Prologis has reported a stronger financial and operational result for the first three months of 2013 compared to the same period last year.
Prologis has reported a stronger financial and operational result for the first three months of 2013 compared to the same period last year.
The global industrial property specialist saw its net earnings attributable to stockholders rise 34% in Q1 2013 compared to the same period last year.
Net earnings came to $265 mln (€311 mln), or 57 cents per share, from $202 mln, or 44 cents per share in Q1 2012.
Revenues for the review period rose to $491 mln from $479 mln last year. Funds from operations, as defined by Prologis, increased to $358 mln from $262 mln in Q1 2012.
Prologis said its financial position had improved significantly over the period. During the first quarter, Prologis completed $3 bn of capital markets activity including debt financings, re-financings, and pay-downs. This lowered its share of total debt by $2.4 bn and improved the company's debt as a percent of gross real estate assets to 37.5% and debt to adjusted EBITDA to 7.52 times.
'During the quarter, we made considerable progress strengthening our financial position and reducing our foreign net equity exposure,' said Thomas Olinger, chief financial officer, Prologis. 'With a strong balance sheet in place, we are well positioned to grow our company strategically.'
