ProLogis European Properties results for the quarter and nine months ended 30 September 2008

23/10/2008

Sustained operational performance drives increased occupancy

Luxembourg – 23 October 2008 – ProLogis European Properties (Euronext: PEPR), Europe's largest owner of modern distribution facilities, today reports results for the quarter and nine months ended 30 September 2008.

Highlights

• Quarter to 30 September 2008		Nine months to 30 September 2008
  €0.18 distribution per unit, including €0.02 per unit from ProLogis European Properties Fund II EPRA net asset value(1) per unit of €11.69, a 1.1% decrease compared to the half year (€11.82); IFRS net asset value per unit was €10.84 (HY 2008: €10.98) EPRA earnings(1) decreased €0.16 per unit(Q3 2007: €0.18 per unit) €52.5m additional investment in ProLogis European Properties Fund II 21 lease transcations covering 81,000m2, increasing directly owned portfolio occupancy to 97.7%		€0.57 distribution per unit, returning €107.6 million cash to investors in the form of dividends EPRA net asset value per unit decreased €1.04 to €11.69 over the period (2007: €12.73); IFRS net asset value per unit decreased to €10.84 (2007: €11.73) EPRA earnings per unit decreased €0.07 to €0.52 (9M07: €0.59); IFRS loss of €0.01 per unit (9M07 earnings: €1.06 per unit) €214.4m investment into ProLogis European Properties Fund II 60 lease transcations covering 479,400m2, compared to 66 transactions covering 434,900m2 in the nine months to 30 September 2007(2)

  Commenting on the results, Gordon Keiser, chief executive officer of PEPR, said:

  "In the first nine months of 2008, PEPR has maintained strong operational performance and resilient financial results in the face of the global credit crisis and an increasingly uncertain economic outlook. Occupancy in both our directly owned and combined portfolio increased over the third quarter, to 97.7% and 98.5% respectively, reflecting continued occupier demand for large, modern and well-located facilities.

   

  "As we revalue the directly owned portfolio semi-annually, the slight decrease in our EPRA net asset value per unit for the quarter has been primarily related to accounting for our investment in PEPF II. Our strong operating results, stable cash flows from our high-quality portfolio and increasing distributions received from PEPF II enable us to pay a quarterly distribution of €0.18 per unit, in line with our revised guidance for 2008.

   

  "In this challenging financial environment, we believe it is prudent to conserve liquidity and have reviewed a number of options to realise this including the refinancing of 2009 debt maturities and the advancing of our property disposal programme once real estate markets improve ."

  
  View full press release in PDF format (150KB)

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