REIT company ProLogis Inc. (PLD) Wednesday announced a turn around to a profit for the fourth quarter on higher revenues as a result of merger with AMB Property Corp. last June. Results also reflect much lower impairment costs.
San Francisco, California-based ProLogis reported Funds from operations or FFO for the quarter at $134 million or $0.29 per share, compared to negative FFO of $1.15 billion or $4.81 per share last year.
Results for the prior-year quarter include impairment of real estate properties and other assets totaling $1.1 billion.
Excluding impairments and merger costs, Core FFO for the quarter was $204 million or $0.44 per share, compared to $99.4 million or $0.41 per share last year.
REIT company typically include depreciation, impairment and other expenses that impact their net earnings. ProLogis reported net loss to common shares for the fourth quarter at $45 million or $0.10 per share, compared to net loss of $1.16 billion or $4.86 per share a year ago.
Revenues for the quarter surged to $484 million from $236 million in the prior year. ProLogis expects full year 2012 Core FFO of $1.60 to $1.70 per share, and net loss to range between $0.50 to $0.40 per share.
PLD is trading at $34.09, up $0.80 or 2.40%, on a volume of about 1.9 million shares on the NYSE.
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