Summary
This 8-K filing from AMB Property Corporation (which later merged to become Prologis, Inc.) on December 21, 2009, details a significant administrative change regarding its preferred stock. Specifically, the company has redesignated and reclassified all 1,595,337 shares of its 7.18% Series D Cumulative Redeemable Preferred Stock. These shares will now be simply considered 'Preferred Stock' without any specific designations, preferences, rights, or voting powers beyond those generally applicable to all preferred stock of the company. This action was taken because the Series D Preferred Stock was initially designated in anticipation of a potential exchange for Series D Cumulative Redeemable Preferred Limited Partnership Units, which the company subsequently purchased. The reclassification simplifies the capital structure and removes the specific, contingent designation of the Series D preferred shares. Investors should note this is primarily a structural and administrative change rather than a material financial event impacting the company's operations or profitability.
Key Highlights
- 1AMB Property Corporation reclassified all 1,595,337 shares of its 7.18% Series D Cumulative Redeemable Preferred Stock.
- 2The Series D Preferred Stock will now be designated simply as 'Preferred Stock'.
- 3This reclassification removes specific designations, preferences, and voting powers associated with the original Series D shares.
- 4The change was made because the Series D Preferred Stock was originally designated in anticipation of an exchange for Series D Limited Partnership Units, which the company subsequently acquired.
- 5The company filed Articles Supplementary with the State Department of Assessments and Taxation of Maryland to enact this change.
- 6This filing is primarily administrative and aims to simplify the company's capital structure.