ProLogis European Properties results for the quarter ended 31 March 2009
29/04/2009
Solid operational performance and constructive progress on deleveraging initiatives
29 April 2009 – Luxembourg – ProLogis European
Properties (Euronext: PEPR), Europe’s largest owner of modern
distribution facilities, today reports results for the quarter
ended 31 March 2009.
Highlights
- Sustained operational performance: occupancy at an industry leading 97.0% (2008: 97.3%)
- 16 lease transactions concluded, covering 178,300m2, compared to 20 lease transactions covering 106,900m2 in Q1 2008
- EPRA net asset value per unit of €8.18, a 2.0% increase since year end 2008 as a result of the improved sterling exchange rate; IFRS net asset value per unit of €7.52 (2008: €7.38)
- EPRA earnings per unit €0.15, a decrease of €0.03 per unit (Q1 2008: €0.18), primarily related to a further weakening of sterling; IFRS earnings per unit of €0.15 (Q1 2008: €0.18)
- Terms agreed for €235 million of new secured bank loans, subject to final credit committee approval
- €115 million portfolio disposal agreed, subject to closing of contracts
Commenting on the results, Peter Cassells, chief executive office
of PEPR, said:
“PEPR has maintained strong operational performance and
resilient financial results in spite of the continued turmoil in
the financial markets and an uncertain economic outlook. Portfolio
occupancy remains high, at 97.0% and we believe that our modern,
pan-European portfolio remains highly attractive. EPRA earnings for
the quarter of €0.15 per unit is in line with 2009 guidance,
reflecting the secure cash flows derived from our portfolio and the
relative stability of the logistics real estate market.
“Our priority for operations in 2009 is to continue to drive cash flow from the portfolio through proactive asset management and exemplary customer service.
“In addition, we have made good progress with our actions to improve the financial flexibility and overall leverage levels of the business. We have €235 million of new secured bank loans agreed, subject to final approval with further negotiations underway with other liquidity sources. We are in the final stages of agreeing the disposal of a portfolio of assets generating approximately €115 million of proceeds and have a number of discussions underway for further property disposals.
“Whilst the global economic outlook will remain
challenging for the remainder of 2009, we believe that the strength
of our pan-European portfolio, strong customer relationships and
further progress with deleveraging initiatives will leave PEPR well
positioned for the future.”
View the full Results for the quarter ended 31 March 2009 in PDF format (384KB)
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