Prologis Q1 2009

--The company made major profit through leasing industry distribution facilities --Rev: 455 mil Q1 09, 1492 mil Q4 08, 1495 mil Q1 08 --NI: -45.7 mil, 634 mil, 14.6 mil --FFO: 232 mil Q1 09, 165 mil Q4 08, 169 mil Q3 08, 318 mil Q2 09 --EBITDA/interest: 316/93 mil, 255/89, 220, 356/96 mil --Cash 124 mil --Maturing debt 3.4 bil tranched (revolver) loan, 200 mil bonds --core propertiese: 1192, leased rate 90.4%, (2% drop from Q4 2008) --total: 1352, leased rate 80.1% (2% decline from Q4 2008, 2.8% drop from Q1 2008) Appendix Q4 2008 --core /developed properties 1331 and 197.1 mil square feet core properties: 1191, 156.4, 92.2% leased rate completed development properties: 140, 40.7, 43.5% At December 31, 2008, in our direct owned segment, we had 2,815 customers occupying 157.3 million square feet of industrial and retail space. Our largest customer and 25 largest customers accounted for 1.9% and 11.8%, respectively, of our annualized collected base rents at December 31, 2008. Comments --The company has relative stable revenue and cash flow. Though refinancing risk is high. I believe the company is able to extend the credit line from banks. --But the lease drop is deteriorating, a red flag --Market weight until Q2 09