Prologis, Inc. Annual Report, Year Ended Dec 31, 2003

AMB Property Corporation (now Prologis, Inc.)'s 2003 10-K highlights a company strategically focused on acquiring, owning, and operating industrial properties in key distribution markets globally. The company emphasizes 'High Throughput Distribution' (HTD) facilities designed for the rapid movement of goods, catering to customers engaged in global trade. As of December 31, 2003, AMB managed a significant portfolio of over 101 million square feet across 36 markets in seven countries. The company's operational strategy is built on a network of 'Strategic Alliance Partners' and targets supply-constrained 'in-fill' locations. Despite a challenging industrial market in 2003, characterized by a 10.1% decrease in average industrial base rental rates, AMB maintained high occupancy levels and focused on portfolio repositioning through dispositions. Growth is pursued through operations, acquisitions, development (including a growing development pipeline), and international expansion, with a stated goal of approximately 15% of the portfolio being international within three to four years. The company's financial position as of December 31, 2003, showed total assets of $5.42 billion and total consolidated debt of $2.57 billion, with a 'share of total debt' to market capitalization ratio of 37.9%.