Wednesday, December 23, 2009 2:02:12 PM
By: Zacks Equity Research
December 23, 2009
http://www.zacks.com/stock/news/28621/ProLogis+Closes+Japanese+Financing
ProLogis (PLD - Snapshot Report), one of the leading global providers of distribution facilities, recently completed a $113 million (10 billion yen) financing to repay its debt. The financing was obtained through a "tokutei mokuteki kaisha" (TMK), a tax-favored, special-purpose vehicle created in Japan for acquiring and holding Japanese assets. Secured by real estate assets, the TMK issues corporate bonds, which can be bought by Japanese and non-Japanese investors.
The financing has a maturity period of three years and is collateralized by ProLogis Parc Osaka II, a multi-tenant facility that is over 95% leased and located in Osaka, Japan. Proceeds from the financing were used to pay down the global lines of credit.
ProLogis owns and manages interests in over 2,500 distribution facilities spanning 475 million square feet (including properties under development) of space. In response to the economic realities of constrained credit and rapidly deteriorating industrial real estate fundamentals, ProLogis has stopped all new development starts and early-stage developments. The company is currently concentrating on increasing its liquidity and de-leveraging its balance sheet.
With the financing agreement, ProLogis has displayed the unique strength of its large and diversified unencumbered asset base. Shares are now attractively valued relative to peer group averages and underlying NAV. We think the company has done an adequate job of addressing debt maturities and will be able to tide over the credit crunch.
Recent PLD News
- Prologis to Participate in BofA Securities 2024 Global Real Estate Conference • PR Newswire (US) • 09/05/2024 09:00:00 PM
- Prologis Declares Quarterly Dividend • PR Newswire (US) • 09/03/2024 11:11:00 PM
- /C O R R E C T I O N -- Prologis, Inc./ • PR Newswire (US) • 08/19/2024 01:50:00 PM
- TED ELIOPOULUS JOINS PROLOGIS AS SENIOR PRIVATE INVESTMENT EXECUTIVE • PR Newswire (US) • 08/19/2024 01:00:00 PM
- FIBRA PROLOGIS SECURES MAJORITY OWNER POSITION OF TERRAFINA; MAKES SIGNIFICANT COMMITMENT TO MEXICAN INDUSTRIAL MARKET • PR Newswire (US) • 08/06/2024 10:15:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/26/2024 08:05:33 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/23/2024 10:01:51 AM
- TSMC Net Profit Hits $7.6B; Nokia Sees 32% Decline in Operating Profit; Novartis Boosts Outlook After Profit Surge • IH Market News • 07/18/2024 09:53:54 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/17/2024 12:05:29 PM
- Prologis Reports Second Quarter Results • PR Newswire (US) • 07/17/2024 12:00:00 PM
- Tech-Led Decline in U.S. Index Futures Pre-Market, Oil Prices Steady After U.S. Inventory Drop • IH Market News • 07/17/2024 10:30:52 AM
- Prologis to Announce Second Quarter 2024 Results July 17 • PR Newswire (US) • 06/27/2024 09:00:00 PM
- Prologis to Participate in Industry Conferences in New York City • PR Newswire (US) • 05/28/2024 09:30:00 PM
- PERFORMANCE TEAM - A MAERSK COMPANY & PROLOGIS LAUNCH NEW EV TRUCK CHARGING DEPOT, POWERED BY NATION'S LARGEST EV TRUCK MICROGRID • PR Newswire (US) • 05/23/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/22/2024 01:00:59 PM
- PROLOGIS' NEKRITZ AND MCKEOWN TO RETIRE; NEW CLO AND CHRO ANNOUNCED • PR Newswire (US) • 05/22/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/14/2024 08:01:09 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 05/10/2024 09:00:08 PM
- Prologis Declares Quarterly Dividend • PR Newswire (US) • 05/09/2024 08:30:00 PM
- Prologis Reports First Quarter Results • PR Newswire (US) • 04/17/2024 12:00:00 PM
- US Index Futures See Gains, Oil Prices Dip • IH Market News • 04/17/2024 10:59:02 AM
- Prologis to Host Virtual 2024 Stockholders Meeting May 9 • PR Newswire (US) • 04/01/2024 01:00:00 PM
- Prologis to Announce First Quarter 2024 Results April 17 • PR Newswire (US) • 03/19/2024 09:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/07/2024 12:00:34 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/07/2024 12:00:29 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM