“Selling our China operations and our investment in the Japan funds was not an easy decision,” his statement continued. “However, this represents a major milestone in the implementation of the plan we outlined last month to strengthen the company's balance sheet in order to meet the challenges of the current environment.”
I haven't really followed this company, but it sounds like a lot of "tap dancing" if you ask me.
Their stock hit it's 52 week low around that time, down to 2.20.
Apparently it rebounded to over 15 in January, but has been dropping, and I would guess the news of of these losses will make it take a dive.
ProLogis, the distribution facility developer and real estate investment trust, reported a fourth-quarter net loss of $887.1 million, directly related to the collapse of its common shares in the waning months of 2008.
The Denver-based company was pummeled by the slumping economy and real estate market, along with the financial and credit crisis. It posted net earnings of $113 million during the same period ending Dec. 31 in 2007.
For 2008, ProLogis lost $432.2 million on revenue of $5.6 billion.
Funds from operations or FFO during the fourth quarter were only slightly better, a loss of $645.9 million including significant non-cash items, compared to a gain of $211.3 million in the 2007 quarter. FFO is a financial measure used by REITs to define their cash and operating performance.
In November, ProLogis announced various actions designed to reduce debt by about $2 billion this year. They include a reduction of its development pipeline, asset sales and a halt in all but previously committed development starts.
But who knows, maybe investors think they have hit bottom. This stock is 95% institutionally owned, but I don't really know what effect that might have on the future of this stock.
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