Summary
Prologis, Inc. (PLD), through this 8-K filing dated April 6, 2010, reiterates its full-year 2010 core Funds From Operations (FFO) per share guidance of $1.26 to $1.33. This guidance excludes gains from development activities, non-cash impairment charges, early debt extinguishment costs, and restructuring charges, reflecting a focus on operational performance distinct from one-time or market-driven impacts. The company also provided updates on its investment and leasing activities. In Q1 2010, Prologis invested $150 million in its Logistics and Europe Funds, with plans to continue evaluating further investments. The company made acquisitions totaling approximately $45.4 million in the Logistics Fund and acquired land in Brazil. Development dispositions amounted to $22.9 million, generating $3.2 million in development gains. Occupancy in the owned and managed portfolio was estimated at 90.3% for Q1 2010, with efforts focused on reducing remaining vacancy.
Key Highlights
- 1Prologis maintains its full-year 2010 core FFO per share guidance of $1.26 to $1.33.
- 2The company invested $150 million in its AMB U.S. Logistics Fund and AMB Europe Fund in Q1 2010.
- 3Q1 2010 saw approximately $45.4 million in property acquisitions within the Logistics Fund.
- 4Development dispositions totaled $22.9 million in Q1 2010, resulting in $3.2 million of development gains.
- 5Average occupancy for the owned and managed portfolio was an estimated 90.3% in Q1 2010.
- 6Liquidity stood at approximately $1.1 billion as of March 31, 2010.
- 7Prologis announced a quarterly cash dividend of $0.28 per common share, payable on April 15, 2010.