SAN FRANCISCO, June 6, 2016 /PRNewswire/ -- Prologis, Inc.
(NYSE: PLD), the global leader in logistics real estate, today
announced that year-to-date through May 31,
2016, the company generated proceeds of $1.6 billion from non-strategic dispositions,
fund contributions and fund rebalances, in-line with the company's
previous guidance.
The following is a summary of activity during the period (PLD
share, $ in millions):
Activity
|
Complete at
May 31, 2016
|
Midpoint of
2016 Guidance
|
Dispositions
|
$600
|
$1,450
|
Contributions
|
$360
|
$790
|
Installment sale
related to Facebook
|
$198
|
$198
|
Fund ownership
rebalances
|
$411
|
$400
|
Total
Proceeds
|
$1,569
|
$2,838
|
|
|
|
Proceeds Generated as a Percent of 2016 Guidance
|
55%
|
100%
|
"We generated significant proceeds in April and May," said
Thomas S. Olinger, chief financial
officer of Prologis. "Disposition activity is strong thanks to
recent sales to a diverse group of buyers and across a number of
geographies. We've also completed our ownership rebalancing
activities for the quarter in our USLF and PTELF joint ventures,
which generated $411 million.
Overall, the proceeds generated from these various activities –
which comprise a key portion of our ability to self-fund future
capital deployment – put us more than halfway toward reaching the
midpoint of our capital proceeds guidance for the year.
Furthermore, we have several properties representing $220 million in value under binding
agreements."
Management to Participate at REITWeek 2016
The company also announced that chief financial officer
Thomas S. Olinger will participate
in REITWeek 2016: NAREIT's Investor Forum at the Waldorf Astoria in
New York City. Prologis is
scheduled to present on Tuesday, June
7, at 3:45 p.m. ET.
The presentation will be available live via webcast and
accessible at: http://ir.prologis.com/events.cfm
Webcast replays will be available for 90 days after the
presentation. Presentation materials will be available for download
on Thursday, June 9, in the Investor
Events & Presentations section of the Prologis investor website
at: http://ir.prologis.com/events-and-presentations/events/2016
About Prologis
Prologis, Inc. is the global leader in logistics real estate with a
focus on high-barrier, high-growth markets. As of March 31, 2016, the company owned or had
investments in, on a wholly owned basis or through co-investment
ventures, properties and development projects expected to total
approximately 667 million square feet (62 million square meters) in
20 countries. Prologis leases modern distribution facilities to a
diverse base of approximately 5,200 customers across two major
categories: business-to-business and retail/online fulfillment.
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 we operate as
well as management's beliefs and assumptions. Such statements
involve uncertainties that could significantly impact our financial
results. Words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates" and 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, capital structure
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 status,
tax structuring and income tax rates, (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, 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 us under the heading "Risk Factors." We
undertake no duty to update any forward-looking statements
appearing in this document.
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SOURCE Prologis, Inc.