Summary
AMB Property Corporation (now Prologis) filed this 8-K on July 9, 2002, reporting its second quarter 2002 financial results. The report indicates a slight decrease in earnings per share (EPS) compared to the prior year, with Q2 2002 EPS at $0.31 versus $0.33 in Q2 2001. This decrease was attributed to lower gains on real estate dispositions and a focus on long-term results leading to net disposition activity. However, the company maintained a strong industrial portfolio occupancy rate of 94.4%, consistent with the prior quarter. The report also highlights the company's strategic investments, including significant acquisitions and development projects, particularly an expansion into air cargo distribution and its first international development in Mexico City.
Key Highlights
- 1Q2 2002 Earnings Per Share (EPS) of $0.31, a 6.1% decrease from $0.33 in Q2 2001.
- 2Industrial portfolio occupancy remained strong at 94.4% as of June 30, 2002, unchanged from the prior quarter.
- 3Same store cash basis Net Operating Income (NOI) grew by 1.0%, while same store GAAP basis NOI decreased by 0.5%.
- 4Acquired five properties totaling $121.9 million and 2.0 million square feet, including a significant air cargo distribution center at Washington Dulles International Airport.
- 5Began expensing the fair value of stock options on its income statement, effective for options granted on or after January 1, 2002.
- 6Reported Funds From Operations (FFO) of $0.60 per share for Q2 2002, a significant increase from $0.43 in Q2 2001, largely due to the absence of impairment charges in the current year.
- 7Announced the passing of Board Director Daniel H. Case III and the intention to fill his position.