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): October 15, 2021
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 October 15, 2021, Prologis, Inc., the general partner of Prologis, L.P., issued a press release announcing third 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 October 15, 2021. |
| --- | --- |
| 99.2 | Press release, dated October 15, 2021. |
| --- | --- |
| 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. | ||
|---|---|---|
| October 15, 2021 | By: | /s/ Thomas S. Olinger |
| Name:Thomas S. Olinger | ||
| Title:Chief Financial Officer | ||
| PROLOGIS, L.P., | ||
| --- | --- | --- |
| October 15, 2021 | 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 Third Quarter 2021 Unaudited Prologis’ the HUB Training Facility at DIRFT, Daventry, UK
3Q 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 Strategic Capital 10 Summary and Financial Highlights 11 Operating and Balance Sheet Information of the Unconsolidated Co-Investment Ventures 12 Non-GAAP Pro-Rata Financial Information Operations 13 Overview 14 Operating Metrics 16 Operating Portfolio 19 Customer Information
Capital Deployment 20 Overview 21 Development Stabilizations 22 Development Starts 23 Development Portfolio 24 Third Party Acquisitions 25 Dispositions and Contributions 26 Land Portfolio Capitalization 28 Overview 29 Debt Components - Consolidated 30 Debt Components - Noncontrolling Interests and Unconsolidated Net Asset Value 31 Components Notes and Definitions 33 Notes and Definitions
Copyright © 2021 Prologis
4,675 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. 3Q 2021 Supplemental Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of September 30, 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 994 million square feet (92 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,500 customers principally across two major categories: business-to-business and retail/online fulfillment. 994M Square Feet ~$21B Build Out of Land (TEI) U.S. 612M SF 81% of NOI*(A) Other Americas 69M SF 5% of NOI*(A) Europe 210M SF 11% of NOI*(A) Asia 103M SF 3% of NOI*(A)
Highlights * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. 3Q 2021 Prologis Share of NOI of the Operating Portfolio annualized. 3Q 2021 third-party share of asset management fees annualized plus trailing twelve months third-party share of transactional fees and net promotes. 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 3Q 2021 Supplemental
Highlights * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Company Performance 3Q 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 in millions Asset Management Fees and Net Promotes in millions Highlights Company Performance 3Q 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* 3Q 2021 Supplemental 4 Average 23
Highlights * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Our guidance for 2021 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 $0.05 of net promote income. Includes $187 million of proceeds from the disposition of our ownership interest in one of our other unconsolidated ventures. Guidance (A) 3Q 2021 Supplemental 5
Financial Information Consolidated Balance Sheets 3Q 2021 Supplemental 6
Financial Information Consolidated Statements of Income 3Q 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* 3Q 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* 3Q 2021 Supplemental 9
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. Summary and Financial Highlights 3Q 2021 Supplemental 10
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) 3Q 2021 Supplemental 11
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) 3Q 2021 Supplemental 12
* 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 3Q 2021 Supplemental 13 Trailing four quarters – net effective
Operations Amounts exclusive of leases of less than one year, unless otherwise noted. Operating Metrics – Owned and Managed 3Q 2021 Supplemental 14
Operations * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Operating Metrics – Owned and Managed 3Q 2021 Supplemental 15 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 2.7% 2.8% 3.0% 3.2% 3.1% Occupancy 94.3% 97.4% 98.4% 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 3Q 2021 Supplemental 16 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 25 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 $32 million of NOI related to non-strategic industrial properties. Operating Portfolio – NOI* and Gross Book Value 3Q 2021 Supplemental 17
Operations * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Operating Portfolio – Summary by Division 3Q 2021 Supplemental 18
Operations We have signed leases, that were due to expire, totaling 26 million square feet in our owned and managed portfolio (2.6% of total net effective rent) and 16 million square feet on a Prologis share basis (2.6% of total net effective rent). These are excluded from 2021 expirations and are reflected at their respective expiration year. Customer Information 3Q 2021 Supplemental 19
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 3Q 2021 Supplemental 20 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 YTD Q3
Capital Deployment Development Stabilizations 3Q 2021 Supplemental 21
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 3Q 2021 Supplemental 22
Capital Deployment Development Portfolio 3Q 2021 Supplemental 23
Capital Deployment Third Party Acquisitions 3Q 2021 Supplemental 24
Capital Deployment Excludes $187 million of proceeds from the disposition of our ownership interest in one of our other unconsolidated ventures. Dispositions and Contributions (A) 3Q 2021 Supplemental 25
Capital Deployment Land Portfolio – Owned and Managed 3Q 2021 Supplemental 26
Capital Deployment Amounts include approximately 3,000 acres that we could develop through options, ground leases, unconsolidated joint ventures and other contractual arrangements. Land Portfolio – Summary and Roll Forward 3Q 2021 Supplemental 27
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 3Q 2021 Supplemental 28 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) 22.8% U.S. Dollar (A) 84.2% Outside U.S. 15.8% Outside U.S. 77.2% DEBT BY CURRENCY- PROLOGIS SHARE UNENCUMBERED ASSETS – PROLOGIS SHARE: $59.7B (in billions) AUM by Ownership
Capitalization
The maturity for the 2021 Global Facility ($100 million) is 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 28 for our market equity exposure by currency. Debt Components - Consolidated 3Q 2021 Supplemental 29
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 $179 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 28 for our market equity exposure by currency. Debt Components - Noncontrolling Interests and Unconsolidated (A) 3Q 2021 Supplemental 30
Net Asset Value * This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation. Components – Prologis Share 3Q 2021 Supplemental 31
Net Asset Value For the quarter, promote revenue was $23 million less expenses of $14 million. Components - continued 3Q 2021 Supplemental 32
Notes and Definitions Prologis Fokker Park, Oude Meer, the Netherlands
Notes and Definitions 3Q 2021 Supplemental 34
Notes and Definitions (continued) 3Q 2021 Supplemental 35
Notes and Definitions (continued) 3Q 2021 Supplemental 36
Notes and Definitions (continued) 3Q 2021 Supplemental 37
Notes and Definitions (continued) 3Q 2021 Supplemental 38
Notes and Definitions (continued) 3Q 2021 Supplemental 39
Notes and Definitions (continued) 3Q 2021 Supplemental 40
Notes and Definitions (continued) 3Q 2021 Supplemental 41
pld-ex992_6.htm
FOR IMMEDIATE RELEASE
Prologis Reports Third Quarter 2021 Earnings Results
SAN FRANCISCO (October 15, 2021) – Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today reported results for the third quarter of 2021.
Net earnings per diluted share was $0.97 for the quarter compared with $0.40 for the third quarter of 2020. Core funds from operations (Core FFO)* per diluted share was $1.04 for the quarter compared with $0.90 for the same period in 2020.
“Our third quarter results were underpinned by record increases in market rents and valuations,” said Hamid R. Moghadam, chairman and CEO, Prologis. “Operating conditions are being shaped by the structural forces driving demand. With vacancies at unprecedented lows, space in our markets is effectively sold out.”
OPERATING PERFORMANCE
| Owned & Managed | 3Q21 | Notes |
|---|---|---|
| Average Occupancy | 96.6% | Up 60bps from Q2 2021, 98.0% leased as of September 30, 2021 |
| Leases Commenced | 49.5MSF | 42.1MSF operating portfolio and 7.4MSF development portfolio |
| Retention | 79.3% | |
| Prologis Share | 3Q21 | Notes |
| --- | --- | --- |
| Net Effective Rent Change | 27.9% | |
| Cash Rent Change | 12.9% | |
| Cash Same Store NOI* | 6.7% | US at 6.9%; Intl. at 5.9% |
DEPLOYMENT ACTIVITY
| Prologis Share | 3Q21 |
|---|---|
| Building Acquisitions | $373M |
| Weighted avg stabilized cap rate | 5.0% |
| Development Stabilizations | $368M |
| Estimated weighted avg yield | 5.9% |
| Estimated weighted avg margin | 47.2% |
| Estimated value creation | $173M |
| % Build-to-suit | 54.8% |
| Development Starts | $1,449M |
| Estimated weighted avg yield | 5.8% |
| Estimated weighted avg margin | 36.1% |
| Estimated value creation | $523M |
| % Build-to-suit | 60.3% |
| Total Dispositions and Contributions | $732M |
| Weighted avg stabilized cap rate (excluding land and other real estate) | 4.1% |
BALANCE SHEET & LIQUIDITY
During the third quarter, Prologis and its co-investment ventures issued $1.3 billion of debt at a weighted average interest rate of 2.1 percent. This activity includes $169 million in green bond raises. The company has maintained its leading liquidity position with approximately $5.5 billion in cash and availability on its credit facilities.
As of September 30, 2021, debt as a percentage of total market capitalization was 16.7 percent, and the company’s weighted average interest rate on its share of total debt was 1.8 percent with a weighted average term of 10.4 years. The combined investment capacity of Prologis and its open-ended ventures, at levels in line with their current ratings, is approximately $15 billion.
2021 GUIDANCE
“Our earnings potential is unrivaled,” said Thomas S. Olinger, chief financial officer, Prologis. “Most of the benefit from the current environment will accrue to the future given our 22% in-place-to-market rent spread, the valuation impact on our promotes, our leverage capacity, the $21 billion of development build-out and, most importantly, the vast opportunity set that our global footprint provides.”
2021 GUIDANCE
Earnings (per diluted share) Previous Revised Change at M.P.
| Net Earnings | $3.08 to $3.14 | $3.64 to $3.68 | 17.7% |
|---|---|---|---|
| Core FFO* | $4.04 to $4.08 | $4.11 to $4.13 | 1.5% |
| Core FFO, excluding net promote income* | $4.02 to $4.06 | $4.06 to $4.08 | 0.7% |
Operations
| Average occupancy | 96.25% to 96.75% | 96.25% to 96.75% | - |
|---|---|---|---|
| Cash Same Store NOI* - PLD share | 5.25% to 5.75% | 5.75% to 6.00% | 38 bps |
Strategic Capital (in millions)
| Strategic capital revenue,<br><br><br>excl promote revenue | $465 to $475 | $480 to $485 | 2.7% |
|---|---|---|---|
| Net promote income | $15 | $40 | $25 |
G&A (in millions)
| General & administrative expenses | $295 to $305 | $295 to $300 | (0.8%) |
|---|
Capital Deployment – Prologis Share (in millions) Previous Revised Change at M.P.
| Development stabilizations | $2,200 to $2,400 | $2,200 to $2,400 | - |
|---|---|---|---|
| Development starts | $3,050 to $3,350 | $3,500 to $3,800 | 14.1% |
| Building acquisitions | $700 to $900 | $1,200 to $1,400 | 62.5% |
| Building contributions | $1,850 to $2,150 | $1,850 to $2,150 | - |
| Building and land dispositions | $2,050 to $2,350 | $2,150 to $2,450 | 4.5% |
| Net sources/(uses) | $150 to $250 | ($600) to ($700) | ($850) |
| Realized development gains | $775 to $825 | $775 to $825 | - |
| * | 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 2021 relates predominantly to these items. Please refer to our second 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.
October 15, 2021, CALL DETAILS The call will take place on Friday, October 15, 2021, at 9:00 a.m. PT/12:00 p.m. ET. To access a live broadcast of the call, please dial +1 (833) 968-2252 (toll-free from the United States and Canada) or +1 (778) 560-2807 (from all other countries) and enter conference code 1931016. A live webcast can be accessed from the Investor Relations section of www.prologis.com.
A telephonic replay will be available October 15–29 at +1 (800) 585-8367 (from the United States and Canada) or +1 (416) 621-4642 (from all other countries) using conference code 1931016. 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 September 30, 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 994 million square feet (92 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,500 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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