8-KOther EventsExhibits & Filings

Prologis, Inc. 8-K Report, Corporate Update (Jan 11, 2005)

Filed January 11, 2005For Securities:PLDPLDGP

Summary

Prologis, Inc. (PLD), through its subsidiary AMB Property, L.P., reported on January 11, 2005, significant real estate acquisitions completed during the period of January 1, 2004, through December 16, 2004. The company acquired 62 operating buildings, totaling approximately 7.3 million square feet, for a total purchase price of $667.2 million. These acquisitions were funded through a combination of assumed debt ($206.1 million) and cash ($442.6 million), with additional non-cash adjustments for mortgage premiums/discounts and intangible liabilities related to below-market leases. The filing also includes extensive pro forma financial information and historical summaries for specific properties acquired. This data provides investors with a more detailed view of the company's growth strategy, the financial impact of recent acquisitions, and a deeper understanding of the operational performance of individual assets prior to their consolidation. Investors should note that the forward-looking statements section contains standard cautionary language regarding risks and uncertainties inherent in real estate investment and development.

Key Highlights

  • 1Acquisition of 62 operating buildings totaling approximately 7.3 million square feet.
  • 2Total purchase price for acquisitions was $667.2 million, excluding estimated acquisition capital.
  • 3Acquisitions were funded with $206.1 million in assumed debt and $442.6 million in cash.
  • 4Non-cash adjustments included $5.1 million for mortgage premiums/discounts and $13.4 million for below-market lease intangibles.
  • 5All acquisitions were from unrelated third parties and were individually insignificant.
  • 6The report includes detailed historical operating summaries for several acquired properties.
  • 7Pro forma financial information reflects the impact of these and other transactions on the company's balance sheet and statements of operations.

Frequently Asked Questions

During the period from January 1, 2004, through December 16, 2004, Prologis, Inc. (through its subsidiary AMB Property, L.P.) acquired 62 operating buildings for a total purchase price of $667.2 million, excluding estimated acquisition capital.

The acquisitions were financed through a combination of $206.1 million in assumed debt and $442.6 million in cash.

This filing includes historical summaries of revenues and certain expenses for several individual properties acquired, as well as unaudited pro forma condensed consolidated financial statements (balance sheet and statements of operations) reflecting the impact of acquisitions and divestitures. An exhibit includes the consent of PricewaterhouseCoopers LLP.

Yes, the filing contains a standard 'Forward Looking Statements' section which includes a comprehensive list of risks and uncertainties that could materially affect the company's actual results. These include risks related to leases, interest rates, financing, acquisitions, integration of properties, divestitures, development, REIT qualification, environmental factors, natural disasters, financial market fluctuations, and changes in real estate and zoning laws.