Prologis, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Full Year of 2014
Jul 22 14
Prologis, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported rental income of $381,273,000 against $363,956,000 a year ago. Operating income was $95,274,000 against $58,514,000 a year ago. Earnings before income taxes were $143,512,000 against loss before income taxes of $104,000 a year ago. Net earnings attributable to common shareholders were $72,715,000 or $0.13 per diluted share against net loss attributable to common shareholders of $1,517,000 or $0.00 per diluted share a year ago. Adjusted EBITDA, consolidated was $222,947,000 against $252,026,000 a year ago. Adjusted EBITDA was $374,039,000 against $336,352,000 a year ago. Core funds from operations (Core FFO) per fully diluted share were $0.48 compared to $0.41 for the same period in 2013. Core FFO was $244,275,000 against $203,337,000 a year ago. Core AFFO was $199,662,000 against $142,229,000 a year ago.
For the six months, the company reported rental income of $769,513,000 against $808,100,000 a year ago. Operating income was $166,740,000 against $155,552,000 a year ago. Earnings before income taxes were $162,395,000 against $341,067,000 a year ago. Net earnings attributable to common shareholders were $77,381,000 or $0.15 per diluted share against $263,899,000 or $0.55 per diluted share a year ago. Adjusted EBITDA, consolidated was $509,443,000 against $551,701,000 a year ago. Adjusted EBITDA was $728,132,000 against $680,981,000 a year ago. Core FFO was $461,830,000 against $391,274,000 a year ago. Core AFFO was $371,015,000 against $288,290,000 a year ago.
The company increased the midpoint and narrowed its full-year 2014 Core FFO guidance range to $1.82 to $1.86 per diluted share from $1.76 to $1.82 per diluted share. The company also expects to recognize net earnings, for GAAP purposes, of $0.20 to $0.24 per share. The difference between the company's Core FFO and net earnings guidance for 2014 predominantly relates to real estate depreciation and recognized gains or losses on real estate transactions and early extinguishment of debt. The company is increasing the revenue range to $220 million to $225,000 million.
Prologis Mulls Acquisitions
Jul 22 14
Prologis, Inc. (NYSE:PLD) intends to pursue acquisitions. "We are seeing more acquisition opportunities in two places. One, what we talked about some proprietary deal flow through our funds and, by the way, we don't do every deal that becomes available in our funds either, we only do it when we see value. There are cases where there's been opportunity to deploy more capital in our funds and we've just not availed ourselves of that opportunity," said, Hamid Moghadam, Chairman and Chief Executive Officer of Prologis.
Prologis, Inc., Prologis, L.P. Enter into First Amendment to the Global Senior Credit Agreement with Various Lenders and Bank of America, N.A
Jun 30 14
On June 26, 2014, Prologis, Inc. (Prologis), Prologis, L.P., a limited partnership (the operating partnership), entered into a first amendment to the global senior credit agreement dated as of July 11, 2013 among Prologis, the operating partnership, various affiliates of the operating partnership, various lenders and Bank of America, N.A., as administrative agent. The first amendment increased the commitments under the U.S. tranche of the credit agreement by $400,000,000 (to a total of $1,220,000,000) and under the Euro tranche of the credit agreement by 73,490,000 (to a total of 597,430,000). In addition, first amendment increases the cross-default and the judgment default thresholds from $50,000,000 to $100,000,000, permanently increases the maximum secured debt to total asset value ratio from 35% to 40% and adds certain provisions regarding anti-corruption laws.