SAN FRANCISCO, Oct. 13, 2015 /PRNewswire/ -- Prologis, Inc.
(NYSE: PLD), the global leader in industrial real estate, today
announced it has completed the previously announced acquisition of
a property portfolio from Morris Realty Associates LLC.
This portfolio includes 3.2 million square feet of Class-A
industrial operating and development properties located primarily
in northern New Jersey and 2.2
million square feet of retail property. The retail properties are
subject to a purchase agreement with affiliates of Blackstone Real
Estate Advisors L.P.
Prologis intends to sell this portion of the portfolio for
$374 million, including the
assumption of debt. The transaction with Blackstone is expected to
close in the fourth quarter of 2015, and is subject to lender
consents and customary closing conditions.
Prologis' acquisition of high-quality industrial buildings in
the greater New York area
complements its existing portfolio in one of the largest and most
supply-constrained logistics hubs in the
United States. Consideration for the transaction consisted
of the issuance of $385 million of
partnership units in our operating partnership, priced at
$43.11 per unit, and the assumption
of debt.
ABOUT PROLOGIS
Prologis, Inc. is the global leader in
industrial real estate. As of June 30,
2015, Prologis owned or had investments in, on a wholly
owned basis or through co-investment ventures, properties and
development projects expected to total approximately 670 million
square feet (62 million square meters) in 21 countries. The company
leases modern distribution facilities to more than 5,200 customers,
including third-party logistics providers, transportation
companies, retailers and manufacturers.
FORWARD-LOOKING STATEMENTS
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.