Prologis, Inc. · NYSE:PLD
Prologis — AMB Property — Q1 2005 Earnings Presentation
28 slides from Prologis's earnings presentation, Apr 18, 2005
Slide 1: Supplemental Analyst Package
Supplemental Analyst Package 102005 Earnings Conference Call 4/19/2005
Slide 2: Table of Contents
TABLE OF CONTENTS i Cover: AMB MIA Cargo Center 712 is a 117,245 square foot on-airport cargo facility located at Miami International Airport, ranked first in the U.S. for international cargo volumes and fourth for total freight handled, according to Airports Council International. The property was
Slide 3: Financial Highlights
FINANCIAL HIGHLIGHTS (dollars in thousands, except share data) (1) See the footnotes to the Adjusted EBITDA and Coverage Ratios. (2) See the footnotes to the Consolidated Statements of Funds from Operations. (3) See Supplemental Financial Measures Disclosures for a discussion of why management belie
Slide 4: Consolidated Balance Sheets
SUPPLEMENTAL ANALYST PACKAGE First Quarter Earnings Conference Call CONSOLIDATED BALANCE SHEETS (dollars in thousands) As of March 31, 2005 December 31, 2004 Assets Investments in real estate: Total investments in properties $ 6,608,737 $ 6,526,144 Accumulated depreciation (652,085) (615,646) Net in
Slide 5: Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except share data) 3
Slide 6: Consolidated Statements of Funds from Operations
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS (1) (dollars in thousands, except share data) 4 (1) See Supplemental Financial Measures Disclosures for a discussion of why management believes FFO is a useful supplemental measure of operating performance, of ways in which investors might use FFO whe
Slide 7: Adjusted EBITDA and Coverage Ratios
ADJUSTED EBITDA (1) AND COVERAGE RATIOS (dollars in thousands) 5 (1) See Supplemental Financial Measures Disclosures for a discussion of why management believes adjusted EBITDA is a useful supplemental measure of operating performance and liquidity, of ways in which investors might use adjusted EBIT
Slide 8: Supplemental Cash Flow Information
SUPPLEMENTAL CASH FLOW INFORMATION (dollars in thousands) 6 (1) See Supplemental Financial Measures Disclosures for a discussion of why management believes NOI is a useful supplemental measure for our management and investors, of ways to use this measure when assessing financial performance, and the
Slide 9: Industrial Operating and Leasing Statistics
INDUSTRIAL OPERATING AND LEASING STATISTICS (dollars in thousands, except per square foot amounts) (1) Includes all consolidated industrial operating properties and excludes industrial development and renovation projects. Excludes retail and other properties' square feet of 474,368 with occupancy of
Slide 10: Industrial Market Operating Statistics
SUPPLEMENTAL ANALYST PACKAGE First Quarter Earnings Conference Call INDUSTRIAL MARKET OPERATING STATISTICS (1) As of March 31, 2005 Total No. NewSanU.S. Hub andTotalTotal/ Dallas/LosJersey/ FranciscoU.S. On-GatewayOtherWeighted Atlanta Chicago Ft. Worth Angeles (2) New York Bay Area Miami Seattle Ta
Slide 11: Industrial Lease Expirations
INDUSTRIAL LEASE EXPIRATIONS (1) As of March 31, 2005 (dollars in thousands) (1) Schedule includes in-place leases and leases with future commencement dates. Schedule also includes leases in month-to-month and hold-over status totaling 2.0 million square feet. (2) Calculated as monthly rent at expir
Slide 12: Top Customers
TOP 25 CUSTOMERS As of March 31, 2005 (dollars in thousands) (1) Customer(s) may be a subsidiary of or an entity affiliated with the named customer. The Company also holds a lease at our Park One property adjacent to LAX with an ABR of $7,217, which is not included. (2) Computed as aggregate leased
Slide 13: Historical Industrial Operating and Leasing Statistics
HISTORICAL INDUSTRIAL OPERATING AND LEASING STATISTICS 12
Slide 14: Acquisitions
SUPPLEMENTAL ANALYST PACKAGE First Quarter Earnings Conference Call ACQUISITIONS For the Quarter ended March 31, 2005 (dollars in thousands) AMB’s Number ofSquareMonth ofAcquisitionOwnership Property NameLocationBuildingsFeetAcquisitionCostPercentage Property Acquisitions AMB Alliance Fund III 1. AM
Slide 15: Operating Property Dispositions
OPERATING PROPERTY DISPOSITIONS For the Quarter ended March 31, 2005 (dollars in thousands) 14
Slide 16: New Development & Renovation Projects
NEW DEVELOPMENT & RENOVATION PROJECTS (1) For the Quarter ended March 31, 2005 (dollars in thousands) 15 (1) Represents total estimated cost of renovation, expansion, or development, including initial acquisition costs, third party developer earnouts (if triggered by stabilization) and associated ca
Slide 17: Development & Renovation Projects in Process
DEVELOPMENT & RENOVATION PROJECTS IN PROCESS (1) As of March 31, 2005 (dollars in thousands) 16 Continued on next page (1) Represents total estimated cost of renovation, expansion or development, including initial acquisition costs, third party developer earnouts (if triggered by stabilization) and
Slide 18: Development & Renovation Projects in Process (continued)
SUPPLEMENTAL ANALYST PACKAGE First Quarter Earnings Conference Call DEVELOPMENT & RENOVATION PROJECTS IN PROCESS (1) As of March 31, 2005 (dollars in thousands) (continued) EstimatedEstimatedAMB’s EstimatedSquare FeetTotalOwnership ProjectsLocationDeveloper Stabilization at Stabilization Investment
Slide 19: Development & Renovation Projects Stabilized, Sold or Contributed
DEVELOPMENT & RENOVATION PROJECTS (1) STABILIZED, SOLD OR CONTRIBUTED For the Quarter ended March 31, 2005 (dollars in thousands) 18 (1) Represents total estimated cost of renovation, expansion, or development, including initial acquisition costs, Development Alliance Partner(r) earnouts (if trigger
Slide 20: Completed Development Projects Available for Sale or Contribution
(1) Represents projects where development activities have been completed and which the Company intends to sell or contribute within two years of completion. (2) Represents total estimated cost of renovation, expansion, or development, including initial acquisition costs, carry and partner earnouts (
Slide 21: Capitalization Summary
CAPITALIZATION SUMMARY As of March 31, 2005 (dollars in thousands, except share price) 20 (1) AMB secured debt and JV debt include debt related to international assets in the amount of $294.4 million. Of this, $210.3 million is associated with assets located in Asia and the remaining $84.1 million i
Slide 22: Co-Investment Consolidated Joint Ventures
CO-INVESTMENT CONSOLIDATED JOINT VENTURES As of March 31, 2005 (dollars in thousands) (1) For development properties, this represents estimated square feet at completion of development for committed phases of development and renovation projects. (2) Represents the book value of the property (before
Slide 23: Other Consolidated Joint Ventures
OTHER CONSOLIDATED JOINT VENTURES As of March 31, 2005 (dollars in thousands) (1) Represents the book value of the property (before accumulated depreciation) owned by the joint venture entity and excludes net other assets. Development book values include uncommitted land. (2) JV Partners' Share of D
Slide 24: Unconsolidated Joint Ventures, Mortgage Investments and Other Investments
SUPPLEMENTAL ANALYST PACKAGE First Quarter Earnings Conference Call UNCONSOLIDATED JOINT VENTURES, MORTGAGE INVESTMENTS AND OTHER INVESTMENTS As of March 31, 2005 (dollars in thousands) AMB’s AMB’s AMB’s AllianceSquareNet EquityOwnershipShare Unconsolidated Joint VenturesMarketPartnerFeetInvestmentP
Slide 25: Reporting Definitions
REPORTING DEFINITIONS 24 Acquisition/non-recurring capex includes immediate building improvements that were taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to "operating standard" or to stabilization. Also includes incremental buildi
Slide 26: Supplemental Financial Measures Disclosures
SUPPLEMENTAL FINANCIAL MEASURES DISCLOSURES Adjusted EBITDA. The Company uses adjusted earnings before interest, tax, depreciation and amortization, or adjusted EBITDA, to measure both its operating performance and liquidity. The Company considers adjusted EBITDA to provide investors relevant and us
Slide 27: AMB Property Corporation Contacts
AMB PROPERTY CORPORATION CONTACTS 26
Slide 28: 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 completi