ProLogis posts Q4 FFO loss
ProLogis PLD.N, one of the world’s largest warehouse owners and developers, reported a loss in fourth-quarter funds from operations (FFO), and said new development deliveries in 2009 are expected to be at the lowest level in decades.
FFO, a performance measure of real estate investment trusts, was a loss of $645.9 million, or $2.43 per share, in the fourth quarter, compared with a gain of $211.2 million, or 79 cents per share, a year earlier.
Excluding significant non-cash items, FFO was 61 cents per share low interest payday loans.
For 2009, Denver-based ProLogis said it sees FFO in a range of $1.85 to $2.05 per share, while analysts expect $1.99 per share, according to Reuters Estimates.
FFO removes the profit-reducing effect of depreciation, a noncash accounting item.
(Reporting by Bhaswati Mukhopadhyay in Bangalore)
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