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24/07/2008

Sustained operational performance reflects continued demand across continental Europe

Luxembourg – 24 July 2008 – ProLogis European Properties (Euronext: PEPR), Europe’s largest owner of modern distribution facilities, today reports results for the quarter and half year ended 30 June 2008.

Highlights

Quarter to 30 June 2008

Half year to 30 June 2008

  • €0.18 distribution per unit
  • €0.38 distribution per unit, implying an annualised dividend yield of 8.4%
  • EPRA net asset value per unit2 of €12.03, a €0.54 decrease compared to the first quarter (€12.57); IFRS net asset value per unit was €11.18 (Q1 2008: €11.59)
  • EPRA net asset value per unit decreased €0.70 to €12.03 over the half year (2007: €12.73); IFRS net asset value per unit decreased to €11.18 (2007: €11.73)

 
  • 2.6% valuation decrease on the portfolio since 31 December 2007 (4.8% including foreign exchange adjustments)
  • EPRA earnings2 decreased slightly to €0.18 per unit (Q2 2007: €0.19 per unit)
  • EPRA earnings per unit decreased €0.04 to €0.36 (HY 2007: €0.40); IFRS loss of €0.17 per unit (HY 2007 earnings: €0.64 per unit)
  • €70.2m additional investment in ProLogis European Properties Fund II
  • €161.9m additional investment into ProLogis European Properties Fund II
  • 22 lease transactions covering 138,900m2
  • 42 lease transactions covering 245,800m2, compared to 37 transactions covering 296,100m2 in half year 2007

Commenting on the results, Gordon Keiser, chief executive office of PEPR, said:
“We are pleased to report that PEPR has continued to show good operational performance in the first half of 2008, maintaining its industry-leading high occupancy levels and completing a total of 42 lease transactions, reflecting the continued occupier demand across our European markets. However, the significant weakening of sterling versus the euro has affected our ongoing sterling earnings as compared to our earlier forecast and as a result we are marginally revising our dividend target for the year to reflect this.

“PEPR’s additional investment in ProLogis European Properties Fund II demonstrates our commitment to continue to execute our growth strategy across Europe. We are confident that the strength of our business model, sustained growth in world trade and our customer relationships will enable us to benefit from the continued solid performance of the European logistics market.”

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