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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">As filed with the Securities and Exchange Commission on April&nbsp;2, 2007
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt">File No.&nbsp;333-
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
Under<BR>
THE SECURITIES ACT OF 1933<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>PROLOGIS</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Exact name of registrant as specified in its charter)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>MARYLAND<BR>
(State or other jurisdiction <BR>
of incorporation or organization)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>74-2604728<BR>
(I.R.S. Employer Identification No.)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>4545 Airport Way <BR>
Denver, Colorado<BR>
(Address of principal executive offices)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>80239<BR>
(Zip Code)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Registrant&#146;s telephone number, including area code:</B></DIV>

<DIV align="center" style="font-size: 10pt"><B>(303)&nbsp;567-5000</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>PROLOGIS<BR>
2006 LONG-TERM INCENTIVE PLAN<BR>
(Full title of the plan)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Edward S. Nekritz, Esq.<BR>
Secretary, Managing Director and General Counsel<BR>
4545 Airport Way<BR>
Denver, Colorado 80239<BR>
(303)&nbsp;567-5000</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B><I>(Agent for Service)</I></B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">CALCULATION OF REGISTRATION FEE</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Proposed Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="CENTER">Title of Securities to be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount to be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Proposed Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Aggregate Offering</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount of</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="CENTER">Registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"> Offering Price Per Share (1)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Price (1)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Registration Fee</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Shares of Beneficial
Interest, par value $.01 per
share</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" colspan="3" style="border-top: 2px solid #000000">28,850,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" colspan="3" style="border-top: 2px solid #000000">$63.75</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" colspan="3" style="border-top: 2px solid #000000">$1,839,187,500</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" colspan="3" style="border-top: 2px solid #000000">$56,463.06</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
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<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of computing the registration fee on the basis of the average of the high and
low prices for the Common Shares as reported on the New York Stock
Exchange on March&nbsp;28, 2007.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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</TR>
<TR><TD colspan="9"><A HREF="#000">Part I</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;1. Plan Information.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;2. Registrant Information and Employee Plan Annual Information</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">Part II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;3. Incorporation of documents by reference.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;4. Description of Securities.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;5. Interests of Named Experts and Counsel.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;7. Exemption from Registration Claimed.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;8. Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;9. Undertakings.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012"><U>INDEX TO EXHIBITS</U></A></TD></TR>
<TR><TD colspan="9"><A HREF="d45168exv5w1.htm">Opinion of Mayer, Brown, Rowe & Maw LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="d45168exv23w1.htm">Consent of KPMG LLP</A></TD></TR>
</TABLE>
</CENTER>
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<!-- link1 "Part I" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Part I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE 10(a) PROSPECTUS</B>

</DIV>
<!-- link2 "Item&nbsp;1. Plan Information." -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1. Plan Information.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The documents containing the information specified in this Item&nbsp;1 will be sent or given to
employees or others as specified in Rule&nbsp;428(b)(1) under the Securities Act. In accordance with the
rules and regulations of the Securities and Exchange Commission (the &#147;Commission&#148;) and the
instructions to Form S-8, such documents are not being filed with the Commission either as part of
this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule&nbsp;424 of
the Securities Act.
</DIV>

<!-- link2 "Item&nbsp;2. Registrant Information and Employee Plan Annual Information" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2. Registrant Information and Employee Plan Annual Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The documents containing the information specified in this Item&nbsp;2 will be sent or given to
employees or others as specified by Rule&nbsp;428(b)(1) under the Securities Act. In accordance with
the rules and regulations of the Commission and the instructions to Form S-8, such documents are
not being filed with the Commission either as part of this Registration Statement or as
prospectuses or prospectus supplements pursuant to Rule&nbsp;424 under the Securities Act.
</DIV>

<!-- link1 "Part II" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Part II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN<BR>
THE REGISTRATION STATEMENT</B>

</DIV>
<!-- link2 "Item&nbsp;3. Incorporation of documents by reference." -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of documents by reference.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following documents (File No.&nbsp;1-12846) filed by the registrant with the Securities and Exchange
Commission (the &#147;Commission&#148;) are incorporated by reference herein and shall be deemed to be a part
hereof:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registrant&#146;s annual report on form 10-K for the year ended December&nbsp;31, 2006, filed
on February&nbsp;28, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registrant&#146;s current reports on Form 8-K filed on February&nbsp;14, 2007 (as amended by
Form 8-K/A, filed on February&nbsp;27, 2007), March&nbsp;19, 2007 and March&nbsp;26, 2007; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the registrant&#146;s common shares contained or incorporated by
reference in our registration statement on Form 8-A filed on February&nbsp;23, 1994.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All documents subsequently filed by the registrant pursuant to Sections&nbsp;13(a), 13(c), 14 or 15(d)
of the Securities Exchange Act of 1934 prior to the termination of the offering of the securities
registered on this registration statement shall be deemed to be incorporated by reference into this
registration statement and to be a part of this registration statement from the date of filing of
such documents. Any statement contained in this registration statement or in a document
incorporated or deemed to be incorporated by reference into this registration statement shall be
deemed to be modified or superseded for purposes of this registration statement to the extent that
a statement contained in this registration statement, or in any subsequently filed document which
is incorporated or deemed to be incorporated by reference into this registration statement,
modifies or supersedes such statement. Any such statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this registration statement.
</DIV>

<!-- link2 "Item&nbsp;4. Description of Securities." -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.
</DIV>

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<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Article&nbsp;4, Section&nbsp;10 of the Declaration of Trust provides as follows with respect to the
limitation of liability of Trustees:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;To the maximum extent that Maryland law in effect from time to time permits limitation of the
liability of trustees of a real estate investment trust, no Trustee of the Trust shall be liable to
the Trust or to any Shareholder for money damages. Neither the amendment nor repeal of this Section
10, nor the adoption or amendment of any other provision of this Declaration of Trust inconsistent
with this Section&nbsp;10, shall apply to or affect in any respect the applicability of the preceding
sentence with respect to any act or failure to act which occurred prior to such amendment, repeal
or adoption. In the absence of any Maryland statute limiting the liability of trustees of a
Maryland real estate investment trust for money damages in a suit by or on behalf of the Trust or
by any Shareholder, no Trustee of the Trust shall be liable to the Trust or to any Shareholder for
money damages except to the extent that (i)&nbsp;the Trustee actually received an improper benefit or
profit in money, property or services, for the amount of the benefit or profit in money, property
or services actually received; or (ii)&nbsp;a judgment or other final adjudication adverse to the
Trustee is entered in a proceeding based on a finding in the proceeding that the Trustee&#146;s action
or failure to act was the result of active and deliberate dishonesty and was material to the cause
of action adjudicated in the proceeding.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;4, Section&nbsp;11 of the Declaration of Trust provides as follows with respect to the
indemnification of Trustees:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;The Trust shall indemnify each Trustee, to the fullest extent permitted by Maryland law, as
amended from time to time, in connection with any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he
or she was a Trustee of the Trust or is or was serving at the request of the Trust as a director,
trustee, officer, partner, manager, member, employee or agent of another foreign or domestic
corporation, partnership, joint venture, trust, limited liability company, other enterprise or
employee benefit plan, from all claims and liabilities to which such person may become subject by
reason of service in such capacity and shall pay or reimburse reasonable expenses, as such expenses
are incurred, of each Trustee in connection with any such proceedings.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;8, Section&nbsp;1 of the Declaration of Trust provides as follows with respect to the
limitation of liability of officers and employees:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;To the maximum extent that Maryland law in effect from time to time permits limitation of the
liability of officers of a real estate investment trust, no officer of the Trust shall be liable to
the Trust or to any Shareholder for money damages. Neither the amendment nor repeal of this Section
1, nor the adoption or amendment of any other provision of this Declaration of Trust inconsistent
with this Section&nbsp;1, shall apply to or affect in any respect the applicability of the preceding
sentence with respect to any act or failure to act which occurred prior to such amendment, repeal
or adoption. In the absence of any Maryland statute limiting the liability of officers of a
Maryland real estate investment trust for money damages in a suit by or on behalf of the Trust or
by any Shareholder, no officer of the Trust shall be liable to the Trust or to any Shareholder for
money damages except to the extent that (i)&nbsp;the officer actually received an improper benefit or
profit in money, property or services, for the amount of the benefit or profit in money, property
or services actually received; or (ii)&nbsp;a judgment or other final adjudication adverse to the
officer is entered in a proceeding based on a finding in the proceeding that the officer&#146;s action
or failure to act was the result of active and deliberate dishonesty and was material to the cause
of action adjudicated in the proceeding.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;8, Section&nbsp;2 of the Declaration of Trust provides as follows with respect to the
indemnification of Trustees:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;The Trust shall have the power to indemnify each officer, employee and agent, to the fullest
extent permitted by Maryland law, as amended from time to time, in connection with any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative, by reason of the fact that he or she was an officer, employee or agent of the Trust
or is or was serving at the request of the Trust as a director, trustee, officer, partner, manager,
member, employee or agent of another foreign or domestic corporation, partnership, joint venture,
trust, limited liability company, other enterprise or employee benefit plan, from all claims and
liabilities to which such person may become subject by reason of service in such capacity and shall
pay or reimburse reasonable
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">expenses, as such expenses are incurred, of each officer, employee or agent in connection with
any such proceedings.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The registrant has entered into indemnity agreements with each of its officers and Trustees which
provide for reimbursement of all expenses and liabilities of such officer or Trustee, arising out
of any lawsuit or claim against such officer or Trustee due to the fact that he was or is serving
as an officer or Trustee, except for such liabilities and expenses (a)&nbsp;the payment of which is
judicially determined to be unlawful, (b)&nbsp;relating to claims under Section 16(b) of the Securities
Exchange Act or (c)&nbsp;relating to judicially determined criminal violations. In addition, the
registrant has entered into indemnity agreements with each of its Trustees who is not also an
officer of the registrant which provide for indemnification and advancement of expenses to the
fullest lawful extent permitted by Maryland law in connection with any pending or completed action,
suit or proceeding by reason of serving as a Trustee and the registrant has established a trust to
fund payments under the indemnification agreements.
</DIV>

<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed." -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not applicable.
</DIV>

<!-- link2 "Item&nbsp;8. Exhibits." -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See Index to Exhibits.
</DIV>

<!-- link2 "Item&nbsp;9. Undertakings." -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned registrant hereby undertakes:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of
1933;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or events arising after the effective
date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in the volume of securities offered (if the total dollar value
of securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be reflected in
the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20&nbsp;percent change
in the maximum aggregate offering price set forth in the &#147;Calculation of Registration
Fee&#148; table in the effective registration statement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material information with respect to the plan of distribution
not previously disclosed in the registration statement or any material change to such
information in the registration statement;</TD>
</TR>
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Provided, however, that paragraphs (a)(i) and (a)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Commission by the registrant pursuant to
Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 that are incorporated by
reference in the registration statement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective amendment any of the
securities being registered that remain unsold at the termination of the offering.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned registrant hereby undertakes that, for purposes of determining any liability under
the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant to Section 13(a)
or 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to trustees, officers and controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion of the Commission
such indemnification is against public policy as expressed in the Securities Act of 1933 and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a trustees, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such trustee, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act of 1933 and will
be governed by the final adjudication of such issue<B>.</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="011"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that is
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized in the City of Denver, State of Colorado, on April 2, 2007.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>PROLOGIS</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left"></TD>

    <TD align="left">By&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"> /s/ Jeffrey H. Schwartz
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left"></TD>
    <TD colspan="2" align="left">Jeffrey H. Schwartz&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD align="left"></TD>
    <TD colspan="2" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SPECIAL POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS, that each of ProLogis, a Maryland real estate investment
trust, and the undersigned trustees and officers of ProLogis, hereby constitutes and appoints
Jeffrey H. Schwartz, Walter C. Rakowich and Edward S. Nekritz, its, his or her true and lawful
attorneys-in-fact and agents, for it, him or her and in its, his or her name, place and stead, in
any and all capacities, with full power to act alone, to sign any and all amendments to this
report, and to file each such amendment to this report, with all exhibits thereto, and any and all
documents in connection therewith, with the Securities and Exchange Commission, hereby granting
unto said attorneys-in-fact and agents, and each of them, full power and authority to do and
perform any and all acts and things requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as it or he might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them may lawfully do or cause to
be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B> </B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jeffrey H. Schwartz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer and Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jeffrey H. Schwartz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Walter C. Rakowich
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Walter C. Rakowich
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Chief Operating Officer
and Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ William E. Sullivan
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William E. Sullivan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jeffrey S. Finnin
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jeffrey S. Finnin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President and
Chief Accounting Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B> </B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ K. Dane Brooksher
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman and Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
K. Dane Brooksher
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Stephen L. Feinberg
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Stephen L. Feinberg
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ George L. Fotiades
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2, 2007</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
George L. Fotiades
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Christine N. Garvey
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Christine N. Garvey
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Donald P. Jacobs
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Donald P. Jacobs
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Nelson C. Rising
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Nelson C. Rising
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ D. Michael Steuert
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
D. Michael Steuert
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ J. Andr&#233; Teixeira
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
J. Andr&#233; Teixeira
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ William D. Zollars
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
William D. Zollars
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Andrea M. Zulberti
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Andrea M. Zulberti
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;2, 2007</TD>
</TR>
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    <TD nowrap align="left" style="border-bottom: 1px solid #000000">EXHIBIT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">DESCRIPTION</TD>
</TR>

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</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ProLogis 2006 Long-Term Incentive Plan (incorporated by reference to Exhibit&nbsp;10.2 to
the registrant&#146;s current report on Form&nbsp;8-K filed on June&nbsp;2, 2006)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Mayer, Brown, Rowe &#038; Maw LLP</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Mayer, Brown, Rowe &#038; Maw LLP (included in Exhibit&nbsp;5.1)</TD>
</TR>
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    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature pages)</TD>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on April 2, 2007
File No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
PROLOGIS
(Exact name of registrant as specified in its charter)
MARYLAND
(State or other jurisdiction
of incorporation or organization)
74-2604728
(I.R.S. Employer Identification No.)
4545 Airport Way
Denver, Colorado
(Address of principal executive offices)
80239
(Zip Code)
Registrant's telephone number, including area code:
(303) 567-5000
PROLOGIS
2006 LONG-TERM INCENTIVE PLAN
(Full title of the plan)
Edward S. Nekritz, Esq.
Secretary, Managing Director and General Counsel
4545 Airport Way
Denver, Colorado 80239
(303) 567-5000
(Agent for Service)
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Title of Securities to be
Amount to be
Proposed Maximum
Aggregate Offering
Amount of
Registered
Registered
Offering Price Per Share (1)
Price (1)
Registration Fee
Common Shares of Beneficial
Interest, par value $.01 per
share
28,850,000
$63.75
$1,839,187,500
$56,463.06
(1)
Estimated solely for the purpose of computing the registration fee on the basis of the average of the high and
low prices for the Common Shares as reported on the New York Stock
Exchange on March 28, 2007.
TABLE OF CONTENTS
Part I
Item 1. Plan Information.
Item 2. Registrant Information and Employee Plan Annual Information
Part II
Item 3. Incorporation of documents by reference.
Item 4. Description of Securities.
Item 5. Interests of Named Experts and Counsel.
Item 6. Indemnification of Directors and Officers.
Item 7. Exemption from Registration Claimed.
Item 8. Exhibits.
Item 9. Undertakings.
SIGNATURES
INDEX TO EXHIBITS
Opinion of Mayer, Brown, Rowe & Maw LLP
Consent of KPMG LLP
Table of Contents
Part I
INFORMATION REQUIRED IN THE 10(a) PROSPECTUS
Item 1. Plan Information.
The documents containing the information specified in this Item 1 will be sent or given to
employees or others as specified in Rule 428(b)(1) under the Securities Act. In accordance with the
rules and regulations of the Securities and Exchange Commission (the "Commission") and the
instructions to Form S-8, such documents are not being filed with the Commission either as part of
this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 of
the Securities Act.
Item 2. Registrant Information and Employee Plan Annual Information
The documents containing the information specified in this Item 2 will be sent or given to
employees or others as specified by Rule 428(b)(1) under the Securities Act. In accordance with
the rules and regulations of the Commission and the instructions to Form S-8, such documents are
not being filed with the Commission either as part of this Registration Statement or as
prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act.
Part II
INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT
Item 3. Incorporation of documents by reference.
The following documents (File No. 1-12846) filed by the registrant with the Securities and Exchange
Commission (the "Commission") are incorporated by reference herein and shall be deemed to be a part
hereof:
(a)
The registrant's annual report on form 10-K for the year ended December 31, 2006, filed
on February 28, 2007;
(b)
The registrant's current reports on Form 8-K filed on February 14, 2007 (as amended by
Form 8-K/A, filed on February 27, 2007), March 19, 2007 and March 26, 2007; and
(c)
The description of the registrant's common shares contained or incorporated by
reference in our registration statement on Form 8-A filed on February 23, 1994.
All documents subsequently filed by the registrant pursuant to Sections 13(a), 13(c), 14 or 15(d)
of the Securities Exchange Act of 1934 prior to the termination of the offering of the securities
registered on this registration statement shall be deemed to be incorporated by reference into this
registration statement and to be a part of this registration statement from the date of filing of
such documents. Any statement contained in this registration statement or in a document
incorporated or deemed to be incorporated by reference into this registration statement shall be
deemed to be modified or superseded for purposes of this registration statement to the extent that
a statement contained in this registration statement, or in any subsequently filed document which
is incorporated or deemed to be incorporated by reference into this registration statement,
modifies or supersedes such statement. Any such statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this registration statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Table of Contents
Item 6. Indemnification of Directors and Officers.
Article 4, Section 10 of the Declaration of Trust provides as follows with respect to the
limitation of liability of Trustees:
"To the maximum extent that Maryland law in effect from time to time permits limitation of the
liability of trustees of a real estate investment trust, no Trustee of the Trust shall be liable to
the Trust or to any Shareholder for money damages. Neither the amendment nor repeal of this Section
10, nor the adoption or amendment of any other provision of this Declaration of Trust inconsistent
with this Section 10, shall apply to or affect in any respect the applicability of the preceding
sentence with respect to any act or failure to act which occurred prior to such amendment, repeal
or adoption. In the absence of any Maryland statute limiting the liability of trustees of a
Maryland real estate investment trust for money damages in a suit by or on behalf of the Trust or
by any Shareholder, no Trustee of the Trust shall be liable to the Trust or to any Shareholder for
money damages except to the extent that (i) the Trustee actually received an improper benefit or
profit in money, property or services, for the amount of the benefit or profit in money, property
or services actually received; or (ii) a judgment or other final adjudication adverse to the
Trustee is entered in a proceeding based on a finding in the proceeding that the Trustee's action
or failure to act was the result of active and deliberate dishonesty and was material to the cause
of action adjudicated in the proceeding."
Article 4, Section 11 of the Declaration of Trust provides as follows with respect to the
indemnification of Trustees:
"The Trust shall indemnify each Trustee, to the fullest extent permitted by Maryland law, as
amended from time to time, in connection with any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he
or she was a Trustee of the Trust or is or was serving at the request of the Trust as a director,
trustee, officer, partner, manager, member, employee or agent of another foreign or domestic
corporation, partnership, joint venture, trust, limited liability company, other enterprise or
employee benefit plan, from all claims and liabilities to which such person may become subject by
reason of service in such capacity and shall pay or reimburse reasonable expenses, as such expenses
are incurred, of each Trustee in connection with any such proceedings."
Article 8, Section 1 of the Declaration of Trust provides as follows with respect to the
limitation of liability of officers and employees:
"To the maximum extent that Maryland law in effect from time to time permits limitation of the
liability of officers of a real estate investment trust, no officer of the Trust shall be liable to
the Trust or to any Shareholder for money damages. Neither the amendment nor repeal of this Section
1, nor the adoption or amendment of any other provision of this Declaration of Trust inconsistent
with this Section 1, shall apply to or affect in any respect the applicability of the preceding
sentence with respect to any act or failure to act which occurred prior to such amendment, repeal
or adoption. In the absence of any Maryland statute limiting the liability of officers of a
Maryland real estate investment trust for money damages in a suit by or on behalf of the Trust or
by any Shareholder, no officer of the Trust shall be liable to the Trust or to any Shareholder for
money damages except to the extent that (i) the officer actually received an improper benefit or
profit in money, property or services, for the amount of the benefit or profit in money, property
or services actually received; or (ii) a judgment or other final adjudication adverse to the
officer is entered in a proceeding based on a finding in the proceeding that the officer's action
or failure to act was the result of active and deliberate dishonesty and was material to the cause
of action adjudicated in the proceeding."
Article 8, Section 2 of the Declaration of Trust provides as follows with respect to the
indemnification of Trustees:
"The Trust shall have the power to indemnify each officer, employee and agent, to the fullest
extent permitted by Maryland law, as amended from time to time, in connection with any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative, by reason of the fact that he or she was an officer, employee or agent of the Trust
or is or was serving at the request of the Trust as a director, trustee, officer, partner, manager,
member, employee or agent of another foreign or domestic corporation, partnership, joint venture,
trust, limited liability company, other enterprise or employee benefit plan, from all claims and
liabilities to which such person may become subject by reason of service in such capacity and shall
pay or reimburse reasonable
Table of Contents
expenses, as such expenses are incurred, of each officer, employee or agent in connection with
any such proceedings."
The registrant has entered into indemnity agreements with each of its officers and Trustees which
provide for reimbursement of all expenses and liabilities of such officer or Trustee, arising out
of any lawsuit or claim against such officer or Trustee due to the fact that he was or is serving
as an officer or Trustee, except for such liabilities and expenses (a) the payment of which is
judicially determined to be unlawful, (b) relating to claims under Section 16(b) of the Securities
Exchange Act or (c) relating to judicially determined criminal violations. In addition, the
registrant has entered into indemnity agreements with each of its Trustees who is not also an
officer of the registrant which provide for indemnification and advancement of expenses to the
fullest lawful extent permitted by Maryland law in connection with any pending or completed action,
suit or proceeding by reason of serving as a Trustee and the registrant has established a trust to
fund payments under the indemnification agreements.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
See Index to Exhibits.
Item 9. Undertakings.
The undersigned registrant hereby undertakes:
(a)
To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act of
1933;
(ii)
To reflect in the prospectus any facts or events arising after the effective
date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in the volume of securities offered (if the total dollar value
of securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be reflected in
the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20 percent change
in the maximum aggregate offering price set forth in the "Calculation of Registration
Fee" table in the effective registration statement;
(iii)
To include any material information with respect to the plan of distribution
not previously disclosed in the registration statement or any material change to such
information in the registration statement;
Provided, however, that paragraphs (a)(i) and (a)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Commission by the registrant pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934 that are incorporated by
reference in the registration statement.
(b)
That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
(c)
To remove from registration by means of a post-effective amendment any of the
securities being registered that remain unsold at the termination of the offering.
Table of Contents
The undersigned registrant hereby undertakes that, for purposes of determining any liability under
the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a)
or 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to trustees, officers and controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion of the Commission
such indemnification is against public policy as expressed in the Securities Act of 1933 and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a trustees, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such trustee, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act of 1933 and will
be governed by the final adjudication of such issue
.
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that is
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized in the City of Denver, State of Colorado, on April 2, 2007.
PROLOGIS
By
/s/ Jeffrey H. Schwartz
Jeffrey H. Schwartz
Chief Executive Officer
SPECIAL POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each of ProLogis, a Maryland real estate investment
trust, and the undersigned trustees and officers of ProLogis, hereby constitutes and appoints
Jeffrey H. Schwartz, Walter C. Rakowich and Edward S. Nekritz, its, his or her true and lawful
attorneys-in-fact and agents, for it, him or her and in its, his or her name, place and stead, in
any and all capacities, with full power to act alone, to sign any and all amendments to this
report, and to file each such amendment to this report, with all exhibits thereto, and any and all
documents in connection therewith, with the Securities and Exchange Commission, hereby granting
unto said attorneys-in-fact and agents, and each of them, full power and authority to do and
perform any and all acts and things requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as it or he might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them may lawfully do or cause to
be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Jeffrey H. Schwartz
Chief Executive Officer and Trustee
April 2, 2007
Jeffrey H. Schwartz
/s/ Walter C. Rakowich
Walter C. Rakowich
President, Chief Operating Officer
and Trustee
April 2, 2007
/s/ William E. Sullivan
Chief Financial Officer
April 2, 2007
William E. Sullivan
/s/ Jeffrey S. Finnin
Jeffrey S. Finnin
Senior Vice President and
Chief Accounting Officer
April 2, 2007
Table of Contents
Signature
Title
Date
/s/ K. Dane Brooksher
Chairman and Trustee
April 2, 2007
K. Dane Brooksher
/s/ Stephen L. Feinberg
Trustee
April 2, 2007
Stephen L. Feinberg
/s/ George L. Fotiades
Trustee
April 2, 2007
George L. Fotiades
/s/ Christine N. Garvey
Christine N. Garvey
Trustee
April 2, 2007
/s/ Donald P. Jacobs
Donald P. Jacobs
Trustee
April 2, 2007
/s/ Nelson C. Rising
Nelson C. Rising
Trustee
April 2, 2007
/s/ D. Michael Steuert
D. Michael Steuert
Trustee
April 2, 2007
/s/ J. André Teixeira
J. André Teixeira
Trustee
April 2, 2007
/s/ William D. Zollars
William D. Zollars
Trustee
April 2, 2007
/s/ Andrea M. Zulberti
Andrea M. Zulberti
Trustee
April 2, 2007
Table of Contents
INDEX TO EXHIBITS
EXHIBIT
DESCRIPTION
4.1
ProLogis 2006 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.2 to
the registrant's current report on Form 8-K filed on June 2, 2006)
5.1
Opinion of Mayer, Brown, Rowe & Maw LLP
23.1
Consent of KPMG LLP
23.2
Consent of Mayer, Brown, Rowe & Maw LLP (included in Exhibit 5.1)
24
Power of Attorney (included on signature pages)