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.