Prologis, Inc. · NYSE:PLD
Prologis — AMB Property — Q3 2004 Earnings Presentation
27 slides from Prologis's earnings presentation, Oct 13, 2004
Slide 1: New Jersey Turnpike
NEWSERSEYTURNPIKE
Slide 2: Table of Contents and restatement note
TABLE OF CONTENTS i Cover: AMB Tri-Port Distribution Center, adjacent to the Ports of Newark and Elizabeth, New Jersey, and Newark Liberty International Airport (EWR), is a 490,830 square foot distribution facility acquired in September 2004. The property is fully leased to Federal Express Corporati
Slide 3: Financial Highlights
SUPPLEMENTAL ANALYST PACKAGE Third Quarter Earnings Conference Call FINANCIAL HIGHLIGHTS (3) (dollars in thousands, except share data) (1) Includes discontinued operations. (2) See the footnotes to the Consolidated Statements of Funds from Operations. (3) See Table of Contents for discussion of rest
Slide 4: Consolidated Balance Sheets
SUPPLEMENTAL ANALYST PACKAGE Third Quarter Earnings Conference Call CONSOLIDATED BALANCE SHEETS (1) (dollars in thousands) 2 (1) See Table of Contents for discussion of restated amounts for prior periods.
Slide 5: Consolidated Statements of Operations
SUPPLEMENTAL ANALYST PACKAGE Third Quarter Earnings Conference Call CONSOLIDATED STATEMENTS OF OPERATIONS (1) (dollars in thousands, except share data) 3 (1) See Table of Contents for discussion of restated amounts for prior periods.
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
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
INDUSTRIAL MARKET OPERATING STATISTICS (1) As of September 30, 2004 8 (1) Includes all industrial consolidated operating properties and excludes industrial development and renovation projects. (2) The Company also has a 19.9 acre parking lot with 2,720 parking spaces and 12 billboard signs in the Lo
Slide 11: Industrial Portfolio Overview
INDUSTRIAL PORTFOLIO OVERVIEW As of September 30, 2004 9 (1) Annualized base rent for leases denominated in foreign currencies is translated using the currency exchange rate at September 30, 2004.
Slide 12: Industrial Lease Expirations
INDUSTRIAL LEASE EXPIRATIONS (1) As of September 30, 2004 (dollars in thousands) (1) Schedule includes in-place leases and leases with future commencement dates. Schedule also includes month-to-month leases totaling 42,000 square feet and leases in hold-over status totaling 2.5 million square feet.
Slide 13: Top Customers
TOP 25 CUSTOMERS As of September 30, 2004 (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 $6,749, which is not included. (2) Computed as aggregate lea
Slide 14: Historical Industrial Operating and Leasing Statistics
HISTORICAL INDUSTRIAL OPERATING AND LEASING STATISTICS 12
Slide 15: Acquisitions
(1) Represents the total expected investment, including closing costs and estimated acquisition capital of $0.4 million. ACQUISITIONS For the Quarter ended September 30, 2004 (dollars in thousands) 13
Slide 16: Dispositions
DISPOSITIONS For the Quarter ended September 30, 2004 (dollars in thousands) 14
Slide 17: Development & Renovation Activity
DEVELOPMENT & RENOVATION ACTIVITY For the Quarter ended September 30, 2004 (dollars in thousands) 15 (1) Represents total estimated cost of renovation, expansion, or development, including initial acquisition costs, Development Alliance Partner(r) earnouts and associated carry costs. The estimates a
Slide 18: Industrial Development & Renovation Deliveries
INDUSTRIAL DEVELOPMENT & RENOVATION DELIVERIES As of September 30, 2004 (dollars in thousands) (1) Represents total estimated cost of renovation, expansion or development, including initial acquisition costs, Development Alliance Partner(r) earnouts and associated carry costs. The estimates are base
Slide 19: Development Projects Sold and Available for Sale or Contribution
(1) Represents build-to-suit and speculative development or redevelopment. Excludes 307 acres of land held for future development or sale and other acquisition-related costs totaling $50.2 million. (2) The Company intends to sell these properties or contribute them into a co-investment joint venture
Slide 20: Capitalization Summary
CAPITALIZATION SUMMARY As of September 30, 2004 (dollars in thousands, except share price) 18 (1) Represents three credit facilities with total capacity of approximately $768.0 million. Includes Euro and Yen based borrowings translated to US Dollars using the foreign exchange rates at September 30,
Slide 21: Co-Investment Consolidated Joint Ventures
CO-INVESTMENT CONSOLIDATED JOINT VENTURES As of September 30, 2004 (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 (bef
Slide 22: Other Consolidated Joint Ventures
OTHER CONSOLIDATED JOINT VENTURES As of September 30, 2004 (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. 20
Slide 23: Unconsolidated Joint Ventures, Mortgage Investments and Other Investments
UNCONSOLIDATED JOINT VENTURES, MORTGAGE INVESTMENTS AND OTHER INVESTMENTS As of September 30, 2004 (dollars in thousands) (1) Square feet for development alliance joint ventures represents estimated square feet at completion of development project. (2) The Company also holds inter-company loans that
Slide 24: Reporting Definitions
REPORTING DEFINITIONS 22 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 25: 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 26: AMB Property Corporation Contacts
AMB PROPERTY CORPORATION CONTACTS 24
Slide 27: This supplemental analyst package and the conference call to be held in connection herewith
This supplemental analyst package and the conference call to be held in connection herewith may contain forward-looking statements about development projects, lease expirations and future business plans (such as property divestitures), which are made pursuant to the safe-harbor provisions of Section