ProLogis, the world's largest owner, manager and developer of distribution facilities, has reported adjusted funds from operations up 36.5 percent.

"This past year was one of significant achievement for ProLogis around the world," said Jeffrey H. Schwartz, chief executive officer. "We delivered strong financial performance by leveraging our global platform, crystallizing value in our property fund business, and maintaining a diversified development pipeline with exceptional margins. In addition, we successfully completed a number of acquisitions and other investments that enhanced our ability to meet the future needs of global customers."

Schwartz noted that growth in world trade continues to drive customer demand across Asia, Europe and North America, resulting in positive net absorption of new development deliveries and improved operating property performance. Rental rates on ProLogis lease turnovers increased by 5.6 percent in the fourth quarter. In the company's same-store pool, net operating income increased 3.1 percent and both average occupancy and rent growth were up 2.6 percent for the full year.

"Overall market dynamics in our industry remain sound," said Walter C. Rakowich, president and chief operating officer of ProLogis. "We are beginning to see the rent growth we have long been anticipating, and we believe we are well positioned to capture a leading share of the opportunity created through continued strong growth in global trade."