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Donnerstag, 20.10.2016 08:00 von PR Newswire | Aufrufe: 31

Prologis Reports Third Quarter 2016 Earnings Results

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PR Newswire

SAN FRANCISCO, Oct. 20, 2016

SAN FRANCISCO, Oct. 20, 2016 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today reported results for the third quarter of 2016.

Net earnings per share was $0.52 compared with $0.49 for the same period in 2015. The year-over-year increase is due primarily to improved operating performance and higher net promote income offset by lower gains from the disposition of real estate. Core funds from operations per diluted share* was $0.73 compared with $0.58 for the same period in 2015. The 26% year-over-year increase reflects improved operating performance and higher net promote income.

"This was another excellent quarter for Prologis, resulting from our well-located portfolio, favorable secular trends and the laser focus of the team," said Hamid R. Moghadam, chairman and CEO, Prologis. "Our portfolio and financial position have never been stronger and we are very confident in our prospects for earnings growth going forward."

Moghadam added: "Customers continue to invest in their supply chains to improve efficiencies. Their requirements for logistics facilities are matching up very well with our properties' locations and functional characteristics. In the third quarter, we saw broad-based demand across customer segments, led by e-commerce, automotive, consumer products and construction supplies."

OPERATING RESULTS STRONG ACROSS THE BOARD

Owned & Managed

3Q16

ARIVA.DE Börsen-Geflüster

Kurse

Prologis

100,545 €

+0,39%

3Q15

Notes

Period End Occupancy

96.6%

96.0%

Europe reached 96.1% occupancy

Leases Signed

46MSF

42MSF

Record operating leasing volume

Prologis Share	3Q16	3Q15	Notes
Net Effective Rent Change	15.0%	12.0%	Led by the U.S. at 23.3% and the U.K. at 20.5%
Cash Rent Change	5.7%	3.6%
Net Effective Same Store NOI*	5.6%	6.2%	Led by the U.S. at 6.9%
Cash Same Store NOI*	6.6%	4.5%	Led by the U.S. at 8.6%

DEVELOPMENT STABILIZATION AND CAPITAL RECYCLING ACTIVITY ON TRACK FOR RECORD PERFORMANCE

Prologis Share	3Q16
Building Acquisitions	$17M
Weighted avg stabilized cap rate	5.4%
Development Stabilizations	$392M
Estimated weighted avg yield	7.2%
Estimated weighted avg margin	31.8%
Estimated value creation	$125M
Development Starts	$434M
Estimated weighted avg margin	17.6%
Estimated value creation	$76M
% Build-to-suit	45.5%
Total Dispositions and Contributions	$517M
Weighted avg stabilized cap rate (excluding land and other real estate)	6.2%

CAPITAL MARKETS ACTIVITY BENEFITS FROM ACCESS TO GLOBAL CAPITAL
Prologis ended the quarter with liquidity of $3.8 billion. During the third quarter, the company and its co-investment ventures completed $1.3 billion of financings, including a ¥120 billion loan.

"The $1.2 billion yen transaction we completed in the quarter to refinance three older loans is a great example of our ability to source capital globally at attractive rates," said Thomas S. Olinger, chief financial officer, Prologis. "This new facility has a current interest rate of 65 basis points and a term of approximately seven years."

GUIDANCE INCREASED FOR 2016
Net earnings guidance increased $0.13 at the midpoint, primarily a result of improved operations and higher gains from the disposition of real estate.

"Market fundamentals continued to exceed our expectations in the third quarter," Olinger said. "As a result of outperformance from operations we are increasing the midpoint of our full-year guidance ranges for earnings and net effective same store NOI*. The earnings increase reflects net earnings growth of 17 percent and Core FFO* growth of 15 percent including promotes and 11 percent excluding promotes. During this same period, we have further strengthened our balance sheet and increased liquidity."

KEY CHANGES TO GUIDANCE

Earnings (per diluted share)	Previous	Revised
GAAP Net Earnings	$1.70 to $1.90	$1.90 to $1.95
Core FFO*	$2.52 to $2.58	$2.56 to $2.57

Operations	Previous	Revised
Net Effective Same Store NOI – Prologis share*	4.75% to 5.25%	5.50% to 5.80%

Other Assumptions (in millions)

Previous

Revised

Strategic capital revenue

$190 to $200

$195 to $200

Net promote income

$75 to $85

$79 to $82

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