Prologis
Annual Report 2012

Plain-text annual report

2012 annual report Shareholders letter leadership priorities news financial highlights 21 countries of operation form 10-K building the foundation 2012 annual report Shareholders letter leadership priorities news financial highlights building the foundation 4,500 customers form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights $45B total assets under management form 10-K building the foundation 2012 annual report Shareholders letter leadership priorities news financial highlights 3,000 logistics facilities form 10-K building the foundation 2012 annual report Shareholders letter leadership priorities news financial highlights $18.1B private capital assets under management form 10-K building the foundation 2012 annual report Shareholders letter leadership priorities news financial highlights 554m square feet building the foundation form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights building the foundation 1,400 real estate professionals form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights dear fellow Shareholder S, 2012 marked a significant milestone for Prologis as we concluded our first full year of operations as a new company. Our business continued to strengthen as global demand for high-quality logistics facilities increased due to growing consumption and supply chain reconfiguration. hamid r. Moghadam Chairman and Chief Executive Officer 1 2 3 4 5 6 7 form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights At the merger in June 2011, we developed an ambitious 10 quarter plan to stabilized capitalization rate of 7.1%. The build a strong foundation for our future growth. Today we are six quarters dispositions have occurred predominantly in into that plan, and I am pleased to say we have outperformed our own high regional and other markets, increasing our expectations. The substantial work is complete and we are either on track or percentage of assets in global markets from 79% ahead of schedule on each of our priorities. Our teams around the world worked at the merger date to 85% today. At completion relentlessly on this plan to deliver strong results for our shareholders, investors of our plan, we expect to have 90% of our assets “THE SubSTAnTIAl WOrk IS COmPlETE And WE ArE EITHEr On TrACk Or AHEAd Of SCHEdulE On EACH Of Our PrIOrITIES.” and customers. Here are the highlights of our progress: Aligning our Portfolio in our global markets. Our substantial disposition progress over the past 18 months demonstrates the demand for high-quality industrial real estate around the world. Aligning our portfolio with our investment strategy is our first priority. All We have recycled a portion of the proceeds from our dispositions into new the work we do as an organization in the context of our 10-quarter plan builds developments. Since the merger, we have started more than $1.9 billion of on this objective. new developments, $1.5 billion of which commenced in 2012. Approximately 57% of our 2012 starts were build-to-suits, and we have achieved an average This priority targeted $2.9 billion of dispositions. At year-end, we were 80% profit margin of 18%. While we don’t expect to sustain this level of profitability complete, with $2.3 billion in sales of nonstrategic assets, with an average indefinitely, these strong margins clearly support the value of our land bank. 1 2 3 4 5 6 7 form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights “…WE ArE ACTIvEly GrOWInG Our PrIvATE CAPITAl buSInESS And InvESTOrS HAvE rESPOndEd POSITIvEly TO Our EffOrTS.” Streamlining our Private Capital business A significant portion of this new business was the joint venture with norges In 2012, our Private Capital team made bank Investment management, the manager of the norwegian Government excellent progress on our second priority— Pension fund. Announced in december, the transaction closed in march 2013. streamlining the business with fewer, upon closing, the venture acquired a stabilized portfolio of 195 properties more profitable and differentiated totaling approximately 49 million square feet (4.5 million square meters); about investment vehicles. Since the merger, 75% of the properties coming from the former Prologis European Properties we have liquidated or restructured seven (PEPr) fund and the remaining 25% from other Prologis wholly owned assets. funds, six of which were rationalized in This joint venture is a significant milestone for us, as it completes our European 2012, including the Prologis European recapitalization ahead of schedule. We are very pleased to be teaming up with Properties fund (PEPr). such a highly regarded investor in Europe. At the same time, we are actively growing our Private Capital business and In Asia, we selected the J-rEIT as the structure to capitalize our Japan operating investors have responded positively to our efforts. Our restructured funds and platform. In early 2013, we launched the initial public offering for nippon Prologis newly formed vehicles have attracted $2.4 billion of new, third-party equity in rEIT Inc., “nPr,” and on february 14, it was listed and commenced trading on the the last 18 months. more than $1.9 billion of that total was raised in 2012. Japan Stock Exchange. Concurrently, nPr acquired a portfolio of 12 properties 1 2 3 4 5 6 7 form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights from us for an aggregate purchase price of ¥173 billion ($1.9 billion). We will retain at least a 15% equity ownership interest in nPr. The level of interest in and demand for the IPO was exceptionally strong, and we plan to grow nPr’s portfolio with assets from our significant development pipeline in the future. With most of the streamlining of private capital business behind us, we are turning our emphasis to growing our co-investments by raising additional capital for our existing funds and ventures. Strengthening our financial Position We made great strides in our third priority—further securing the company’s “…Our PrOPErTy OPErATIOnS STOOd OuT AS A SIGnIfICAnT SuCCESS fACTOr fOr PrOlOGIS In 2012 And Our GlObAl lEASInG TEAmS dESErvE (All THE) CrEdIT…” the merger to approximately 30%—all while enhancing the location, age and quality of our portfolio. We are well on our way to reaching our own long-term targets for look-through leverage of 30% and exposure to foreign currency of 20% of our equity base. Our efforts have created a balance sheet that positions us well for strategic growth. financial position in 2012. Improvements to our cost structure, balance sheet Improving Asset utilization and liquidity were driven by proceeds from our assets alignment. Our fourth priority is to improve the utilization of our assets. Our property To put this in perspective, by the end of 2013, we expect to have reduced our global leasing teams deserve credit for delivering a record leasing volume of 145 look-through leverage by 1,300 basis points to 37%. further, we expect to million square feet. Occupancy since the merger date is up 330 basis points to reduce non-uSd equity exposure from 55% of our equity base at the time of 94%, and we are drawing closer to our long-term average of 95%. operations stood out as a significant success factor for Prologis in 2012, and our 1 2 3 4 5 6 7 form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights “THE rECOvEry In InduSTrIAl rEAl ESTATE mArkETS COnTInuES ArOund THE GlObE, WITH SIGnAlS POInTInG TO A POSITIvE fuTurE fOr Our SECTOr.” demand for our industry-leading portfolio Additionally, we monetized approximately $500 million of land into new is particularly evident when looking at our development projects. We believe that our global land bank has a market value properties by size. Our largest facilities— above its book value and will provide locational benefits for customers and a those above 500,000 square feet—are unique advantage for Prologis as we compete for future build-to-suit business. currently 100% leased and are driving the bulk of our build-to-suit requirements. drivers of our business Stabilization in our small facilities—those The recovery in industrial real estate markets continues around the globe, with less than 100,000 square feet—has been signals pointing to a positive future for our sector. The International monetary lagging, as they are 90% leased. notably, fund is forecasting global trade growth at 3.8% for 2013, with even stronger we are beginning to see stronger demand levels in 2014. Improving industrial production in new goods orders indicates as occupancy in these units was up 200 further strengthening and economic growth. basis points in 2012. This segment is closely tied to the recovering housing market, where we expect demand to further increase in the foreseeable future. We are forecasting 150 million square feet of net absorption in the u.S. in 2013. This may prove conservative, as it doesn’t factor in a strong recovery in housing In Europe, despite headlines of a difficult economic recovery, we leveraged or the increased leasing momentum we saw in the fourth quarter. In Europe, net our industry-leading portfolio with our global customer relationships to absorption continues to be positive, and has been, since we began collecting the drive occupancy to 93%, an increase of 140 basis points over the comparable data series in the first quarter of 2011. Takeup—a measure of leasing volume— period in 2011. also remains well above its long-term average. 1 2 3 4 5 6 7 form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights In Asia, the supply of Class-A facilities remains constrained in both Japan and beyond the business China. We expect the reconfiguration of the supply chain in Japan and growing consumption in China to present long-term demand for our product. In latin America, demand for Class-A facilities remains vibrant. brazil continues to be an underserved logistics market, as growing GdP and increasing “STrEnGTHEnInG dEmAnd … TOGETHEr WITH lOW lEvElS Of nEW lOGISTICS And dISTrIbuTIOn SPACE no discussion of our business in 2012 would be complete without recognizing the significant contributions of two executives who retired, as planned, from the company last year: William E. Sullivan consumption creates significant new space requirements. demand in mexico COnSTruCTIOn, IS HAvInG and Walter C. rakowich. is similarly positive, benefiting from the economic recovery in the u.S. and the growth in “near-shoring” of production activities. A POSITIvE ImPACT On mArkET rEnTS.” Strengthening demand in the Americas, Europe and Asia, together with low bill, our former chief financial officer, retired in may a few months ahead of schedule. He joined the former Prologis in march 2007. levels of new logistics and distribution space construction, is having a positive We will remember him for his leadership, business acumen, integrity and laser impact on market rents. recovery in rents has taken hold in most global markets focus on always “getting it right.” He was instrumental in establishing the plan and is now spreading to our regional markets. This will clearly have a positive to reposition and rebuild the former Prologis in 2008, and played a vital role in impact on our business. making the merger possible. 1 2 3 4 5 6 7 form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights Walt joined Prologis in 1994, and his steady hand and unwavering commitment Though 2012 was a monumental year for Prologis, it is the prospects for our have helped pave the road to success for our organization. He did a tremendous future that are most exciting to us. demand for our properties is robust and job turning things around and made numerous tough decisions in the face of increasing. The rent-recovery cycle is firmly under way and poised for accelerating adversity. At the time of the merger, he assumed the role as my partner, co-CEO growth. Globally, customers continue to reconfigure their supply chains and have and board member. Walt is a class act, and I can’t think of anyone else I’d have requirements for state-of-the-art logistics facilities. Private capital investors value liked to have been paired with to lead this company over the last two years. our operating expertise and gravitate to our co-investment fund vehicles. foundation for Growth from San francisco to Amsterdam to Shanghai, we have the scale to support 2012 was a highly productive year for Prologis. I am incredibly proud of how our the activities of our customers and the ability to produce leading returns for our teams across the globe have delivered on the challenging goals we set. With stockholders and investors. determination and hard work, we have successfully built the foundation upon which the company will profitably grow. On behalf of our Prologis colleagues around the world, thank you for your ongoing support and confidence. hamid r. Moghadam Chairman and Chief executive officer march 22, 2013 1 2 3 4 5 6 7 form 10-K Senior leaderShip (Left to right) hamid r. Moghadam Chairman & Chief Executive Officer gary e. anderson Chief Executive Officer, Europe & Asia nancy J. hemmenway Chief Human resources Officer guy f. Jaquier Chief Executive Officer, Private Capital Michael S. Curless Chief Investment Officer edward S. nekritz Chief legal Officer & General Counsel thomas S. olinger Chief financial officer eugene f. reilly Chief Executive Officer, The Americas 2012 annual report Shareholders letter leadership priorities news financial highlights form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights Managing a world ClaSS platforM Managing | Aligning | Improving | Streamlining | Strengthening | building THE lEAdInG GlObAl OWnEr, OPErATOr And dEvElOPEr Of InduSTrIAl rEAl ESTATE $45B TOTAl ASSETS undEr mAnAGEmEnT 21 COunTrIES $18.1B PrIvATE CAPITAl ASSETS undEr mAnAGEmEnT 4,500 CuSTOmErS 554m SquArE fEET (51.5 mSqm) hamid r. Moghadam Chairman and Chief Executive Officer 3,000 mOdErn lOGISTICS fACIlITIES form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights managing | aligning | Improving | Streamlining | Strengthening | building $1.6B In dEvElOPmEnT STArTS 200m buIldAblE SquArE fEET aligning the portfolio AlIGn POrTfOlIO WITH InvESTmEnT STrATEGy WHIlE SErvInG THE nEEdS Of Our CuSTOmErS $2.1B In dISPOSITIOnS 96% In GlObAl And rEGIOnAl mArkETS $543m In ACquISITIOnS hamid r. Moghadam Chairman and Chief Executive Officer form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights iMproving aSSet utilization managing | Aligning | improving | Streamlining | Strengthening | building STAbIlIzE Our OPErATInG POrTfOlIO, lEASE uP Our dEvElOPmEnT PrOJECTS And rIGHT SIzE Our lAnd bAnk 145m SquArE fEET lEASEd 94% GlObAl OCCuPAnCy 100% lEASEd hamid r. Moghadam Chairman and Chief Executive Officer $400m Of lAnd mOnETIzEd In 2012 form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights managing | Aligning | Improving | Streamlining | Strengthening | building StreaMlining private Capital TArGETEd fund dEvElOPmEnT, fInAnCIAl vEnTurE ACTIvITy And InCrEmEnTAl CAPITAl rAISInG 6 fundS rATIOnAlIzEd In 2012 $1.9B In CAPITAl rAISEd hamid r. Moghadam Chairman and Chief Executive Officer $500m COnTrIbuTEd 2 nEW vEnTurES form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights Strengthening finanCial poSition managing | Aligning | Improving | Streamlining | Strengthening | building buIld OnE Of THE STrOnGEST bAlAnCE SHEETS In THE InduSTry And lOWEr Our OvErAll buSInESS rISk. $800m dEbT rEduCTIOn 58% uS dOllAr nET EquITy hamid r. Moghadam Chairman and Chief Executive Officer $1.74 COrE ffO PEr fully dIluTEd SHArE $4.8B Of CAPITAl ACTIvITy form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights building organizational exCellenCe managing | Aligning | Improving | Streamlining | Strengthening | building buIld THE mOST EffECTIvE And EffICIEnT OrGAnIzATIOn In THE InduSTry 1 WOrld-ClASS SySTEm ImPlEmEnTATIOn impact hamid r. Moghadam Chairman and Chief Executive Officer gloBal 100 $115m mErGEr SynErGy SAvInGS Key performance indicators form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights feb 8 | mAr 6 | APr 11 | APr 26 | SEP 6 | OCT 4 | OCT 18 | nOv 13 | dEC 12 | dEC 20 Sold 3.5 Million SQuare foot uK portfolio to blaCKStone dISPOSITIOn Of PrOPErTIES lOCATEd In EnGlAnd’S mIdlAndS And yOrkSHIrE PArT Of OnGOInG POrTfOlIO AlIGnmEnT STrATEGy read more 3.5m SquArE fEET (346k SquArE mETErS) AlIGnInG THE POrTfOlIO $335m AGGrEGATE SAlE PrICE 100% lEASEd form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights fEb 8 | Mar 6 | APr 11 | APr 26 | SEP 6 | OCT 4 | OCT 18 | nOv 13 | dEC 12 | dEC 20 1m+ SquArE fEET (94.3k+ SquArE mETErS) fAST mOvInG COnSumEr GOOdS SOluTIOn leaSed More than one Million SQuare feet in franCe to geodiS AGrEEmEnT rEnEWS And ExPAndS GEOdIS’ lOGISTICS Hub SOuTH Of PArIS read more “...GEOdIS’ lArGE STATE-Of-THE-ArT fACIlITy IS IndICATIvE Of THE TrEnd TOWArd brOAdEr rEGIOnAl dISTrIbuTIOn nETWOrkS…” form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights fEb 8 | mAr 6 | apr 11 | APr 26 | SEP 6 | OCT 4 | OCT 18 | nOv 13 | dEC 12 | dEC 20 renewed 1.1 Million SQuare foot leaSe in MexiCo Ibm dE mExICO rEnEWS COmmITmEnT AT PrOlOGIS’ GuAdAlAJArA TECHnOlOGy CAmPuS read more 1.1m SquArE fEET (106.65k SquArE mETErS) mExICO’S “SIlICOn vAllEy” lEASEd THrOuGH 2020 form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights fEb 8 | mAr 6 | APr 11 | apr 26 | SEP 6 | OCT 4 | OCT 18 | nOv 13 | dEC 12 | dEC 20 one Million SQuare feet+ build-to-Suit in Japan COmPAny WIll dEvElOP fACIlITy nEAr TOkyO fOr lEAdInG OnlInE APPArEl rETAIlEr read more buIld-TO- SuIT SEISmIC ISOlATIOn TECHnOlOGy “...WE ExPECT HEAlTHy mArkET COndITIOnS TO PErSIST fOr THE fOrESEEAblE fuTurE GIvEn THE rAPId ExPAnSIOn In E-COmmErCE…” form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights fEb 8 | mAr 6 | APr 11 | APr 26 | Sep 6 | OCT 4 | OCT 18 | nOv 13 | dEC 12 | dEC 20 “WE ArE ExCITEd TO bE AHEAd Of SCHEdulE On ASSumInG 100 PErCEnT COnTrOl Of PEPr’S ASSETS…” ACrOSS 11 EurOPEAn COunTrIES liQuidation of prologiS european propertieS PrOlOGIS ASSumES 100 PErCEnT COnTrOl; PEPr dElISTS frOm luxEmbOurG And AmSTErdAm STOCk ExCHAnGES read more 210 fACIlITIES POrTfOlIO rECAPITAlIzATIOn 48.4m SquArE fEET (4.5m SquArE mETErS) form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights fEb 8 | mAr 6 | APr 11 | APr 26 | SEP 6 | oCt 4 | OCT 18 | nOv 13 | dEC 12 | dEC 20 3pl OnE Of brAzIl’S lArGEST OnlInE fASHIOn rETAIlErS 1,067,435 SquArE fEET (99,168 SquArE mETErS) More than 1 Million SQuare feet in brazil developMent proJeCtS TWO JOInT vEnTurES WITH CyrElA COmmErCIAl PrOPErTIES (CCP), 100 PErCEnT PrE-lEASEd PrIOr TO COnSTruCTIOn bEInG fInISHEd read more “THESE nEW AGrEEmEnTS HIGHlIGHT THE STrOnG dEmAnd fOr ClASS-A, mArkET-lEAdInG fACIlITIES In brAzIl...” form 10-K Signed one Million SQuare foot build- to-Suit in united KingdoM rAIl-COnnECTEd fACIlITy lOCATEd AT dAvEnTry InTErnATIOnAl rAIl frEIGHT TErmInAl read more 2012 annual report Shareholders letter leadership priorities news financial highlights fEb 8 | mAr 6 | APr 11 | APr 26 | SEP 6 | OCT 4 | oCt 18 | nOv 13 | dEC 12 | dEC 20 buIld-TO- SuIT dirft ii dEvElOPmEnT strategic rail- connected sites form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights fEb 8 | mAr 6 | APr 11 | APr 26 | SEP 6 | OCT 4 | OCT 18 | nov 13 | dEC 12 | dEC 20 1.2m SquArE fEET (111.4k SquArE mETErS) ImPOrTAnT lOGISTICS Hub rEPEAT CuSTOmEr Signed 1.2 Million SQuare foot build- to-Suit agreeMent in dallaS AGrEEmEnT WITH A lEAdInG fOOd And bEvErAGE COmPAny And rEPEAT CuSTOmEr read more “...POPulATIOn And JOb GrOWTH, AlOnG WITH THE PrOxImITy TO THrEE mAJOr mETrOPOlITAn ArEAS IS drIvInG Our CuSTOmErS TO ESTAblISH dISTrIbuTIOn fACIlITIES…” form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights fEb 8 | mAr 6 | APr 11 | APr 26 | SEP 6 | OCT 4 | OCT 18 | nOv 13 | deC 12 | dEC 20 board of direCtorS approved SponSorShip of J-reit JAPAnESE rEAl ESTATE InvESTmEnT TruST (J-rEIT) TO SErvE AS A lOnG-TErm InvESTmEnT vEHIClE fOr mOdErn lOGISTICS fACIlITIES read more $2.1B (JPy 173.4 bIllIOn) lOnG-TErm InvESTmEnT vEHIClE 9.6m SquArE fEET (891.8k SquArE mETErS) InITIAl COnTrIbuTIOn “dEmAnd fOr ClASS-A fACIlITIES COnTInuES TO GrOW GIvEn THE fundAmEnTAl rECOnfIGurATIOn Of JAPAn’S SuPPly CHAIn...” form 10-K 2.4 billion euro Joint venture with norgeS banK inveStMent ManageMent in europe nEW vEnTurE SEEdEd WITH 49m Sq. fT. (4.5m Sq m) PrOlOGIS ClASS-A POrTfOlIO; COmPlETES EurOPE rECAPITAlIzATIOn AHEAd Of SCHEdulE read more 2012 annual report Shareholders letter leadership priorities news financial highlights fEb 8 | mAr 6 | APr 11 | APr 26 | SEP 6 | OCT 4 | OCT 18 | nOv 13 | dEC 12 | deC 20 50/50 JOInT vEnTurE 195 PrOPErTIES 11 GlObAl mArkETS “THIS JOInT vEnTurE IS A SIGnIfICAnT mIlESTOnE fOr PrOlOGIS, AS IT COmPlETES Our EurOPEAn rECAPITAlIzATIOn AHEAd Of SCHEdulE…” form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights revenue SuMMarY (In THOuSAndS) revenue | ffO (basic) | ffO (diluted) | Earnings | dividends 2012 2011 2010 $2,005,961 $1,451,327 $840,152 Amb and Prologis completed the merger (the “merger”) on June 3, 2011. As Prologis was the accounting acquirer in the merger, revenue, ffO per share and earnings per share presented in this Annual report reflect such measures for legacy Prologis for the full-year 2010 and through the date of the merger and for the combined company from the date of the merger going forward. relative to the financial information, please see Prologis’ Annual report on form 10-k for the year ended december 31, 2012. form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights ffo per Share & unit (bASIC) revenue | ffo (basic) | ffO (diluted) | Earnings | dividends 2012 2011 2010 $(4.44) $1.20 $1.11 Amb and Prologis completed the merger (the “merger”) on June 3, 2011. As Prologis was the accounting acquirer in the merger, revenue, ffO per share and earnings per share presented in this Annual report reflect such measures for legacy Prologis for the full-year 2010 and through the date of the merger and for the combined company from the date of the merger going forward. relative to the financial information, please see Prologis’ Annual report on form 10-k for the year ended december 31, 2012. form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights ffo per Share & unit (dIluTEd) revenue | ffO (basic) | ffo (diluted) | Earnings | dividends 2012 2011 2010 $(4.44) $1.19 $1.10 Amb and Prologis completed the merger (the “merger”) on June 3, 2011. As Prologis was the accounting acquirer in the merger, revenue, ffO per share and earnings per share presented in this Annual report reflect such measures for legacy Prologis for the full-year 2010 and through the date of the merger and for the combined company from the date of the merger going forward. relative to the financial information, please see Prologis’ Annual report on form 10-k for the year ended december 31, 2012. form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights earningS per Share (bASIC) revenue | ffO (basic) | ffO (diluted) | earnings | dividends 2012 2011 2010 $(5.90) $(0.18) $(0.51) Amb and Prologis completed the merger (the “merger”) on June 3, 2011. As Prologis was the accounting acquirer in the merger, revenue, ffO per share and earnings per share presented in this Annual report reflect such measures for legacy Prologis for the full-year 2010 and through the date of the merger and for the combined company from the date of the merger going forward. relative to the financial information, please see Prologis’ Annual report on form 10-k for the year ended december 31, 2012. form 10-K 2012 annual report Shareholders letter leadership priorities news financial highlights dividendS per Share revenue | ffO (basic) | ffO (diluted) | Earnings | dividends 2012 2011 2010 $1.12 $1.12 $1.12 Amb and Prologis completed the merger (the “merger”) on June 3, 2011. As Prologis was the accounting acquirer in the merger, revenue, ffO per share and earnings per share presented in this Annual report reflect such measures for legacy Prologis for the full-year 2010 and through the date of the merger and for the combined company from the date of the merger going forward. relative to the financial information, please see Prologis’ Annual report on form 10-k for the year ended december 31, 2012. form 10-K 

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