ProLogis' Q4 FFO grows slightly, 2006 outlook raised
16 Feb '06
3 min read
Leading global provider of distribution facilities and services ProLogis has reported adjusted funds from operations as defined by ProLogis (FFO) for the year ended December 31st 2005 of $2.71 per diluted share, up 11.5 percent from $2.43 in 2004.
For 2005, FFO per share excludes $0.20 in relocation and merger integration expenses and cumulative translation losses and impairment charges related to the sale of ProLogis' temperature-controlled business.
For 2004, FFO per share excludes $0.32 per share in charges related to redemption of preferred shares, relocation expenses and the temperature-controlled related charges noted above. For the year, net earnings were $370.7 million, or $1.76 per diluted share, up from $202.8 million or $1.08 in the comparable period in 2004.
For the fourth quarter ended December 31st 2005, FFO was $0.58 per diluted share, a 3.6 percent increase over $0.56 per share in the fourth quarter of 2004. For the fourth quarter of 2005, net earnings were $109.1 million, or $0.43 per diluted share, compared with $262,000, or less than $0.01 per share, in the fourth quarter of 2004.
In addition, on February 14, ProLogis announced that it increased the range for 2006 FFO by $0.05 per share, resulting in a new range of $2.95 to $3.15 per share, prior to charges of $0.01 to $0.03 per share for the remaining costs associated with the Catellus merger and the move of the company's Denver headquarters.
Jeffrey Schwartz, CEO said, "Our strong financial performance in 2005 reflects the significant improvement in global demand for distribution space."
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