ProLogis announced that it has leased 600,000 square feet of industrial space to two customers at a new park it operates in Memphis, Tennessee. Kyocera Mita America, a leading document imaging company, has leased 300,000 square feet at ProLogis Park Stateline, an 80-acre park located about two miles southeast of Memphis International Airport. The facility will become the hub of Kyocera's new national product distribution network, and will eventually service approximately 70 percent of the United States.

Strong Operating Property Fundamentals, Development Gains and Growth in Property Fund Business Support 20% Increase in FFO per Share; Company Increases Guidance for 2006 FFO and Earnings per Share
ProLogis reported funds from operations as defined by ProLogis (FFO) of $0.90 per diluted share for the second quarter of 2006, a 20% increase over adjusted FFO of $0.75 in the second quarter of 2005. After relocation charges and recognition of cumulative translation losses and impairment charges related to the sale of its temperature-controlled business, FFO for the second quarter of 2005 was $0.67 per share. Net earnings per diluted share were $0.66 for the second quarter of 2006, compared with $0.40 for the same period in 2005.