Summary
Prologis, Inc. (PLD) has officially announced the completion of its acquisition of Liberty Property Trust (LPT) through a series of mergers, finalized on February 4, 2020. This significant transaction involved multiple entities, including Prologis's operating partnership, Prologis, L.P. The merger was executed through a stepped process, beginning with LPT merging into a Prologis subsidiary, followed by the integration of LPT's assets and liabilities into Prologis's operational structure. This acquisition is expected to be a transformative event for Prologis, significantly expanding its real estate portfolio. The filing details the conversion of LPT's common shares and operating partnership units into Prologis common stock and Prologis OP units, respectively, at a specific exchange ratio. Investors should note that while the transaction has closed, detailed financial statements and pro forma information for the acquired business will be filed at a later date, within 71 days of this report.
Key Highlights
- 1Prologis, Inc. has completed its acquisition of Liberty Property Trust (LPT) via a series of mergers, effective February 3-4, 2020.
- 2The acquisition involved Prologis, its operating partnership (Prologis, L.P.), and various subsidiaries of both companies and LPT.
- 3Common shares of LPT were converted into Prologis common stock at an exchange ratio of 0.675 shares of Prologis stock per LPT share.
- 4LPT's operating partnership units were converted into Prologis, L.P. common limited partnership interests at the same exchange ratio.
- 5Approximately 107 million shares of Prologis Common Stock were issued in connection with the merger.
- 6The merger agreement was originally dated October 27, 2019.
- 7Prologis, L.P. amended its partnership agreement to reflect the new Series T Cumulative Redeemable Preferred Partnership Units.