SAN FRANCISCO, Oct. 2, 2018 /PRNewswire/ -- Prologis, Inc.
(NYSE: PLD), the global leader in logistics real estate, today
announced it has completed the sale of a high-quality portfolio of
buildings and land in Europe and
the United States to a major Asian
property company for $1.1
billion.
The portfolio comprises 16.5 million square feet of buildings as
well as 144 acres of land, including:
- 46 buildings totaling 9.9 million square feet principally in
Poland, France and Hungary
- 40 buildings totaling 6.6 million square feet primarily in
Seattle, Dallas and Chicago
The transaction included $934
million of assets from Prologis' co-investment ventures and
$195 million in wholly owned
assets. Prologis' share of the proceeds totaled approximately
$610 million. The transaction was included in the company's
2018 guidance.
"This transaction effectively completes our efforts to align our
portfolio with our long-term investment strategy," said
Michael S. Curless, chief investment
officer, Prologis. "Our portfolio realignment program began in 2011
and, upon completion in the fourth quarter of this year, will total
approximately $14 billion of building
sales on an owned and managed basis."
About Prologis
Prologis, Inc. is the global leader in logistics real estate with a
focus on high-barrier, high-growth markets. As of June 30, 2018, and inclusive of the DCT
acquisition on August 22, 2018, 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 756 million square feet (75 million
square meters) in 19 countries. Prologis leases modern distribution
facilities to a diverse base of approximately 5,500 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.
*This is a non-GAAP financial measure. Please refer to our
Second Quarter 2018 Supplemental Information Report for our
definition of Core FFO and a reconciliation to the most directly
comparable GAAP measure available on our website at
www.ir.prologis.com and the SEC's website at www.sec.gov.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/prologis-completes-sale-of-1-1-billion-portfolio-300722434.html
SOURCE Prologis, Inc.