Exhibit 99.1

EARNINGS RELEASE AND SUPPLEMENTAL INFORMATION - Unaudited
First Quarter 2011

OVERVIEW:		Section I
Earnings Release		1.1
Overview		1.4
FINANCIAL STATEMENTS:		Section II
Consolidated Balance Sheets		2.1
Consolidated Statements of Operations		2.2
Consolidated Statements of Funds From Operations (FFO)		2.3
Reconciliations of Net Loss to FFO		2.4
Other Financial Metrics		2.5
Calculation of Per Share Amounts		2.6
DIRECT OWNED:		Section III
Operating Properties		3.1
Land		3.2
Under Development Portfolio and Development Starts		3.3
Investing Activity		3.4
INVESTMENT MANAGEMENT:		Section IV
ProLogis’ Investments in Unconsolidated Investees		4.1
Operating Portfolio of Property Funds		4.2
Summarized Financial Information of Property Funds		4.3
Investing and Financing Activity		4.4
OPERATING STATISTICS:		Section V
Direct Owned Leasing and Capital Expenditures		5.1
Investment Management Leasing and Capital Expenditures		5.2
Same Store Analysis and Top Customers		5.3
Major Logistics Corridors - Buildings		5.4
DEBT:		Section VI
ProLogis Debt Summary		6.1
ProLogis Debt and Equity		6.2
Property Fund Debt Summary		6.3
NET ASSET VALUE:		Section VII
Components of Net Asset Value for ProLogis and Related Notes		7.1
NOTES AND DEFINITIONS:
Notes to Supplemental Information		Appendix A
Definitions		Appendix B

Executive Office Address • 4545 Airport Way • Denver, CO 80239 • +1 (303) 567-5000

First Quarter 2011

PROLOGIS REPORTS FIRST QUARTER RESULTS

– Financial Results in Line with Company Expectations —
– Overall Market Fundamentals Continue Steady Improvement —
– Sale of Majority of Catellus Retail /Mixed – Use Assets Closed During Quarter —

Denver, Colo. — April 20, 2011 — ProLogis (NYSE: PLD), the leading global provider of distribution facilities, today reported funds from operations excluding gains as defined by ProLogis (core FFO) of $0.13 per diluted share for the first quarter of 2011, compared with core FFO of $0.11 per diluted share for the same period in 2010. Core FFO for the 2011 period excluded approximately $12.9 million, or $0.02 per diluted share, of charges related to merger integration, workforce reduction associated with the sale of Catellus and expected clean-up and repair costs related to the Japan earthquake and tsunami. In the first quarter of 2010, core FFO excluded net gains of $9.5 million, or $0.02 per share, and charges of $54.7 million, or $0.12 per diluted share, related to losses on early extinguishment of debt and the company’s share of fund-related derivative losses. ProLogis reported a net loss of $0.08 per diluted share for the first quarter of 2011, compared with a net loss of $0.19 for the same period in 2010.

First quarter financial results were in line with the company’s expectations, reflecting: the full quarter effect of the company’s October 2010 equity offering; lower operating income due to property dispositions completed in the fourth quarter of 2010 and the first quarter of 2011; and lower management and development fees. These impacts were somewhat offset by lower interest expense related to significantly reduced debt levels in the current period.

Pace of Market Recovery Steady

“Globally, the gradual recovery in industrial real estate continues, with new supply in the major logistics markets still constrained and demand remaining stable,” said Walter C. Rakowich, chief executive officer. “However, macroeconomic issues contributed to a slower pace of improvement in the first quarter as the market assessed the impact of continued concerns about sovereign debt issues, rising energy costs, global military actions and the devastation and loss caused by the earthquake and tsunami in Japan. While customers remain optimistic about the overall global recovery, we sensed a slightly slower pace with respect to certain leasing decisions.”

The company’s total industrial operating portfolio was 90.7 percent leased, down 30 basis points from the fourth quarter of 2010, principally as a result of expected lower levels of leasing velocity typical of the first calendar quarter. However, the total operating portfolio leased percentage was 147 basis points higher than in the first quarter of 2010. Same-store net operating income for the first quarter increased 1.0 percent, while rental rates on turnovers in the same-store portfolio declined 9.2 percent, an improvement over both the fourth quarter of 2010 and the year-ago period.

“Throughout our European markets, conditions continue to improve, with Germany, France and Central Europe all benefiting from the global recovery. Italy, Spain and the Benelux region remain a bit softer, while the UK is still reacting to recently implemented austerity measures,” Rakowich noted. “In North America, market conditions are pointed in the right direction, with a modest increase in overall national occupancy levels in the first quarter. In Japan, the real estate market was showing some strength prior to the recent catastrophic events, and subsequently we have seen greater momentum as a result of the quality and location of our facilities.”

Section I — Overview
Page 1.1

First Quarter 2011

Events in Japan

“Our colleagues in Japan worked tirelessly following the recent earthquake and tsunami, first to ensure the safety of our employees and customers and then to minimize the impact of these events on our customers’ operations,” said Rakowich. “Because of the superior earthquake protection engineered into our buildings and the extraordinary commitment of our people, the majority of ProLogis customers were operational within 24 to 48 hours.”

Clean-up efforts continue at ProLogis Parc Iwanuma I in Sendai, the area hit hardest by the tsunami. The building suffered minimal structural damage but is in need of substantial clean up and repair due to the flooding. Total costs for clean up and repairs in our Japan portfolio is expected to be approximately $7 million, which was accrued for during the quarter.

Development-Related Activity

The company started development on four facilities in Europe during the quarter representing 1.2 million square feet, including a 457,500-square-foot facility for BMW in the United Kingdom and a 240,600-square-foot facility for a third-party logistics provider in the Czech Republic. Since quarter end, an additional build-to-suit was signed with a third-party logistics provider for a major auto manufacturer in Germany. “Inquiries in Japan have risen dramatically as companies look to rebuild their distribution networks. Discussions are underway with a number of ProLogis’ global customers on how we can help them with both their short- and long-term distribution needs,” said Michael S. Curless, managing director of global investments.

Development starts were $99 million for the quarter, which along with depositions monetized a total of $31 million of land. “The number of requests for build-to-suit proposals and increasing opportunities for development in stronger target markets supports our expectation of $800 million to $1 billion of starts this year with related land monetization of $200 to $250 million. We believe that a number of third-party development decisions were slowed down in the first quarter principally due to the uncertainty caused by world events; however, the underlying requirements for high-quality distribution space have not changed. We expect to see development ramp up as the year progresses, which will contribute to our target to monetize approximately $200 million of land through third-party land sales,” concluded Curless.

The company completed the sale of a majority of the Catellus retail and mixed-use assets during the quarter, generating net proceeds of $357 million. Combined with additional third-party and fund sales, total gross disposition proceeds were $409 million, representing approximately 60 percent of the mid-point of the company’s 2011 full-year range of $650 to $750 million.

Anticipated Results

“We remain comfortable with our guidance for 2011 core FFO per share of $0.62 to $0.66 per share on a standalone basis,” said William E. Sullivan, chief financial officer. “As we progress through the year, we expect the quarterly core FFO run rate to increase gradually reflecting occupancy gains, the impact of development completions and lower interest and G&A expenses.”

Webcast and Conference Call Information

The company will host a webcast/conference call to discuss quarterly results, current market conditions and future outlook on Wednesday, April 20, 2011, at 10:00 a.m. Eastern Time. Interested parties are encouraged to access the live webcast by clicking the microphone icon located near the top of the opening page at http://ir.prologis.com. Interested parties also can participate via conference call by dialing (866) 305-2304 domestically or (660) 422-4873 internationally.

Replay Information

A replay of the conference call will be posted after 1:00 p.m. Eastern Time on Wednesday, April 20, 2011. The replay will be available until midnight Eastern Time on Thursday, May 5, 2011, and can be accessed by dialing (800) 642-1687 domestically

Section I — Overview
Page 1.2

First Quarter 2011

or (706) 645-9291 internationally and entering passcode 53819903. A transcript of the call and the webcast replay, including a podcast format, will be posted when available in the “Financial Information” section of the ProLogis Investor Relations website.

About ProLogis

ProLogis is the leading global provider of distribution facilities, with more than 435 million square feet of industrial space owned and managed (40 million square meters) in markets across North America, Europe and Asia. The company leases its industrial facilities to more than 3,800 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. For additional information about the company, go to www.prologis.com.

Follow ProLogis on Twitter: http://twitter.com/ProLogis

The statements above that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which ProLogis operates, management’s beliefs and assumptions made by management, they involve uncertainties that could significantly impact ProLogis’ financial results. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, development activity and changes in sales or contribution volume of developed properties, general conditions in the geographic areas where we operate and the availability of capital in existing or new property funds — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic climates, (ii) changes in financial markets, interest rates and foreign currency exchange rates, (iii) increased or unanticipated competition for our properties, (iv) risks associated with acquisitions, (v) maintenance of real estate investment trust (“REIT”) status, (vi) availability of financing and capital, (vii) changes in demand for developed properties, and (viii) those additional factors discussed in reports filed with the Securities and Exchange Commission by ProLogis under the heading “Risk Factors.” ProLogis undertakes no duty to update any forward-looking statements appearing in this press release.

Investor Relations		Media		Financial Media
Melissa Marsden		Krista Shepard		Suzanne Dawson
303-567-5622		303-567-5907		Linden Alschuler & Kaplan, Inc
mmarsden@prologis.com		kshepard@prologis.com		212-329-1420
				sdawson@lakpr.com

Section I — Overview
Page 1.3

First Quarter 2011

 

(in thousands, except per share amounts)

 Summary of Results

		Three Months Ended
		March 31,
		2011				2010
Revenues (page 2.2)		$	238,800			$	217,283
Net loss attributable to common shares (page 2.2)		$	(46,616	)		$	(91,129	)
FFO, as defined by ProLogis		$	62,146			$	7,117
Adjustments (page 2.4)			-				15,808
FFO, excluding significant non-cash items (page 2.4)			62,146				22,925
Adjustments (page 2.4)			12,261				29,412
Core FFO		$	74,407			$	52,337
Per share - Diluted:
Net loss attributable to common shares		$	(0.08	)		$	(0.19	)
FFO, as defined by ProLogis		$	0.11			$	0.01
Core FFO		$	0.13			$	0.11

 Assets Owned and Under Management

		March 31,				December 31,				September 30,				June 30,
		2011				2010				2010				2010
Direct owned - investment balance:
Industrial properties
Core (page 3.1)		$	10,807,183			$	10,714,799			$	11,631,894			$	11,550,086
Properties under development (page 3.3)			452,813				365,362				276,397				199,434
Land (page 3.2)			1,599,966				1,533,611				2,385,076				2,286,385
Retail and mixed use properties			-				-				272,885				271,961
Other real estate investments			281,546				265,869				566,571				612,569
Notes receivable backed by real estate			358,323				302,144				123,839				39,689
Assets held for sale			215,714				574,791				-				-
Total - direct owned			13,715,545				13,756,576				15,256,662				14,960,124
Investment management - investment balance (a):
Industrial properties:
Property funds (page 4.2)			18,199,027				17,540,217				18,811,641				17,958,090
Other unconsolidated investees			994,336				987,716				951,208				623,858
Total - investment management			19,193,363				18,527,933				19,762,849				18,581,948
Total assets owned and under management		$	32,908,908			$	32,284,509			$	35,019,511			$	33,542,072

See Appendix B for definitions that are used throughout this report.

Section I - Overview
Page 1.4

First Quarter 2011

Overview - continued

 

(in thousands, except percentages)

 Summary of Portfolio

		March 31, 2011				December 31, 2010
Square feet owned and under management:
Direct Owned:
Industrial properties:
Core (page 3.1)			167,563				168,547
Properties under development (page 3.3)			5,724				4,858
Investment management - industrial properties:
Property funds (page 4.2)			252,011				252,129
Other unconsolidated investees			12,883				12,883
Total square feet owned and under management			438,181				438,417

		As of March 31, 2011
		Core				Under Development				Investment Mgmt.				Total
Square feet by continent:
North America			137,346				986				156,120				294,452
Europe			22,980				2,485				105,101				130,566
Asia			7,237				2,253				3,673				13,163
Total square feet owned and under management			167,563				5,724				264,894				438,181

 Leasing Information

		March 31, 2011				December 31, 2010				September 30, 2010				June 30, 2010
Leased %
Direct owned operating portfolio (page 3.1)			87.72	%			87.57	%			85.99	%			84.84	%
Investment management - industrial properties:
Property funds (page 4.2)			92.80	%			93.37	%			92.72	%			93.08	%
Other unconsolidated investees			87.90	%			88.95	%			89.53	%			90.62	%
Investment management portfolio			92.56	%			93.16	%			92.57	%			92.98	%
Total operating portfolio - industrial			90.68	%			90.98	%			89.90	%			89.66	%
Under development portfolio (page 3.3)			68.89	%			67.61	%			65.64	%			65.49	%
Leasing activity (in square feet):
Direct owned - leases signed - quarterly activity (page 5.1)			10,658				19,018				11,357				14,222
Property funds - leases signed - quarterly activity (page 5.2)			11,235				15,497				15,665				14,062
Total leasing activity			21,893				34,515				27,022				28,284

Section I - Overview
Page 1.5

First Quarter 2011

Consolidated Balance Sheets

     

(in thousands)

		March 31,				December 31,
		2011				2010
Assets:
Investments in real estate assets:
Industrial properties:
Core		$	10,807,183			$	10,714,799
Properties under development			452,813				365,362
Land			1,599,966				1,533,611
Other real estate investments			281,546				265,869
			13,141,508				12,879,641
Less accumulated depreciation			1,656,781				1,595,678
Net investments in properties			11,484,727				11,283,963
Investments in and advances to unconsolidated investees			2,084,696				2,024,661
Notes receivable backed by real estate			358,323				302,144
Assets held for sale (1)			215,714				574,791
Net investments in real estate			14,143,460				14,185,559
Cash and cash equivalents			24,744				37,634
Restricted cash			34,088				27,081
Accounts receivable			95,538				58,979
Other assets			637,865				593,414
Total assets		$	14,935,695			$	14,902,667
Liabilities and Equity:
Liabilities:
Debt		$	6,415,034			$	6,506,029
Accounts payable and accrued expenses			394,862				388,536
Other liabilities			496,946				467,998
Liabilities related to assets held for sale (1)			2,464				19,749
Total liabilities			7,309,306				7,382,312
Equity:
ProLogis shareholders’ equity:
Preferred shares			350,000				350,000
Common shares			5,706				5,701
Additional paid-in capital			9,665,861				9,668,404
Accumulated other comprehensive income (loss)			213,465				(3,160	)
Distributions in excess of net earnings			(2,626,381	)			(2,515,722	)
Total ProLogis shareholders’ equity			7,608,651				7,505,223
Noncontrolling interests			17,738				15,132
Total equity			7,626,389				7,520,355
Total liabilities and equity		$	14,935,695			$	14,902,667

See Appendix A for note references

Section II - Financial Statements
Page 2.1

First Quarter 2011

Consolidated Statements of Operations

 

(in thousands, except per share amounts)

		Three Months Ended
		March 31,
		2011				2010
Revenues:
Rental income (2)		$	205,311			$	187,545
Property management and other fees and incentives			29,170				28,662
Development management and other income			4,319				1,076
Total revenues			238,800				217,283
Expenses:
Rental expenses			63,342				56,264
Investment management expenses			10,552				10,319
General and administrative (3)			39,183				42,006
Merger integration expenses and reduction in workforce (4)			5,988				-
Depreciation and amortization			82,693				75,166
Other expenses			4,684				4,267
Total expenses			206,442				188,022
Operating income			32,358				29,261
Other income (expense):
Earnings from unconsolidated investees, net			13,641				7,973
Interest income			4,436				310
Interest expense (5)			(90,562	)			(109,979	)
Other expense, net (6)			(7,015	)			(482	)
Net gains on dispositions of investments in real estate			3,725				11,807
Foreign currency exchange gains, net			1,374				3,688
Loss on early extinguishment of debt, net (7)			-				(47,633	)
Total other income (expense)			(74,401	)			(134,316	)
Loss before income taxes			(42,043	)			(105,055	)
Current income tax expense			5,505				9,753
Deferred income tax expense (benefit)			864				(1,551	)
Total income taxes			6,369				8,202
Loss from continuing operations			(48,412	)			(113,257	)
Discontinued operations (1):
Income attributable to disposed properties and assets held for sale			6,288				20,602
Net gains on dispositions of properties			1,960				8,148
Total discontinued operations			8,248				28,750
Consolidated net loss			(40,164	)			(84,507	)
Net earnings attributable to noncontrolling interests			(83	)			(253	)
Net loss attributable to controlling interests			(40,247	)			(84,760	)
Less preferred share dividends			6,369				6,369
Net loss attributable to common shares		$	(46,616	)		$	(91,129	)
Weighted average common shares outstanding - Basic			570,559				474,991
Weighted average common shares outstanding - Diluted			570,559				474,991
Net earnings (loss) per share attributable to common shares - Basic:
Continuing operations		$	(0.09	)		$	(0.25	)
Discontinued operations			0.01				0.06
Net loss per share attributable to common shares - Basic		$	(0.08	)		$	(0.19	)
Net earnings (loss) per share attributable to common shares - Diluted (page 2.6):
Continuing operations		$	(0.09	)		$	(0.25	)
Discontinued operations			0.01				0.06
Net loss per share attributable to common shares - Diluted		$	(0.08	)		$	(0.19	)

See Appendix A for note references

Section II - Financial Statements
Page 2.2

First Quarter 2011

Consolidated Statements of Funds From Operations (FFO)

 

(in thousands)

		Three Months Ended
		March 31,
		2011				2010
Revenues:
Rental income		$	215,372			$	230,918
Property management and other fees and incentives			29,170				28,662
Development management and other income			4,319				1,076
Total revenues			248,861				260,656
Expenses:
Rental expenses			66,687				67,886
Investment management expenses			10,552				10,319
General and administrative (3)			39,183				42,006
Merger integration expenses and reduction in workforce (4)			5,988				-
Depreciation of corporate assets			3,609				3,395
Other expenses			4,684				4,267
Total expenses			130,703				127,873
Operating FFO			118,158				132,783
Other income (expense):
FFO from unconsolidated investees			48,695				37,668
Interest income			4,436				310
Interest expense			(90,562	)			(109,979	)
Other expense, net (6)			(7,015	)			(482	)
Net gains on dispositions of investments in real estate			2,568				10,346
Foreign currency exchange gains (losses), net			(261	)			479
Loss on early extinguishment of debt, net (7)			-				(47,633	)
Current income tax expenses:
Income tax expense on dispositions			(1,916	)			(851	)
Income tax expense - other			(5,505	)			(8,902	)
Total other income (expense)			(49,560	)			(119,044	)
FFO			68,598				13,739
Less preferred share dividends			6,369				6,369
Less net earnings attributable to noncontrolling interests			83				253
FFO attributable to common shares, as defined by ProLogis		$	62,146			$	7,117

See Appendix A for note references

Section II - Financial Statements
Page 2.3

First Quarter 2011

Reconciliations of Net Loss to FFO

 

(in thousands, except per share amounts)

 Reconciliations to FFO

		Three Months Ended
		March 31,
		2011				2010
Net loss attributable to common shares		$	(46,616	)		$	(91,129	)
Add (deduct) NAREIT defined adjustments:
Real estate related depreciation and amortization			79,084				71,771
Adjustments to gains on dispositions for depreciation			(327	)			(1,629	)
Adjustments to dispositions of non-development properties			(830	)			103
Reconciling items attributable to discontinued operations:
Gains on dispositions of non-development properties			(3,876	)			(8,083	)
Real estate related depreciation and amortization			428				11,149
Our share of reconciling items from unconsolidated investees:
Real estate related depreciation and amortization			39,233				37,641
Other amortization items			(3,556	)			(3,474	)
Subtotal-NAREIT defined FFO			63,540				16,349
Add (deduct) our defined adjustments:
Foreign currency exchange gains, net			(1,635	)			(3,209	)
Deferred income tax expense (benefit)			864				(1,551	)
Our share of reconciling items from unconsolidated investees:
Foreign currency exchange gains, net			(196	)			(787	)
Unrealized gains on derivative contracts, net			-				(4,060	)
Deferred income tax expense (benefit)			(427	)			375
FFO, as defined by ProLogis			62,146				7,117
Adjustments made in 2010, not applicable to 2011			-				15,808
FFO, excluding significant non-cash items in 2010			62,146				22,925
Adjustments:
Japan disaster expenses			6,925				-
Merger integration expenses and reduction in workforce			5,988				-
Net gains on dispositions of real estate properties			(2,568	)			(10,346	)
Income tax expense related to dispositions			1,916				851
Adjustments made in 2010, not applicable in 2011			-				38,907
Core FFO		$	74,407			$	52,337
Per diluted share:
FFO, as defined by ProLogis		$	0.11			$	0.01
Core FFO		$	0.13			$	0.11

See Consolidated Statements of Operations on page 2.2 and Consolidated Statements of FFO on page 2.3

See Appendix A for note references

Section II - Financial Statements
Page 2.4

First Quarter 2011

Other Financial Metrics

 

(dollars in thousands)

 Reconciliation of Consolidated Net Loss to Core EBITDA, as adjusted

		Three Months Ended
		March 31,
		2011				2010
Consolidated net loss		$	(40,164	)		$	(84,507	)
Gains from dispositions of investments in real estate, net			(7,601	)			(19,955	)
Depreciation and amortization			82,693				75,166
Interest expense			90,562				109,979
Loss on early extinguishment of debt			-				47,633
Current and deferred income tax expense			8,285				8,202
Adjustments made in 2010, not applicable in 2011			-				15,808
Income on properties sold during the quarter included in discontinued operations			(6,288	)			(343	)
Other non-cash charges			2,977				2,472
Other adjustments made to Core FFO			12,913				-
Core EBITDA, as adjusted, prior to our share of unconsolidated investees			143,377				154,455
Our share of reconciling items from unconsolidated investees:
Depreciation and amortization			35,677				34,167
Other non-cash charges			(623	)			(3,897	)
Realized losses on derivative activity			226				6,507
Core EBITDA, as adjusted		$	178,657			$	191,232
ProLogis debt to core EBITDA:
Core EBITDA, as adjusted - annualized		$	714,628			$	764,928
ProLogis debt as of March 31		$	6,415,034			$	8,112,712
ProLogis debt to core EBITDA ratio			8.98	x			10.61	x
Debt to core EBITDA, including our share of unconsolidated investees:
Core EBITDA, as adjusted - annualized		$	714,628			$	764,928
Our share of interest and current income taxes from unconsolidated investees			156,900				179,840
Core EBITDA, as adjusted		$	871,528			$	944,768
ProLogis debt as of March 31		$	6,415,034			$	8,112,712
Our share of debt of unconsolidated investees as of March 31			2,406,534				2,655,794
Debt		$	8,821,568			$	10,768,506
Debt to core EBITDA ratio			10.12	x			11.40	x

Section II - Financial Statements
Page 2.5

First Quarter 2011

Calculation of Per Share Amounts

 

(in thousands, except per share amounts)

 Net Earnings (Loss) Per Share

		Three Months Ended
		March 31,
		2011 (a)				2010 (a)
Net loss (b)		$	(46,616	)		$	(91,129	)
Noncontrolling interest attributable to convertible limited partnership units (c)			-				-
Adjusted net loss - Diluted (b)		$	(46,616	)		$	(91,129	)
Weighted average common shares outstanding - Basic			570,559				474,991
Incremental weighted average effect of conversion of limited partnership units (c)			-				-
Incremental weighted average effect of stock awards			-				-
Weighted average common shares outstanding - Diluted (d)			570,559				474,991
Net loss per share - Diluted (b)		$	(0.08	)		$	(0.19	)

 FFO Per Share, as defined by ProLogis

		Three Months Ended
		March 31,
		2011				2010
FFO, as defined by ProLogis (b)		$	62,146			$	7,117
Noncontrolling interest attributable to convertible limited partnership units (c)			67				-
FFO, as defined by ProLogis - Diluted (b)		$	62,213			$	7,117
Weighted average common shares outstanding - Basic			570,559				474,991
Incremental weighted average effect of conversion of limited partnership units (c)			760				-
Incremental weighted average effect of stock awards			2,605				3,004
Weighted average common shares outstanding - Diluted			573,924				477,995
FFO per share, as defined by ProLogis - Diluted (b)		$	0.11			$	0.01

 Core FFO Per Share

		Three Months Ended
		March 31,
		2011				2010
Core FFO (b)		$	74,407			$	52,337
Noncontrolling interest attributable to convertible limited partnership units (c)			67				-
Core FFO - Diluted (b)		$	74,474			$	52,337
Weighted average common shares outstanding - Basic			570,559				474,991
Incremental weighted average effect of conversion of limited partnership units (c)			760				-
Incremental weighted average effect of stock awards			2,605				3,004
Weighted average common shares outstanding - Diluted			573,924				477,995
Core FFO per share - Diluted (b)		$	0.13			$	0.11

Section II - Financial Statements
Page 2.6

First Quarter 2011

Direct Owned - Operating Properties

 

(dollars and square feet in thousands)

 Direct Owned Industrial Operating Properties Portfolio

		March 31, 2011																				December 31, 2010
		# of				Square				Investment				Leased				Occupied				# of				Square				Investment				Leased				Occupied
		Bldgs				Feet				Balance				Percent				Percent				Bldgs				Feet				Balance				Percent				Percent
North America:
Canada			2				526			$	50,378				100.00	%			100.00	%			2				526			$	48,702				100.00	%			100.00	%
Mexico			30				5,560				292,612				82.96	%			75.56	%			30				5,560				290,098				77.14	%			76.56	%
United States			853				131,260				7,316,570				89.97	%			89.04	%			856				132,342				7,332,094				91.17	%			90.81	%
Total North America			885				137,346				7,659,560				89.73	%			88.54	%			888				138,428				7,670,894				90.64	%			90.27	%
Europe:
Central Europe			40				10,247				686,825				72.20	%			61.63	%			40				10,244				636,271				65.28	%			51.92	%
Northern Europe			15				3,147				240,770				93.85	%			90.20	%			15				3,306				224,592				95.65	%			89.51	%
Southern Europe			21				6,423				452,633				67.68	%			65.29	%			20				6,169				406,760				62.35	%			59.94	%
United Kingdom			13				3,163				339,429				77.33	%			77.33	%			13				3,163				323,133				77.33	%			77.33	%
Total Europe			89				22,980				1,719,657				74.61	%			68.73	%			88				22,882				1,590,756				70.54	%			63.03	%
Total Asia - Japan			9				7,237				1,427,966				91.20	%			86.66	%			9				7,237				1,453,149				82.63	%			73.92	%
Total direct owned industrial operating properties			983				167,563			$	10,807,183				87.72	%			85.74	%			985				168,547			$	10,714,799				87.57	%			85.87	%

Section III - Direct Owned
Page 3.1

First Quarter 2011

Direct Owned - Land

 

 Land Rollforward

As of December 31, 2010		$	1,533,611
Changes in land held during first quarter of 2011
Acquisitions			44,022
Dispositions and development starts			(31,104	)
Infrastructure costs and reclasses			8,885
Effect of changes in foreign exchange rates and other			44,552
As of March 31, 2011		$	1,599,966

 Land Investment by Major Logistics Corridors

		Acres				Investment				Percentage
U.S.
New Jersey / Eastern Pennsylvania			565			$	134,239
Chicago			687				60,152
Los Angeles Basin / Inland Empire			369				63,994
Miami / South Florida			74				35,475
Dallas			477				23,121
Washington DC / Baltimore			117				19,434
San Francisco Bay Area / Central Valley			180				11,916
Atlanta			350				12,909
Houston			70				6,935
U.S. major logistic corridors (percentage of total land)			2,889				368,175				23	%
International
London / Midlands - UK			1,087				262,822
Tokyo - Japan			32				117,796
Toronto - Canada			172				78,984
Wroclaw / Silesia - Southern Poland			366				60,593
Warsaw / Poznan - Central Poland			446				56,515
Osaka - Japan			8				45,583
Mexico City - Mexico			121				39,658
Amsterdam / Rotterdam / Antwerp - Benelux			68				31,480
Cologne / Frankfurt - Western Germany			98				29,999
Paris / Le Havre - Central France			111				26,304
Munich / Stuttgart - Southern Germany			95				27,398
Madrid / Barcelona - Spain			55				9,221
Hamburg / Bremen - Northern Germany			14				4,019
Lyon / Marseille - Southern France			16				3,696
International major logistic corridors (percentage of total land)			2,689				794,068				50	%
Major logistics corridors (percentage of total land)			5,578				1,162,243				73	%
Other U.S. markets			1,402				85,763
Other international markets			1,929				351,960
Total land			8,909			$	1,599,966				100	%

Section III - Direct Owned
Page 3.2

First Quarter 2011

Direct Owned - Under Development Portfolio and Development Starts

 

 Under Development Portfolio

														Remaining				Total
		Number of				Square				Investment				Costs to				Expected				Leased
As of March 31, 2011		Properties				Feet				Balance (a)				Incur (b)				Investment				Percentage
Development - build-to-suit:
North America			2				472			$	13,361			$	4,873			$	18,234				100.00	%
Europe			7				2,166				104,825				72,685				177,510				100.00	%
Asia			3				702				66,171				54,420				120,591				100.00	%
Total build-to-suit			12				3,340				184,357				131,978				316,335				100.00	%
Development - speculative:
North America			2				514				32,715				23,505				56,220				31.90	%
Europe			1				319				6,411				17,748				24,159				35.03	%
Asia			1				1,551				231,198				31,388				262,586				21.12	%
Total speculative			4				2,384				270,324				72,641				342,965				25.31	%
Total properties under development			16				5,724			$	454,681			$	204,619			$	659,300				68.89	%

ProLogis Parc Kawajima - Tokyo (under development		South Bay Distribution Center - California (under		ProLogis Park Rochelle - Chicago (under
March 2011)		development March 2011)		development March 2011)