SAN FRANCISCO, Jan. 17, 2018 /PRNewswire/ -- Prologis, Inc.
(NYSE: PLD), the global leader in logistics real estate, today
announced that a group of leading industrial real estate investment
trusts, including, along with the Company, DCT Industrial Trust
Inc. (DCT), Duke Realty Corporation (DRE), EastGroup Properties,
Inc. (EGP), First Industrial Realty Trust, Inc. (FR), Liberty
Property Trust (LPT) and STAG Industrial, Inc. (STAG) (the
"Industrial REIT Group"), has agreed on consistent methodologies to
calculate various non-GAAP property operating metrics. These
non-GAAP metrics include common methodologies for determining
property stabilization and occupancy as well as reporting of
comparative rent change and customer retention. In addition,
the Industrial REIT Group has agreed on the definition of the
annual pool of properties ("Same Store Portfolio") used in
calculating Same Store NOI growth. Specifically, the annual
Same Store Portfolio will only include properties held as of the
beginning of the prior calendar year which were stabilized
(according to the agreed upon definition) throughout both periods
presented.
Beginning in the first quarter of 2018, all members of the
Industrial REIT Group have agreed to calculate these non-GAAP
metrics based on the agreed upon methodologies. These
conforming changes are not expected to have a material impact on
Prologis' non-GAAP metrics for periods prior to 2018. 2018 guidance
provided by members of the Industrial REIT Group will also be based
on the revised methodologies.
Although there may be minor distinctions between how companies
within the Industrial REIT Group calculate a given metric or in the
terminology used, the collective intent is to produce calculations
that are consistent in all material respects.
ABOUT PROLOGIS
Prologis, Inc. is the global leader in
logistics real estate with a focus on high-barrier, high-growth
markets. As of September 30, 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 687 million square feet (64 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" and 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, 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 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 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 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 us under the heading "Risk Factors." We
undertake no duty to update any forward-looking statements
appearing in this document.
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SOURCE Prologis, Inc.