Prologis Releases 2012 Annual Report
"Last year marked a significant milestone for Prologis as we concluded our first full year of operations as a new company," said Hamid Moghadam, the company's chairman and CEO. "Our business continued to strengthen as global demand for high-quality logistics facilities increased, due to growing consumption and supply chain reconfiguration."
The new Prologis is a result of the merger of ProLogis and AMB Property Corporation, which closed in June 2011.
Some report highlights include the following:
- A record leasing volume of 145 million square feet (13.5 million square meters) across the 21 countries of the company's portfolio.
- Increased occupancy to 94 percent, up 330 basis points since the 2011 merger.
- More than $2 billion in dispositions of nonstrategic assets since the merger, with an average stabilized capitalization rate of 7.1.
- Nearly $1.6 billion in development starts; approximately 57 percent of 2012 starts were customer-driven build-to-suit facilities.
- Planned liquidation or restructuring of seven co-investment funds since the merger, six of which were rationalized in 2012.
- Two newly formed ventures announced, one for an European portfolio and another for a Japanese investment vehicle.
- About $1.9 billion in private capital raised in 2012.
- More than $2 billion in revenue for the year.
- Improvements to the company's capital structure, balance sheet and liquidity.
The interactive report includes complete financial information about the company’s 2012 performance. See the entire report here.