Prologis today represents the combined strengths of two premier real estate companies, both of which have each left their mark on the industry in the last three decades.
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1983 |
Douglas Abbey, Hamid Moghadam and T. Robert Burke found AMB Property Corporation, focusing on investment in office, industrial and community shopping centers on behalf of major institutional investors. |
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1987 |
AMB refines its investment strategy over the next two years by exiting office markets and focusing on industrial and shopping center in infill trade areas. |
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1991 |
AMB launches its first commingled private capital fund. |
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The company that is to later become Prologis is incorporated as Security Capital Investment Trust (SCI). |
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1993 |
SCI acquires its first operating properties, primarily in the southwestern United States. The year ends with 11.4 million square feet (1.06 million square meters) under management. |
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1994 |
SCI makes its initial public offering on the New York Stock Exchange. |
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1995 |
Over the next two years, SCI grows its platform from 67.5 million square feet (6.2 million square meters) to 86.5 million square feet (8 million square meters). |
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1997 |
AMB closes its initial public offering, with more than $2.8 billion under management. |
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SCI expands outside the United States for the first time with acquisitions in Mexico; the company establishes its first European office in Amsterdam. |
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1998 |
SCI officially changes its name to Prologis. |
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1999 |
AMB exits community shopping center investments to focus on industrial properties in targeted markets. |
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Prologis forms its first property fund, Prologis California ($556 million), and the Prologis European Property Fund. |
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2000 |
Prologis has 171.7 million square feet (15.9 million square meters) under management. |
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2001 |
Prologis announces its entry into the Japan market. |
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2002 |
AMB launches its international expansion program focused on trade-centric locations in Mexico, Europe and Asia. |
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Prologis forms the Prologis Japan Properties Fund ($1 billion) with the Government of Singapore Real Estate. |
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2003 |
Prologis is added to the S&P 500. |
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2004 |
AMB forms the first open-end commingled fund by a REIT—AMB Institutional Alliance Fund III. It also establishes new business lines, including direct development and additional private capital products, over the next two years. |
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Prologis forms its first joint venture in China with Suzhou Logistics Center Co. Ltd. |
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2005 |
Prologis completes a merger with Catellus, a North American industrial development company, for $5.3 billion. |
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2006 |
AMB completes its transformation to a decentralized organization, improving decision-making speed and responsiveness to customers. |
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Prologis becomes a FORTUNE 1000 company. The Prologis European Properties Fund completes initial public offering on Euronext exchange in Amsterdam. |
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2007 |
AMB completes its first follow-on equity offering, supporting long-term growth of the development platform. |
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Prologis assets owned and under management grow 36%, to $36.3 billion with a platform exceeding 510 million square feet (47.4 million square meters). The company expands into five new inland markets in China and enters the Middle East. |
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2008 |
Prologis commits to developing all new facilities in the U.S. and U.K. for certification by LEED and BREEAM respectively. The company also inaugurates its renewable energy program by leasing 607,000 square feet of roof space to Southern California Edison for a first-of-its-kind, 2.4 megawatt rooftop solar panel installation. |
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Swiftly responding to the global credit crisis, Prologis refinances or renegotiates debt maturities, halts new development starts and reduces operating costs. |
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2009 |
AMB completes its equity offering, fortifying the balance sheet and securing projected capital needs through 2012. |
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Prologis sells its China operations and its 20 percent interest in Japan Property Funds to GIC Real Estate for $1.3 billion, enabling the company to pay down debt and reposition. |
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In addition to the transaction with GIC, Prologis also sells assets in North America, contributes properties to funds and issues debt and equity to create $6 billion in liquidity, used primarily to refinance, repay and repurchase debt. |
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2010 |
Prologis closes an industrial portfolio transaction valued at over $1 billion with Blackstone Real Estate Advisors, comprising more than 23 million square feet in 180 buildings across the United States. |
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2011 |
Prologis closes the sale on a majority of Catellus retail and mixed-use assets to affiliates of TPG Capital (TPG) for $353 million, including rights to the Catellus name. |
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Prologis and AMB complete a merger of equals to create the pre-eminent global industrial real estate company, with over $40 billion of assets under management and a worldwide platform of distribution facilities on four continents comprising 600 million square feet (55.7 million square meters). |
