ProLogis' Q4 FFO grows slightly, 2006 outlook raised
16 Feb '06
3 min read
"This customer-driven demand supported further increases in overall occupancies, record leasing activity and positive net absorption across virtually all of the markets in which ProLogis operates worldwide. In addition to substantial improvement in our property operations, we also achieved solid growth in income from our development business and income and fees from our property funds," he added.
"We track the top 30 North American logistics markets very closely and continue to see increases in overall occupancies, which rose by an average of 29 basis points for the quarter and 122 basis points for the year," Schwartz said.
"In Europe, we continue to experience a steady pace of leasing in our new facilities and achieved record leasing activity in the UK, Poland and Germany during the year. In Japan, we also had a very successful year with several major build-to-suit agreements and strong leasing in our major, multi-customer inventory developments. Additionally, in China, our properties completed during 2005 are already 70 percent leased at year end."
The company achieved 11.3 percent growth from Corporate Distribution Facilities Services (CDFS) disposition activity over 2004.
"By any measure, we had a terrific year in our CDFS business," said Walter Rakowich, President and Chief Operating Officer.
"During the year, we signed nearly 17.5 million square feet of new CDFS leases -- over 49 percent of that amount with repeat customers. Included in this activity were agreements with Coca-Cola in Tampa, Geodis in Germany, adidas in China and Estee Lauder in Japan."
marketing@alchempro.com
