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Merger Expected to Close on Thursday, September 15, 2005 DENVER and SAN FRANCISCO, Sept. 14 /PRNewswire-FirstCall/ -- ProLogis (NYSE:PLD), a leading global provider of distribution facilities and services, and Catellus Development Corporation (NYSE:CDX), a leading real estate development company, announced today that shareholders of both companies have approved the merger proposals of the two companies. More than 155 million, or 83%, of ProLogis' outstanding shares were voted, with approximately 99% voting in favor of the merger proposal. More than 77 million, or 74%, of Catellus' outstanding shares were voted, with approximately 99% voting in favor of the merger proposal. Subject to the satisfaction or waiver of the conditions to closing, the merger is expected to close tomorrow, Thursday, September 15. Shares of Catellus common stock are expected to be delisted on September 15 following close of market. The combined company will offer the world's largest network of distribution facilities and services, with more than 368 million square feet in over 2,305 facilities owned, managed and under development in 76 markets in North America, Europe and Asia, as well as unparalleled land positions, supporting more than 133 million buildable square feet of potential development across its global markets. Catellus has determined that no special dividend will be required in connection with the closing of the merger. Upon closing, Ted Antenucci, president of Catellus Commercial Development, will join ProLogis as president of global development. Mr. Antenucci has been with Catellus since 1995 and has managed the company's expansive industrial development activities throughout the United States. Nelson C. Rising, Catellus' chairman and chief executive officer, and Christine N. Garvey, former head of Corporate Real Estate Services for Deutsche Bank AG London and a current Catellus board member, will join ProLogis' board of trustees. About ProLogis ProLogis is a leading provider of distribution facilities and services with 321.3 million square feet (29.9 million square meters) in 2,079 distribution facilities owned, managed and under development in 76 markets in North America, Europe and Asia. ProLogis continues to expand the industry's first and largest global network of distribution facilities with the objective of building shareholder value. The company expects to achieve this through the ProLogis Operating System(R) and its commitment to be 'The Global Distribution Solution' for its customers, providing exceptional facilities and services to meet their expansion and reconfiguration needs. About Catellus Catellus Development Corporation is a publicly traded real estate development company that began operating as a real estate investment trust effective January 1, 2004. The company owns and operates approximately 41.1 million square feet of predominantly industrial property in many of the country's major distribution centers and transportation corridors. Catellus' principal objective is sustainable, long-term growth in shareholder value, which it seeks to achieve by applying its strategic resources: a lower-risk/higher-return rental portfolio, a focus on expanding that portfolio through development, and the deployment of its proven land development skills to select opportunities where it can generate profits to recycle back into its core business. Forward-Looking Statements In addition to historical information, this press release contains forward-looking statements under the federal securities laws. Because these statements are based on current expectations, estimates and projections about the industry and markets in which ProLogis and Catellus operate, management's beliefs and assumptions made by management, they involve uncertainties that could significantly impact financial results. Forward-looking statements are not guarantees of future performance, involve certain risks, uncertainties and assumptions that are difficult to predict. Actual operating results may be affected by changes in general economic conditions; increased or unanticipated competitive market conditions; changes in financial markets, interest rates and foreign currency exchange rates that could adversely affect cost of capital, ability to meet financing needs and obligations and results of operations; the availability of private capital; geopolitical concerns and uncertainties and therefore, may differ materially from what is expressed or forecasted in this press release. For a discussion of factors that could affect financial condition and results of operations, refer to "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations -- Risk Factors" in ProLogis' Annual Report on Form 10-K/A #1 and Catellus' Annual Report on Form 10-K for the year ended December 31, 2004. DATASOURCE: ProLogis CONTACT: Investor Relations, Melissa Marsden, +1-303-576-2622, , or Media, Rick Roth, +1-303-576-2641, , both of ProLogis; or Financial Media, Suzanne Dawson of Linden Alschuler & Kaplan, Inc., +1-202-329-1420, , for ProLogis; or Margan Mitchell, Investor Relations and Media, +1-415-974-4616, , or Analysts, Minnie Wright, +1-415-974-4649, , both of Catellus Development Corporation

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