Prologis (PLD) 8-K/A Results of Operations and Financial Condition

AMENDED SUPPLEMENTAL ANALYST PACKAGE
2007 First Quarter Earnings Conference Call

FINANCIAL HIGHLIGHTS
(dollars in thousands, except share data)

	Quarters Ended March 31,
	2007			Change			2006
Operating Data
Revenues	$	168,007			(4.8	%)	$	176,407	(1)(2)
Adjusted EBITDA(3)		125,173			(0.4	%)		125,630
Net income available to common stockholders		21,730			(7.1	%)		23,384
FFO (3)		56,873			16.7	%		48,739
Per diluted share and unit:
EPS	$	0.23			(11.5	%)	$	0.26
FFO(3)		0.57			9.6	%		0.52
Dividends per common share		0.50			8.7	%		0.46
Ratios
Interest coverage (3)		3.3	x					3.0	x
Fixed charge coverage (3)		2.1	x					2.3	x
FFO payout		88	%					88	%

	As of
	March 31, 2007			December 31, 2006
Capitalization
AMB’s share of total debt(3)	$	2,861,415		$	3,088,624
Preferred equity		417,767			417,767
Market equity		6,113,297			5,531,113
Total capitalization	$	9,392,479		$	9,037,504
Ratios
AMB’s share of total debt-to-AMB’s share of total book capitalization(3) (4)		49.5	%		55.8	%
AMB’s share of total debt-to-AMB’s share of total market capitalization(3) (4)		30.5	%		34.2	%
Total common shares and units outstanding		103,985,326			94,371,491

(1)	Effective October 1, 2006, AMB deconsolidated AMB Alliance Fund III on a prospective basis.
(2)	Pro forma revenues for the quarter ended March 31, 2006 would have been $160,831, if AMB Institutional Alliance Fund III had been deconsolidated as of January 1, 2006.
(3)	See Supplemental Financial Measures Disclosures.
(4)	See Reporting Definitions.

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AMENDED SUPPLEMENTAL ANALYST PACKAGE
2007 First Quarter Earnings Conference Call

CAPITALIZATION SUMMARY
As of March 31, 2007
(dollars in thousands, except share price)

	AMB			Joint			Unsecured
	Secured			Venture			Senior			Credit			Other			Total
Year	Debt(1)			Debt(1)			Debt			Facilities(2)			Debt			Debt
2007	$	12,396		$	45,300		$	55,000		$	—		$	14,215		$	126,911
2008		92,239			73,504			175,000			—			810			341,553
2009		6,234			118,813			100,000			—			873			225,920
2010		72,026			116,182			250,000			474,849			941			913,998
2011		6,335			190,622			75,000			—			1,014			272,971
2012		8,369			449,198			—			—			1,093			458,660
2013		42,682			59,714			175,000			—			65,920	(6)		343,316
2014		245,273			4,076			—			—			616			249,965
2015		2,199			18,780			112,491			—			664			134,134
2016		4,804			54,995			—			—			—			59,799
Thereafter		—			19,091			125,000			—			—			144,091
Sub-total		492,557			1,150,275			1,067,491			474,849			86,146			3,271,318
Unamortized premiums/(discount)		1,480			4,024			(10,305	)		—			—			(4,801	)
Total consolidated debt		494,037			1,154,299			1,057,186			474,849			86,146			3,266,517
AMB’s share of unconsolidated JV Debt(3) (5)		—			349,570			—			—			20,933			370,503
Total debt		494,037			1,503,869			1,057,186			474,849			107,079			3,637,020
JV partners’ share of consolidated JV debt(5)		—			(723,605	)		—			—			(52,000	)		(775,605	)
AMB’s share of total debt(5)	$	494,037		$	780,264		$	1,057,186		$	474,849		$	55,079		$	2,861,415
Weighted average interest rate		4.9	%		6.2	%		6.2	%		2.1	%		6.7	%		5.4	%
Weighted average maturity (in years)		5.4			4.8			4.8			3.1			5.2			4.6

Market Equity
Security	Shares		Price		Value
Common Stock		99,319,253	$	58.79	$	5,838,979
LP Units		4,666,073		58.79		274,318
Total		103,985,326			$	6,113,297

Preferred Stock and Units(4)
	Dividend			Liquidation
Security	Rate			Preference
Series D preferred units		7.18	%	$	79,767
Series I preferred units(7)		8.00	%		25,500
Series J preferred units(7)		7.95	%		40,000
Series K preferred units		7.95	%		40,000
Series L preferred stock		6.50	%		50,000
Series M preferred stock		6.75	%		57,500
Series O preferred stock		7.00	%		75,000
Series P preferred stock		6.85	%		50,000
Weighted Average/Total		7.17	%	$	417,767

Capitalization Ratios
Total debt-to-total market capitalization(5)	35.8	%
AMB’s share of total debt-to-AMB’s share of total market capitalization(5)	30.5	%
Total debt plus preferred-to-total market capitalization(5)	39.9	%
AMB’s share of total debt plus preferred-to-AMB’s share of total market capitalization(5)	34.9	%

(1)	AMB secured debt includes debt related to European and Asian assets in the amount of $414.8 million and $47.5 million, respectively.
(2)	Represents three credit facilities with total capacity of approximately $1,182 million. Includes $342.5 million and $132.3 million in Yen and Canadian dollar based borrowings, respectively, translated to U.S. Dollars using the foreign exchange rates at March 31, 2007.
(3)	The weighted average interest and maturity for the unconsolidated JV debt were 4.3% and 5.3 years, respectively.
(4)	Exchangeable under certain circumstances by the unitholder and redeemable at the option of AMB after a specified non-call period, generally five years from issuance.
(5)	See Reporting Definitions and Supplemental Financial Measures Disclosures .
(6)	Maturity includes $65 million balance outstanding on a $65 million non-recourse credit facility obtained by AMB Partners II.
(7)	Callable as of March 31, 2007.

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AMENDED SUPPLEMENTAL ANALYST PACKAGE
2007 First Quarter Earnings Conference Call

UNCONSOLIDATED AND CONSOLIDATED JOINT VENTURES⁽¹⁾
As of March 31, 2007
(dollars in thousands)

																Original
		AMB’s				Gross						AMB’s		3rd Party		Planned			Estimated
	Geographic	Ownership	Square			Book		Property		Other		Net Equity		Equity		Gross			Investment
	Focus	Percentage	Feet(2)			Value(3)		Debt		Debt		Investment(8)		Committed		Capitalization			Capacity
Unconsolidated Joint Ventures
Co-Investment Operating Joint Ventures:
AMB Institutional Alliance Fund III	United States	21%		15,746,793		$	1,469,392	$	726,956	$	—	$	135,914	$	553,900	$	1,469,000	(4)	$	257,000	(4)
AMB Japan Fund I(6)	Japan	20%		3,951,904			625,523		390,027		100,017		32,184		420,000		2,100,000			1,460,000
AMB-SGP Mexico	Mexico	20%		3,050,915			184,487		113,862		4,744		8,495		200,000		715,000			519,000
Total Co-Investment Operating Joint Ventures		20%		22,749,612			2,279,402		1,230,845		104,761		176,593		1,173,900		4,284,000			2,236,000
Co-Investment Development Joint Ventures:
AMB DFS Fund I	United States	15%		—			110,242		—		—		16,622		425,000		500,000			270,000
Other Industrial Operating Joint Ventures		53%		7,684,931	(5)		290,898		182,830		—		48,569		n/a		n/a			n/a
Total Unconsolidated Joint Ventures		24%		30,434,543		$	2,680,542	$	1,413,675	$	104,761	$	241,784	$	1,598,900	$	4,784,000		$	2,506,000
Consolidated Joint Ventures
Co-Investment Operating Joint Ventures:
AMB Partners II	United States	20%		9,913,375		$	683,609	$	322,094	$	65,000			$	193,000	$	580,000		$	—
AMB Institutional Alliance Fund II	United States	20%		8,007,103			517,058		242,050		—				195,000		490,000			—
AMB-SGP	United States	50%		8,287,424			445,718		350,073		—				75,000		420,000			—
AMB-AMS	United States	39%		2,172,137			153,990		84,558		—				49,000		228,000			—
AMB Erie	United States	50%		821,712			52,643		20,459		—				50,000		200,000			—
Total Co-Investment Operating Joint Ventures		30%		29,201,751			1,853,018		1,019,234		65,000			$	562,000	$	1,918,000		$	—
Co-Investment Development Joint Ventures:
AMB Partners II	United States	20%		n/a			343		—		—
AMB Institutional Alliance Fund II	United States	20%		n/a			4,256		—		—
Total Co-Investment Development Joint Ventures		20%		—			4,599		—		—
Total Co-Investment Joint Ventures		30%		29,201,751			1,857,617		1,019,234		65,000
Other Industrial Operating Joint Ventures		91%		2,871,846			252,773		64,498		—
Other Industrial Development Joint Ventures		88%		3,814,446			333,124		70,567		—
Total Consolidated Joint Ventures		44%		35,888,043		$	2,443,514	$	1,154,299	$	65,000

Selected Operating Results
For the Quarter Ended March 31, 2007	Cash NOI(7)		Net Income		FFO(7)		Share of	Cash NOI(7)		Net Income		FFO(7)
Unconsolidated Joint Ventures	$	41,702	$	6,161	$	20,872	AMB’s	$	11,479	$	2,113	$	5,675
Consolidated Co-Investment Joint Ventures	$	36,533	$	5,648	$	18,368	Partner’s	$	26,768	$	4,077	$	15,881

(1)	See Joint Venture Partner Information.
(2)	For development properties, this represents estimated square feet upon completion for committed phases of development and renovation projects.
(3)	Represents the book value of the property (before accumulated depreciation) owned by the joint venture entity and excludes net other assets. Development book values include uncommitted land.
(4)	The planned gross capitalization and investment capacity of AMB Institutional Alliance Fund III, as an open-end fund, is not limited. The planned gross capitalization represents the gross book value of real estate assets as of the most recent quarter end, and the investment capacity represents estimated capacity based on the Fund’s current cash and leverage limitations as of the most recent quarter end.
(5)	Includes investments in 7.4 million square feet of operating properties through AMB’s investments in unconsolidated joint ventures that it does not manage which it excludes from its owned and managed portfolio. See Reporting Definitions for the definition of owned and managed.
(6)	AMB Japan Fund I is a yen-denominated fund. U.S. dollar amounts are converted at the March 31, 2007 exchange rate.
(7)	See Supplemental Financial Measures Disclosures and Reporting Definitions.
(8)	AMB also has a 39% equity interest in G. Accion, a Mexican real estate company for approximately $37.6 million. G. Accion provides real estate management and development services in Mexico.

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AMENDED SUPPLEMENTAL ANALYST PACKAGE
2007 First Quarter Earnings Conference Call

SUPPLEMENTAL INFORMATION FOR NET ASSET VALUE ANALYSIS⁽¹⁾
(dollars in thousands)

	For the Quarter Ended
	March 31, 2007
AMB’s Share of cash basis NOI
Rental revenues	$	162,082
Straight-line rents and amortization of lease intangibles		(2,715	)
Property operating costs		(44,247	)
JV Partners’ share of cash basis NOI(1) (2)		(27,337	)
AMB’s share of transaction activity adjustments to NOI(1) (2) (3)		(2,451	)
AMB’s share of unconsolidated JV’s cash basis NOI(1) (2)		11,479
Total AMB’s share of cash basis NOI(1) (2)	$	96,811
Private capital income	$	5,925
AMB’s share of land and development projects
AMB’s share of land held for future development(2) (4)	$	399,818
AMB’s share of developments and renovations in process(2) (4)	$	900,600
AMB’s share of development projects held for contribution or sale(2) (4)	$	166,683
AMB’s share of assets contributed to private capital joint ventures(2) (4)	$	12,454
AMB’s share of total debt and preferred securities(1) (2) (4)	$	3,279,182
AMB’s share of select balance sheet items (owned and managed portfolio):(1) (2)
Cash and cash equivalents	$	269,079
Mortgages and loans receivable		18,711
Accounts receivable (net) and other assets		262,052
Deferred rents receivable and deferred financing costs (net)		(72,325	)
Accounts payable and other liabilities		(281,796	)
AMB’s share of other assets and liabilities	$	195,721

(1)	See Supplemental Financial Disclosures.
(2)	See Reporting Definitions for definitions of “AMB’s share of”, “JV Partner’s share of” and “owned and managed”, as applicable.
(3)	Transaction activity adjustments to NOI stabilizes NOI for acquisitions and development completions and removes NOI generated from in-progress developments, contributed developments, and projects held for sale or contribution.
(4)	See Development & Renovation Projects in Process, Development Projects Available for Sale or Contribution and Sold or Contributed Projects, Operating Property Contributions and Dispositions or Capitalization Summary and their respective footnotes for further information.

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