-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 L5Ybi90Yte5XE1/2qX2u7hR5W6SnFlXYF8IkQ+cAzYeVRMVvupgq8+fRWWdpDCJE
 3r2mZFtFkrcFzftbDuqiXw==

<SEC-DOCUMENT>0001209191-04-000400.txt : 20040105
<SEC-HEADER>0001209191-04-000400.hdr.sgml : 20040105
<ACCEPTANCE-DATETIME>20040105132552
ACCESSION NUMBER:		0001209191-04-000400
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040105

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LANDS LUKE A
		CENTRAL INDEX KEY:			0001255241

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12846
		FILM NUMBER:		04503205

	MAIL ADDRESS:	
		STREET 1:		7777 MARKET CENTER AVE
		CITY:			EL PASO
		STATE:			TX
		ZIP:			79912

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PROLOGIS
		CENTRAL INDEX KEY:			0000899881
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				742604728
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		14100 EAST 35TH PLACE
		CITY:			AURORA
		STATE:			CO
		ZIP:			80011
		BUSINESS PHONE:		3033759292

	MAIL ADDRESS:	
		STREET 1:		14100 EAST 35TH PLACE
		CITY:			AURORA
		STATE:			CO
		ZIP:			80011

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PROLOGIS TRUST
		DATE OF NAME CHANGE:	19980717

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SECURITY CAPITAL INDUSTRIAL TRUST
		DATE OF NAME CHANGE:	19931228
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bdn11646_bdn1lal.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-12-31</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000899881</issuerCik><issuerName>PROLOGIS</issuerName>        <issuerTradingSymbol>PLD</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001255241</rptOwnerCik><rptOwnerName>LANDS LUKE A</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1>7777 MARKET CENTER AVENUE</rptOwnerStreet1><rptOwnerStreet2></rptOwnerStreet2><rptOwnerCity>EL PASO</rptOwnerCity><rptOwnerState>TX</rptOwnerState><rptOwnerZipCode>79912</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Senior VP and Controller</officerTitle></reportingOwnerRelationship></reportingOwner><derivativeTa
ble><derivativeTransaction><securityTitle><value>Performance Share Unit Award</value></securityTitle><conversionOrExercisePrice><value>0</value><footnoteId id="F1" /></conversionOrExercisePrice><transactionDate><value>2003-12-31</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>2750</value></transactionShares><transactionPricePerShare><value>0</value><footnoteId id="F1" /></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>1988-08-08</value><footnoteId id="F1" /></exerciseDate><expirationDate><value>1988-08-08</value><footnoteId id="F1" /></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Shares of Beneficial Interest</value></underlyingSecurityTitle><underlyingSecurityShares><value>2750</value></underlying
SecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>107126</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction><derivativeTransaction><securityTitle><value>Dividend Equivalent Units</value></securityTitle><conversionOrExercisePrice><value>0</value><footnoteId id="F2" /></conversionOrExercisePrice><transactionDate><value>2003-12-31</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>9881</value></transactionShares><transactionPricePerShare><value>0</value><footnoteId id="F2" /></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>1988-08-08</value>
<footnoteId id="F2" /></exerciseDate><expirationDate><value>1988-08-08</value><footnoteId id="F2" /></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Shares of Beneficial Interest</value></underlyingSecurityTitle><underlyingSecurityShares><value>9881</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>117007</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Units convert into common shares on a 1 for 1 basis.  Share price on award date was $32.09.  Award vests 100% on 12/31/05.</footnote><footnote id="F2">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.</footnote></footnotes><ownerSignature><signatureName>Kate M. Meade, Attorney-in-fact on behalf of Luke A. Lands</signatureName><signatureDate>2003-12-31</signatureDate></ownerSignature></ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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