Document:

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                                                                     EXHIBIT 4.5

                      FOURTH AMENDMENT TO RIGHTS AGREEMENT

         This Fourth Amendment (this "Amendment") to the Rights Agreement, dated
as of December 31, 1993, as amended (the "Rights Agreement"), between ProLogis
(formerly known as ProLogis Trust and Security Capital Industrial Trust), a
Maryland real estate investment trust (the "Trust"), and EquiServe Trust
Company, N.A., as the successor rights agent (the "Rights Agent"), is made and
entered into as of September 26, 2002.

         WHEREAS, the Board of Trustees of the Trust has determined to amend the
Rights Agreement as provided herein, pursuant to the authority contained in
Section 27 of the Rights Agreement;

         NOW, THEREFORE, in consideration of the premises and mutual agreements
herein set forth, the Company hereby agrees as follows:

         1. The first sentence of the definition of "Acquiring Person" as set
forth in Section 1 of the Rights Agreement is hereby deleted in its entirety and
replaced with the following:

                  "Acquiring Person" shall mean any Person (as such term is
         hereinafter defined) who or which, together with all Affiliates and
         Associates (as such terms are hereinafter defined) of such Person,
         shall be the Beneficial Owner (as such term is hereinafter defined) of
         20% or more of the Common Shares of the Trust then outstanding, but
         shall not include the Trust, any Affiliate or Subsidiary (as such term
         is hereinafter defined) of the Trust, any employee benefit plan of the
         Trust or any Affiliate or Subsidiary of the Trust, or any entity
         holding Common Shares for or pursuant to the terms of any such plan.

         2. The definition of "Current Shareholder" as set forth in Section 1 of
the Rights Agreement is hereby deleted in its entirety.

         3. The definition of "REALTY" as set forth in Section 1 of the Rights
Agreement is hereby deleted in its entirety.

         4. The first sentence of Section 3(a) of the Rights Agreement is hereby
deleted in its entirety and replaced with the following:

         Until the earlier of (i) the close of business on the tenth day after
         the Shares Acquisition Date, (ii) the close of business on the
         fifteenth business day (or such later date as may be determined by
         action of the Board of Trustees prior to such time as any Person
         becomes an Acquiring Person) after the date of the commencement by any
         Person (other than the Trust, any Affiliate or Subsidiary of the Trust,
         any

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         employee benefit plan of the Trust or of any Affiliate or Subsidiary of
         the Trust, or any entity holding Common Shares for or pursuant to the
         terms of any such plan) of, or of the first public announcement of the
         intention of any Person (other than the Trust, any Affiliate or
         Subsidiary of the Trust, any employee benefit plan of the Trust or of
         any Affiliate or Subsidiary of the Trust, or any entity holding Common
         Shares for or pursuant to the terms of any such plan) to commence, a
         tender or exchange offer the consummation of which would result in any
         Person becoming the Beneficial Owner of Common Shares aggregating 25%
         or more of the then outstanding Common Shares, or (iii) the close of
         business on the tenth business day (or such later date as may be
         determined by action of the Board of Trustees prior to such time as any
         Person becomes an Acquiring Person) after the date of filing by any
         Person of, or the first public announcement of the intention of any
         Person to file, any application, request, submission or other document
         with any federal or state regulatory authority seeking approval of,
         attempting to rebut any presumption of control upon, or otherwise
         indicating an intention to enter into, any transaction or series of
         transactions the consummation of which would result in any Person
         becoming the Beneficial Owner of Common Shares aggregating 25% or more
         of the then outstanding Common Shares, other than a transaction in
         which newly issued Common Shares are issued directly by the Trust to
         such Person (including any such date which is after the date of this
         Agreement and prior to the issuance of the Rights; the earlier of such
         dates being herein referred to as the "Distribution Date"), (x) the
         Rights will be evidenced (subject to the provisions of Section 3(b)
         hereof) by the certificates for Common Shares registered in the names
         of the holders thereof (which certificates shall also be deemed to be
         certificates for Rights) and not by separate certificates, and (y) the
         Rights will be transferable only in connection with the transfer of the
         underlying Common Shares (including a transfer to the Trust).

         5. The second sentence of Section 24(a) of the Rights Agreement is
hereby deleted in its entirety and replaced with the following:

         Notwithstanding the foregoing, the Board of Trustees shall not be
         empowered to effect such exchange at any time after any Person (other
         than the Trust, any Affiliate or Subsidiary of the Trust, any employee
         benefit plan of the Trust or any such Affiliate or Subsidiary, or any
         entity holding Common Shares for or pursuant to the terms of any such
         plan), together with all Affiliates and Associates of such Person,
         becomes the Beneficial Owner of 50% or more of the Common Shares then
         outstanding

         6. Except for the amendments made hereby, the Rights Agreement shall
continue in full force and effect.

                  [Remainder of Page Intentionally Left Blank]

                                       2

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         IN WITNESS WHEREOF, the Trust has caused this Amendment to be duly
executed and attested, all as of the date first written above.

                                          PROLOGIS

                                          By:
                                             -----------------------------------
                                             Edward S. Nekritz
                                             Senior Vice President

Attest:

By:
   ---------------------------------
   Kathleen M. Meade
   Assistant Secretary

                                          EQUISERVE TRUST COMPANY, N.A.,
                                          as Rights Agent

                                          By:
                                             -----------------------------------
                                          Name:
                                               ---------------------------------
                                          Title:
                                                --------------------------------<PAGE>
                                                                    EXHIBIT 4.26

Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Company (as
defined below) or its agent for registration of transfer, exchange, or payment,
and any certificate issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.

REGISTERED                                                      PRINCIPAL AMOUNT
No.: 1                                                           $300,000,000.00

CUSIP No.: 743410 AE 2

                                    PROLOGIS
                               5.50% NOTE DUE 2013

         PROLOGIS, a real estate investment trust organized and existing under
the laws of the State of Maryland (hereinafter called the "Company," which term
shall include any successor under the Indenture hereinafter referred to), for
value received, hereby promises to pay to CEDE & CO., or registered assigns,
upon presentation, the principal sum of THREE HUNDRED MILLION DOLLARS on March
1, 2013 and to pay interest on the outstanding principal amount thereon from
February 24, 2003 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually in arrears on March 1
and September 1 in each year, commencing on September 1, 2003, at the rate of
5.50% per annum, until the entire principal hereof is paid or made available for
payment. The interest so payable, and punctually paid or duly provided for on
any Interest Payment Date will, as provided in the Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest
which shall be the February 15 or August 15 (whether or not a Business Day), as
the case may be, next preceding such Interest Payment Date. Any such interest
not so punctually paid or duly provided for shall forthwith cease to be payable
to the Holder on such Regular Record Date, and may either be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Securities of this series not more than 15 days and not less
than 10 days prior to such Special Record Date, or may be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture. Payment
of the principal of, or Make-Whole Amount, if applicable, on, and interest on
this Security will be made at the office or agency of the Company maintained for
that purpose in the City of Boston,

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Commonwealth of Massachusetts, or elsewhere as provided in the Indenture, in
such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts; provided, however, that
at the option of the Company payment of interest may be made by (i) check mailed
to the address of the Person entitled thereto as such address shall appear in
the Security Register or (ii) transfer to an account of the Person entitled
thereto located inside the United States.

         Each Security of this series is one of a duly authorized issue of
securities of the Company (herein called the "Securities"), issued and to be
issued in one or more series under an Indenture, dated as of March 1, 1995
(herein called the "Indenture"), between the Company and U.S. Bank National
Association (successor in interest to State Street Bank and Trust Company), as
trustee (herein called the "Trustee," which term includes any successor trustee
under the Indenture with respect to the series of which this Security is a
part), to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of
the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on
the first page hereof, initially limited in aggregate principal amount to
$300,000,000, subject to the Company's right to increase the aggregate principal
amount of such series from time to time.

         Securities of this series may be redeemed at any time at the option of
the Company, in whole or in part, at a redemption price (the "Make-Whole
Amount") equal to the greater of

         (1)      100% of the principal amount of the Securities to be redeemed;
                  or

         (2)      the sum of the present values of the remaining scheduled
                  payments of principal and interest on the Securities to be
                  redeemed (exclusive of interest accrued to the date of
                  redemption) discounted to the date of redemption on a
                  semiannual basis (assuming a 360-day year consisting of twelve
                  30-day months) at the then current Treasury Rate plus 25 basis
                  points.

         In each case the Company will pay accrued and unpaid interest on the
principal amount being redeemed to the date of redemption.

         The following definitions apply with respect to the Make-Whole Amount:

                  "Comparable Treasury Issue" means the United States Treasury
security selected by an Independent Investment Banker as having a maturity
comparable to the remaining term ("Remaining Life") of the Securities to be
redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities
of comparable maturity to the Remaining Life.

                  "Comparable Treasury Price" means, with respect to any
redemption date, (1) the average of the Reference Treasury Dealer Quotations for
such redemption date, after excluding the highest and lowest Reference Treasury
Dealer Quotations, or (2) if the Trustee obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.

<PAGE>
                  "Independent Investment Banker" means one of the Reference
Treasury Dealers that the Company appoints to act as the Independent Investment
Banker from time to time.

                  "Reference Treasury Dealer" means each of Banc of America
Securities LLC and its successors, and three other firms that are primary U.S.
Government securities dealers (each a "Primary Treasury Dealer") which the
Company specifies from time to time; provided, however, that if any of them
ceases to be a Primary Treasury Dealer, the Company will substitute another
Primary Treasury Dealer.

                  "Reference Treasury Dealer Quotations" means, with respect to
each Reference Treasury Dealer and any redemption date, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third business day preceding such redemption date.

                  "Treasury Rate" means, with respect to any redemption date,
the rate per year equal to: (1) the yield, under the heading which represents
the average for the immediately preceding week, appearing in the most recently
published statistical release designated "H.15(519)" or any successor
publication which is published weekly by the Board of Governors of the Federal
Reserve System and which establishes yields on actively traded United States
Treasury securities adjusted to constant maturity under the caption "Treasury
Constant Maturities," for the maturity corresponding to the Comparable Treasury
Issue; provided that, if no maturity is within three months before or after the
Remaining Life of the Securities to be redeemed, yields for the two published
maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Treasury Rate shall be interpolated or extrapolated from
those yields on a straight line basis, rounding to the nearest month; or (2) if
such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per
year equal to the semiannual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date. The Treasury Rate shall be calculated
on the third business day preceding the redemption date.

         The Indenture contains provisions for defeasance at any time of (a) the
entire indebtedness of the Company on this Security and (b) certain restrictive
covenants and the related defaults and Events of Default applicable to the
Company, in each case, upon compliance by the Company with certain conditions
set forth in the Indenture, which provisions apply to this Security.

         If an Event of Default with respect to Securities of this series shall
occur and be continuing, the Make-Whole Amount on the Securities of this series
may be declared due and payable in the manner and with the effect provided in
the Indenture.

         As provided in and subject to the provisions of the Indenture, unless
the principal of all of the Securities of this series at the time Outstanding
shall already have become due and payable, the Holder of this Security shall not
have the right to institute any proceeding with respect to the Indenture or for
the appointment of a receiver or trustee or for any other remedy thereunder,

<PAGE>
unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the
Holders of not less than 25% in principal amount of the Securities of this
series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered
the Trustee reasonable indemnity and the Trustee shall not have received from
the Holders of a majority in principal amount of Securities of this series at
the time Outstanding a direction inconsistent with such request, and the Trustee
shall have failed to institute any such proceeding for 60 days after receipt of
such notice, request and offer of indemnity. The foregoing shall not apply to
any suit instituted by the Holder of this Security for the enforcement of any
payment of principal hereof or any interest on or after the respective due dates
expressed herein.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of not less than a majority in principal amount of the
Outstanding Securities of each series of Securities then Outstanding affected
thereby. The Indenture also contains provisions permitting the Holders of
specified percentages in principal amount of the Securities of each series at
the time Outstanding, on behalf of the Holders of all Securities of such series,
to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made
upon this Security.

         No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of, Make-Whole Amount, if
applicable, on, and interest on this Security at the times, place and rate, and
in the coin or currency, herein prescribed.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in any Place of Payment where the principal of,
Make-Whole Amount, if applicable, on, and interest on this Security are payable
duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Securities of this series, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

         The Securities of this series are issuable only in registered form
without coupons in denominations of $1,000 and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series of a different authorized denomination, as
requested by the Holder surrendering the same.

<PAGE>
         No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

         Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

         No recourse under or upon any obligation, covenant or agreement
contained in the Indenture or in this Security, or because of any indebtedness
evidenced thereby, shall be had against any promoter, as such, or against any
past, present or future shareholder, officer or trustee, as such, of the Company
or of any successor, either directly or through the Company or any successor,
under any rule of law, statute or constitutional provision or by the enforcement
of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance of this Security
by the Holder thereof and as part of the consideration for the issue of the
Securities of this series.

         All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

         THE INDENTURE AND THE SECURITIES, INCLUDING THIS SECURITY, SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

         Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused "CUSIP" numbers to be
printed on the Securities of this series as a convenience to the Holders of such
Securities. No representation is made as to the correctness or accuracy of such
CUSIP numbers as printed on the Securities, and reliance may be placed only on
the other identification numbers printed hereon.

                     [THIS SPACE INTENTIONALLY LEFT BLANK.]

<PAGE>
         Unless the certificate of authentication hereon has been executed by or
on behalf of the Trustee by manual signature, this Security shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed by the undersigned officer.

                                        PROLOGIS

                                        By:
                                           -------------------------------------
                                           Name:  Stephen K. Schutte
                                           Title: Vice President

Attest

By:
    ------------------------------
    Name:  Rondi Boroos
    Title: Assistant Secretary

Dated: February 24, 2003

TRUSTEE'S CERTIFICATE OF AUTHENTICATION:

         This is one of the Securities of the series designated therein referred
to in the within-mentioned Indenture.

U.S. BANK NATIONAL ASSOCIATION,
   as successor trustee

BY:
   -------------------------------
   Authorized Officer

<PAGE>
                                 ASSIGNMENT FORM

                   FOR VALUE RECEIVED, the undersigned hereby
                        sells, assigns and transfers unto

         PLEASE INSERT SOCIAL
         SECURITY OR OTHER IDENTIFYING
         NUMBER OF ASSIGNEE

         --------------------------------------

              (Please Print or Typewrite Name and Address including
                              Zip Code of Assignee)

the within-mentioned Security of ProLogis and hereby does irrevocably constitute
and appoint ___________________________________________________________ Attorney
to transfer said Security on the books of the within-named Company with full
power of substitution in the premises.

Dated
     -----------------

NOTICE: The signature to this assignment must correspond with the name as it
appears on the first page of the within-mentioned Security in every particular,
without alteration or enlargement or any change whatever.

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