SAN FRANCISCO, March 16, 2015 /PRNewswire/ -- Prologis, Inc.
(NYSE: PLD), the global leader in industrial real estate, today
announced the exchange of approximately $460
million in aggregate principal amount of Prologis,
L.P.'s 3.25 percent exchangeable and convertible senior notes
due 2015 ("the Notes") for a total of 11.9 million shares of the
company's common stock pursuant to the terms of the Notes.
"The exchange of the notes further strengthens our key credit
metrics, including the reduction of our debt as a percentage
of gross real estate assets by 160 basis points," said Tim Arndt, senior vice president and treasurer,
Prologis. "We continue to maintain significant liquidity and now
have addressed all of our unsecured maturities through
2017."
ABOUT PROLOGIS
Prologis, Inc., is the global leader in industrial real estate.
As of December 31, 2014, Prologis
owned or had investments in, on a wholly owned basis or through
co-investment ventures, properties and development projects
expected to total approximately 590 million square feet (55 million
square meters) in 21 countries. The company leases modern
distribution facilities to more than 4,700 customers, including
third-party logistics providers, transportation companies,
retailers and manufacturers.
DISCLAIMER AND FORWARD-LOOKING STATEMENTS
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities discussed in this
press release. The statements in this document 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. Such statements 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 properties, disposition activity,
general conditions in the geographic areas where we operate, our
debt and financial position, our ability to form new co-investment
ventures and the availability of capital in existing or new
co-investment ventures — 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, dispositions and development of
properties, (v) maintenance of real estate investment trust
("REIT") status and tax structuring, (vi) availability of financing
and capital, the levels of debt that we maintain and our credit
ratings, (vii) risks related to our investments in our
co-investment ventures and funds, including our ability to
establish new co-investment ventures and funds, (viii) risks of
doing business internationally, including currency risks, (ix)
environmental uncertainties, including risks of natural disasters,
and (x) those additional factors discussed in reports filed with
the Securities and Exchange Commission by Prologis under the
heading "Risk Factors." Prologis undertakes no duty to update any
forward-looking statements appearing in this document.
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SOURCE Prologis, Inc.