The travails of ProLogis, the world’s largest owner of warehouses and distribution facilities, show how volatile last year was for some Colorado companies.
The state’s largest real-estate investment trust lost more last year in its share price — 78 percent — than any other Colorado company with a market value above $1 billion.
But things looked a lot bleaker Nov. 20, when shares closed at $2.28 on fears that the company’s $11.1 billion in debt would sink it.
To put that in perspective, ProLogis shares had traded above $70 in October 2007 and were still above $40 in September.
Predictions of the company’s imminent demise, however, proved premature. The company halted new developments, cut its 2009 dividend by more than half and sold off properties it held in China and Japan.
ProLogis shares closed at $13.89 Wed nesday, giving investors who bought at the bottom a sixfold gain. Analysts who had rated the company a sell in November are now calling it a buy.
Aldo Svaldi: 303-954-1410 or asvaldi@denverpost.com
