Prologis Declares Quarterly Dividends and Announces Results From Stockholder Meeting
SAN FRANCISCO, May 4, 2023 /PRNewswire/ -- The Board of Directors of Prologis, Inc. (NYSE: PLD) today declared a regular cash dividend for the quarter ending June 30, 2023 on the following securities:
- A dividend of $0.87 per share of the company's common stock, payable on June 30, 2023, to common stockholders of record at the close of business on June 16, 2023; and
- A dividend of $1.0675 per share of the company's 8.54% Series Q Cumulative Redeemable Preferred Stock, payable on June 30, 2023, to Series Q stockholders of record at the close of business on June 16, 2023.
Annual Meeting Results
The following proposals were approved at the company's 2023 annual stockholder meeting:
- Our stockholders elected Hamid R. Moghadam (chairman), Cristina G. Bita, James B. Connor, George L. Fotiades, Lydia H. Kennard, Irving F. Lyons III, Avid Modjtabai, David P. O'Connor, Olivier Piani, Jeffrey L. Skelton and Carl B. Webb as directors of the company.
- Advisory vote on the Frequency of Future Advisory Votes on the Company's Executive Compensation for one year.
- Ratify the appointment of KPMG LLP as our independent registered public accounting firm for the year 2023.
The advisory vote to approve the company's executive compensation program for 2022 did not receive the requisite number of favorable votes.
Prologis is committed to the highest standards of governance and values stockholders' perspectives shared through both direct engagement and votes on the company's proxy ballot items. Pay-for-performance is embodied in the company's compensation programs and compensation outcomes are closely tied to value delivered to its stockholders. The Board and Compensation Committee will continue to assess shareholder feedback as part of their ongoing evaluation of Prologis' executive compensation programs.
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At March 31, 2023, 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.
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, acquisition and 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 earn revenues from co-investment ventures, 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) international, national, regional and local economic and political climates and conditions; (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, including the integration of the operations of significant real estate portfolios; (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 global pandemics; 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.
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SOURCE Prologis, Inc.
Released May 4, 2023