Common Shares of Beneficial Interest, par value $0.01	50,000	$30	D
Performance Share Unit Award⁽⁸⁾	12/31/2005	08/08/1988⁽⁸⁾	Common Shares of Beneficial Interest, par value $0.01	6,000	$0⁽⁸⁾	D
Restricted Share Unit Award⁽³⁾	12/31/2004	08/08/1988⁽³⁾	Common Shares of Beneficial Interest, par value $0.01	20,000	$0⁽³⁾	D
Dividend Equivalent Units⁽¹⁰⁾	08/08/1988⁽¹⁰⁾	08/08/1988⁽¹⁰⁾	Common Shares of Beneficial Interest, par value $0.01	33,504	$0⁽¹⁰⁾	D

Explanation of Responses:

1. The option vests 25% per year beginning on September 8, 1999

2. The option vests 25% per year beginning on October 15, 1999

3. The restricted share unit award converts into common shares on a 1 for 1 basis. The restricted share unit award does not have an expiration date, payment is made at the election of the reporting person.

4. The option vests 25% per year beginning on September 15, 2000.

5. The option vests 25% per year beginning on September 14, 2001.

6. The option vests 25% per year beginning on September 19, 2002.

7. The option vests 25% per year beginning on September 26, 2003.

8. The performance share unit award converts into common shares on a 1 for 1 basis. The performance share unit award is immediately convertible upon vesting and does not have an expiration date.

9. The option vests 25% per year beginning on September 25, 2004

10. Dividend Equivalent Units are earned and accrue on restricted stock and option grants pursuant to the ProLogis 1997 Long-Term Incentive Plan. The rate of vest and the expiration date is the same as the underlying grant. DEUs are converted in common shares on a 1 for 1 basis.

	Kate M. Meade, Attorney-in-fact on behalf of Steven K. Meyer	01/10/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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