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22/07/2010

PEPR maintains solid operating performance and continues to reduce debt


ProLogis European Properties (Euronext: PEPR), one of Europe’s largest owners of modern distribution facilities, today reports results for the second quarter and six months ended 30 June 2010.

Highlights

  • 0.3% increase in the portfolio value since 31 December 2009 resulting from a valuation decrease of 1.1% more than offset by an improvement in foreign exchange rates
  • EPRA net asset value per ordinary unit up by 2.0% to €6.27 since end 2009, reflecting stabilising portfolio values and a further quarter of retained earnings; IFRS net asset value per ordinary unit up to €5.99 from €5.97 at end 2009
  • Maintained high level of portfolio occupancy at 93.7%, comfortably above the market average
  • Further progress on refinancing and deleveraging initiatives:
    - all Commercial Mortgage-Backed Securities (“CMBS”) fully repaid
    - no significant debt maturities until December 2012
    - in advanced discussions on new revolving credit facility
  • Continued improvement of loan-to-value ratio: to 53.3% from 53.7% in March and 55.0% at end 2009
  • Revised guidance: EPRA earnings and distributable cash flow per ordinary unit in the range of €0.40 to €0.44 due to slower forecasted growth in occupier demand than previously anticipated

 

Quarter to 30 June 2010 Six months to 30 June 2010
  • EPRA earnings €0.11 per ordinary unit (Q2 2009: €0.16 per ordinary unit)
  • IFRS loss €0.07 per ordinary unit (Q2 2009 €1.40 loss per ordinary unit)
  • EPRA net asset value €6.27 per ordinary unit (Q1 2010: €6.26 per ordinary unit)
  • IFRS net asset value €5.99 per ordinary unit of (Q1 2010: €6.01 per ordinary unit)
  • 31 lease transactions covering 249,500sq m, compared to 18 transactions covering 219,600sq m in Q2 2009
  • EPRA earnings €0.21 per ordinary unit (HY 2009: €0.32 per ordinary unit)
  • IFRS earnings €0.04 per ordinary unit (HY 2009: €1.24 loss per ordinary unit)
  • EPRA net asset value €6.27 per ordinary unit (YE 2009: €6.15 per ordinary unit)
  • IFRS net asset value €5.99 per ordinary unit (YE 2009: €5.97 per ordinary unit)
  • 62 lease transactions covering 701,800sq m, compared to 34 transactions covering 397,900sq m in HY 2009

 

Commenting on the results, Peter Cassells, chief executive officer of PEPR, said: “We have delivered solid operating performance and financial results during what continues to be a challenging market environment. These results are testament to the quality of PEPR’s pan-European portfolio, established customer relationships and the expertise of its management teams.

“The first half of the year was dominated by significant leasing activity as we continue to prioritise for portfolio occupancy as a key objective. As a result of this activity, we have maintained our occupancy levels at a high 93.7%, well above the industry average, while at the same time removing some of the risks surrounding future lease expiries, especially in weaker markets.”

View the full Results for the quarter and six months ended 30 June 2010 in PDF format (156KB)

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Q2/HY 2010 financial results

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22 July 2010
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