PLD Prologis

DENVER, Dec. 18 /PRNewswire-FirstCall/ -- ProLogis (NYSE:PLD), a leading global provider of distribution facilities, today announced that it has accepted for purchase approximately $310 million principal amount of its 5.25 percent Notes due November 15, 2010 (the "Notes") validly tendered pursuant to its previously announced cash tender offer for the Notes (the "Tender Offer"). The Notes accepted for purchase represent approximately 62 percent of the principal amount of Notes outstanding prior to the Tender Offer. The Tender Offer expired at 11:59 p.m., New York City time, on Wednesday, December 17, 2008 (the "Expiration Time"). Payment for Notes purchased pursuant to the Tender Offer is expected to be made on Thursday, December 18, 2008 (the "Payment Date"). The consideration to be paid for each $1,000 principal amount of Notes accepted for payment will be $700 for Notes validly tendered and not withdrawn at or prior to the Expiration Time. In addition, each tendering holder of Notes accepted for payment will be paid accrued and unpaid interest on such Notes from the last interest payment date up to, but not including, the Payment Date. The aggregate consideration for Notes accepted for payment is expected to be approximately $217 million, plus accrued and unpaid interest. The Tender Offer was made pursuant to the Offer to Purchase dated December 11, 2008 and the related Letter of Transmittal. J.P. Morgan Securities Inc. acted as Dealer Manager for the Tender Offer. This press release is neither an offer to purchase nor a solicitation to buy any of these Notes. About ProLogis ProLogis is the world's largest owner, manager and developer of distribution facilities, with operations in 136 markets across North America, Europe and Asia. The company has $40.8 billion of assets owned, managed and under development, comprising 548 million square feet (51 million square meters) in 2,898 properties as of September 30, 2008. ProLogis' customers include 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 "Item 1A. Risk Factors" of ProLogis' Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 and in "Item 1A --Risk Factors" in ProLogis' Annual Report on Form 10-K for the year ended December 31, 2007. ProLogis undertakes no duty to update any forward-looking statements appearing in this press release. DATASOURCE: ProLogis CONTACT: Melissa Marsden of ProLogis, +1-303-567-5622, Web Site: http://www.prologis.com/

Copyright