Prologis, Inc. · NYSE:PLD
Prologis — AMB Property — Q2 2005 Earnings Presentation
30 slides from Prologis's earnings presentation, Jul 12, 2005
Slide 1: Supplemental Analyst Package, Second Quarter 2005 Earnings Conference Call
WAM 1200 Prorerry Conronmon Supplemental Analyst Package 202005 Earnings Conference Call 7/13/2005, AMB Koolhovenlaan Distribution Genter1 42 & Layo —
Slide 2: Table of Contents
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call TABLE OF CONTENTS Financial Highlights 1 Consolidated Balance Sheets 2 Consolidated Statements of Operations 3 Consolidated Statements of Funds from Operations 4 Adjusted EBITDA and Coverage Ratios 5 Supplemental Cash Flow Informat
Slide 3: Consolidated Balance Sheets
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call CONSOLIDATED BALANCE SHEETS (dollars in thousands) As of June 30, 2005 March 31, 2005 December 31, 2004 Assets Investments in real estate: Total investments in properties $ 6,680,432 $ 6,608,737 $ 6,526,144 Accumulated depreciation
Slide 4: Consolidated Statements of Operations
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except share data) For the Quarters Ended For the Six Months Ended June 30, June 30, 2005 2004 2005 2004 Revenues Rental revenues $ 168,839 $ 153,073 $ 336,211 $ 306,546
Slide 5: Adjusted EBITDA and Coverage Ratios
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call ADJUSTED EBITDA (1) AND COVERAGE RATIOS For the Quarters Ended For the Six Months Ended For the Quarters Ended June 30, June 30, March 31, 2005 2004 2005 2004 2005 2004 Net income $40,789 $18,906 $87,556 $35,488 $46,767 $16,582 Dep
Slide 6: Cash Flow Information
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call SUPPLEMENTAL CASH FLOW INFORMATION (dollars in thousands) For the Quarters Ended For the Six Months Ended June 30, June 30, 2005 2004 2005 2004 Supplemental Information: Straight-line rents and amortization of lease intangibles $ 4
Slide 7: Consolidated Industrial Operating and Leasing Statistics
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call CONSOLIDATED INDUSTRIAL OPERATING AND LEASING STATISTICS (dollars in thousands, except per square foot amounts) Year-to- Year-to- Operating Portfolio (1) Quarter Date Same Store Pool(2) Quarter Date Square feet owned at June 30, 20
Slide 8: Consolidated Industrial Market Operating Statistics
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call CONSOLIDATED INDUSTRIAL MARKET OPERATING STATISTICS (1)As of June 30, 2005 Total No. New San U.S. Hub and Total Total/ Dallas/ Los Jersey/ Francisco U.S. On- Gateway Other Weighted Atlanta Chicago Ft. Worth Angeles (2)New York Bay
Slide 9: Consolidated Industrial Portfolio Overview
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call CONSOLIDATED INDUSTRIAL PORTFOLIO OVERVIEW As of June 30, 2005 Number Rentable % of Total Annualized % of Total Annualized of Square Rentable Occupancy Base Rent Annualized Number Base Rent per Buildings Feet Square Feet Percentage
Slide 10: Unconsolidated Industrial Portfolio Overview
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call UNCONSOLIDATED INDUSTRIAL PORTFOLIO OVERVIEW As of June 30, 2005 Number Rentable Annualized % of Total Annualized of Square Occupancy Base Rent Annualized Base Rent per Buildings Feet Percentage (000's) Base Rent Square Foot Domest
Slide 11: Consolidated Industrial Lease Expirations
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call CONSOLIDATED INDUSTRIAL LEASE EXPIRATIONS (1)As of June 30, 2005 (dollars in thousands) % of Square Annualized Annualized Feet Base Rent (2) Base Rent 2005 6,002,588 $ 40,609 7.0% 2006 14,272,333 87,496 15.2% 2007 15,138,248 91,820
Slide 12: Top Customers
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call TOP 25 CUSTOMERS As of June 30, 2005 (dollars in thousands) Percentage of Percentage of Aggregate Aggregate Aggregate Rentable Leased Annualized Annualized Customer Name (1) Number of Leases Square Feet Square Feet (2) Base Rent (3
Slide 13: Historical Industrial Operating and Leasing Statistics
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call CONSOLIDATED HISTORICAL INDUSTRIAL OPERATING AND LEASING STATISTICS Total Market Square Footage Occupancy Percentage (Annual) (Quarterly) 120,000,000 100.0% 110,000,000 97.5% 100,000,000 90,000,000 95.0% 80,000,000 92.5% 70,000,000
Slide 14: Acquisitions
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call ACQUISITIONS For the Quarter ended June 30, 2005 (dollars in thousands) AMB's Number of Square Month of Acquisition Ownership Property Name Location Buildings Feet Acquisition Cost Percentage Property Acquisitions AMB Alliance Fund
Slide 15: Operating Property Dispositions
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call OPERATING PROPERTY DISPOSITIONS For the Quarter ended June 30, 2005 (dollars in thousands) Number of AMB's Buildings Square Month of Disposition Ownership Property Name Location or Centers Feet Disposition Price Percentage 1. 2 Ham
Slide 16: Contributions to Private Capital Joint Ventures
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call CONTRIBUTIONS TO PRIVATE CAPITAL JOINT VENTURES For the Quarter ended June 30, 2005 (dollars in thousands) AMB's Retained Number of Square Contribution Ownership Property Contributions Location Buildings Feet Value Percentage AMB J
Slide 17: New Development & Renovation Projects
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call NEW DEVELOPMENT & RENOVATION PROJECTS (1) For the Quarter ended June 30, 2005 (dollars in thousands) Estimated Estimated Estimated AMB's Stabilization Square Total Ownership Projects Location Developer Date Feet Investment (1) Perc
Slide 18: Development & Renovation Projects in Process (2005 Deliveries)
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call DEVELOPMENT & RENOVATION PROJECTS IN PROCESS (1)As of June 30, 2005 (dollars in thousands) Estimated Estimated AMB's Estimated Square Feet Total Ownership Projects Location Developer Stabilization at Stabilization Investment (1)Per
Slide 19: Development & Renovation Projects in Process (2006 Deliveries)
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call DEVELOPMENT & RENOVATION PROJECTS IN PROCESS (1) As of June 30, 2005 (dollars in thousands) 19 Estimated Estimated AMB's Estimated Square Feet Total Ownership Projects Location Developer Stabilization at Stabilization Investment (1
Slide 20: Development & Renovation Projects in Process (2007-2008 Deliveries)
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call DEVELOPMENT ' RENOVATION PROJECTS IN PROCESS (1)As of June 30, 2005 (dollars in thousands) Estimated Estimated AMB's Estimated Square Feet Total Ownership Projects Location Developer Stabilization at Stabilization Investment (1)Per
Slide 21: Development Projects Stabilized, Sold or Contributed
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call DEVELOPMENT & RENOVATION PROJECTS (1)STABILIZED, SOLD OR CONTRIBUTED For the Quarter ended June 30, 2005 (dollars in thousands) AMB's Square Total Ownership Projects Placed in Operations Location Developer Feet Investment (1) Perce
Slide 22: Completed Development Projects Available for Sale or Contribution
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call Estimated Estimated AMB's Square Feet Total Ownership Projects (1) Location Developer at Completion Investment (2) Percentage 1. Wilsonville Phase II Watsonville, OR Trammell Crow Company 249,625 $11,000 100% 2. O'Hare Industrial -
Slide 23: Capitalization Summary
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call CAPITALIZATION SUMMARY As of June 30, 2005 (dollars in thousands, except share price) AMB Joint Unsecured Market Equity Secured Venture Senior debt Unsecured Credit Total Security Shares Price Value Year Debt (1) Debt (1) Securitie
Slide 24: Co-Investment Consolidated Joint Ventures
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call CO-INVESTMENT CONSOLIDATED JOINT VENTURES As of June 30, 2005 (dollars in thousands) AMB's Gross JV Partners' Ownership Number of Square Book Property Share Joint Ventures Percentage Buildings Feet (1) Value (2) Debt of Debt (3) Co
Slide 25: Other Consolidated Joint Ventures
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call OTHER CONSOLIDATED JOINT VENTURES As of June 30, 2005 (dollars in thousands) AMB's Gross JV Partners' Ownership Square Book Property Share Properties Market Percentage Feet Value (1) Debt of Debt (2) Other Industrial Operating Join
Slide 26: Unconsolidated Joint Ventures, Mortgage Investments and Other Investments
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call UNCONSOLIDATED JOINT VENTURES, MORTGAGE INVESTMENTS AND OTHER INVESTMENTS As of June 30, 2005 (dollars in thousands) AMB's AMB's AMB's Alliance Square Net Equity Ownership Share Unconsolidated Joint Ventures Market Partner Feet Inv
Slide 27: Reporting Definitions
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call REPORTING DEFINITIONS Acquisition/non-recurring capex includes immediate building improvements that were taken into Recurring capital expenditures represents non-incremental building improvements and leasing consideration when unde
Slide 28: Supplemental Financial Measures Disclosures
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call SUPPLEMENTAL FINANCIAL MEASURES DISCLOSURES Adjusted EBITDA. The Company uses adjusted earnings before interest, tax, depreciation and Fixed charge coverage. The Company uses fixed charge coverage to measure its liquidity.The amort
Slide 29: AMB Property Corporation Contacts
SUPPLEMENTAL ANALYST PACKAGE Second Quarter Earnings Conference Call AMB PROPERTY CORPORATION CONTACTS Contact Name Title Phone E-mail Address Hamid R. Moghadam Chairman & Chief Executive Officer (415) 733-9401 hmoghadam@amb.com W. Blake Baird President and Director (415) 733-9407 bbaird@amb.com Mic
Slide 30: Forward-Looking Statements
Some of the information included in this supplemental analyst package and the conference call to be held in connection therewith contains forward-looking statements, such as those related to development and renovation projects (including stabilization dates, square feet at stabilization or completio