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 18, 2023
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 18, 2023, Prologis, Inc., the general partner of Prologis, L.P., issued a press release announcing fourth quarter 2022 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 18, 2023. |
| --- | --- |
| 99.2 | Press release, dated January 18, 2023. |
| --- | --- |
| 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 18, 2023 | By: | /s/ Timothy D. Arndt |
| Name:Timothy D. Arndt | ||
| Title:Chief Financial Officer | ||
| PROLOGIS, L.P., | ||
| --- | --- | --- |
| January 18, 2023 | By: Prologis, Inc., its general partner | |
| By: | /s/ Timothy D. Arndt | |
| Name:Timothy D. Arndt | ||
| Title:Chief Financial Officer |
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Prologis Supplemental Information Fourth Quarter 2022 Unaudited Pharr Bridge Industrial Ctr #8, Reynosa, Mexico
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 Contents 4Q 2022 Supplemental
* 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 2022 Supplemental Overview Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2022, 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 1.2 billion square feet (113 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 6,600 customers principally across two major categories: business-to-business and retail/online fulfillment.
On October 3, 2022, Prologis completed the acquisition of Duke Realty Corporation (“Duke Realty”) for approximately $23 billion (through the issuance of equity and the assumption of debt). Therefore, our operating results include the Duke Realty properties from that date forward.
5,495 Buildings 1.2B Square Feet ~$39.0B Build Out of Land (TEI) U.S. 782M SF 86% of NOI*(A) Other Americas 80M SF 4% of NOI*(A) Europe 240M SF 8% of NOI*(A) Asia 111M SF 2% of NOI*(A)
Company Profile * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 4Q 2022 Prologis Share of NOI of the Operating Portfolio annualized. 4Q 2022 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. 4Q 2022 Supplemental Highlights 1 U.S.(D) Outside the U.S. U.S.(D) Outside the U.S. U.S.(D) Outside the U.S.
Company Performance * This is a non-GAAP financial measure. Please see reconciliations from Net Earnings Attributable to Common Stockholders on page 8 and reference our Notes and Definitions for further explanation. 4Q 2022 Supplemental Highlights Net earnings attributable to common stockholders Core FFO attributable to common stockholders/unitholders* AFFO attributable to common stockholders/unitholders* 2
Net earnings attributable to common stockholders in millions Core ffo attributable to common stockholders/ unitholders* in millions affO attributable to common stockholders/unitholders* in millions Dividends and distributions in millions * This is a non-GAAP financial measure. Please see reconciliations from Net Earnings Attributable to Common Stockholders on page 8 and reference our Notes and Definitions for further explanation. Highlights Company Performance 4Q 2022 Supplemental 3
Lease Proposals in millions of square feet U.s. IBI activity index diffusion index, points New Lease negotiation Gestation in days U.S. space utilization * Please see our Notes and Definitions for further explanation. Highlights Prologis Leading Indicators and Proprietary Metrics* 4Q 2022 Supplemental Average 23 4 percent
Guidance (A) * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Our guidance for 2023 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 amortization and gains or losses on dispositions of real estate. See the Notes and Definitions for a reconciliation. 4Q 2022 Supplemental Highlights 5
Consolidated Balance Sheets 4Q 2022 Supplemental Financial Information 6
Consolidated Statements of Income 4Q 2022 Supplemental Financial Information 7
Reconciliations of Net Earnings to FFO* * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 4Q 2022 Supplemental Financial Information 8
Reconciliations of Net Earnings to Adjusted EBITDA* * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 4Q 2022 Supplemental Financial Information 9
Occupancy Customer Retention Same Store Change Over Prior Year - Prologis Share* Rent Change - Prologis Share * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Operations Overview 4Q 2022 Supplemental Trailing four quarters – net effective 10
Operating Metrics – Owned and Managed Amounts exclusive of leases of less than one year, unless otherwise noted. 4Q 2022 Supplemental Operations 11
Operating Metrics – Owned and Managed * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 4Q 2022 Supplemental Operations CAPITAL EXPENDITURES Thousands, except for percentages SAME STORE INFORMATION Thousands, except for percentages PROPERTY IMPROVEMENTS TURNOVER COSTS ON LEASES COMMENCED COMPOSITION OF PORTFOLIO (by Unit Size) Free rent as a % of lease value – trailing four quarters 3.1% 3.0% 2.6% 2.4% 2.1% Occupancy 96.6% 98.5% 98.4% 99.8% Trailing four quarter average Per square foot ($) As a % of lease value Per square foot ($) 12
Operating Portfolio(A) – Square Feet, Occupied and Leased Data in the Operating Portfolio excludes non-strategic industrial properties acquired due to our intent not to hold long-term. These properties are classified as Other Real Estate Investments. This data excludes 24 million square feet related to non-strategic industrial properties. 4Q 2022 Supplemental Operations 13
Operating Portfolio – NOI* and Gross Book Value * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. This data excludes $31 million of NOI related to non-strategic industrial properties. 4Q 2022 Supplemental Operations 14
Operating Portfolio – Summary by Division * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 4Q 2022 Supplemental Operations 15
Customer Information We have signed leases, which were due to expire in 2023, totaling 46 million square feet in our owned and managed portfolio (3.7% of total net effective rent) and 28 million square feet on a Prologis share basis (3.4% of total net effective rent). These are excluded from 2023 expirations and are reflected in the new year of expiration. 4Q 2022 Supplemental Operations 16
Development Starts (TEI) in millions Development Stabilizations (TEI) dollars in millions Acquisitions(a) and M&A Activity in millions Land Portfolio in millions
This data excludes all acquisitions of land. The estimated build out includes the land portfolio, Covered Land Plays and other land that we could develop through options, ground leases, unconsolidated joint ventures and other contractual arrangements. Capital Deployment Overview – Prologis Share 4Q 2022 Supplemental Outside the U.S. U.S. 17
Development Stabilizations TEI amount includes development stabilizations on yards, parking lots and other non-industrial assets that will be included in Other Real Estate Investments upon completion. 4Q 2022 Supplemental Capital Deployment 18
Development Starts TEI amount includes development starts on yards, parking lots and other non-industrial assets that will be included in Other Real Estate Investments upon completion. 4Q 2022 Supplemental Capital Deployment 19
Development Portfolio TEI amount includes development on yards, parking lots and other non-industrial assets that will be included in Other Real Estate Investments upon completion. 4Q 2022 Supplemental Capital Deployment 20
Third Party Acquisitions A. This data excludes the acquisition of Duke Realty. 4Q 2022 Supplemental Capital Deployment 21
Dispositions and Contributions 4Q 2022 Supplemental Capital Deployment 22
Land Portfolio – Owned and Managed 4Q 2022 Supplemental Capital Deployment 23
Land Portfolio – Summary and Roll Forward Amounts include approximately 3,600 acres that we could develop through options, ground leases, unconsolidated joint ventures and other contractual arrangements. 4Q 2022 Supplemental Capital Deployment 24
Third party aum dollars in billions third Party Fee Related and promote revenue in millions Fee related earnings annualized* in millions Net Promote income dollars in millions This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Strategic Capital Overview 4Q 2022 Supplemental 87.2% 90.1% 91.4% 94.9% 95.0% % Open end/Public 29.1 27.9 27.2 21.6 37.1 Trailing 3 year basis points of 3rd party AUM 25
Summary and Financial Highlights * 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. 4Q 2022 Supplemental Strategic Capital 26
Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures (at 100%)(A) * 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. 4Q 2022 Supplemental Strategic Capital 27
Non-GAAP Pro-Rata Financial Information(A) * 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. 4Q 2022 Supplemental Strategic Capital 28
Overview * This is a non-GAAP financial measure. Please see our Notes and Definitions for detailed calculation. Enterprise value is calculated using Prologis’ stock price of $112.73 as of December 31, 2022. Prologis’ stock price was $101.60 as of September 30, 2022. Mexico is included in the U.S. as it is U.S. dollar functional. The detailed 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. 4Q 2022 Supplemental Capitalization ASSETS UNDER MANAGEMENT (dollars in millions) Enterprise Value(A) AUM by Geography Market Equity U.S. DOLLAR EXPOSURE (dollars in millions) Enterprise Value Debt U.S. Dollar(B) 34.4% U.S. Dollar (B) 87.1% Outside U.S. 12.9% Outside U.S. 65.6% DEBT BY CURRENCY- PROLOGIS SHARE UNENCUMBERED ASSETS – PROLOGIS SHARE: $93.4B (in billions) AUM by Ownership 29
Debt Components – Consolidated
The maturities for the 2021 Global Facility ($480 million), 2022 Global Facility ($1,052 million) and the yen revolver ($7 million) are reflected at the extended maturity date, as the extension is at our option. The maturity of certain debt ($222 million) is reflected at the extended maturity dates 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. 4Q 2022 Supplemental Capitalization 30
Debt Components – Noncontrolling Interests and Unconsolidated (A) 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 $91 million) is reflected at the extended maturity dates as the extension is at the venture’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. 4Q 2022 Supplemental Capitalization 31
Components – Prologis Share * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 4Q 2022 Supplemental Net Asset Value 32
Components – continued Net Promote Income includes promote revenue of $30 million and expenses of $15 million for the quarter. 4Q 2022 Supplemental Net Asset Value 33
Notes and Definitions Prologis Park Venlo, Venlo, the Netherlands 4Q 2022 Supplemental
4Q 2022 Supplemental Notes and Definitions 35
4Q 2022 Supplemental Notes and Definitions (continued) 36
4Q 2022 Supplemental Notes and Definitions (continued) 37
4Q 2022 Supplemental Notes and Definitions (continued) 38
4Q 2022 Supplemental Notes and Definitions (continued) 39
4Q 2022 Supplemental Notes and Definitions (continued) 40
4Q 2022 Supplemental Notes and Definitions (continued) 41
4Q 2022 Supplemental Notes and Definitions (continued) 42
pld-ex992_7.htm
FOR IMMEDIATE RELEASE
Prologis Reports Strong Fourth Quarter and Full Year 2022 Earnings
Sets new operating records; expects leading 2023 earnings growth
SAN FRANCISCO (January 18, 2023) – Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today reported full year and fourth quarter results for 2022.
Net earnings per diluted share was $0.63 for the fourth quarter of 2022 compared with $1.67 for the fourth quarter of 2021. Net earnings per diluted share for the year ended December 31, 2022 was $4.25, compared with $3.94 for the prior year.
Core funds from operations (Core FFO)* per diluted share was $1.24 for the fourth quarter of 2022, which included $0.02 of net promote income, compared with $1.12 for the same period in 2021, which included $0.05 of net promote income. For the full year 2022, Core FFO per diluted share was $5.16 compared with $4.15 for the same period in 2021. Net earnings and Core FFO per diluted share for the full year of 2022 and 2021 included net promote income of $0.55 and $0.06, respectively.
“Our results underscore the strength of our business in the face of a slowing economy,” said Hamid R. Moghadam, co-founder and CEO, Prologis. “While capital markets have begun to stabilize, it will likely take a few quarters before we see meaningful price discovery, and normalization of values. Despite the challenging economic environment, we are focused on serving our customers through the scale and quality of our portfolio, our growing Essentials offerings, and dedication of the best team in the business.”
OPERATING PERFORMANCE
| Owned & Managed | 4Q22 | Notes |
|---|---|---|
| Average Occupancy | 98.0% | |
| Leases Commenced | 42.5MSF | 36.9MSF operating portfolio and 5.6MSF development portfolio |
| Retention | 82.4% | |
| Prologis Share | 4Q22 | Notes |
| --- | --- | --- |
| Cash Same Store NOI* | 9.1% | Led by U.S. at 9.6% |
| Net Effective Rent Change | 50.6% | Lower sequentially on lease roll mix; Led by U.S. at 55.0% |
| Cash Rent Change | 32.4% |
DEPLOYMENT ACTIVITY
| Prologis Share | 4Q22 | FY 2022 |
|---|---|---|
| Acquisitions | $181M | $2,070M |
| Weighted avg stabilized cap rate (excluding other real estate) | 5.9% | 4.3% |
| Development Stabilizations | $820M | $2,888M |
| Estimated weighted avg yield | 6.9% | 6.3% |
| Estimated weighted avg margin | 46.4% | 54.8% |
| Estimated value creation | $380M | $1,583M |
| % Build-to-suit | 20.5% | 38.9% |
| Development Starts | $846M | $4,675M |
| Estimated weighted avg yield | 6.6% | 6.1% |
| Estimated weighted avg margin | 30.2% | 42.3% |
| Estimated value creation | $256M | $1,976M |
| % Build-to-suit | 50.8% | 39.2% |
| Total Dispositions and Contributions | $310M | $2,191M |
| Weighted avg stabilized cap rate (excluding land and other real estate) | 4.2% | 4.0% |
BALANCE SHEET STRENGTH & LIQUIDITY
“We enter the new year in a position of financial strength, maintaining excellent balance sheet metrics and sourcing capital globally to fund our continued growth,” said Timothy D. Arndt, chief financial officer, Prologis. “At year-end, we had over $4 billion of liquidity and the investment capacity across Prologis and its co-investment ventures totaled $20 billion. We continue to manage our balance sheet prudently, and therefore are able to navigate any potential headwinds, as well as take advantage of opportunities.”
During the fourth quarter, Prologis and its co-investment ventures issued $1.1 billion of debt at a weighted average interest rate of 3.0%, and a weighted average term of 7.5 years. This activity included $553 million of global bond raises, including an inaugural offering in Canada. For the full year, Prologis and its co-investment ventures issued $12.0 billion of debt at a weighted average interest rate of 3.0% and a weighted average term of 7.0 years, inclusive of $3.3 billion in green bonds.
As of December 31, 2022, debt as a percentage of total market capitalization was 20.1%, and the company’s weighted average interest rate on its share of total debt was 2.5%, with a weighted average term of 9.1 years. In addition, the company has no significant debt maturities until 2026.
FOREIGN CURRENCY STRATEGY
Prologis hedges its exposure to foreign currency fluctuations by borrowing in the currencies in which it invests and using derivative financial instruments. As of December 31, 2022, 97% of Prologis’ equity was in USD and earnings forecasted in foreign currencies for 2023, 2024, and 2025 were 99%, 98% and 96%, respectively, hedged through derivative contracts.
2023 GUIDANCE
Prologis’ guidance for Net earnings is included in the table below as well as guidance for Core FFO*, which are both reconciled in our supplemental information.
"At the midpoint of our range, we project Core FFO growth of 9.5%, excluding promotes, representing strong growth, particularly in light of current economic conditions,” Arndt added. “We are confident in our ability to execute on our plan, driving earnings growth and value creation across the cycle, bolstered by our 67% lease mark-to-market and $39 billion land bank build out potential.”
2023 GUIDANCE
Earnings (per diluted share)
| Net earnings attributable to common stockholders | $3.00 to $3.15 |
|---|---|
| Core FFO attributable to common stockholders/unitholders* | $5.40 to $5.50 |
| Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income* | $5.00 to $5.10 |
Operations
| Average occupancy | 96.50% to 97.50% |
|---|---|
| Cash Same Store NOI* - PLD share | 8.50% to 9.50% |
Strategic Capital (in millions)
| Strategic Capital revenue, excluding promote revenue | $500 to $525 |
|---|---|
| Net Promote Income | $380 |
G&A (in millions)
| General & administrative expenses | $370 to $385 |
|---|
Capital Deployment - Prologis Share (in millions)
| Development stabilizations | $2,600 to $3,000 |
|---|---|
| Development starts | $2,500 to $3,000 |
| Acquisitions | $300 to $600 |
| Contributions | $1,250 to $1,750 |
| Dispositions | $800 to $1,200 |
| Net sources/(uses) | $(750) to $(650) |
| Realized development gains | $300 to $400 |
| * | 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 2023 relates predominantly to these items. Please refer to our quarterly 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 18, 2023, CALL DETAILS The call will take place on Wednesday, January 18, 2023, at 9:00 a.m. PT/12:00 p.m. ET. To access a live broadcast of the call, please dial +1 (877) 897-2615 (toll-free from the United States and Canada) or +1 (201) 689-8514 (from all other countries). A live webcast can be accessed from the Investor Relations section of www.prologis.com.
A telephonic replay will be available January 18 – February 1 at +1 (877) 660-6853 (from the United States and Canada) or +1 (201) 612-7415 (from all other countries) using access code 13734962. 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, 2022, 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 1.2 billion square feet (113 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 6,600 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: Jill Sawyer, +1 (415) 733-9526, jsawyer@prologis.com, San Francisco
Media: Jennifer Nelson, +1 (415) 733-9409, jnelson2@prologis.com, San Francisco
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