Results for the quarter ended 31 March 2007
02/05/2007
Strong rental income growth driving 10.5% increase in adjusted earnings
Luxembourg – 2 May 2007 – ProLogis
European Properties (Euronext: PEPR, Bloomberg: PEPR NA),
Europe’s largest owner of modern distribution facilities,
today reports results for the quarter ended 31 March 2007.
Highlights
- 5.2% increase in rental income to €77.1 million
- €0.22 distribution per unit, including a one-off release of €0.03 per unit, implying a normalised dividend yield of 5.0%
- Successful acquisition of 14 modern distribution facilities for €201.6 million, with an additional asset acquisition to complete in Q2
- Continued active asset management, with over 30 lease transactions covering 135,600 square metres
- Adjusted net asset value per unit at 31 March of €13.94, in line with Q4 2006
- Adjusted earnings per unit for the quarter increased 10.5% to €0.21, compared to €0.19 for Q4 2006
- IFRS net earnings decreased to €0.22 per unit, primarily due to the revaluation gain included in Q4 2006
Commenting on the results, Robert Watson, chief executive office
of PEPR, said:
“These results for the first three months of 2007 show steady
progress since the fourth quarter 2006 and are a testament to
ProLogis European Properties’ continued focus on top quality
distribution facilities in key logistics markets across
Europe. As we only revalue the portfolio semi-annually, our
adjusted net asset value was broadly in line with the end of 2006
at €2.6 billion. However, our adjusted earnings
increased to €40.8 million for the quarter and enabled us to
pay out a quarterly distribution of €0.22 per unit.
The acquisition of 14 properties at the end of the quarter, at 95%
of gross property value and yielding 6.7%, will add over €13
million to rental income from our portfolio and, given current
market conditions, are expected to appreciate in value.
The outlook for the remainder of 2007 remains encouraging, with
demand still strong in the majority of our markets and the
potential for PEPR to grow further through investment in future
ProLogis private equity funds in Europe”.
View the full
Results for the
quarter ended 31 March 2007 in PDF format (234KB)
PEPR results for the quarter and year ended 31 December 2011
PEPR results for the quarter and year ended 31 December 2011 (81KB)
08 February 2012
