ProLogis Gets Cash From Asset Sales To Reduce Debt

"Proceeds will be used principally to reduce debt," ProLogis said.

In addition, the previously announced $140 million sale of another distribution facility in Japan to GIC Real Estate is expected to be completed within 30 days, with the related gain to be realized in the second quarter.

ProLogis also said Tuesday it has completed a three-year extension of one of its debt obligations that will reduce the loan by $60 million.

"With our recent fund financing activity, we have addressed over 50 percent of 2009 fund-related maturities," Chief Financial Officer William Sullivan said.

Shares of ProLogis 1 cent to $6.89 in morning trading. The stock has ranged from $2.20 to $66.58 over the past year.

ProLogis leases industrial facilities to more than 4,500 customers, with more than 475 million square feet of industrial space in markets across North America, Europe and Asia.