Prologis Completes 20 Build-to-Suit Development Projects in the First Half of 2017
SAN FRANCISCO, July 6, 2017 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today announced it completed 20 build-to-suit development projects in the first half of 2017. These projects totaled more than 7 million square feet with a total expected investment of $430 million.
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During the same period, the company also initiated 17 build-to-suit development starts representing more than 7 million square feet at a total expected investment of $620 million. More than 75 percent of those starts were signed with the company's multi-site customers, and more than 90 percent will be located in Global Markets.
"The strategic advantage of our land bank, combined with our extensive multi-site customer relationships, continued to drive strong activity in the first half of 2017," said Michael S. Curless, chief investment officer, Prologis. "This activity represents 50 percent of our year-to-date build-to-suit development starts--a healthy mix at this point in the cycle."
Prologis' First Half 2017 Build-to-Suit Completions
Customer Industry Market Size (SF)
-------- -------- ------ --------
1 Home Depot Retail Atlanta, GA 1,039,680
--- ---------- ------ ----------- ---------
2 Carrier Corporation HVAC San Antonio, TX 849,275
--- ------------------- ---- --------------- -------
3 Sephora Cosmetics Memphis, TN 716,080
--- ------- --------- ----------- -------
4 Cerveceria Cuauhtemoc International Beverage
Distributor Monterrey, Mexico 662,500
--- --------------------- ---------------------- ----------------- -------
5 Tesco International Grocery Bratislava, Slovakia 602,521
--- ----- --------------------- -------------------- -------
6 Bed, Bath and Beyond Retail Las Vegas, NV 525,200
--- -------------------- ------ ------------- -------
7 Agata Meble Retail Central Poland 453,936
--- ----------- ------ -------------- -------
8 Wal-Mart International Retail Las Vegas, NV 342,243
--- -------- -------------------- ------------- -------
9 HP Tonic Retail Prague, Czech Republic 326,739
--- -------- ------ ---------------------- -------
10 Action Nederland BV Retail Paris, France 259,970
--- ------------------- ------ ------------- -------
11 DHL Supply Chain Management Utrecht, Netherlands 256,698
--- --- ----------------------- -------------------- -------
12 Hitachi Finenext Transport International Logistics Tokyo, Japan 212,042
--- -------------------------- ----------------------- ------------ -------
13 GEIS PL Logistics Central Poland 194,859
--- ------- --------- -------------- -------
14 G. Gühring Manufacturer Bremen, Germany 186,431
--- ---------- ------------ --------------- -------
15 DFS Furniture Manufacturer East Midlands, UK 153,353
--- --- ---------------------- ----------------- -------
16 Waberer's-Szemerey Logistics Budapest, Hungary 150,296
--- ------------------ --------- ----------------- -------
17 Geis Global Logistics International Logistics Central Poland 126,368
--- --------------------- ----------------------- -------------- -------
18 Orca Systems Manufacturer Rhine-Ruhr, Germany 100,438
--- ------------ ------------ ------------------- -------
19 Waberer's-Szemerey Logistics Budapest, Hungary 75,433
--- ------------------ --------- ----------------- ------
20 Raben Group BV International Logistics Bratislava, Slovakia 40,418
--- -------------- ----------------------- -------------------- ------
Total 7,274,480
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Prologis' First Half 2017 Build-to-Suit Starts*
Customer Profile Market Size (SF)
---------------- ------ --------
1 Manufacturer Dallas, TX 1,316,341
--- ------------ ---------- ---------
2 Food San Francisco Bay Area 708,080
--- ---- ---------------------- -------
3 International E-Commerce Tokyo, Japan 681,619
--- ------------------------ ------------ -------
4 Cosmetics San Francisco Bay Area 670,680
--- --------- ---------------------- -------
5 Retail South Netherlands 469,091
--- ------ ----------------- -------
6 International Logistics Eindhoven, Netherlands 435,249
--- ----------------------- ---------------------- -------
7 E-Commerce South Netherlands 394,734
--- ---------- ----------------- -------
8 Transportation Sendai, Japan 387,610
--- -------------- ------------- -------
9 International Logistics East Midlands, UK 379,213
--- ----------------------- ----------------- -------
10 International Logistics Central Germany 378,362
--- ----------------------- --------------- -------
11 Apparel Mexico City, Mexico 367,556
--- ------- ------------------- -------
12 Food and Beverage East Midlands/UK 325,501
--- ----------------- ---------------- -------
13 International Logistics Northern Italy 317,223
--- ----------------------- -------------- -------
14 International Logistics Barcelona, Spain 292,240
--- ----------------------- ---------------- -------
15 Consumer Electronics Paris, France 271,853
--- -------------------- ------------- -------
16 Textiles Bratislava, Slovakia 174,365
--- -------- -------------------- -------
17 Packaging, Paper and Plastics Bratislava, Slovakia 75,993
--- ----------------------------- -------------------- ------
Total 7,645,710
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*Due to confidentiality, Prologis often does not disclose customer names at this stage of development.
ABOUT PROLOGIS
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of March 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 678 million square feet (63 million square meters) in 19 countries. Prologis leases modern distribution facilities to a diverse base of approximately 5,200 customers 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," "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 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 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, and (x) 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.
