February 19, 2002

ProLogis Acquires Eight Distribution Centers Totaling Over 1.3 Million Square Feet in Grand Prairie, Texas

Acquisition Includes 507,984 Square Feet in a Sale-Leaseback Transaction With Standard Warehouse Corporation

DALLAS, Feb 19, 2002 -- ProLogis (NYSE: PLD), a leading global provider of distribution services and facilities, announced today that it has closed two acquisition transactions totaling over 1.3 million square feet of distribution space in the Great Southwest Industrial Park in Grand Prairie, Texas. One acquisition is a sale-leaseback with Standard Warehouse Corporation, a third party logistics company, for 507,984 square feet. The other acquisition totals seven buildings and 843,000 square feet purchased from Alexander & Baldwin, Inc. (Nasdaq: ALEX) and occupied by customers such as Boise-Cascade, Cutler Hammer and National Envelope Corporation.

According to Mark Cashman, First Vice President for ProLogis, "These acquisitions are part of our ongoing strategy to enhance our portfolio in one of the strongest industrial parks in Dallas. With continued strategic acquisitions, we will grow our customer base and increase our presence to meet long-term demand for facilities in this important location."

With these acquisitions, the ProLogis Great Southwest portfolio totals 53 buildings and 6.5 million square feet. Mackie Automotive, General Motors, MasterBrand Cabinets, Allegiance Healthcare Corporation and McKesson are some of the current customers leasing from ProLogis in the park. The area has become critical in supporting regional distribution activity due to its access to I-20 and its location between Dallas and Ft. Worth. Including these acquisitions, ProLogis has purchased over 2.5 million square feet in Dallas during the last 12 months, consistent with its strategy to purchase distribution facilities in key markets at a discounted price.

About ProLogis

ProLogis is a leading global provider of integrated distribution facilities and services, with 204.6 million square feet (19 million square meters) of distribution space owned, operating and under development throughout North America, Europe and Japan. ProLogis has built and continues to expand the industry's first and only global network of distribution facilities with the primary objective to increase shareholder value. The company expects to achieve this objective through the ProLogis Operating System® and its commitment to be 'The Global Distribution Solution' by providing exceptional corporate distribution services and facilities to meet customer expansion and reconfiguration needs globally. As of September 30, 2001, ProLogis owned, managed or had under development a total of 1,727 distribution facilities in 99 global markets.

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