- Full-year FFO per Share in Line with Previous Guidance - -
Property Market Fundamentals Showing Signs of Improvement - -
Company Establishes 2010 Guidance - DENVER, Feb. 11
/PRNewswire-FirstCall/ -- ProLogis (NYSE:PLD), a leading global
provider of distribution facilities, today reported funds from
operations as defined by ProLogis (FFO), excluding significant
non-cash items, of $1.15 per diluted share in 2009, compared with
$3.51 for 2008. (See Summary of Results table for details). These
amounts reflect the add back of impairments on real estate
properties, goodwill and other assets totaling $0.81 per diluted
share in 2009 and $3.01 in 2008. ProLogis reported a net loss per
diluted share of $0.01 for 2009, compared with a net loss of $1.82
for 2008. For the fourth quarter, FFO, excluding significant
non-cash items, was $0.13 per diluted share in 2009, compared with
$0.56 in 2008. These amounts reflect the add back of impairments on
real estate properties, goodwill and other assets totaling $0.78
per diluted share in the fourth quarter of 2009 and $3.04 in 2008.
For the fourth quarter of 2009, the company reported a net loss per
diluted share of $0.86, compared with a net loss of $3.39 in the
same period of 2008. Reconciliation to Previous Guidance In
addition to the non-cash impairment charges referred to above, the
company experienced various non-recurring charges in the fourth
quarter and earlier in 2009, as detailed below. FFO, excluding
significant non-cash items and non-recurring charges, was $1.41 per
diluted share for the full year, in line with the company's
previous guidance of $1.39 to $1.43. For the fourth quarter, FFO,
excluding significant non-cash items and non-recurring charges, was
$0.23 per diluted share. Three Months Twelve Months Ended Ended
December 31, December 31, 2009 2009 ---- ---- FFO, excluding
significant non-cash items $0.13 $1.15 Add (deduct) non-recurring
charges: Indemnifications related to contributed or sold properties
0.08 0.09 Realized losses on foreign currency transactions - 0.05
Capital markets costs 0.03 0.04 ProLogis' share of losses on sale
of fund assets - 0.03 Reduction in workforce - 0.03 Other 0.01 0.04
Adjustments to tax and compensation-related liabilities (0.02)
(0.02) ---- ---- Add summarized non-recurring charges 0.10 0.26
---- ---- FFO, excluding significant non-cash items and
non-recurring charges $0.23 $1.41 Significant Accomplishments in
2009 Position Company for Future Opportunities "We began 2009 with
an action plan and aggressive goals related to asset dispositions,
debt reduction and development portfolio leasing," said Walter C.
Rakowich, chief executive officer. "Throughout the year, we made
tough choices and remained highly focused on stabilizing the
company. We are pleased to have accomplished our goals, putting the
company on firm financial footing and positioning us to take
advantage of opportunities as market conditions improve." Among
ProLogis' specific goals for 2009 were to: reduce debt by $2
billion, complete $1.5 to $1.7 billion of asset dispositions and
contributions to property funds (exclusive of the sale of certain
Asian operations) and achieve static development portfolio leasing
of 60 to 70 percent. At year end 2009, the company had reduced debt
by $2.7 billion, completed $1.53 billion of property dispositions
and contributions and achieved static development portfolio leasing
of 68.2 percent. Continued Signs of Stabilization and Improvement
in Property Markets "While focusing on our action plan, we also
worked diligently to maintain stable occupancies in our core
portfolio," Rakowich added. "The bottoming of market occupancies
and rents that we began to see in mid-2009 held up in the fourth
quarter, with some markets showing improvement. For the top 31
North American markets we track, overall net demand turned positive
in the fourth quarter, and we saw similar pockets of positive
take-up in Europe. And, although we expect net effective rental
rates on turnovers to be negative throughout 2010, we believe
improving occupancies and the continued lack of new supply will
pave the way for improving rental rates in 2011." ProLogis'
non-development portfolio was 92.4 percent leased at the end of the
fourth quarter, down slightly compared with 92.7 percent leased at
September 30. Same-store net operating income (SS NOI), as adjusted
(excluding same-store assets associated with the company's
development portfolio), decreased 4.2 percent, a slight improvement
over the third quarter SS NOI decline. Net effective rental rates
on turnover of 23.6 million square feet, or 6.0 percent of the
adjusted same-store pool, were down 11.7 percent for the quarter,
representing an improvement over the third quarter decline.
Build-to-Suit Development Demand Supports Reductions in Land
Position "While new speculative development has remained virtually
non-existent, during the fourth quarter we continued to see demand
for build-to-suit development from customers whose supply chain
optimization requirements could not be met with the available
supply of space," said Ted R. Antenucci, chief investment officer.
ProLogis' fourth quarter starts consisted of a 667,000-square-foot
facility for a major home improvement retailer in Southern
California and a 504,000-square-foot facility for a leading UK
retailer in Scotland. Including joint venture partner capital
contributions, total expected investment for all build-to-suit
developments started in the second half of 2009 is $336 million.
"Given the continued interest from customers in build-to-suits, we
expect to start $700 to $800 million of new development in 2010,
primarily in Europe and Asia. We also will continue to pursue land
sales, which when combined with new development, will allow us to
begin to monetize roughly $350 to $400 million of land in 2010,"
Antenucci added. Strategic Repositioning of Asset Base "In 2009, we
used the proceeds from nearly $2.9 billion of contributions and
dispositions, including the sale of certain Asian operations, to
reduce debt and fund our development portfolio," said Rakowich.
"Having stabilized our balance sheet, we are now looking to fund
new development activity in a slightly different, leverage-neutral
manner. Due to improving property values and growing institutional
demand for quality properties, in 2010 we plan to generate $1.3 to
$1.5 billion of proceeds from sales of existing assets and
contributions to funds, primarily in the United States, and use the
proceeds to fund the remaining costs associated with our existing
development portfolio as well as 2010 development starts. This
approach will allow us to retain more of our non-US development on
our balance sheet, thereby improving the geographic diversification
of our direct owned assets." Continued Financing Progress for
ProLogis and Property Funds "We continued to focus on further
extending and smoothing the debt maturities both on ProLogis'
balance sheet and in our property funds," said William E. Sullivan,
chief financial officer. "In the fourth quarter, we issued $600
million of 10-year, ProLogis senior notes and closed on a $108
million secured financing in Japan on our balance sheet. Since the
beginning of the fourth quarter, we closed on euro 886 million of
financings in our European funds, effectively reducing 2010
maturities within those funds to approximately euro 327 million.
This is significant progress from the over euro 1.8 billion of 2010
fund debt maturities we were faced with at the beginning of 2009."
Guidance for 2010 ProLogis established full-year 2010 FFO guidance,
excluding significant non-cash items, of $0.74 to $0.78 per share,
of which approximately $0.10 relates to expected gains on
dispositions of development and land. Net earnings are expected to
be between $0.25 and $0.29 per diluted share. A summary of the
business drivers supporting ProLogis' 2010 guidance is available at
http://ir.prologis.com/2010BusinessDrivers.cfm. Copies of ProLogis'
fourth quarter 2009 supplemental information will be available from
the company's website at http://ir.prologis.com/ in the "Annual
& Supplemental Reports" section before open of market on
Thursday, February 11, 2010. The company will host a
webcast/conference call on Thursday, February 11, 2010, at 10:00
a.m. Eastern Time. The live webcast and the replay will be
available on the company's website at http://ir.prologis.com/.
Additionally, a podcast of the company's conference call will be
available on the company's website. About ProLogis ProLogis is a
leading global provider of distribution facilities, with more than
475 million square feet of industrial space owned and managed (44
million square meters) in markets across North America, Europe and
Asia. The company leases its industrial facilities to more than
4,400 customers, including manufacturers, retailers, transportation
companies, third-party logistics providers and other enterprises
with large-scale distribution needs. For additional information
about the company, go to http://www.prologis.com/. Follow ProLogis
on Twitter: http://twitter.com/ProLogis The statements above that
are not historical facts are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements are based on current expectations,
estimates and projections about the industry and markets in which
ProLogis operates, management's beliefs and assumptions made by
management, they involve uncertainties that could significantly
impact ProLogis' financial results. Words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks,"
"estimates," variations of such words and similar expressions are
intended to identify such forward-looking statements, which
generally are not historical in nature. All statements that address
operating performance, events or developments that we expect or
anticipate will occur in the future - including statements relating
to rent and occupancy growth, development activity and changes in
sales or contribution volume of developed properties, general
conditions in the geographic areas where we operate and the
availability of capital in existing or new property funds - are
forward-looking statements. These statements are not guarantees of
future performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Although we believe the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, we can give no assurance that our
expectations will be attained and therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. Some of the factors that may
affect outcomes and results include, but are not limited to: (i)
national, international, regional and local economic climates, (ii)
changes in financial markets, interest rates and foreign currency
exchange rates, (iii) increased or unanticipated competition for
our properties, (iv) risks associated with acquisitions, (v)
maintenance of real estate investment trust ("REIT") status, (vi)
availability of financing and capital, (vii) changes in demand for
developed properties, and (viii) those additional factors discussed
in reports filed with the Securities and Exchange Commission by
ProLogis under the heading "Risk Factors." ProLogis undertakes no
duty to update any forward-looking statements appearing in this
press release. Overview (in thousands, except per share amounts)
Summary of Results Three Months Ended Twelve Months Ended December
31, December 31, --------------------- ---------------------- 2009
2008 (1) 2009 2008 (1) --------- ---------- ---------- ----------
Revenues (9) $ 260,318 $1,468,335 $1,223,082 $5,565,983 Net loss
(a) $(408,459) $ (901,232) $ (2,650) $ (479,226) Net loss per share
- Diluted (a) $ (0.86) $ (3.39) $ (0.01) $(1.82) FFO, including
significant non-cash items (a) $(305,761) $ (660,096) $ 138,885 $
133,840 Add (deduct) significant non-cash items: Impairment of real
estate properties 207,668 274,705 331,592 274,705 Impairment of
goodwill and other assets 157,076 320,636 163,644 320,636
Impairment (net gain) related to disposed assets - China operations
- 198,236 (3,315) 198,236 Loss (gains) on early extinguishment of
debt 960 (90,719) (172,258) (90,719) Our share of the
loss/impairment recorded by PEPR related to PEPF II - 108,195 -
108,195 Our share of similar (gains) losses recognized by the
property funds, net 2,882 - 9,240 - --------- ---------- ----------
---------- Total adjustments for significant non-cash items 368,586
811,053 328,903 811,053 --------- ---------- ---------- ----------
FFO, excluding significant non-cash items (a) $ 62,825 $ 150,957 $
467,788 $ 944,893 ========= ========== ========== ========== FFO
per share - Diluted, including significant non-cash items (a) $
(0.65) $ (2.48) $ 0.34 $ 0.50 Add (deduct) - summarized significant
non-cash adjustments - per share 0.78 3.04 0.81 3.01 ---------
---------- ---------- ---------- FFO per share - Diluted, excluding
significant non-cash items (a) $ 0.13 $ 0.56 $ 1.15 $ 3.51
========= ========== ========== ========== (a) These amounts are
attributable to common shares. Footnotes follow Financial
Statements Consolidated Balance Sheets (in thousands, except per
share data) December 31, December 31, 2009 2008 (1) -----------
------------ Assets: Investments in real estate assets (1):
Industrial properties: Core $ 7,436,539 $ 7,924,507 Completed
development 4,108,962 3,031,449 Properties under development
191,127 1,181,344 Land held for development 2,569,343 2,482,582
Retail and mixed use properties 291,038 358,992 Land subject to
ground leases and other 385,222 425,001 Other investments 233,665
321,397 ----------- ----------- 15,215,896 15,725,272 Less
accumulated depreciation 1,671,100 1,583,299 -----------
----------- Net investments in real estate assets 13,544,796
14,141,973 Investments in and advances to unconsolidated investees:
Property funds (2) 1,876,650 1,957,977 Other unconsolidated
investees 275,073 312,016 ----------- ----------- Total investments
in and advances to unconsolidated investees 2,151,723 2,269,993
Cash and cash equivalents 34,362 174,636 Accounts and notes
receivable 136,754 244,778 Other assets (1) 1,017,780 1,126,993
Discontinued operations - assets held for sale (2) - 1,310,754
----------- ----------- Total assets $16,885,415 $19,269,127
=========== =========== Liabilities and Equity: Liabilities: Debt
(1)(2)(3)(4)(5) $ 7,977,778 $10,711,368 Accounts payable and
accrued expenses 455,919 658,868 Other liabilities 444,432 751,238
Discontinued operations - assets held for sale (2) - 389,884
----------- ----------- Total liabilities 8,878,129 12,511,358
----------- ----------- Equity (6): ProLogis shareholders' equity:
Series C preferred shares at stated liquidation preference of $50
per share 100,000 100,000 Series F preferred shares at stated
liquidation preference of $25 per share 125,000 125,000 Series G
preferred shares at stated liquidation preference of $25 per share
125,000 125,000 Common shares at $.01 par value per share 4,742
2,670 Additional paid-in capital (1) 8,524,867 7,070,108
Accumulated other comprehensive income (loss) 42,298 (29,374)
Distributions in excess of net earnings (1) (934,583) (655,513)
----------- ----------- Total ProLogis shareholders' equity
7,987,324 6,737,891 Noncontrolling interests (7) 19,962 19,878
----------- ----------- Total equity 8,007,286 6,757,769
----------- ----------- Total liabilities and equity $16,885,415
$19,269,127 =========== =========== Footnotes follow Financial
Statements Consolidated Statements of Operations (in thousands,
except per share amounts) Three Months Ended Twelve Months Ended
December 31, December 31, -------------------- --------------------
2009 2008 (1) 2009 2008 (1) --------- --------- --------- ---------
Revenues: Rental income (8) $ 227,362 $ 215,196 $ 891,095 $ 913,650
Property management and other fees and incentives (2) 31,563 33,815
142,763 131,011 CDFS disposition proceeds (9): Developed and
repositioned properties (2) - 1,192,935 180,237 4,206,446 Acquired
property portfolios - 18,781 - 289,019 Development management and
other income 1,393 7,608 8,987 25,857 --------- --------- ---------
--------- Total revenues 260,318 1,468,335 1,223,082 5,565,983
--------- --------- --------- --------- Expenses: Rental expenses
(10) 65,595 60,324 269,956 277,320 Investment management expenses
(10) 11,835 12,344 43,416 50,761 Cost of CDFS dispositions (1)(9):
Developed and repositioned properties - 1,086,150 - 3,551,700
Acquired property portfolios - 18,781 - 289,019 General and
administrative (4)(10)(11) 52,161 36,987 180,486 177,350 Reduction
in workforce (11) - 23,131 11,745 23,131 Impairment of real estate
properties (12) 207,668 274,705 331,592 274,705 Depreciation and
amortization 84,153 97,435 315,807 317,315 Other expenses 4,617
17,446 24,025 28,104 --------- --------- --------- --------- Total
expenses 426,029 1,627,303 1,177,027 4,989,405 --------- ---------
--------- --------- Operating income (loss) (165,711) (158,968)
46,055 576,578 Other income (expense): Earnings (loss) from
unconsolidated property funds, net (13) (6,227) (105,024) 24,908
(69,116) Earnings from other unconsolidated investees, net 301 914
3,151 13,342 Interest expense (1)(14) (107,486) (100,314) (373,305)
(385,065) Impairment of goodwill and other assets (12) (157,076)
(320,636) (163,644) (320,636) Other income (expense), net (33,503)
2,526 (39,349) 16,522 Net gains on dispositions of real estate
properties (9) 12,843 5,853 35,262 11,668 Foreign currency exchange
gains (losses), net (15) 728 (115,303) 35,626 (148,281) Gains
(loss) on early extinguishment of debt (3) (960) 90,719 172,258
90,719 --------- --------- --------- --------- Total other income
(expense) (291,380) (541,265) (305,093) (790,847) ---------
--------- --------- --------- Loss before income taxes (457,091)
(700,233) (259,038) (214,269) Current income tax expense (benefit)
(2) (878) 15,726 29,262 63,441 Deferred income tax expense
(benefit) (2,600) (14,834) (23,287) 4,570 --------- ---------
--------- --------- Total income taxes (3,478) 892 5,975 68,011
--------- --------- --------- --------- Loss from continuing
operations (453,613) (701,125) (265,013) (282,280) Discontinued
operations (16): Income (loss) attributable to disposed properties
1,490 (4,455) 24,163 11,049 Net gain (impairment) related to
disposed assets - China operations (2) - (198,236) 3,315 (198,236)
Net gains on dispositions: Non-development properties 21,024 1,557
220,815 9,718 Development properties and land subject to ground
leases (2) 29,146 7,551 40,649 9,783 --------- --------- ---------
--------- Total discontinued operations 51,660 (193,583) 288,942
(167,686) --------- --------- --------- --------- Consolidated net
earnings (loss) (401,953) (894,708) 23,929 (449,966) Net earnings
attributable to noncontrolling interests (7) (190) (172) (1,156)
(3,837) --------- --------- --------- --------- Net earnings (loss)
attributable to controlling interests (1) (402,143) (894,880)
22,773 (453,803) Less preferred share dividends 6,316 6,352 25,423
25,423 --------- --------- --------- --------- Net loss
attributable to common shares $(408,459) $(901,232) $ (2,650)
$(479,226) ========= ========= ========= ========= Weighted average
common shares outstanding -Basic (6) 473,561 265,898 403,149
262,729 Weighted average common shares outstanding - Diluted (6)
473,561 265,898 403,149 262,729 Net earnings (loss) per share
attributable to common shares - Basic: Continuing operations $
(0.97) $ (2.66) $ (0.73) $ (1.18) Discontinued operations 0.11
(0.73) 0.72 (0.64) --------- --------- --------- --------- Net
earnings (loss) per share attributable to common shares - Basic $
(0.86) $ (3.39) $ (0.01) $ (1.82) ========= ========= =========
========= Net earnings (loss) per share attributable to common
shares -Diluted: Continuing operations $ (0.97) $ (2.66) $ (0.73) $
(1.18) Discontinued operations 0.11 (0.73) 0.72 (0.64) ---------
--------- --------- --------- Net earnings (loss) per share
attributable to common shares -Diluted $ (0.86) $ (3.39) $ (0.01) $
(1.82) ========= ========= ========= ========= Footnotes follow
Financial Statements Consolidated Statements of Funds From
Operations (FFO) (in thousands, except per share amounts) Three
Months Ended Twelve Months Ended December 31, December 31,
--------------------- --------------------- 2009 2008 (1) 2009 2008
(1) --------- --------- --------- ---------- Revenues: Rental
income $ 229,906 $ 249,778 $ 941,587 $1,035,335 Property management
and other fees and incentives (2) 31,563 34,466 142,856 132,038
CDFS disposition proceeds (9): Developed and repositioned
properties (2) - 1,239,378 180,237 4,271,786 Acquired property
portfolios - 18,781 - 372,667 Development management and other
income 1,393 7,822 8,987 26,344 --------- --------- ---------
---------- Total revenues 262,862 1,550,225 1,273,667 5,838,170
--------- --------- --------- ---------- Expenses: Rental expenses
(10) 66,162 73,746 284,390 319,378 Investment management expenses
(10) 11,835 12,344 43,416 50,761 Cost of CDFS dispositions (1)(9):
Developed and repositioned properties - 1,126,198 - 3,610,123
Acquired property portfolios - 18,781 - 372,667 General and
administrative (10)(11) 52,161 45,896 181,791 199,074 Reduction in
workforce (11) - 26,431 11,745 26,431 Impairment of real estate
properties (12) 207,668 274,705 331,592 274,705 Depreciation of
corporate assets 3,828 4,177 15,897 16,332 Other expenses 4,617
21,400 24,031 33,192 --------- --------- --------- ---------- Total
expenses 346,271 1,603,678 892,862 4,902,663 --------- ---------
--------- ---------- Operating FFO (83,409) (53,453) 380,805
935,507 Other income (expense): FFO from unconsolidated property
funds (13) 41,679 (62,039) 157,197 66,415 FFO from other
unconsolidated investees 1,952 858 10,878 6,162 Interest expense
(1) (107,486) (100,398) (373,135) (384,526) Net gain (impairment)
related to assets held for sale - China operations (2) - (198,236)
3,315 (198,236) Impairment of goodwill and other assets (12)
(157,076) (320,636) (163,644) (320,636) Other income (expense), net
(33,503) 3,724 (39,277) 20,806 Net gains on dispositions of real
estate properties (9) 35,515 - 65,587 - Foreign currency exchange
gains (losses), net (503) 723 (22,571) (7,009) Gains (loss) on
early extinguishment of debt (3) (960) 90,719 172,258 90,719
Current income tax benefit (expense) (2)(17) 4,536 (16,727)
(25,805) (56,170) --------- --------- --------- ---------- Total
other income (expense) (215,846) (602,012) (215,197) (782,475)
--------- --------- --------- ---------- FFO (299,255) (655,465)
165,608 153,032 Less preferred share dividends 6,316 6,352 25,423
25,423 Less net earnings (loss) attributable to noncontrolling
interests (7) 190 (1,721) 1,300 (6,231) --------- ---------
--------- ---------- FFO attributable to common shares, including
significant non-cash items $(305,761) $(660,096) $ 138,885 $
133,840 Adjustments for significant non-cash items 368,586 811,053
328,903 811,053 --------- --------- --------- ---------- FFO
attributable to common shares, excluding significant non-cash items
$ 62,825 $ 150,957 $ 467,788 $ 944,893 ========= =========
========= ========== Weighted average common shares outstanding -
Basic (6) 473,561 265,898 403,149 262,729 FFO per share
attributable to common shares, including significant non-cash
items: Basic $ (0.65) $ (2.48) $ 0.34 $ 0.51 ========= =========
========= ========== Diluted $ (0.65) $ (2.48) $ 0.34 $ 0.50
========= ========= ========= ========== FFO per share attributable
to common shares, excluding significant non-cash items: Basic $
0.13 $ 0.57 $ 1.16 $ 3.60 ========= ========= ========= ==========
Diluted $ 0.13 $ 0.56 $ 1.15 $ 3.51 ========= ========= =========
========== Footnotes follow Financial Statements Reconciliations of
Net Loss to FFO and EBITDA (in thousands) Reconciliation of net
loss to FFO, including significant non-cash items Three Months
Ended Twelve Months Ended December 31, December 31,
--------------------- -------------------- 2009 2008 (1) 2009 2008
(1) --------- --------- -------- --------- Net loss (a) $(408,459)
$(901,232) $ (2,650) $(479,226) Add (deduct) NAREIT defined
adjustments: Real estate related depreciation and amortization
80,325 93,258 299,910 300,983 Adjustments to gains on dispositions
for depreciation (3,183) (1,156) (5,387) (2,866) Gains on
dispositions of non-development/ non-CDFS properties (3,291)
(5,806) (4,937) (11,620) Reconciling items attributable to
discontinued operations (16): Gains on dispositions of
non-development/ non-CDFS properties (21,024) (1,557) (220,815)
(9,718) Real estate related depreciation and amortization 487 9,012
11,319 33,661 --------- --------- -------- --------- Total
discontinued operations (20,537) 7,455 (209,496) 23,943 Our share
of reconciling items from unconsolidated investees: Real estate
related depreciation and amortization 40,361 51,159 154,315 155,067
Adjustment to gains/losses on dispositions for depreciation (1,681)
(329) (9,569) (492) Other amortization items (3,954) (3,337)
(11,775) (15,840) --------- --------- -------- --------- Total
unconsolidated investees 34,726 47,493 132,971 138,735 ---------
--------- -------- --------- Total NAREIT defined adjustments
88,040 141,244 213,061 449,175 --------- --------- --------
--------- Subtotal- NAREIT defined FFO (320,419) (759,988) 210,411
(30,051) Add (deduct) our defined adjustments: Foreign currency
exchange losses (gains), net (15) (1,231) 117,145 (58,128) 144,364
Current income tax expense (17) 3,658 - 3,658 9,656 Deferred income
tax expense (benefit) (2,600) (15,406) (23,299) 4,073 Our share of
reconciling items from unconsolidated investees: Foreign currency
exchange losses (gains), net (15) (947) (82) (1,737) 2,331
Unrealized losses (gains) on derivative contracts, net (1,394)
18,007 (7,561) 23,005 Deferred income tax expense (benefit) 17,172
(19,772) 15,541 (19,538) --------- --------- -------- ---------
Total unconsolidated investees 14,831 (1,847) 6,243 5,798 ---------
--------- -------- --------- Total our defined adjustments 14,658
99,892 (71,526) 163,891 --------- --------- -------- --------- FFO,
including significant non-cash items (a) $(305,761) $(660,096)
$138,885 $ 133,840 ========= ========= ======== =========
Reconciliation of FFO, including significant non-cash items, to
FFO, excluding significant non-cash items Three Months Ended Twelve
Months Ended December 31, December 31, ---------------------
-------------------- 2009 2008 (1) 2009 2008 (1) ---------
--------- -------- -------- FFO, including significant non-cash
items (a) $(305,761) $(660,096) $138,885 $133,840 Add (deduct)
significant non-cash items: Impairment of real estate properties
(12) 207,668 274,705 331,592 274,705 Impairment of goodwill and
other assets (12) 157,076 320,636 163,644 320,636 Impairment (net
gain) related to disposed assets - China operations (2) - 198,236
(3,315) 198,236 Loss (gains) on early extinguishment of debt (3)
960 (90,719) (172,258) (90,719) Our share of the loss/ impairment
recorded by PEPR - 108,195 - 108,195 Our share of certain (gains)
losses recognized by the property funds 2,882 - 9,240 - ---------
--------- -------- -------- Total adjustments for significant
non-cash items 368,586 811,053 328,903 811,053 --------- ---------
-------- -------- FFO, excluding significant non-cash items (a) $
62,825 $ 150,957 $467,788 $944,893 ========= ========= ========
======== Reconciliation of FFO, excluding significant non-cash
items, to EBITDA Three Months Ended Twelve Months Ended December
31, December 31, -------------------- ---------------------- 2009
2008 (1) 2009 2008 (1) -------- -------- ---------- ---------- FFO,
excluding significant non-cash items (a) $ 62,825 $150,957 $
467,788 $ 944,893 Interest expense 107,486 100,398 373,135 384,526
Depreciation of corporate assets 3,828 4,177 15,897 16,332 Current
income tax expense (benefit) included in FFO (4,536) 16,727 25,805
56,170 Adjustments to gains on dispositions for interest
capitalized 5,251 12,637 16,795 57,632 Preferred share dividends
6,316 6,352 25,423 25,423 Share of reconciling items from
unconsolidated investees 41,284 33,812 173,682 173,900 --------
-------- ---------- ---------- Earnings before interest, taxes,
depreciation and amortization (EBITDA) $222,454 $325,060 $1,098,525
$1,658,876 ======== ======== ========== ========== See Consolidated
Statements of Operations and Consolidated Statements of FFO.
Footnotes follow Financial Statements (a) Attributable to common
shares. Calculation of Per Share Amounts (in thousands, except per
share amounts) Net Loss Per Share Three Months Ended Twelve Months
Ended December 31, December 31, ----------------------
--------------------- 2009 (a) 2008 (a) 2009 (a) 2008 (a) ---------
--------- -------- ---------- Net loss - Basic (b) $(408,459)
$(901,232) $ (2,650) $(479,226) Noncontrolling interest
attributable to convertible limited partnership units (c) - - - -
--------- --------- -------- --------- Adjusted loss - Diluted (b)
$(408,459) $(901,232) $ (2,650) $(479,226) ========= =========
======== ========= Weighted average common shares outstanding -
Basic 473,561 265,898 403,149 262,729 Incremental weighted average
effect of conversion of limited partnership units (c) - - - -
Incremental weighted average effect of stock awards (d) - - - -
--------- --------- -------- --------- Weighted average common
shares outstanding - Diluted 473,561 265,898 403,149 262,729 Net
loss per share - Diluted (b) $ (0.86) $ (3.39) $ (0.01) $ (1.82)
========= ========= ======== ========= FFO Per Share, including
significant non-cash items Three Months Ended Twelve Months Ended
December 31, December 31, ----------------------
-------------------- 2009 (a) 2008 (a) 2009 2008 ---------
--------- -------- -------- FFO - Basic, including significant
non-cash items (b) $(305,761) $(660,096) $138,885 $133,840
Noncontrolling interest attributable to convertible limited
partnership units (c) - - - - --------- --------- -------- --------
FFO - Diluted, including significant non-cash items (b) $(305,761)
$(660,096) $138,885 $133,840 ========= ========= ======== ========
Weighted average common shares outstanding - Basic 473,561 265,898
403,149 262,729 Incremental weighted average effect of conversion
of limited partnership units (c) - - - - Incremental weighted
average effect of stock awards (d) - - 2,474 3,372 ---------
--------- -------- -------- Weighted average common shares
outstanding - Diluted 473,561 265,898 405,623 266,101 =========
========= ======== ======== FFO per share - Diluted, including
significant non-cash items (b) $ (0.65) $ (2.48) $ 0.34 $ 0.50
========= ========= ======== ======== FFO Per Share, excluding
significant non-cash items Three Months Ended Twelve Months Ended
December 31, December 31, ----------------------
-------------------- 2009 2008 2009 2008 --------- ---------
-------- -------- FFO - Basic, including significant non-cash items
(b) $(305,761) $(660,096) $138,885 $133,840 Adjustments for
significant non-cash items 368,586 811,053 328,903 811,053
Noncontrolling interest attributable to convertible limited
partnership units (c) - 172 1,156 3,837 --------- ---------
-------- -------- FFO - Diluted, excluding significant non-cash
items (b) $ 62,825 $ 151,129 $468,944 $948,730 ========= =========
======== ======== Weighted average common shares outstanding -
Basic 473,561 265,898 403,149 262,729 Incremental weighted average
effect of conversion of limited partnership units (c) - 2,551 1,100
4,447 Incremental weighted average effect of stock awards (d) 3,159
1,527 2,474 3,372 --------- --------- -------- -------- Weighted
average common shares outstanding - Diluted 476,720 269,976 406,723
270,548 ========= ========= ======== ======== FFO per share -
Diluted, excluding significant non-cash items (b) $ 0.13 $ 0.56 $
1.15 $ 3.51 ========= ========= ======== ======== (a) In periods
with a net loss, the inclusion of any incremental shares is
anti-dilutive, and, therefore, both basic and diluted shares are
the same. (b) Attributable to common shares. (c) If the impact of
the conversion of limited partnership units is anti- dilutive, the
income and shares are not included in the diluted per share
calculation. (d) Total weighted average potentially dilutive awards
outstanding were 10,949 and 10,833 for the three months ended
December 31, 2009 and 2008, respectively, and 11,539 and 10,204 for
the year-ended December 31, 2009 and 2008, respectively. Of the
potentially dilutive instruments, 5,639 and 7,506, were
anti-dilutive for the three months ended December 31, 2009 and
2008, respectively, and 6,781 and 6,647, were anti-dilutive for the
year-ended December 31, 2009 and 2008. In a loss period, the effect
of stock awards is not included as the impact is anti-dilutive.
Notes to Financial Statements Please also refer to our annual and
quarterly financial statements filed with the Securities and
Exchange Commission on Forms 10-K and 10-Q for further information
about us and our business. Certain 2008 amounts included in our
financial statements have been reclassified to conform to the 2009
presentation. (1) In May 2008, the Financial Accounting Standards
Board ("FASB") issued a new standard that requires separate
accounting for the debt and equity components of certain
convertible debt. The value assigned to the debt component is the
estimated fair value of a similar bond without the conversion
feature at the time of issuance, which would result in the debt
being recorded at a discount. The resulting debt discount is
amortized through the first redeemable option date as additional
non-cash interest expense. We adopted this standard on January 1,
2009, as required, on a retroactive basis for the convertible notes
we issued in 2007 and 2008. As a result, we restated our 2008
results to reflect the additional interest expense and the
additional capitalized interest related to our development
activities for both properties we currently own, as well as
properties that were contributed during the applicable periods.
This restatement impacted earnings and FFO. The following tables
illustrate the impact of the restatement on our Consolidated
Balance Sheets and Consolidated Statements of Operations and FFO
for these periods (in thousands): As of December 31, 2008
------------------------------------------ As Reported Adjustments
As Restated ----------- ----------- ----------- Consolidated
Balance Sheet: ------------ Net investments in real estate assets
$15,706,172 $ 19,100 $15,725,272 Other assets $ 1,129,182 $ (2,189)
$ 1,126,993 Debt $11,007,636 $(296,268) $10,711,368 Additional paid
in capital $ 6,688,615 $ 381,493 $ 7,070,108 Distributions in
excess of net earnings $ (587,199) $ (68,314) $ (655,513) For the
Three Months Ended, December 31, 2008
--------------------------------------------- As Reported
Adjustments(a) As Restated ----------- -------------- -----------
(before 2009 discontinued operations adjustment) Consolidated
Statements of Operations: -------------- Cost of CDFS dispositions
$1,102,053 $ 2,878 $1,104,931 Interest expense, net of
capitalization $ 88,737 $ 11,289 $ 100,026 Net loss attributable to
controlling interests $ (880,713) $(14,167) $ (894,880) For the
Twelve Months Ended, December 31, 2008
---------------------------------------------- As Reported
Adjustments (a) As Restated ----------- --------------- -----------
(before 2009 discontinued operations adjustment) Consolidated
Statements of Operations: --------------- Cost of CDFS dispositions
$3,836,519 $ 4,200 $3,840,719 Interest expense, net of
capitalization $ 341,305 $ 42,830 $ 384,135 Net loss attributable
to controlling interests $ (406,773) $(47,030) $ (453,803) (a) The
adjustments are the same in our Consolidated Statements of FFO. (2)
On February 9, 2009, we sold our operations in China and our
property fund interests in Japan to affiliates of GIC Real Estate,
the real estate investment company of the Government of Singapore
Investment Corporation ("GIC RE"), for total cash consideration of
$1.3 billion ($845 million related to China and $500 million
related to the Japan investments). We used the proceeds primarily
to pay down borrowings on our credit facilities. All of the assets
and liabilities associated with our China operations were
classified as Assets and Liabilities Held for Sale in our
accompanying Consolidated Balance Sheet as of December 31, 2008. In
the fourth quarter of 2008, based on the carrying values of these
assets and liabilities, as compared with the estimated sales
proceeds less costs to sell, we recognized an impairment of $198.2
million. In connection with the sale in the first quarter of 2009,
we recognized a $3.3 million gain on sale. In addition, the results
of our China operations are presented as discontinued operations in
our accompanying Consolidated Statements of Operations for all
periods. All operating information presented throughout this report
excludes China operations. In connection with the sale of our
investments in the Japan property funds, we recognized a gain of
$180.2 million. The gain is reflected as CDFS Proceeds in our
Consolidated Statements of Operations and FFO, as it represents
previously deferred gains on the contribution of properties to the
property funds based on our ownership interest in the property
funds at the time of original contribution of properties. We also
recognized $20.5 million in current income tax expense related to
the Japan portion of the transaction. In April 2009, we sold one
property in Japan to GIC RE for $128.1 million, resulting in a gain
on sale of $13.1 million that is reflected as Discontinued
Operations - Net Gains on Dispositions of Development Properties
and Land Subject to Ground Leases and as Net Gains on Dispositions
of Real Estate Properties in our Consolidated Statements of
Operations and FFO, respectively. The building and related
borrowings were classified as held for sale at December 31, 2008.
We continued to manage the Japan properties until July 2009. In
connection with the termination of the management agreement, we
earned a termination fee of $16.3 million that is included in
Property Management and Other Fees and Incentives in our
Consolidated Statements of Operations and FFO. (3) During the three
and twelve months ended December 31, 2009 in connection with our
announced initiatives to reduce debt, we repurchased portions of
several series of notes outstanding, the majority of which were at
a discount, and extinguished some secured mortgage debt prior to
maturity. These transactions resulted in the recognition of net
gains or losses and are summarized, as follows (in thousands): For
the For the For the Three Three Twelve and Twelve Months Ended
Months Ended Months Ended December 31, December 31, December 31,
2009 2009 2008 ------------ ------------ ------------- Convertible
Senior Notes: Original principal amount $117,736 $ 653,993 $ - Cash
purchase price $102,920 $ 454,023 $ - Senior Notes (a): Original
principal amount $224,506 $ 587,698 $309,722 Cash purchase price
$226,754 $ 545,618 $216,805 Secured Mortgage Debt: Original
principal amount (b) $ - $ 227,017 $ - Cash extinguishment price $
- $ 227,017 $ - Total: Original principal amount $342,242
$1,468,708 $309,722 Cash purchase/ extinguishment price $329,674
$1,226,658 $216,805 Gain (loss) on early extinguishment of debt(c)
$ (960) $ 172,258 $ 90,719 (a) Included in the twelve months ended
December 31, 2009 is the repurchase of euro 248.7 million ($356.4
million) original principal amount of our Euro senior notes for
euro 235.1 million ($338.7 million). (b) In addition, there was an
unamortized premium of $11.4 million (recorded at acquisition) that
was included in the calculation of the gain on early
extinguishment. (c) Represents the difference between the recorded
debt (net of the discount or premium) and the consideration we paid
to retire the debt. (4) On October 1, 2009, we completed a consent
solicitation with regard to certain of our senior notes, and
entered into a new supplemental indenture (the Ninth Supplemental
Indenture) that amended certain indenture covenants, defined terms
and thresholds for certain events of default. We recognized $14.5
million in fees and expenses related to the consent solicitation
that are included in General and Administrative Expenses
("G&A") in our Consolidated Statements of Operations and FFO.
(5) In August 2009, we amended the Global Line, extending the
maturity to August 21, 2012 and reducing the size of our aggregate
commitments to $2.25 billion (subject to currency fluctuations)
after October 2010. The Global Line will continue to have lender
commitments of $3.7 billion (subject to currency fluctuations)
until October 2010, although our borrowing capacity may be less. In
August 2009, we issued $350 million of senior notes with a stated
interest rate of 7.625% and a maturity of August 2014. On October
30, 2009, we issued $600 million of senior notes with a stated
interest rate of 7.375% and a maturity of October 2019. We used the
proceeds from both issuances primarily to repay borrowings under
our Global Line and other debt. (6) On April 14, 2009, we completed
a public offering of 174.8 million common shares at a price of
$6.60 per share and received net proceeds of $1.1 billion that were
used to repay borrowings under our credit facilities. During the
third quarter of 2009, we issued 29.8 million shares and received
gross proceeds of $331.9 million and paid offering expenses of
approximately $6.9 million under our at the market share issuance
plan. (7) On January 1, 2009, we adopted the provisions of a new
accounting standard that requires noncontrolling interests
(previously referred to as minority interests) to be reported as a
component of equity and changes the accounting for transactions
with noncontrolling interest holders. (8) In our Consolidated
Statements of Operations, rental income includes the following (in
thousands): Three Months Ended Twelve Months Ended December 31,
December 31, ------------------- ------------------- 2009 2008 2009
2008 -------- -------- -------- -------- Rental income $169,188
$158,259 $658,462 $669,460 Rental expense recoveries 46,621 47,591
194,775 210,934 Straight-lined rents 11,553 9,346 37,858 33,256
-------- -------- -------- -------- $227,362 $215,196 $891,095
$913,650 ======== ======== ======== ======== (9) In response to
market conditions, during the fourth quarter of 2008 we modified
our business strategy. As a result, as of December 31, 2008, we
have two operating segments - Direct Owned and Investment
Management, and we no longer have a CDFS Business segment. We
presented the results of operations of our CDFS Business segment
separately in 2008. Our direct owned segment represents the direct,
long-term ownership of industrial properties. Our investment
strategy in this segment focuses primarily on the ownership and
leasing of industrial properties in key distribution markets. We
consider these properties to be our Core Portfolio. Also included
in this segment are operating properties we developed with the
intent to contribute the properties to an unconsolidated property
fund that we previously referred to as our "CDFS Pipeline" and,
beginning December 31, 2008, we now refer to as our Completed
Development Portfolio. Our intent is to hold the Core and
Development properties, however, we may contribute either Core or
Development properties to the property funds, to the extent there
is fund capacity, or sell them to third parties. When we contribute
or sell Development properties, we recognize FFO to the extent the
proceeds received exceed our original investment (i.e. prior to
depreciation). However, beginning January 1, 2009, we now present
the results as Net Gains on Dispositions, rather than as CDFS
Disposition Proceeds and Cost of CDFS Dispositions. In addition, we
have industrial properties that are currently under development
(also included in our Development Portfolio) and land available for
development that are part of this segment as well. The investment
management segment represents the investment management of
unconsolidated property funds and joint ventures and the properties
they own. (10) Beginning in 2009, we are reporting the direct costs
associated with our investment management segment for all periods
presented as a separate line item "Investment Management Expenses"
in our Consolidated Statements of Operations and FFO. These costs
include the property management expenses associated with the
property-level management of the properties owned by the property
funds and joint ventures (previously included in Rental Expenses)
and the investment management expenses associated with the asset
management of the property funds and joint ventures (previously
included in General and Administrative Expenses). In order to
allocate the property management expenses between the properties
owned by us and the properties owned by the property funds and
joint ventures, we use the square feet owned at the beginning of
the period by the respective portfolios. See note 2 related to the
Japan properties that we no longer manage. (11) As we announced in
the fourth quarter of 2008, in response to the difficult economic
climate, we initiated G&A reductions with a near- term target
of a 20 to 25% reduction in G&A prior to capitalization or
allocation. These initiatives include a Reduction in Workforce
("RIF") and reductions to other expenses through various cost
savings measures. Due to the changes in our business strategy in
the fourth quarter of 2008, we halted the majority of our new
development activities, which, along with lower gross G&A, has
resulted in lower capitalized G&A. Our G&A included in our
Statements of Operations consisted of the following (in thousands):
Three Months Ended Twelve Months Ended December 31, December 31,
------------------ ------------------- 2009 2008 2009 2008 -------
------- -------- -------- Gross G&A(a) $80,187 $89,299 $294,598
$400,648 Reclassed to discontinued operations, net of capitalized
amounts(b) - (8,906) (1,305) (21,721) Capitalized amounts and
amounts reported as rental and investment management expenses
(28,026) (43,406) (112,807) (201,577) ------- ------- --------
-------- Net G&A $52,161 $36,987 $180,486 $177,350 =======
======= ======== ======== (a) Included in G&A in the fourth
quarter of 2009 is $14.5 million of fees and expenses associated
with the consent solicitation discussed in Note 4. (b) G&A
costs included in discontinued operations is net of $2.3 million
and $11.3 million of capitalized costs for the three and twelve
months ended December 31, 2008, respectively. (12) During 2009 and
2008, we recorded impairment charges of certain of our real estate
properties and other assets as outlined below (in millions): Three
Months Ended Twelve Months Ended December 31, December 31,
----------------- ----------------- 2009 2008 2009 2008 ------
------ ------ ------ Included in "Impairment of Real Estate
Properties": Land held for development $135.8 $194.2 $137.0 $194.2
Completed and under development properties 3.5 34.8 126.2 34.8
Retail and mixed use properties 46.2 - 46.2 - Land subject to
ground leases and other 17.6 - 17.6 - Other real estate investments
4.6 45.7 4.6 45.7 ------ ------ ------ ------ Total impairment of
real estate properties $207.7 $274.7 $331.6 $274.7 Included in
"Impairment of Goodwill and Other Assets": Goodwill $ - $175.4 $ -
$175.4 Other assets 157.1 145.2 163.6 145.2 ------ ------ ------
------ Total impairment of goodwill and other assets $157.1 $320.6
$163.6 $320.6 ------ ------ ------ ------ Total direct owned
impairment charges included in continuing operations $364.8 $595.3
$495.2 $595.3 ====== ====== ====== ====== The impairment charges of
real estate properties that we recognized in 2008 and 2009 were
primarily based on valuations of real estate, which had declined
due to market conditions, that we no longer expected to hold for
long-term investment. Included in the 2009 impairment charges is
$9.2 million that should have been recorded in 2008. This amount,
along with an additional $3.0 million of deferred tax expense, was
recorded in 2009 and relates to a revision of our estimated
deferred income tax liabilities associated with our international
operations. In order to generate liquidity, we have contributed
certain completed properties to property funds (primarily in
Europe) and sold or intend to sell certain land parcels or
properties to third parties. To the extent these properties are
expected to be sold at a loss, we record an impairment charge when
the loss is known. The impairment charges related to goodwill that
we recognized in the fourth quarter of 2008 and related to other
assets that we recognized in 2009 and 2008 were similarly caused by
the decline in the real estate markets. (13) The following table
represents our share of income (loss) recognized by the property
funds related to derivative activity and the sale of real estate
properties (in thousands). Three Months Ended Twelve Months Ended
December 31, December 31, ------------------- ---------------------
2009 2008 2009 2008 ------- --------- --------- ---------- Included
in Earnings from Unconsolidated Property Funds in our Consolidated
Statements of Operations: Derivative gain (loss) $1,394 $ (19,189)
$ (6,306) $ (32,278) Gain (loss) from the sale of properties and
impairment charges, net $ 946 $(107,887) $ (4,831) $(106,420)
Included in FFO from Unconsolidated Property Funds in our
Consolidated Statements of FFO: Derivative loss $ - $ (1,182)
$(13,867) $ (9,274) Gain (loss) from the sale of properties and
impairment charges, net $ 683 $(108,218) $(12,720) $(106,914) In
the fourth quarter of 2008 we recognized a loss of $108.2 million
representing our share of the loss recognized by PEPR from the sale
of its 30% ownership interest in PEPF II. We acquired PEPR's 20%
interest in PEPF II in December 2008, and PEPR sold its remaining
ownership in PEPF II of approximately 10% to third parties in early
2009. (14) The following table presents the components of interest
expense as reflected in our Consolidated Statements of Operations
(in thousands): Three Months Ended Twelve Months Ended December 31,
December 31, ------------------- ------------------- 2009 2008 2009
2008 -------- -------- -------- -------- Gross interest expense
$101,314 $117,113 $382,899 $477,933 Amortization of discount, net
16,494 18,451 67,542 63,676 Amortization of deferred loan costs
5,877 3,474 17,069 12,238 -------- -------- -------- --------
Interest expense before capitalization 123,685 139,038 467,510
553,847 Capitalized amounts (16,199) (38,724) (94,205) (168,782)
-------- -------- -------- -------- Net interest expense $107,486
$100,314 $373,305 $385,065 ======== ======== ======== ========
Gross interest expense decreased in 2009 from 2008 due to
significantly lower debt levels, offset by increases in borrowing
rates. The decrease in capitalized amounts is due to less
development activity. (15) Included in Foreign Currency Exchange
Gains (Losses), Net, for the twelve months ended December 31, 2009
and 2008, are net foreign currency exchange gains and losses,
respectively, related to the remeasurement of inter-company loans
between the U.S. and our consolidated subsidiaries in Japan and
Europe due to the fluctuations in the exchange rates of U.S.
dollars to the yen, the euro and pound sterling during the
applicable periods. We do not include the gains and losses related
to inter-company loans in our calculation of FFO. (16) The
operations of the properties held for sale or disposed of to third
parties and the aggregate net gains recognized upon their
disposition are presented as discontinued operations in our
Consolidated Statements of Operations for all periods presented,
unless the property was developed under a pre-sale agreement. As
discussed in Note 2 above, all of the assets and liabilities
associated with our China operations were classified as Assets and
Liabilities Held for Sale in our accompanying Consolidated Balance
Sheet as of December 31, 2008, as well as one property in Japan
that we sold in April 2009. During 2009, other than our China
operations, we disposed of land subject to ground leases and 140
properties (aggregating 14.8 million square feet, 3 of which were
development properties) to third parties. This includes a portfolio
of 90 properties aggregating 9.6 million square feet that were sold
to a single venture during the third quarter in which we retained a
5% interest. We continue to manage these properties. During 2008,
we disposed of land subject to ground leases and 15 properties to
third parties, including 6 development properties. The income
(loss) attributable to these properties was as follows (in
thousands): Three Months Ended Twelve Months Ended December 31,
December 31, ------------------ ------------------- 2009 2008 2009
2008 ------ ------- ------- -------- Rental income $2,544 $34,582
$50,492 $121,685 Rental expenses (567) (13,422) (14,434) (42,058)
Depreciation and amortization (487) (9,012) (11,319) (33,661) Other
expenses, net - (16,603) (576) (34,917) ------ ------- -------
-------- Income (loss) attributable to disposed properties $1,490
$(4,455) $24,163 $ 11,049 ====== ======= ======= ======== For
purposes of our Consolidated Statements of FFO, we do not segregate
discontinued operations. In addition, we include the gains from
disposition of land parcels and Completed Development Properties
(2009) and CDFS properties (2008) in the calculation of FFO,
including those classified as discontinued operations. (17) In
connection with purchase accounting, we record all of the acquired
assets and liabilities at the estimated fair values at the date of
acquisition. For our taxable subsidiaries, we recognize the
deferred tax liabilities that represent the tax effect of the
difference between the tax basis carried over and the fair values
at the date of acquisition. As taxable income is generated in these
subsidiaries, we recognize a deferred tax benefit in earnings as a
result of the reversal of the deferred tax liability previously
recorded at the acquisition date and we record current income tax
expense representing the entire current income tax liability. In
our calculation of FFO, we only include the current income tax
expense to the extent the associated income is recognized for
financial reporting purposes. DATASOURCE: ProLogis CONTACT:
Investor Relations, Melissa Marsden, +1-303-567-5622, , or Media,
Krista Shepard, +1-303-567-5907, , both of ProLogis; or Financial
Media, Suzanne Dawson of Linden Alschuler & Kaplan, Inc,
+1-212-329-1420, , for ProLogis Web Site: http://www.prologis.com/
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