8-KOther Events

Prologis, Inc. 8-K Report (Jan 24, 2002)

Filed January 24, 2002For Securities:PLDPLDGP

Summary

AMB Property Corporation (now Prologis, Inc.) reported its fourth quarter and full-year 2001 results on January 22, 2002. The company demonstrated positive growth in key performance indicators, with diluted Earnings Per Share (EPS) increasing by 7.1% for the quarter and 8.9% for the full year compared to 2000. Funds From Operations (FFO) per share also saw a healthy increase of 23.3% for the quarter and 2.2% for the full year, indicating strong operational performance in its industrial real estate portfolio. Despite a slight dip in occupancy due to specific tenant-related vacancies and ongoing developments, AMB Property Corporation maintained robust same-store Net Operating Income (NOI) growth. The company was active in its portfolio management, with significant industrial property acquisitions totaling $428.3 million for the year and strategic dispositions of less-core assets. Furthermore, AMB completed a significant preferred unit repurchase and initiated a new common stock repurchase plan, signaling confidence in its value and financial position.

Key Highlights

  • 1Diluted EPS increased by 7.1% to $0.30 for Q4 2001 and 8.9% to $1.47 for FY 2001, compared to the prior year.
  • 2Funds from Operations (FFO) per share grew by 23.3% to $0.74 for Q4 2001 and 2.2% to $2.37 for FY 2001.
  • 3Same-store Net Operating Income (NOI) growth was strong at 3.5% for the quarter and 6.3% for the full year, driven by rental increases.
  • 4Industrial property acquisitions for FY 2001 totaled $428.3 million (6.8 million sq ft), with $144.8 million in Q4.
  • 5Dispositions of less strategic assets amounted to $193.4 million (3.2 million sq ft) for the full year.
  • 6The company repurchased all outstanding 8.75% Series C Preferred Units for $115.7 million and initiated a new $100 million common stock repurchase plan.
  • 7Occupancy was 94.5% as of December 31, 2001, a decrease from Q3, attributed to specific vacancies and developments.

Frequently Asked Questions

AMB Property Corporation reported an increase in diluted Earnings Per Share (EPS) of 7.1% for the fourth quarter of 2001, reaching $0.30, and an 8.9% increase for the full year, reaching $1.47. Funds From Operations (FFO) per share also showed positive growth, up 23.3% for the quarter to $0.74 and 2.2% for the full year to $2.37.

The company experienced strong internal growth, with same-store Net Operating Income (NOI) increasing by 3.5% for the fourth quarter and 6.3% for the full year, driven by positive rental increases. Occupancy stood at 94.5% at the end of 2001, which was a slight decrease from the previous quarter and was attributed to specific vacancies from a bankrupt tenant and newly developed properties.

AMB Property Corporation was active in portfolio management. For the full year 2001, they acquired industrial properties totaling $428.3 million (6.8 million square feet), with a significant portion of $144.8 million occurring in the fourth quarter. They also strategically disposed of less-strategic assets and non-core market properties for $193.4 million (3.2 million square feet) over the year.

Yes, AMB Property Corporation repurchased all of its outstanding 8.75% Series C Redeemable Preferred Units for $115.7 million in the fourth quarter. Additionally, they repurchased 323,000 common shares for $7.6 million and announced a new $100 million common stock repurchase plan.