23/07/2009
Additional progress on deleveraging
initiatives and sustained operating and financial
performance
Luxembourg – 23 July 2009
– ProLogis European Properties (Euronext: PEPR),
Europe’s largest owner of modern distribution facilities,
today reports results for the quarter and six
months ended 30 June 2009.
Highlights
- 96.9% occupancy at 30 June through continued focus on customer
requirements
- €119.5 million portfolio disposal agreed, €92.2
million completed
- Additional £64.4 million UK portfolio disposal
completed
- Further progress on €226 million of new secured bank
loans, subject to meeting conditions precedent and receiving
funding
- 13.0% valuation decrease on the portfolio since 31 December
2008 (9.3% excluding disposals and foreign exchange
adjustments)
- Appointment of David Doyle, formerly chief financial officer at
Colliers CRE, as chief financial officer with immediate
effect
| Quarter to 30 June
2009 |
|
Six months to 30 June
2009 |
- EPRA earnings(1) decreased marginally to €0.16
per unit (Q2 2008: €0.18 per unit)
- IFRS loss of €1.40 per unit (Q2 2008 loss: €0.28 per
unit), largely due to portfolio devaluations
- EPRA net asset value(1) per unit of €6.74, a
17.6% decrease compared to 31 March 2009 (€8.18 per unit)
- IFRS net asset value per unit of €6.40 (Q1 2009:
€7.52 per unit
- 18 lease transactions covering 219,600m2,
maintaining high portfolio occupancy
|
|
- EPRA earnings(1) per unit decreased €0.04
to €0.32 (HY 2008: €0.36 per unit), due to a decrease in
rental income and the loss of dividend receipts from ProLogis
European Properties Fund II
- IFRS loss of €1.24 per unit for the period (HY 2008 loss:
€0.10 per unit) , largely due to portfolio devaluations
- EPRA net asset value(1) per unit decreased 16.0%, to
€6.74 over the period (2008: €8.02 per unit) as a result
of the portfolio devaluation and asset sales, partially offset by
currency movements
- IFRS net asset value per unit decreased 13.3% to €6.40
(2008: €7.38 per unit)
- 34 lease transactions covering 397,900m2, compared
to 42 transactions covering 245,800m2 in HY
2008
|
Commenting on the results, Peter Cassells, chief executive officer
of PEPR, said:
“Our operational performance remains resilient and our
financial performance is in line with guidance in spite of the
challenging market conditions, reflecting both our proactive
management of the business and the inherent stability of the
logistics real estate sector.
“We have made good headway on a number of activities in
accordance with the deleveraging initiatives that we announced in
December 2008. This includes further progress to finalise €226
million of secured bank loans and some €190 million of asset
sales. We will continue to pursue and refine this strategy in order
to further improve financial flexibility and position ourselves for
the next stage of the cycle.”
(1) Based on EPRA (European Public Real Estate Association) Best
Practices Policy Recommendations, issued in May 2008
View the full
Results for the
quarter and six months ended 30 June 2009 in PDF format
(508KB)
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