ProLogis is a self-administered and self-managed real estate investment trust (REIT) that owns, operates and develops real estate properties, primarily industrial properties, in North America, Europe and Asia (directly and through its unconsolidated investees). It operates in two business segments: Direct Owned and Investment Management. The direct owned segment represents the long-term ownership of industrial properties. The investment management segment represents the investment management of unconsolidated property funds and certain joint ventures and the properties they own. In February 2009, it closed the sale of its operations in China and property fund interests in Japan to affiliates of GIC Real Estate. Its direct owned segment focuses primarily on the ownership and leasing of industrial and retail properties in key distribution markets. As of December 31, 2008, the Company had investments in and advances to 17 property funds with ownership interests ranging from 20 % to 50 %.