ProLogis To Offer 80 Million Common Shares

DENVER, Oct. 25 /PRNewswire-FirstCall/ -- ProLogis (NYSE: PLD), the leading global provider of distribution facilities, today announced it intends to offer 80 million common shares in a registered public offering. The company also plans to grant the underwriters a 30-day option to purchase up to 12 million additional shares to cover overallotments, if any.  BofA Merrill Lynch, Morgan Stanley, Goldman, Sachs & Co. and J.P. Morgan are acting as joint bookrunners for the proposed offering. ProLogis intends to use the net proceeds from the sale of the common shares to repay borrowings under its global line of credit.  ProLogis will apply any remaining net proceeds, together with amounts reborrowed under its global line of credit, for the repayment or repurchase of outstanding indebtedness (including the repayment of the approximately $190 million outstanding principal amount of its 5.25 percent notes due November 15, 2010, and which may include the cash purchase, through tender or otherwise, of certain of its senior notes and/or convertible senior notes) and for general corporate purposes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

A copy of the prospectus supplement and prospectus relating to these securities may be obtained, when available, by contacting BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department or email dg.prospectus_baml.com; Morgan Stanley & Co. Incorporated, 180 Varick Street, New York, NY 10014, at 1-866-718-1649 or by email at prospectus@morganstanley.com; Goldman, Sachs & Co., 200 West Street, New York, NY 10282, Attn: Prospectus Department or email prospectus-ny@ny.email.gs.com; or J.P. Morgan Securities LLC, Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or at 1-866-803-9204.

About ProLogis

ProLogis is the leading global provider of distribution facilities, with more than 475 million square feet of industrial space (44 million square meters) in markets across North America, Europe and Asia. The company leases its industrial facilities to more than 4,400 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs.  

The statements above 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, they 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 developed properties, general conditions in the geographic areas where we operate and the availability of capital in existing or new property funds – 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, (v) maintenance of real estate investment trust ("REIT") status, (vi) availability of financing and capital, (vii) changes in demand for developed properties, and (viii) 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 press release.

SOURCE ProLogis