ProLogis reported third quarter Funds From Operations (FFO) of $0.60 per diluted share for the quarter ended September 30, 2002, unchanged from the prior year.
For the nine months ended September 30, 2002, FFO per diluted share increased 1.7% to $1.78, compared with $1.75 per share for the nine months ended September 30, 2001, prior to a non-recurring charge of $.04 per share taken in the second quarter of 2001 related to an impairment adjustment for technology investments.
Net earnings for the third quarter of 2002 were $25.2 million, or $0.14 per diluted share, compared with $48.9 million, or $0.28 per diluted share in the third quarter of 2001.
Third quarter 2002 net earnings include a $37.2 million impairment charge related to the carrying value of ProLogisÂ' investment in North American temperature-controlled operations, CSI. This charge will be partially offset by a gain of approximately $10.0 million to be recognized in the fourth quarter following the closing of the sale of CSI on October 23, 2002.
Year-to-date net earnings were $137.0 million, or $0.76 per diluted share, from $137.5 million, or $0.79 per diluted share in the comparable period of 2001.
for more information please visit www.prologis.com.