8-KOther EventsExhibits & Filings

Prologis, Inc. 8-K Report, Corporate Update (Mar 26, 2009)

Filed March 26, 2009For Securities:PLDPLDGP

Summary

AMB Property Corporation (now Prologis, Inc.) filed an 8-K on March 25, 2009, reporting on the pricing of a significant common stock offering. The company sold approximately 41.25 million shares at $12.15 per share, raising gross proceeds of around $501.4 million. This offering was supplemented by the underwriters exercising their option to purchase an additional 6.1875 million shares, further increasing the total capital raised. The net proceeds to AMB Property Corporation are estimated to be approximately $552.7 million after accounting for underwriting discounts, commissions, and transaction expenses. This capital raise was conducted under a shelf registration statement, indicating the company's proactive financial management during a challenging economic period. The offering, which was announced and priced on March 25, 2009, and scheduled to close on March 30, 2009, demonstrates AMB Property Corporation's ability to access capital markets. The substantial inflow of funds would likely be crucial for strengthening the balance sheet, funding ongoing operations, or pursuing strategic initiatives in the prevailing market conditions of early 2009.

Key Highlights

  • 1AMB Property Corporation announced the pricing of a common stock offering on March 25, 2009.
  • 2The company offered 41,250,000 shares of common stock at $12.15 per share.
  • 3Underwriters exercised their option to purchase an additional 6,187,500 shares to cover over-allotments.
  • 4Gross proceeds from the offering are approximately $501.4 million (before over-allotment shares).
  • 5Net proceeds to the company are estimated at approximately $552.7 million after deducting underwriting discounts, commissions, and expenses.
  • 6The offering was made under a shelf registration statement on Form S-3.
  • 7The closing of the offering was scheduled for March 30, 2009.

Frequently Asked Questions

The primary purpose of this 8-K filing was to report on the pricing and details of a common stock offering by AMB Property Corporation, including the number of shares sold, the price per share, and the estimated net proceeds to be received by the company.

AMB Property Corporation raised approximately $501.4 million in gross proceeds from the initial sale of 41,250,000 shares. With the full exercise of the underwriters' option to purchase an additional 6,187,500 shares, the total capital raised was significantly higher, resulting in estimated net proceeds to the company of approximately $552.7 million after fees and expenses.

The offering was scheduled to close on March 30, 2009, subject to the satisfaction of certain closing conditions.

Offering shares under a shelf registration statement (Form S-3 in this case) means that AMB Property Corporation had previously filed a registration statement with the SEC that allows it to offer and sell securities over a period of time without needing to file a new registration statement for each offering. This allows for more efficient and timely access to capital markets when needed.