ProLogis European Properties - Report for the Third Quarter of 2006

26/10/2006

On 27 September 2006, we successfully completed the IPO of PEPR through a secondary offering of €715m of ordinary units comprising 26.4% of total equity
Redeemed €153.2m preferred units as part of the IPO and converted €50.0m preferred units into ordinary units
Increased banking facility capacity from €500m to €800m
In July, we disposed of a portfolio of 6 assets in France for €66.5m, a 7% premium to June 2006 valuations, generating €18.0m profit based on historical cost
Property portfolio valuation remains stable at €4.2 bn with occupancy at 96.7%
Rental income for the quarter is €71.0m, up 8.9% on the same period in 2005 primarily due to growth in the portfolio
Excluding costs associated with IPO, the result of property disposals and fair value adjustments, profit for the quarter of €34.9m is 8.3% up on the same period in 2005 primarily due to growth in the portfolio
Based on the 25 October 2006 closing price on Euronext of €14.75, PEPR has a equity market capitalisation of €2.8 bn and including debt of €2.0 bn has a total market value of €4.8 bn
IFRS net asset value per unit declined 0.5% from €11.74 to €11.68 since June 2006, due to the increased number of ordinary units and costs incurred in completing the IPO
EPRA net asset value per unit at the end of the quarter was €12.65 compared to €12.77 at the end of million in the same period of June 2006

View the full Report for the third quarter of 2006 in PDF format (67.1KB)

22 July 2010