The document provides a 1Q09 update from ProLogis including a forward looking statement and key takeaways. It discusses ProLogis' focus on preserving capital through actions like eliminating development starts and reducing dividends. It summarizes progress on simplifying operations, de-risking, and de-leveraging the balance sheet. The document reviews operating fundamentals, development portfolio leasing, industrial market conditions, and risks and opportunities.
Arête is the operator of a gas gathering system and is in the process of buying oil and gas properties in the Rocky Mountain Region of the United States.
The Company is pursuing projects that have significant upside potential and can produce significant revenue. As the projects are developed, Arête, or entities created by Arête, will have ownership interests in the revenue streams, which can be securitized and collateralized either equity or private debt holders. For additional information on the Company visit our website at http://areteindustries.com/
Anglo American Preliminary Financial Results for 2011Anglo American
Chief Executive Cynthia Carroll and Finance Director René Médori present Anglo American's annual results for 2011 to analysts on 17 February 2012 in London.
You can find out more about Anglo American here:
http://www.angloamerican.com/
http://www.facebook.com/angloamerican
http://www.twitter.com/angloamerican
http://www.youtube.com/angloamerican
http://www.flickr.com/photos/angloamerican
http://www.linkedin.com/company/anglo-american
Arête is the operator of a gas gathering system and is in the process of buying oil and gas properties in the Rocky Mountain Region of the United States.
The Company is pursuing projects that have significant upside potential and can produce significant revenue. As the projects are developed, Arête, or entities created by Arête, will have ownership interests in the revenue streams, which can be securitized and collateralized either equity or private debt holders. For additional information on the Company visit our website at http://areteindustries.com/
Anglo American Preliminary Financial Results for 2011Anglo American
Chief Executive Cynthia Carroll and Finance Director René Médori present Anglo American's annual results for 2011 to analysts on 17 February 2012 in London.
You can find out more about Anglo American here:
http://www.angloamerican.com/
http://www.facebook.com/angloamerican
http://www.twitter.com/angloamerican
http://www.youtube.com/angloamerican
http://www.flickr.com/photos/angloamerican
http://www.linkedin.com/company/anglo-american
This presentation for businesses provides an overview of social media and its potential, then expands on using Facebook pages for business to build customer loyalty and increase referrals.
Though mobile usage and adoption is skyrocketing, only 1/3 of B2B Marketers have mobile optimized content and less than 25% have mobile applications. This presentation from the B2B Digital Edge Conference shares how Intuit's Accounting Professionals Division is integrating mobile opportunities into their marketing mix.
Sprott Inc. 2008 annual report. Sprott Inc. is an independent asset management company dedicated to achieving superior returns for its investors over time. Sprott Private Wealth LP manages assets primarily for high net worth individuals and institutions, and Sprott Asset Management LP is the investment manager of the Sprott family of funds. For more information about Sprott Inc., please visit www.sprottinc.com.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
2. Forward Looking Statement
The statements above that are not historical facts are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are based on current expectations, estimates and projections
about the industry and markets in which ProLogis operates, management’s beliefs and assumptions made by
management, they involve uncertainties that could significantly impact ProLogis’ financial results. Words such
as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and
similar expressions are intended to identify such forward-looking statements, which generally are not historical
in nature. All statements that address operating performance, events or developments that we expect or
anticipate will occur in the future – including statements relating to rent and occupancy growth, development
activity and changes in sales or contribution volume of developed properties, general conditions in the
geographic areas where we operate and the availability of capital in existing or new property funds – are
forward-looking statements. These statements are not guarantees of future performance and involve certain
risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected
in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our
expectations will be attained and therefore, actual outcomes and results may differ materially from what is
expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and
results include, but are not limited to: (i) national, international, regional and local economic climates, (ii)
changes in financial markets, interest rates and foreign currency exchange rates, (iii) increased or unanticipated
competition for our properties, (iv) risks associated with acquisitions, (v) maintenance of real estate investment
trust (“REIT”) status, (vi) availability of financing and capital, (vii) changes in demand for developed properties,
and (viii) those additional factors discussed in “Item 1A. Risk Factors” of ProLogis’ Annual Report on Form 10-K
for the year ended December 31, 2008. ProLogis undertakes no duty to update any forward-looking statements
appearing in this presentation.
1
3. Key Takeaways
We are making great progress on our financial goals
Operating property performance down but within expectations
Our development pipeline is leasing up and represents a powerful tool
for future earnings growth
2
4. A Great Global Business
ProLogis associates
around the globe
serve 4,500+ customers
in 18 countries
ASIA NORTH AMERICA EUROPE
11 msf 349 msf 128 msf
2 countries 3 countries 13 countries
33
5. With High Quality, State-of-the-Art Facilities
Cincinnati, OH
ProLogis Parc Centrair
Lyon, France
Fontana, CA
ProLogis Park Yongin II
Norrkoping, Sweden
ProLogis Park Osaka II
West Midland, UK
Houston, TX
ProLogis Park Deokpyung
4
7. Focus and Progress
The Roadmap to Recovery as outlined on November 13
Preserve capital
Simplify and communicate
De-risk the operations
De-lever the balance sheet
6
8. Preserving Capital
Actions taken in November 2008 to preserve capital
Eliminated virtually all development starts and new land acquisitions
Shut down approximately $580M of developments in progress
Reduced annual dividend
$290M annual cash savings
Initiated right sizing of G&A
Achieved $100M annual cash savings from gross G&A
7
9. Simplifying and Communicating
Eliminated CDFS segment
Simplified financial reporting
Increased communications with shareholders, rating agencies and
bankers
Stepped up employee communications programs
8
10. De-risking the Operations
Reduced development portfolio by $3.2B (40%+) since 9/30/08
Reduced “at-risk” (unleased) portion of development portfolio by
approximately $1.8B
Renegotiated equity agreements with fund partners
Terminated land purchase agreements where possible
Closed operations in GCC, India and Brazil
Reorganized management team to enhance operational controls
Retained global development properties to:
Enhance geographic diversity
Reduce average age of direct-owned portfolio
9
11. De-leveraging the Balance Sheet
From 10/1/08 through 3/31/09
Completed fund contributions of $1.4B ($1.1B net of co-investment)
Completed sale of China and fund interests in Japan for $1.3B
Put $1B of US assets on the market for sale
Repurchased $358M of bonds/converts at 32.5% discount to par value
10
12. De-leveraging from 10/1/08 to 3/31/09
Deleveraging since 9/30/08 (Millions)
Sources
$1,129
Fund contributions, net of co-investment
116
Reduction in debt through bond / convertible debt buybacks
1,429
Asia and asset sales
64
Change in FX
296
ABP14 Discount adjustment
$3,034
Uses
$892
Funding of under development properties
44
CAPEX / TI / LCs
328
Acquisitions / other
$1,264
Debt at 9/30/08 $11,098
Amount of debt reduction 1,770
Debt at 3/31/09 $9,328
11
13. Activity Since 3/31/09
Raised $1.1B in follow-on equity offering
Repurchased bonds and converts at discount, de-levered by $112M
Rate locked on $344M of new secured on-balance sheet financing
Closed on contributions/sales of $170M
Sold ProLogis Park Misato II ($128M)
Contributed additional €32M ($42M) to PEPF II
Closed on $50M of 3rd party sales
12
15. Operating Fundamentals
Operating portfolio
Development portfolio
Overall industrial market conditions
Risks and opportunities
14
16. Operating Portfolio Leasing Performance
4Q08 1Q09*
Direct Core, Non-development Portfolio
% Leased 92.2% 90.5%
Investment Management Portfolio
% Leased 96.0% 94.5%
Total*
% Leased 94.7% 93.0%
*1Q09 reflects sale of Japan Funds, which resulted in a 30 bps reduction in total % leased
15
17. Operating Portfolio Performance Metrics
1Q08* 2Q08* 3Q08* 4Q08 1Q09**
Direct Core Portfolio
74.4%
88.0%
77.6%
87.9%
55.6%
Average Tenant Retention
$0.84
$0.79
$1.41
$1.09
$0.91
Turnover Costs per sf
13.7
17.2
18.4
23.1
18.1
Leasing Activity (msf)
Investment Management Portfolio
68.5%
92.8%
80.2%
85.2%
60.4%
Average Tenant Retention
$0.77
$1.11
$1.20
$0.61
$1.24
Turnover Costs per sf
9.3
11.6
12.2
10.1
10.8
Leasing Activity (msf)
*Reported as stabilized leased percentage on Direct Investment
**1Q09 reflects sale of Japan Funds
16
18. Same Store Performance Analysis
Operating and
Development
Operating
Portfolio Portfolio
Same Store
0.78%
(1.85%)
Net Operating Income
0.16%
(1.84%)
Average leasing
(4.17%)
(4.19%)
Rent Growth
17
19. Operations Review
Operating portfolio
Development portfolio
Overall industrial market conditions
Risks and opportunities
18
20. Development Portfolio
Total pipeline and leasing
% Leased
Billions
$10 50%
$8
45%
$6
40%
$4
35%
$2 $7.4 $7.6 $8.4 $5.1
$8.2 $4.8
$0 30%
12/31/07 3/31/08 6/30/08 9/30/08 12/31/2008 3/31/2009
Pipeline TEI Leasing Percentage
Development portfolio at 12/31/08 of $5.1B was 46.4% leased as of 3/31/08
Up 500 bps
19
21. Targeted Development Leasing
MSF
Total development pipeline at 12/31/08 60.4
Overall target leasing based on 93% occupancy 56.2
Leased at 3/31/09 (before contributions) 28.1
Target SF remaining to be leased 28.1
20
22. Task at Hand
Historical Leasing in Development Pipeline
Average Inventory leasing of 4.5 msf per quarter
MSF
6.6
7
6
4.8
5
4.2
4.0
4
3.2
3
2
1
0
1Q08 2Q08 3Q08 4Q08 1Q09
28 msf targeted to be leased in development portfolio
21
23. Operations Review
Operating portfolio
Development portfolio
Overall industrial market conditions
Risks and opportunities
22
24. Industrial Market Conditions
Current Conditions
Operating fundamentals mirroring economic conditions – continuing to weaken
Occupancies are declining
Absorption is negative
Some shadow/sub-lease space creeping into the markets
Uncertainty leading to lengthy negotiations
Customers continue to balance relocation costs with downsizing
Limited new development activity worldwide
Near to Longer-term Conditions
Significant obsolescence and ownership shifts will continue to drive demand abroad
Demand in the US will improve as GDP growth returns
23
25. Declining Absorption in Top 30 US Markets
Net Industrial Absorption
2006 – 1Q09
MSF
200
158
150 131.5
100
50
23.9
15.8 13.1
2.8 -7.8 -18.8
0
-50
2006 2007 2008 1Q08 2Q08 3Q08 4Q08 1Q09
24
31. Development Starts Are Even Lower
New Starts – Top 30 Markets
MSF
160 146
128 128
120 102
98
90
81
75
80 64
40
2
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 1Q09
BTS Inventory
30
32. Demand Drivers
US / Canada / UK
1. GDP growth
2. Growing product obsolescence
Western Europe / Japan
1. Shift from ownership to leasing of facilities
2. Very high product obsolescence / supply chain reconfiguration
3. Economic growth
Central Europe / Mexico
1. New companies expanding into market
2. Increased domestic consumption
3. Lack of existing product
31
33. Operations Review
Operating portfolio
Development portfolio
Overall industrial market conditions
Risks and opportunities
32
34. Risks and Opportunities
Near-term Risks
Overall market conditions may deteriorate further or faster than expected
Lease up in development slower than budgeted
Near-term Opportunities
Income from $2.6B of currently un-leased development
New fund formations
Long-term Opportunities
Sustainability of key demand drivers will re-emerge
Global platform allows us to capture a more significant share of global demand
Monetization of $2.5B of land
33
37. 1Q Financial Results
3/31/09 3/31/08 (1)
$1.34
$0.90
FFO per share, including significant non-cash items
--
0.04
Our share of losses on derivative activity recognized by the funds
--
(0.01)
Net gains related to disposed assets – China operations
--
(0.07)
Gain on early extinguishment of debt
FFO per share, excluding significant non-cash items $0.86 $1.34
$0.67
Gross CDFS gains $1.04
0.08
CDFS-related taxes 0.02
Net CDFS gains ($0.59) ($1.02)
Realized FX loss on VAT recapture 0.03 --
RIF related expenses 0.02 --
Core FFO per share $0.32 $0.32
1) Reflects ($0.04/sh) retroactive impact of ABP-14
36
38. Updated 2009 Guidance
Low High
Millions, unless per share data
FFO, excluding significant non-cash items $495 $550
Wtd. Avg. shares o/s 268 268
FFO/share, excluding significant non-cash items $1.85 $2.05
Impact of April Equity Issuance
Reduction in Interest Expense 26 40
Revised 2009 FFO, excluding significant non-cash items $521 $590
Revised weighted average shares outstanding 398 398
Revised 2009 FFO/share, excl significant non-cash items $1.31 $1.48
37
39. Pro Forma Run-rate FFO
Low High
Millions, unless per share data
Revised 2009 FFO/share, excl significant non-cash items $1.31 $1.48
Revised weighted average shares outstanding 398 398
Revised 2009 FFO, excluding significant non-cash items $521 $590
Net gain from sale of Japan funds 160 160
Annual pro forma run-rate FFO $361 $430
Revised weighted average shares outstanding 440 440
Annual pro forma run-rate FFO/share $0.82 $0.98
Potential upside from further lease up of development portfolio
and other growth initiatives
38
41. Financing Activities Since 3/31/09
Equity follow-on offering completed
$1.1B net proceeds
Funds to be used to de-lever
Bond tenders / repurchases completed
€42.65M ($58.3M) retired on 2011 Eurobonds for €32M ($43.7M), ($14.6M de-levering)
$225.0M of convertible bonds retired for $128.4M ($96.6M de-levering)
Three US secured debt packages ($344M in total) in documentation
Term sheet in negotiation on $45M Japan secured TMK bond financing
40
42. Impact of New Equity – Sources and Uses
$ in Million 1Q09 2Q-4Q
Sources
$1,345 $ --
China and Japan sales – closed
Fund contributions / asset sales, net of PLD co-investment 97 1,350
219 --
FX and other
344
Proceeds from new Secured Debt – rate locked
1,107
Proceeds from Equity Offering
Total Sources $1,661 $2,801
$ in Million 4Q08 1Q09 2009 2010 2011 2012
Anticipated Uses (1)
Development pipeline ($315) ($485) ($85) -- --
Acquisitions / other -- (250) -- -- --
Repayment of Senior Notes and Convertible Notes (2) (49) (456) (220) ($446) ($1,703)
Total Uses ($364) ($1,191) ($305) ($446) ($1,703)
Line of Credit (Pay Down) / Draw ($1,297) ($1,610) $305 $446 $1,438
Line of Credit Balance (2) $3,218 $1,921 $311 $616 $1,062 $2,500
Cumulative Funding Excess/(Shortfall) Assuming LOC Fully Drawn $0 $0 $0 ($226)
Unencumbered Asset Pool (3) $14,260 $11,950 $11,950 $11,950 $11,950
Funding Gap as a % of Unencumbered Asset Pool 0% 0% 0% 1.9%
Additional sources of capital not currently accounted for include additional asset sales or contributions beyond 2009, earnings from on-balance sheet property development lease-up,
and new secured financing against unencumbered assets
(1) Assumes secured debt is refinanced at balance upon maturity.
(2) Includes buyback of €42.7M ($58.3M) face of 2011 Eurobonds at a price of ~75% of face value (exchange rate as of 3/31/09). Includes buyback of $225M face of 2012 and 2013
convertible senior notes at a price of 57% of face value. Excludes convertible debt of $1.1B, which is not redeemable for cash until January 2013.
(3) After Q1, 2009, unencumbered asset pool reduced by asset sales, gross contributions to funds, and new secured debt assumed to be applied on properties at 50% LTV.
41
44. Balance Sheet Debt Maturities - 2009
Millions
Outstanding at
12/31 3/31 Maturity Type Activity in Progress
To be repaid through secured debt financings:
$250 $250 Aug - 09 Floating Rate
Note
- $100M 5-year interest-only, in documentation, rate
Nov – 09 Meridian locked at 6.5%
$25 $25
Notes
- $122M 10-year interest-only, in documentation, rate
locked at 7.55%
$64 $36M Various Other
unsecured - $122M 10-year interest-only, in documentation, rate
notes, locked at 7.55%
secured debt
- $45M 3-year TMK bond financing under negotiation
and
scheduled
principal
payments
$339 $311
43
45. Balance Sheet Debt Maturities - 2010
Millions
Outstanding at
12/31 3/31 Maturity Type Refinancing Game Plan
$190 $190 Nov–10 Fixed rate debt To be refinanced through 2009 excess secured debt
issue proceeds, incremental secured financings or
balance sheet liquidity
Various Other unsecured
$60 $60
notes, secured
debt and
scheduled
principal
payments
$2,618 $1,324 Global Line In discussion w/ lead banks on line recast, w/
targeted 2012 maturity and $2.5B capacity
600 597 Multi-Currency
Line
$3,218 $1,921
$3,468 $2,171
44
46. Fund Debt Maturities at 3/31/09
Billions
$3.5
$3.0
$2.5
$2.0
$1.5
$1.0
$0.5
$0.0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Thereafter
PEPR PEPF II California NA I NA VI-X NA XI NAIF NAIF II NAIF III Mexico Korea
45
47. Fund Debt Maturities - 2009
Millions
Outstanding at
12/31 3/31 4/30 Fund Maturity Activity in Progress
July Repaid €336M ($491M) CMBS and crystallized
$491 $459 $0 PEPR
a €40M economic gain on FX derivative
$176 $0 $0 CA Aug - Closed on $120M 10-year refinance at 7.5%
coupon, extended $56M for 1 year
- Closed on 4/29/09 on $138M 5-year refinance
$138 $138 $0
at 7.25% coupon
$411 $411 $411 NAIF II July Tentative agreement reached on 5-year
extension, to be documented in May
Aug In discussion w/ existing lender on refinance
$46 $46 $46
$15 $15 $15 NA XI June To be repaid from cash flow / partner capital
$167 $0 $0 NAIF III Extended facility for 3 years with partial pay
down
$1,444 (1) $1,071 (1) $472
Does not include regularly scheduled principal amortization payments of approximately $2M for 2009.
1
46
48. Fund Debt Maturities - 2010
Millions
Outstanding at (1)
12/31 3/31 Fund Maturity Type Refinancing Game Plan
$221 $206 PEPR March Hypo RE Term sheet executed for 3-yr extension with partial pay down. Indicative
fixed rate coupon of 5.1%
To be repaid from cash flow, asset sales, FX hedge and secured
$801 $749 May CMBS III & IV
financings
In discussions with lead banks on 2-yr extension with partial reductions in
$439 $692 Dec Bank Lines
commitment
$1,240 $1,647
$1,384 $1,162 PEPF II May Warehouse In discussions with banks on 2-yr extension with partial reduction in
commitment. Actively pursuing secured financings:
- Term sheet executed for 10-yr £49 financing. Indicative fixed rate
coupon of 6.0%
- Term sheet executed for 5-yr €48 financing. Indicative fixed rate coupon
of 6.4%
- Term sheet executed for 3-yr €130 financing. Indicative fixed rate
coupon of 5.0%
-- $56 CA March Life Co loan Financial packages out to Life Cos
$131 $131 NA I Dec Life Co loan Evaluating refinancing strategy
$10 $10 NA XI Feb Life Co loan Evaluating refinancing strategy
$32 $32 Aug
$27 -- NAIF July Warehouse l Line paid down to $0 from equity funding
$111 $111 NAIF II Various Life Co loans Financial packages out to Life Cos
$3,156 $3,149
47
Does not include regularly scheduled principal amortization payments of approximately $4M for 2010.
1
50. 2009 Asset Sales/Contributions
$1.5B to $1.7B of gross asset contributions / sales expected in 2009
$900M - $950M of assets to be contributed / sold to third-party funds
$725M of contributions to PEPF II targeted for 2009
$131M of contributions closed in March 2009
$538M of development pipeline was >93% leased at 3/31/09
$42M of contributions closed in April 2009
$75M of contributions to Mexico Industrial Fund targeted for 2009
$47M of development pipeline is >93% leased
$128M (¥12.6B) sale of ProLogis Park Misato II to GIC RE, closed in April
$650M - $700M of asset sales targeted for 2009
$5 million closed in Q1
80%+ of remainder at 3/31 under contract or LOI
$50 million closed in April
49
51. Investment Management Equity Capacity
Remaining
Unfunded 3rd Targeted 2009
Active Funds with Additional Contributions Party Equity Contributions
Expected in 2009 at 4/30 at 4/30/09
Europe $1,010 $552
Mexico 247 75
Total $1,257 $627
50
52. Pro forma Leverage
Pro
3/31/09 Equity April Debt Forma
12/31/08
Leverage Offering Buy Back Leverage
Leverage
Analysis Effect Effect Analysis
Analysis
Total Debt* $10,909 $9,435 ($1,100) ($112) $8,223
Total Un-depreciated Book Assets $20,835 $18,989 $18,989
Total Debt as a % of Book Assets 52.4% 49.7% 43.3%
* Total Debt represents interest-bearing debt, and includes $198M and $109M of debt included in discontinued ops at 12/31/08 and 3/31/09,
respectively, and 12/31/08 total debt reflects the adjustment for convertible debt.
51
54. Key Takeaways
We are making great progress on our financial goals
Operating property performance down but within expectations
Our development pipeline is leasing up and represents a powerful tool for future
earnings growth
We have a great global business with terrific assets, high-quality customers and some
of the most talented people in the industry
53
55. Cincinnati, OH
ProLogis Parc Centrair
Lyon, France
Fontana, CA
ProLogis Park Yongin II
Norrkoping, Sweden
ProLogis Park Osaka II
West Midland, UK
Houston, TX
ProLogis Park Deokpyung
54