CORRECT: ProLogis 4Q Loss Widens, Though Core FFO Rises

Date : 02/03/2011 @ 9:30AM
Source : Dow Jones News
Stock : Prologis, Inc. (PLD)
Quote : 54.41  -0.49 (-0.89%) @ 4:05PM

CORRECT: ProLogis 4Q Loss Widens, Though Core FFO Rises

Prologis (NYSE:PLD)
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("ProLogis 4Q Loss Widens, Though Core FFO Rises >OLD" at 7:40 a.m., misstated the ticker symbol in the headline. A corrected version follows)

ProLogis's (PLD) fourth-quarter loss widened, though a key gauge of profit for the real-estate investment trust rose on an adjusted basis to top analysts' forecasts.

The company also forecast core funds from operations--that key profitability gauge--for the new year totaling 62 cents to 66 cents a share. Analysts surveyed by Thomson Reuters expect 68 cents of core FFO.

"During the fourth quarter, leasing velocity in our portfolio increased more than 25% over the third quarter, and the overall U.S. market experienced its third straight quarter of positive growth absorption--17 million square feet," said Chief Executive Walter Rakowich.

ProLogis's losses have widened of late, though it also has improved its core results. In December, ProLogis said it reached an agreement to sell its Catellus name and a portfolio of U.S. assets to private-equity company TPG Capital for about $505 million.

ProLogis reported a loss of $1.17 billion, or $2.17 a share, from a year-earlier loss of $408.5 million, or 86 cents a share, a year earlier. The company's funds from operations totaled a per-share loss of $2.38 from a loss of 65 cents. On an adjusted basis, core FFO rose to 18 cents from 16 cents.

Revenue jumped 11% to $242.7 million.

Analysts polled by Thomson Reuters had most recently forecast a loss of 3 cents on $234 million in revenue and FFO of 16 cents.

Shares closed at $14.78 and were inactive premarket. As of Wednesday's close, the stock had risen 13% the past year.

-By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com

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