Prologis Board of Directors Approves 9 Percent Increase in Quarterly Common Stock Dividend
SAN FRANCISCO, Feb. 22, 2018 /PRNewswire/ -- The Board of Directors of Prologis, Inc. (NYSE: PLD) today approved a plan to raise the company's annualized dividend level by 9 percent to $1.92 per share of common stock. The board declared a regular cash dividend for the quarter ending March 31, 2018, on the following securities:
- A dividend of $0.48 per share of the company's common stock, which will be payable on March 29, 2018, to common stockholders of record at the close of business on March 15, 2018; and
- A dividend of $1.0675 per share of the company's 8.54% Series Q Cumulative Redeemable Preferred Stock, which will be payable on April 2, 2018, to Series Q stockholders of record at the close of business on March 19, 2018.
"The increase in our common stock dividend underscores our confidence in the future," said Thomas S. Olinger, chief financial officer, Prologis. "The 9 percent increase is underpinned by growth in same store NOI, as well as our ability to source profitable deployment opportunities globally—all of which position us for an extended period of durable earnings growth."
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2017, 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 684 million square feet (64 million square meters) in 19 countries. Prologis leases modern distribution facilities to a diverse base of approximately 5,000 customers across two major categories: business-to-business and retail/online fulfillment.
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 Prologis operates, management's beliefs and assumptions made by management. Such statements involve uncertainties that could significantly impact Prologis' financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," 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 and changes in sales or contribution volume of properties, disposition activity, general conditions in the geographic areas where we operate, our debt 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 climates, (ii) changes in 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 ("REIT") status and tax structuring, (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 and funds, including our ability to establish new co-investment ventures and funds, (viii) risks of doing business internationally, including currency risks, (ix) environmental uncertainties, including risks of natural disasters, and (x) those additional factors discussed in reports filed with the Securities and Exchange Commission by Prologis under the heading "Risk Factors." Prologis undertakes no duty to update any forward-looking statements appearing in this document.
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SOURCE Prologis, Inc.
Released February 22, 2018