-----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,
 A0NokO8c57ELC6+rBm+yBb3TlpUB/f/3QtFoPm1kFqby6w3FNUapvV3DsD4sYbOk
 pxtWUGSmAoEIjd3kRU6koA==

<SEC-DOCUMENT>0001209191-04-000413.txt : 20040105
<SEC-HEADER>0001209191-04-000413.hdr.sgml : 20040105
<ACCEPTANCE-DATETIME>20040105133001
ACCESSION NUMBER:		0001209191-04-000413
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:			STEUERT D MICHAEL
		CENTRAL INDEX KEY:			0001194765

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12846
		FILM NUMBER:		04503236

	MAIL ADDRESS:	
		STREET 1:		C/O FLUOR CORP
		STREET 2:		ONE ENTERPRISE DR
		CITY:			ALISO VIEJO
		STATE:			CA
		ZIP:			92656

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_bdn1dms.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>0001194765</rptOwnerCik><rptOwnerName>STEUERT D MICHAEL</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1>ONE ENTERPRISE DRIVE, F4D</rptOwnerStreet1><rptOwnerStreet2></rptOwnerStreet2><rptOwnerCity>ALISO VIEJO</rptOwnerCity><rptOwnerState>CA</rptOwnerState><rptOwnerZipCode>92656</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><derivativeTable><derivativeTransaction><securityTitle><v
alue>Phantom Stock</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>442</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>442</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><
sharesOwnedFollowingTransaction><value>442</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">The share of phantom stock are for payment of Trustees fees.  The phantom stock becomes payable in stock at the election of the reporting person.  The phantom stock is convertible on a 1 for 1 basis.</footnote></footnotes><ownerSignature><signatureName>Kate M. Meade, Attorney-in-fact on behalf of D. Michael Steuert</signatureName><signatureDate>2003-12-31</signatureDate></ownerSignature></ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----