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18.04.2017 14:06
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Prologis Reports First Quarter 2017 Earnings Results
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PR Newswire
SAN FRANCISCO, April 18, 2017
SAN FRANCISCO, April 18, 2017 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today reported results for the first quarter of 2017.
Net earnings per diluted share was $0.38 compared with $0.39 for the same period in 2016. Core funds from operations* per diluted share was $0.63 compared with $0.61 for the same period in 2016.
"We started the year with excellent momentum as housing, construction and e-commerce drove demand for our facilities, leading to the ninth consecutive quarter of double-digit rent change on rollovers," said Hamid R. Moghadam, chairman and CEO, Prologis. "While the national vacancy rate ticked down slightly and fundamentals in our U.S. markets are solid, speculative construction activity increased in several markets in the quarter. Europe continues to emerge as a bright spot for us and market conditions are strengthening, even ahead of our expectations. Our strategy to own top-quality buildings close to the end consumer has never been more important."
Moghadam added: "The combination of our significant embedded rental upside, the build-out of our land bank and continued recovery in Europe will further extend the growth cycle for us."
PORTFOLIO LOCATION DRIVES OUTPERFORMANCE
| Owned & Managed | 1Q17 | 1Q16 | Notes |
| Period End Occupancy | 96.6% | 96.1% | Europe increased 180 bps year-over-year |
| Leases Signed | 39MSF | 46MSF | Tempered volume due to high occupancy |
| | | | |
| Prologis Share | 1Q17 | 1Q16 | Notes |
| Net Effective Rent Change | 19.6% | 20.1% | Led by the U.S. at a record 29.2% |
| Cash Rent Change | 8.2% | 8.6% | |
| Net Effective Same Store NOI* | 5.8% | 7.4% | Led by the U.S. at 7.1% |
| Cash Same Store NOI* | 7.1% | 6.0% | Led by the U.S. at 8.0% |
FOCUSED INVESTMENT STRATEGY DELIVERS PROFITABLE DEVELOPMENT ACTIVITY
| Prologis Share | 1Q17 |
| Building Acquisitions | $48M |
| Weighted avg stabilized cap rate | 5.6% |
| Development Stabilizations | $405M |
| Estimated weighted avg yield | 6.8% |
| Estimated weighted avg margin | 22.1% |
| Estimated value creation | $89M |
| Development Starts | $312M |
| Estimated weighted avg margin | 19.2% |
| Estimated value creation | $60M |
| % Build-to-suit | 77.0% |
| Total Dispositions and Contributions | $485M |
| Weighted avg stabilized cap rate (excluding land and other real estate) | 5.6% |
| Capital deployment activity excludes the $710M net investment made during the quarter to buy out our partners in our North American Industrial Fund (NAIF) venture. |
FINANCING ACTIVITY HIGHLIGHTS ADVANTAGED ACCESS TO GLOBAL CAPITAL
Prologis ended the quarter with liquidity of $3.8 billion. During the first quarter, the company and its co-investment ventures completed $900 million of financings, including recasting our ¥50 billion yen revolver at 40 basis points over yen LIBOR and a ¥12 billion term loan at a fixed rate of 95 basis points with a term of over 10 years.
GUIDANCE INCREASED FOR 2017
At the midpoint, guidance for net earnings per diluted share increased $0.13 and Core FFO* per diluted share increased $0.10.
"Operating results continued to exceed our expectations in the first quarter," said Thomas S. Olinger, chief financial officer, Prologis. "The combination of healthy operating fundamentals, higher deployment from investments in our ventures and increased net promote income has led us to raise the midpoint of our full-year guidance ranges for earnings."
2017 GUIDANCE
| Earnings (per diluted share) | Previous | Revised |
| Net Earnings | $1.55 to $1.70 | $1.70 to $1.80 |
| Core FFO* | $2.60 to $2.70 | $2.72 to $2.78 |
| | | |
| Operations | Previous | Revised |
| Year-end occupancy | 95.5% to 96.5% | 96.0% to 97.0% |
| Net Effective Same Store NOI* – Prologis share | 4.00% to 5.00% | 4.50% to 5.25% |
| | | |
| Other Assumptions (in millions) | Previous | Revised |
| Strategic capital revenue | $205 to $215 | $210 to $220 |
| Net promote income | $35 to $45 | $65 to $75 |
| General & administrative expenses | $210 to $220 | $215 to $225 Werbung Mehr Nachrichten zur Prologis Aktie kostenlos abonnieren
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