8-K
Prologis, Inc. (PLD)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 19, 2022
Prologis, Inc.
Prologis, L.P.
(Exact name of registrant as specified in charter)
| Maryland (Prologis, Inc.)<br>Delaware (Prologis, L.P.)<br>(State or other jurisdiction <br>of Incorporation) | 001-13545 (Prologis, Inc.)<br>001-14245 (Prologis, L.P.)<br>(Commission File Number) | 94-3281941 (Prologis, Inc.)<br>94-3285362 (Prologis, L.P.)<br>(I.R.S. Employer Identification<br>No.) |
|---|---|---|
| Pier 1, Bay 1, San Francisco, California | 94111 | |
| --- | --- | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrants’ Telephone Number, including Area Code: (415) 394-9000
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | |
|---|---|---|---|
| Prologis, Inc. | Common Stock, $0.01 par value | PLD | New York Stock Exchange |
| Prologis, L.P. | 3.000% Notes due 2026 | PLD/26 | New York Stock Exchange |
| Prologis, L.P. | 2.250% Notes due 2029 | PLD/29 | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition (Prologis, Inc.) and |
|---|---|
| Item 7.01. | Regulation FD Disclosure (Prologis, Inc. and Prologis, L.P.). |
| --- | --- |
On January 19, 2022, Prologis, Inc., the general partner of Prologis, L.P., issued a press release announcing fourth quarter 2021 financial results. A copy of the supplemental information as well as the press release is furnished with this report as Exhibit 99.1 and Exhibit 99.2, respectively, and incorporated herein by reference.
The information in this report and the exhibits attached hereto is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Items 2.02 and 7.01 of Form 8-K will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
|---|---|
| (d) | Exhibits |
| --- | --- |
| Exhibit No. | Description |
| --- | --- |
| 99.1 | Supplemental information, dated January 19, 2022. |
| --- | --- |
| 99.2 | Press release, dated January 19, 2022. |
| --- | --- |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| --- | --- |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
| PROLOGIS, INC. | ||
|---|---|---|
| January 19, 2022 | By: | /s/ Thomas S. Olinger |
| Name:Thomas S. Olinger | ||
| Title:Chief Financial Officer | ||
| PROLOGIS, L.P., | ||
| --- | --- | --- |
| January 19, 2022 | By: Prologis, Inc., its general partner | |
| By: | /s/ Thomas S. Olinger | |
| Name:Thomas S. Olinger | ||
| Title:Chief Financial Officer |
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Prologis Supplemental Information FOURTH Quarter 2021 Unaudited Prologis Capelin Distribution Center, Torrance, California
4Q 2021 Supplemental Highlights 1 Company Profile 2 Company Performance 4 Prologis Leading Indicators and Proprietary Metrics 5 Guidance Financial Information 6 Consolidated Balance Sheets 7 Consolidated Statements of Income 8 Reconciliations of Net Earnings to FFO 9 Reconciliations of Net Earnings to Adjusted EBITDA Operations 10 Overview 11 Operating Metrics 13 Operating Portfolio 16 Customer Information Capital Deployment 17 Overview 18 Development Stabilizations 19 Development Starts 20 Development Portfolio
21 Third Party Acquisitions 22 Dispositions and Contributions 23 Land Portfolio Strategic Capital 25 Overview 26 Summary and Financial Highlights 27 Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures 28 Non-GAAP Pro-Rata Financial Information Capitalization 29 Overview 30 Debt Components - Consolidated 31 Debt Components - Noncontrolling Interests and Unconsolidated Net Asset Value 32 Components Notes and Definitions 34 Notes and Definitions
Copyright © 2022 Prologis
4,735 Buildings Overview * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. NOI calculation based on Prologis Share of the Operating Portfolio. 4Q 2021 Supplemental Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2021, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.0 billion square feet (93 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,800 customers principally across two major categories: business-to-business and retail/online fulfillment. 1.0B Square Feet ~$26.4B Build Out of Land (TEI) U.S. 609M SF 81% of NOI*(A) Other Americas 72M SF 5% of NOI*(A) Europe 215M SF 11% of NOI*(A) Asia 105M SF 3% of NOI*(A)
Highlights * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 4Q 2021 Prologis Share of NOI of the Operating Portfolio annualized. 4Q 2021 third-party share of asset management fees annualized plus trailing twelve months third-party share of transactional fees and Net Promote Income. Prologis Share of trailing twelve month Estimated Value Creation from development stabilizations. Mexico is included in the U.S. as it is U.S. dollar functional. Company Profile 1 4Q 2021 Supplemental
Highlights * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Company Performance 4Q 2021 Supplemental 2 Core FFO* AFFO* Estimated Value Creation - Stabilizations
* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Core FFO* in millions AFFO* in millions Estimated Value Creation from stabilizations - Prologis Share in millions Dividends and distributions in millions Highlights Company Performance 4Q 2021 Supplemental 3
*Please see our Notes and Definitions for further explanation. Lease Proposals in millions of square feet U.s. IBI activity index Lease negotiation Gestation- rolling Avg quarterly trend in days U.S. space utilization Highlights Prologis Leading Indicators and Proprietary Metrics* 4Q 2021 Supplemental 4 Average 24
Highlights * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Our guidance for 2022 is based on management’s current beliefs and assumptions about our business, the industry and the markets in which we operate. Please refer to “Forward-Looking Statements” and “Risk Factors” referred to in our reports filed with the Securities and Exchange Commission for more information. The difference between Core FFO and Net Earnings predominately relates to real estate depreciation and gains or losses on real estate transactions. See the Notes and Definitions for a reconciliation. We are further adjusting Core FFO to exclude $0.55 of net promote income. Guidance (A) 4Q 2021 Supplemental 5
Financial Information Consolidated Balance Sheets 4Q 2021 Supplemental 6
Financial Information Consolidated Statements of Income 4Q 2021 Supplemental 7
Financial Information * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Reconciliations of Net Earnings to FFO* 4Q 2021 Supplemental 8
Financial Information * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Reconciliations of Net Earnings to Adjusted EBITDA* 4Q 2021 Supplemental 9
* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Occupancy Customer Retention Same Store Change Over Prior Year – Prologis Share* Rent Change – Prologis Share Operations Overview 4Q 2021 Supplemental 10 Trailing four quarters – net effective
Operations Amounts exclusive of leases of less than one year, unless otherwise noted. Operating Metrics – Owned and Managed 4Q 2021 Supplemental 11
Operations * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Operating Metrics – Owned and Managed 4Q 2021 Supplemental 12 CAPITAL EXPENDITURES Thousands, except for percentages SAME STORE INFORMATION Thousands, except for percentages PROPERTY IMPROVEMENTS PER SQUARE FOOT TURNOVER COSTS ON LEASES COMMENCED COMPOSITION OF PORTFOLIO (by Unit Size) Free rent as a % of lease value – trailing four quarters 2.8% 3.0% 3.2% 3.1% 3.1% Occupancy 95.2% 98.1% 99.4% 99.3% Trailing four quarter average Quarterly total As a % of lease value Per square foot ($)
Operations Operating Portfolio(A) – Square Feet, Occupied and Leased 4Q 2021 Supplemental 13 Data in the Operating Portfolio excludes non-strategic industrial properties acquired from LPT due to our intent not to hold long-term. These properties are classified as Other Real Estate Investments. This data excludes 20 million square feet related to non-strategic industrial properties.
Operations This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. This data excludes $27 million of NOI related to non-strategic industrial properties. Operating Portfolio – NOI* and Gross Book Value 4Q 2021 Supplemental 14
Operations * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Operating Portfolio – Summary by Division 4Q 2021 Supplemental 15
Operations We have signed leases, that were due to expire, totaling 63 million square feet in our owned and managed portfolio (6.1% of total net effective rent) and 37 million square feet on a Prologis share basis (5.8% of total net effective rent). These are excluded from 2022 expirations and are reflected at their respective expiration year. Customer Information 4Q 2021 Supplemental 16
Development Starts (TEI) in millions Development Stabilizations (TEI) dollars in millions Building Acquisitions and M&A Activity Land Portfolio in millions Capital Deployment Overview – Prologis Share 4Q 2021 Supplemental 17 Outside the U.S. U.S.
The estimated build out includes the land portfolio, Covered Land Plays and the other land that we could develop through options, ground leases, unconsolidated joint ventures and other contractual arrangements. in millions
Capital Deployment Development Stabilizations 4Q 2021 Supplemental 18
Capital Deployment TEI amount includes development starts on yards and parking lots that will be included in Other Real Estate Investments upon completion. Development Starts 4Q 2021 Supplemental 19
Capital Deployment TEI amount includes development starts on yards and parking lots that will be included in Other Real Estate Investments upon completion. Development Portfolio 4Q 2021 Supplemental 20
Capital Deployment Third Party Acquisitions 4Q 2021 Supplemental 21
Capital Deployment Dispositions and Contributions 4Q 2021 Supplemental 22
Capital Deployment Land Portfolio – Owned and Managed 4Q 2021 Supplemental 23
Capital Deployment Amounts include approximately 2,900 acres that we could develop through options, ground leases, unconsolidated joint ventures and other contractual arrangements. Includes land acquired from Prologis UK Logistics Venture (“UKLV”) . Land Portfolio – Summary and Roll Forward 4Q 2021 Supplemental 24
* This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Third party aum third Party Fee Related and promote revenues Fee related earnings annualized* Net Promote income Strategic Capital Overview 4Q 2021 Supplemental 25 in millions dollars in billions in millions dollars in millions 87.2% 87.2% 90.1% 91.4% 94.9% % Open end/ Public 24.8 29.1 27.9 27.2 21.6 Trailing 3 year basis points of 3rd party AUM
Strategic Capital * The next promote opportunity is related to the Stabilization of individual development project(s). Values represent the entire venture at 100%, not Prologis’ proportionate share. Values are presented at Prologis’ adjusted basis derived from the ventures’ U.S. GAAP information and may not be comparable to values reflected in the ventures’ stand alone financial statements calculated on a different basis. Throughout this document we use the most recent public information for these co-investment ventures. In Q4 2021, UKLV sold its operating properties to our unconsolidated co-investment ventures, PELF and PELP, and its land and development properties to Prologis.
Summary and Financial Highlights 4Q 2021 Supplemental 26
Strategic Capital * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Values represent the entire venture at 100%, not Prologis’ proportionate share. Values are presented at Prologis’ adjusted basis derived from the ventures’ U.S. GAAP information and may not be comparable to values reflected in the ventures’ stand alone financial statements calculated on a different basis. Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures (at 100%) (A) 4Q 2021 Supplemental 27
Strategic Capital * This is a non-GAAP financial measure, please see our Notes and Definitions for further explanation. See our Notes and Definitions for further explanation of how these amounts are calculated. Non-GAAP Pro-Rata Financial Information (A) 4Q 2021 Supplemental 28
Capitalization * This is a non-GAAP financial measure. Please see our Notes and Definitions for detailed calculation. Mexico is included in the U.S. as it is U.S. dollar functional. The detail calculations are included in the Notes and Definitions section and are not in accordance with the applicable SEC rules. A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time by the rating organization. Overview 4Q 2021 Supplemental 29 ASSETS UNDER MANAGEMENT (dollars in millions) Enterprise Value AUM by Geography Market Equity U.S. DOLLAR EXPOSURE (dollars in millions) Enterprise Value Debt U.S. Dollar(A) 22.0% U.S. Dollar (A) 85.8% Outside U.S. 14.2% Outside U.S. 78.0% DEBT BY CURRENCY- PROLOGIS SHARE UNENCUMBERED ASSETS – PROLOGIS SHARE: $61.9B (in billions) AUM by Ownership
Capitalization
The maturity for the 2019 Global Facility ($266 million) and the 2021 Global Facility ($226 million) are reflected at the extended maturity date as the extension is at our option. We manage our exposure to changes in foreign currency exchange rates using foreign currency forward contracts, including those that are accounted for as net investment hedges, to economically reduce our exposure to fluctuations in foreign currency rates. The effect is reflected in the table under Investment Hedges. See also page 29 for our market equity exposure by currency. Debt Components - Consolidated 4Q 2021 Supplemental 30
Capitalization Refer to Notes and Definitions under Non-GAAP Pro-Rata Financial Information for further explanation on how these amounts are calculated. The maturity of certain unsecured debt (Prologis Share $207 million) is reflected at the extended maturity dates as the extensions are at the entity’s option. We manage our exposure to changes in foreign currency exchange rates using foreign currency forward contracts, including those that are accounted for as net investment hedges, to economically reduce our exposure to fluctuations in foreign currency rates. The effect is reflected in the table under Investment Hedges. See also page 29 for our market equity exposure by currency. Debt Components - Noncontrolling Interests and Unconsolidated (A) 4Q 2021 Supplemental 31
Net Asset Value * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Components – Prologis Share 4Q 2021 Supplemental 32
Net Asset Value Promote revenue was $65 million less expenses of $25 million for the quarter and $100 million less expenses of $56 million for the year. Components - continued 4Q 2021 Supplemental 33
Notes and Definitions Prologis Fokker Park, Oude Meer, the Netherlands
Notes and Definitions 4Q 2021 Supplemental 35
Notes and Definitions (continued) 4Q 2021 Supplemental 36
Notes and Definitions (continued) 4Q 2021 Supplemental 37
Notes and Definitions (continued) 4Q 2021 Supplemental 38
Notes and Definitions (continued) 4Q 2021 Supplemental 39
Notes and Definitions (continued) 4Q 2021 Supplemental 40
Notes and Definitions (continued) 4Q 2021 Supplemental 41
Notes and Definitions (continued) 4Q 2021 Supplemental 42
pld-ex992_6.htm
FOR IMMEDIATE RELEASE
Prologis Reports Fourth Quarter and Full Year 2021 Earnings Results
SAN FRANCISCO (January 19, 2022) – Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today reported results for the fourth quarter of 2021.
Net earnings per diluted share was $1.67 for the quarter and $3.94 for the year compared with $0.38 and $2.01 for the same periods in 2020. Core funds from operations (Core FFO)* per diluted share was $1.12 for the quarter and $4.15 for the year compared with $0.95 and $3.80 for the same periods in 2020. Core FFO for full-year 2021 and 2020 included net promote income per diluted share of $0.06 and $0.22, respectively.
“Demand for our 1 billion square foot global portfolio shows no signs of slowing and we are positioned ideally to meet our customers’ most critical real estate needs,” said Hamid R. Moghadam, co-founder and CEO, Prologis. “In tandem, we remain focused on key customer-centric initiatives around energy, technology, labor, data and other aspects of our growing Essentials business.”
OPERATING PERFORMANCE
| Owned & Managed | 4Q21 | Notes |
|---|---|---|
| Average Occupancy | 97.4% | Up 80bps from Q3 2021, 98.2% leased as of December 31, 2021 |
| Leases Commenced | 55.1MSF | 44.3MSF operating portfolio and 10.8MSF development portfolio |
| Retention | 75.8% | |
| Prologis Share | 4Q21 | Notes |
| --- | --- | --- |
| Net Effective Rent Change | 33.0% | Up 510bps sequentially |
| Cash Rent Change | 19.6% | |
| Cash Same Store NOI* | 7.5% | U.S. at 8.1%; Intl. at 5.3% |
DEPLOYMENT ACTIVITY
| Prologis Share | 4Q21 | FY2021 |
|---|---|---|
| Building Acquisitions | $329M | $901M |
| Weighted avg stabilized cap rate | 4.3% | 4.6% |
| Development Stabilizations | $1,050M | $2,501M |
| Estimated weighted avg yield | 6.4% | 6.1% |
| Estimated weighted avg margin | 68.2% | 53.0% |
| Estimated value creation | $716M | $1,326M |
| % Build-to-suit | 43.9% | 41.8% |
| Development Starts | $992M | $3,625M |
| Estimated weighted avg yield | 5.3% | 5.6% |
| Estimated weighted avg margin | 29.4% | 31.7% |
| Estimated value creation | $291M | $1,149M |
| % Build-to-suit | 39.0% | 46.5% |
| Total Dispositions and Contributions | $1,740M | $4,246M |
| Weighted avg stabilized cap rate (excluding land and other real estate) | 4.1% | 4.3% |
BALANCE SHEET & LIQUIDITY
During the fourth quarter, Prologis and its co-investment ventures issued $2.9 billion of debt during the fourth quarter at a weighted average interest rate of 1.1 percent, and issued $11.5 billion of debt for the full year at a weighted average interest rate of 1.3 percent, including $906 million in green bonds. The company maintained its leading liquidity position with approximately $5.0 billion in cash and availability on its credit facilities at year-end.
As of December 31, 2021, debt as a percentage of total market capitalization was 13.5 percent and the company’s weighted average interest rate on its share of total debt was 1.7 percent with a weighted average term of 10.0 years. The combined investment capacity of Prologis and its open-ended ventures, at levels in line with their current ratings, is approximately $15.5 billion.
GLOBAL 100
Prologis is the #1 real estate investment trust (REIT) on the newly released 2022 Global 100 Most Sustainable Corporations in the World list. This is the company’s thirteenth appearance on the list, which is widely considered one of the most reputable sustainability rankings. Corporate Knights, a specialized media company and investment research firm, ranks publicly traded global companies on a broad scope of metrics related to environmental stewardship, social responsibility and governance (ESG).
2022 GUIDANCE
“While 2021 was a year of many records, most of the benefit from the current environment will be realized in the future,” said Thomas S. Olinger, chief financial officer, Prologis. “Our high-quality growth profile is driven by our lease mark-to-market, profitable Strategic Capital business, development build-out potential and leverage capacity, all of which provide a clear, tangible runway for sector-leading growth for many years to come.”
2022 GUIDANCE
Earnings (per diluted share)
| Net Earnings | $4.40 to $4.55 |
|---|---|
| Core FFO* | $5.00 to $5.10 |
| Core FFO, excluding net promote income* | $4.45 to $4.55 |
Operations
| Average occupancy | 96.5% to 97.5% |
|---|---|
| Cash Same Store NOI* - PLD share | 6.0% to 7.0% |
Strategic Capital (in millions)
| Strategic capital revenue,<br><br><br>excl promote revenue | $540 to $560 |
|---|---|
| Net promote income | $420 |
G&A (in millions)
| General & administrative expenses | $300 to $315 |
|---|
Capital Deployment – Prologis Share (in millions) Prologis Share Owned and Managed
| Development stabilizations | 2,300 to 2,600 |
|---|---|
| Development starts | 4,500 to 5,000 |
| Building acquisitions | 700 to 1,200 |
| Building contributions | 1,600 to 1,900 |
| Building and land dispositions | 1,500 to 1,800 |
| Net sources/(uses) | (2,100) to (2,500) |
| Realized development gains | 700 to 800 |
All values are in US Dollars.
| * | This is a non-GAAP financial measure. See the Notes and Definitions in our supplemental information for further explanation and a reconciliation to the most directly comparable GAAP measure. |
|---|
The earnings guidance described above includes potential gains recognized from real estate transactions but excludes any future or potential foreign currency or derivative gains or losses as our guidance assumes constant foreign currency rates. In reconciling from net earnings to Core FFO*, Prologis makes certain adjustments, including but not limited to real estate depreciation and amortization expense, gains (losses) recognized from real estate transactions and early extinguishment of debt, impairment charges, deferred taxes and unrealized gains or losses on foreign currency or derivative activity. The difference between the company's Core FFO* and net earnings guidance for 2022 relates predominantly to these items. Please refer to our fourth quarter Supplemental Information, which is available on our Investor Relations website at https://ir.prologis.com and on the SEC’s website at www.sec.gov for a definition of Core FFO* and other non-GAAP measures used by Prologis, along with reconciliations of these items to the closest GAAP measure for our results and guidance.
January 19, 2022, CALL DETAILS The call will take place on Wednesday, January 19, 2022, at 9:00 a.m. PT/12:00 p.m. ET. To access a live broadcast of the call, please dial +1 (888) 330-2502 (toll-free from the United States and Canada) or +1 (240) 789-2713 (from all other countries) and enter conference code 7126328. A live webcast can be accessed from the Investor Relations section of www.prologis.com.
A telephonic replay will be available January 19 – February 02 at +1 (800) 770-2030 (from the United States and Canada) or +1 (647) 362-9199 (from all other countries) using conference code 7126328. The webcast replay will be posted in the Investor Relations section of www.prologis.com under "Events & Presentations".
ABOUT PROLOGIS Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2021, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.0 billion square feet (93 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,800 customers principally across two major categories: business-to-business and retail/online fulfillment.
FORWARD-LOOKING STATEMENTS
The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates," including variations of such words and similar expressions, are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, development activity, contribution and disposition activity, general conditions in the geographic areas where we operate, our debt, capital structure and financial position, our ability to form new co-investment ventures and the availability of capital in existing or new co-investment ventures — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic and political climates; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties; (v) maintenance of real estate investment trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; (x) risks related to the current coronavirus pandemic; and (xi) those additional factors discussed in reports filed with the Securities and Exchange Commission by us under the heading "Risk Factors." We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law.
CONTACTS
Investors: Tracy Ward, +1 415 733 9565, tward@prologis.com, San Francisco
Media: Jennifer Nelson, +1 415 733 9409, jnelson2@prologis.com, San Francisco
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