ProLogis Reports Slight Income Increase

Colorado-based logistics provider ProLogis reported a 9.6% increase in funds from operations in the first quarter of 2001, contributing to a slight increase in per share earnings, climbing to $0.57 per diluted share – from $0.52 per diluted share in the same quarter last year. The company said strong performance of operating properties, with rental rate growth of 20.2% and same-store net operating

Colorado-based logistics provider ProLogis reported a 9.6% increase in funds from operations in the first quarter of 2001, contributing to a slight increase in per share earnings, climbing to $0.57 per diluted share – from $0.52 per diluted share in the same quarter last year.

The company said strong performance of operating properties, with rental rate growth of 20.2% and same-store net operating income growth of 3.9%, contributed to higher revenues in the first quarter. Also, its corporate distribution facilities business and temperature-controlled operations also performed well.

“While we are cautious in our outlook for the remainder of the year,” said K. Dane Brooksher, chairman & CEO, “We believe we are well positioned during this time of economic uncertainty due to the geographic breadth of our operating portfolio, our leading positions in key global logistics markets, our ability to self-fund operations and our financial strength.”

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