Prologis plans to invest $ 450 million in the acquisition of facilities in 2020.
Previously, the company estimated that this indicator would be in a range of between 500 and 700 million dollars.
Prologis is a world leader in logistics real estate with a focus on key markets in 19 countries -including the United States, China and Mexico- on four continents. The company owns, manages and develops logistics facilities.
Net diluted earnings per share was $ 0.70 for the first quarter of 2020, compared to $ 0.55 for the same period in 2019.
«Our strong first quarter operating performance is the result of our long-term focus on the world’s leading consumer markets,» said Hamid R. Moghadam, President and CEO of Prologis. “While the current environment is challenging, we are well prepared. We trust our team, our strategy and the strength of our portfolio.»
Prologis and liquidity
This American real estate investment company in the logistics sector reported revenues of $ 3,331 million in 2019, an increase of 18.8% year-on-year.
As part of that result, its Real Estate Operations business segment earned $ 2.89 billion in revenue, an increase of 18.4 percent.
«We entered the COVID-19 crisis in a position of financial strength,» said Thomas S. Olinger, chief financial officer at Prologis. “We have significant liquidity and investment capacity and our dividend is well covered. Furthermore, we have effectively addressed our consolidated maturities through 2022, we have isolated our earnings from currency movements over the next three years, and over 95% of our assets are in US dollars. ”
The company ended the first quarter with $ 4.6 billion in liquidity, which includes $ 3.8 billion in total line availability and $ 800 million in cash.
Debt as a percentage of total market capitalization was 22% at the end of the quarter.