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DENVER-Executives with industrial REIT ProLogis reported thisweek that the company's adjusted funds from operations for thefirst quarter posted at 90 cents per share, a 43% increase from 63cents in the same period in 2005. Company officials also reportedthat the REIT's net earnings per diluted share were 72 cents perdiluted share, a 148.3% increase from the 29 cents per share duringthe same period in 2005.

"Our first quarter results reflect solid performance in each ofour operating segments driven by the strength of global demand forhigh-quality distribution space," said Jeffrey H. Schwartz, chiefexecutive officer. "Around the world, market conditions arehealthy. Overall occupancies continue to rise, the pace of leasingactivity is brisk and rapid absorption of newly developed space isbeginning to support increased rental rates. ProLogis has beensuccessful in capitalizing on the opportunities presented by thismarket environment, extending the leadership position we haveestablished in our industry."

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