ProLogis is a real estate investment trust (REIT) and leading global provider of distribution facilities and services. The company's property operations business deals with the long-term ownership, management and leasing of industrial distribution properties. As at 31 December 2003, the business consisted of 1,737 operating properties throughout North America, Europe and Asia. The corporate distribution facilities services business develops distribution properties with the intent to contribute the property to a property fund or to sell the property to a third party. The group had 27 distribution properties at the end of 2003.