-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 RlKh7bxZmmzJDjc35bGDzjh21Dkypm8FqSUULIjcr/iZrqQ6NdwvIG3FeyTLMJGV
 U0CmLjyMEApGBjVhNlJXVg==

<SEC-DOCUMENT>0001209191-04-018947.txt : 20040402
<SEC-HEADER>0001209191-04-018947.hdr.sgml : 20040402
<ACCEPTANCE-DATETIME>20040402161315
ACCESSION NUMBER:		0001209191-04-018947
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040331
FILED AS OF DATE:		20040402

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

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:		04714163

	MAIL ADDRESS:	
		STREET 1:		C/O FLUOR CORP
		STREET 2:		ONE ENTERPRISE DR
		CITY:			ALISO VIEJO
		STATE:			CA
		ZIP:			92656
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bdn14230_bdn1dms.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-03-31</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>
                <value>Phantom Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-03-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>385.498</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>385.498</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>828</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The shares 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 into common shares of ProLogis.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Kate M. Meade, Attorney-in-fact on behalf of D. Michael Steuert</signatureName>
        <signatureDate>2004-04-02</signatureDate>
    </ownerSignature>
</ownershipDocument>

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