PrintBookmarkEmail page to a friendText smallerText standardText larger

27/10/2011

Successful equity offering and return to investment grade credit rating

ProLogis European Properties (Euronext: PEPR), one of Europe’s largest owners of modern distribution facilities, today reports results for the third quarter and nine months ended 30 September 2011.

Highlights

  • Successful completion of €97.5 million equity offer 
  • Return to investment grade credit rating, expected to save over €8.6 million per annum in interest expense
  • Loan-to-value ratio significantly improved to 47.6% from 51.1% at 30 June 2011
  • 35 lease transactions completed covering 255,400m2, including 73,200m2 of new or expanded leases (Q3 2010: 35 leases transactions, totalling 312,000m2)
  • 91.5% portfolio occupancy (HY 2011: 93.2%), expected to improve by year-end
  • 2011 full year earnings guidance maintained
  • Post quarter end, disposal of UK asset for £11 million and 60,700m2 of new leasing including a nine-year 28,600m2 lease in Spain

 

Quarter to 30 September 2011 Nine months to 30 September 2011
  • EPRA earnings €0.09 per ordinary unit (Q3 2010: €0.10 per ordinary unit)
  • IFRS earnings €0.04 per ordinary unit (Q3 2010 €0.06 loss per ordinary unit)
  • Distributable cash flow €0.09 per ordinary unit (Q3 2010 €0.11 per ordinary unit)
  • EPRA net asset value €6.38 per ordinary unit (HY 2011: €6.32 per ordinary unit)
  • IFRS net asset value €5.68 per ordinary unit (HY 2011: €5.64 per ordinary unit)
  • EPRA earnings €0.28 per ordinary unit (9M 2010: €0.31 per ordinary unit)
  • IFRS earnings €0.06 per ordinary unit (9M 2010: €0.07 per ordinary unit)
  • Distributable cash flow €0.27 per ordinary unit (9M 2010: €0.33 per ordinary unit)
  • EPRA net asset value €6.38 per ordinary unit (YE 2010: €6.32 per ordinary unit)
  • IFRS net asset value €5.68 per ordinary unit (YE 2010: €5.62 per ordinary unit) 


Commenting on the results, Peter Cassells, chief executive officer of PEPR, said: “During the quarter we successfully launched and completed a €97.5 million ordinary equity raise, which resulted in a lowering of our LTV to below 48% and a return to an investment grade credit rating.  This rating upgrade was a key management objective as it will result in annual interest savings of over €8.6 million and provides access to a broader unsecured debt capital market for future debt refinancing.


“Our focus for the remainder of 2011 and into 2012 continues to be further deleveraging of our business towards a more conservative level of below 45%. With this in mind, we recently completed the sale of a building in the UK and will continue to enhance value through selective additional capital recycling initiatives.”

View the full Results for the quarter and nine months ended 30 September 2011 in PDF format (380KB)

Back to top

PEPR Extraordinay General Meeting - March 2012

PEPR EGM March 2012


14 March 2012
Delivered by Investis