How did Prologis' second quarter 2004 earnings compare to its guidance and the prior year?

Prologis reported earnings per share (EPS) of $0.22 for the second quarter of 2004. This exceeded the company's guidance of $0.19 to $0.20 per share and was an increase from the $0.19 EPS reported in the same period of 2003.

What was the performance of Prologis' industrial operating portfolio during the second quarter of 2004?

The industrial operating portfolio was 93.6% leased as of June 30, 2004, representing a 90 basis point increase from the prior quarter and a 210 basis point increase from June 30, 2003. This marked the first national industrial occupancy improvement in 14 quarters, indicating a strengthening market.

What were the key investment activities undertaken by Prologis in the second quarter of 2004?

In the second quarter, Prologis acquired 2.7 million square feet in 39 buildings for $305.1 million, expanding its presence in markets like northern New Jersey and Amsterdam. The company also stabilized 470,600 square feet of newly developed facilities and maintains a development pipeline of approximately 6.2 million square feet.

How did Prologis' financing activities strengthen its financial position?

Prologis renewed its $500 million senior unsecured revolving credit facility, extending its maturity to June 2007 and providing an option to increase the facility size to $700 million. Additionally, the company secured a 24 billion Japanese yen unsecured revolving credit facility and completed its first yen-based long-term financing for properties in greater Tokyo, demonstrating proactive management of its global financing needs.

PLD/PLDGP 8-K SEC Disclosure

Summary

Prologis, Inc. (PLD) reported its second quarter 2004 financial results, demonstrating robust operational performance and strategic investment activity. The company announced earnings per share (EPS) of $0.22, surpassing its own guidance and showing an increase compared to the prior year's $0.19 EPS. This positive trend in profitability is underscored by a significant improvement in its industrial operating portfolio occupancy, which reached 93.6% by the end of the quarter, a notable increase from both the previous quarter and the same period last year. This marks the first national industrial occupancy improvement in 14 quarters, signaling a strengthening market. Further bolstering its position, Prologis engaged in substantial investment and development. The company acquired 2.7 million square feet across 39 buildings for $305.1 million, expanding its footprint in key markets including northern New Jersey and Amsterdam. The development pipeline remains strong, with 6.2 million square feet slated for delivery through 2006, representing an estimated investment of $353.8 million. Financially, the company renewed a significant $500 million senior unsecured revolving credit facility, enhancing its liquidity and financial flexibility. These activities collectively highlight Prologis' commitment to portfolio growth and operational efficiency in a recovering industrial real estate market.

Key Highlights

1Prologis reported Q2 2004 EPS of $0.22, exceeding guidance of $0.19-$0.20 and up from $0.19 in Q2 2003.
2Industrial operating portfolio occupancy increased to 93.6% as of June 30, 2004, the first national occupancy improvement in 14 quarters.
3The company acquired 2.7 million square feet in 39 buildings for $305.1 million during Q2 2004.
4Prologis has a development and renovation pipeline of approximately 6.2 million square feet with an estimated investment of $353.8 million.
5The company renewed its $500 million senior unsecured revolving credit facility, maturing in June 2007, with an option to increase to $700 million.
6Funds From Operations (FFO) per share for Q2 2004 increased to $0.55, up nearly 6% from $0.52 in the prior year's quarter.
7Initiated evaluation of industrial development opportunities in China, with executive vice president David S. Fries relocating to Shanghai.

Prologis, Inc. 8-K Report (Jul 14, 2004)

Summary

Key Highlights

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