Sunday, July 26, 2009
Prologis Q2 2009
FFO FFO ex significant non-cash items was $0.19 in Q2 2009. Adding $0.06 non-recurring charge, the adjusted FFO was $0.25. (page 2.3 and first paragragh) Occupancy rates (Leased percentage) PLD's occupancy is still sliding. 78.86% of its directed own portoflio (196,828 square feet) was leased by Q2 2009, 3.26% lower than the leased percentage in Q4 2008. (page 3.1) Rents Rents continued to decline. In the Q 2009, rent rates in total porfolio decreased 12.48% while rent rates in Q1 2009 decrdeased 4.17%. (page 5.3) Lease expiration By the remainder of the year 2009, 6.48% (12,206) of total portfolio's rents will expire. 14.56% (24,595) of rens in 2010 will expire. Liqudity a.Credit lines PLD also has made significant progress on the extension and amendment of the company’s existing $3.64 billion Global Senior Credit Facility, originally scheduled to mature on October 6, 2009. ProLogis has exercised its extension option on the existing credit facility to October 6, 2010 and has secured written commitments of approximately $2.0 billion for its amended credit facility. (page 1.2) b.Secured vs Unsecured debts 283 million of PLD senior notes will matured by the end of 2009. By 2010, another $190 mill of senior notes will mature. Hence, PLD major liquidity concern will arrive on October 2010.