AURORA, CO-Last Thursday, when locally based ProLogis, the world’s largest industrial REIT, closed on its $5-billion purchase of Catellus, Ted Antenucci simultaneously sold $5.14 million in ProLogis stock. Antenucci is the former president of San Francisco-based Catellus and the current president of Global Development for ProLogis.

Antenucci sold a total of 107,464 shares of ProLogis, according to a Statement of Change in Beneficial Ownership of Securities, filing with the US Securities and Exchange Commission released this week. The SEC filing shows that Antenucci sold the stock in three separate transactions: 50,000 shares at $45.50 for each share for a total of $2.275 million; 25,000 shares at $45.55, or $1.39 million; and 32,464 shares at $45.55 for $1.48 million.

After the sale, Antenucci still held 8,676 shares, according to the document. A footnote explains that this is an estimate of the conversion amount of Antenucci’s Catellus common share that converted into ProLogis common shares. “This amount will be finalized on his next filing,” according to the SEC Form 4 document.

The documents also reveal that Antenucci acquired 80,000 “derivative securities,” which are commonly called stock options. The options will best 25% each year, beginning on Sept. 15 of this year, the day the purchase of Catellus closed. Neither Antenucci nor representatives of ProLogis responded to calls regarding the stock sale. Many analysts and compensation experts, however, say that investors shouldn’t read too much into executives selling stock immediately after a merger. Others, however, contend that it sends the wrong signal, because while executives are asking shareholders to approve a merger, they are unloading their own shares. Almost 100% of the shareholders from ProLogis and Catellus who voted approved the merger.

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