(Mark One)
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the fiscal year ended December 31, 2007 | ||
OR
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
Maryland
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74-2604728 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. employer identification no.) |
Name of each exchange |
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Title of Each Class
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on which registered
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Common Shares of Beneficial Interest, par value $0.01 per share
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New York Stock Exchange | |||
Series F Cumulative Redeemable Preferred Shares of
Beneficial Interest, par
value $0.01 per share |
New York Stock Exchange | |||
Series G Cumulative Redeemable Preferred Shares of
Beneficial Interest par
value $0.01 per share |
New York Stock Exchange |
Large accelerated filer
þ
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Accelerated filer o |
Non-accelerated
filer o (Do not check if a smaller reporting company) |
Smaller reporting company o |
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| allows us, as the manager of the property funds, to maintain and expand the market presence and customer relationships that are the key drivers of the ProLogis Operating System; | |
| allows us to maintain a long-term ownership position in the properties; | |
| allows us to realize a portion of the development profits from our CDFS business activities by contributing our stabilized development properties to property funds (profits are recognized to the extent of third party ownership in the property fund); | |
| provides diversified sources of capital; |
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| allows us to earn fees for providing services to the property funds; and | |
| provides us an opportunity to earn incentive performance participation income based on the investors returns over a specified period. |
| We contributed 339 properties aggregating 71.8 million square feet to the property funds for proceeds of $5.3 billion, net of deferred gains of $279.6 million, representing the portion of the gains related to our continuing ownership in the entities acquiring the properties. | |
| On a combined basis, the property funds acquired 160 properties from third parties aggregating 33.0 million square feet and disposed of 51 properties to third parties aggregating 6.5 million square feet. | |
| We repositioned one property fund, formed three new property funds and made the first acquisitions of properties in a property fund, as follows: |
¡ | On July 11, 2007, we completed the acquisition of all of the units in Macquarie ProLogis Trust, an Australian listed property trust (MPR). At the time of acquisition, MPR owned approximately 89% of ProLogis North American Properties Fund V and certain other assets. The total consideration was approximately $2.0 billion consisting of cash of $1.2 billion and assumed liabilities of $0.8 billion. The cash portion of the acquisition was financed primarily with a $473.1 million term loan and a $646.2 million convertible loan. As a result of the MPR transaction, on July 11, 2007, we owned 100% of, and began consolidating, ProLogis North American Properties Fund V. |
On August 27, 2007 the lender converted $546.2 million of the convertible loan into equity of a newly formed property fund, ProLogis North American Industrial Fund II. In addition, we made an equity contribution of $100.0 million into the fund, which was used to repay the remaining balance on the convertible loan. The conversion resulted in us owning 36.9% of the equity of ProLogis North American Industrial Fund II. We account for our investment under the equity method of accounting. Upon conversion, we recognized net gains of $68.6 million. |
¡ | We formed two new property funds, ProLogis European Properties II (PEPF II) and ProLogis Mexico Industrial Fund that will be the primary investment vehicles to acquire all of the properties we develop and stabilize in Europe and Mexico, respectively. We made contributions of properties to the new funds in 2007. ProLogis Korea Fund, which was formed in 2006 and will be the primary investment vehicle to acquire all the properties we develop and stabilize in South Korea, acquired six properties from a third party in 2007. As of December 31, 2007, we own 24.3% of the equity of PEPFII and 20% of the equity of both ProLogis Mexico Industrial Fund and ProLogis Korea Fund. | |
¡ | In July 2007, we formed a new property fund, in which we own 20% of the equity, ProLogis North American Industrial Fund III, that completed the acquisition of 122 distribution properties in North America from a third party for $1.8 billion. |
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| North America: 57 properties in Canada, Mexico and the United States, for a combined total of 13.4 million square feet, with a total expected cost of $0.9 billion (approximately 23.5% of the total); | |
| Europe: 80 properties in 13 countries, for a combined total of 21.0 million square feet, with a total expected cost of $1.8 billion (approximately 44.9% of the total); and | |
| Asia: 43 properties in China, Japan and South Korea, for a combined total of 14.4 million square feet, with a total expected cost of $1.2 billion (approximately 31.6% of the total). |
| 14 distribution properties under development in North America, Europe and China in joint ventures in which we have an approximately 50% ownership interest. Our proportionate share of the total expected investment at completion is $97.0 million. | |
| 39 retail and mixed use properties under development in joint ventures in which we have ownership interests of approximately 30% (China) and 25% (Europe). Our proportionate share of the total expected investment at completion is approximately $254.7 million. |
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| We started the development of 191 properties aggregating 50.5 million square feet with a total expected cost at completion of $3.8 billion. | |
| We completed the development of 137 properties aggregating 32.8 million square feet with a total expected cost of $2.4 billion. | |
| We generated $5.0 billion of proceeds and $763.7 million of gains from the contributions of CDFS developed and repositioned properties, acquired property portfolios and sales of land. | |
| We disposed of five CDFS properties to third parties, including two parcels of land subject to ground leases, all of which were included in discontinued operations, generating net proceeds of $205.8 million and resulting in $28.7 million of gains. | |
| We acquired 5,622 acres of land for future development for $1.5 billion. | |
| We invested $299.0 million in the form of equity investments and advances in CDFS joint ventures operating in Asia ($57.4 million), Europe ($238.7 million) and North America ($2.9 million). This includes the 25% investment we made in the retail business of Parkridge Holdings Limited (Parkridge Retail) in February 2007. See Note 4 to our Consolidated Financial Statements in Item 8 for more information on our investments in CDFS joint ventures. |
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ITEM 1A. | Risk Factors |
| local conditions, such as an oversupply of distribution space or a reduction in demand for distribution space in an area; | |
| the attractiveness of our properties to potential customers; |
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| competition from other available properties; | |
| our ability to provide adequate maintenance of, and insurance on, our properties; | |
| our ability to control rents and variable operating costs; | |
| governmental regulations, including zoning, usage and tax laws and changes in these laws; and | |
| potential liability under, and changes in, environmental, zoning and other laws. |
| the risk that development opportunities explored by us may be abandoned and the related investment will be impaired; | |
| the risk that we may not be able to obtain, or may experience delays in obtaining, all necessary zoning, building, occupancy and other governmental permits and authorizations; | |
| the risk that we may not be able to obtain land or land use rights on which to develop or that due to the increased cost of land our activities may not be as profitable, especially in certain land constrained areas; | |
| the risk that construction costs of a property may exceed the original estimates, or that construction may not be concluded on schedule, making the project less profitable than originally estimated or not profitable at all; including the possibility of contract default, the effects of local weather conditions, the possibility of local or national strikes and the possibility of shortages in materials, building supplies or energy and fuel for equipment; and | |
| the risk that occupancy levels and the rents that can be earned for a completed project will not be sufficient to make the project profitable. |
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| difficulties and costs of staffing and managing international operations in certain regions; | |
| currency restrictions, which may prevent the transfer of capital and profits to the United States; | |
| unexpected changes in regulatory requirements; | |
| potentially adverse tax consequences; | |
| the responsibility of complying with multiple and potentially conflicting laws, e.g., with respect to corrupt practices, employment and licensing; | |
| the impact of regional or country-specific business cycles and economic instability; |
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| political instability, civil unrest, political activism or the continuation or escalation of terrorist activities; and | |
| foreign ownership restrictions with respect to operations in countries, such as China. |
ITEM 1B. | Unresolved Staff Comments |
ITEM 2. | Properties |
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Rentable |
Investment |
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No. of |
Percentage |
Square |
Before |
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Bldgs. | Leased (1) | Footage | Depreciation | Encumbrances (2) | ||||||||||||
Operating properties owned in the property operations segment
at December 31, 2007 (dollars and rentable square
footage
in thousands): |
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Distribution properties:
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North America by Market (38 markets) (3):
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United States:
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Atlanta, Georgia
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81 | 89.49 | % | 12,194 | $ | 423,776 | $ | 30,520 | ||||||||
Austin, Texas
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14 | 97.39 | % | 983 | 37,064 | | ||||||||||
Charlotte, North Carolina
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32 | 92.81 | % | 3,883 | 123,536 | 35,924 | ||||||||||
Chicago, Illinois
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88 | 83.93 | % | 18,958 | 974,568 | 166,424 | ||||||||||
Cincinnati, Ohio
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21 | 99.84 | % | 3,927 | 117,541 | 22,711 | ||||||||||
Columbus, Ohio
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32 | 87.53 | % | 6,909 | 254,059 | 31,991 | ||||||||||
Dallas/Fort Worth, Texas
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106 | 91.16 | % | 15,260 | 614,050 | 54,289 | ||||||||||
Denver, Colorado
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30 | 99.22 | % | 4,700 | 232,644 | 65,700 | ||||||||||
El Paso, Texas
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16 | 86.88 | % | 2,051 | 62,360 | | ||||||||||
Houston, Texas
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76 | 97.83 | % | 7,216 | 246,407 | | ||||||||||
I-81 Corridor, Pennsylvania
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12 | 70.91 | % | 4,592 | 224,508 | | ||||||||||
Indianapolis, Indiana
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30 | 96.01 | % | 3,155 | 111,285 | | ||||||||||
Las Vegas, Nevada
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17 | 98.79 | % | 2,061 | 95,836 | 10,807 | ||||||||||
Louisville, Kentucky
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11 | 100.00 | % | 2,775 | 91,577 | 17,549 | ||||||||||
Memphis, Tennessee
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23 | 62.92 | % | 5,025 | 141,450 | | ||||||||||
Nashville, Tennessee
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28 | 93.76 | % | 2,694 | 71,078 | | ||||||||||
New Jersey
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39 | 95.07 | % | 7,814 | 483,411 | 47,405 | ||||||||||
Orlando, Florida
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20 | 97.35 | % | 1,902 | 82,274 | 3,270 | ||||||||||
Phoenix, Arizona
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33 | 99.19 | % | 2,700 | 125,812 | 13,886 | ||||||||||
Portland, Oregon
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29 | 98.21 | % | 2,479 | 142,069 | 28,789 | ||||||||||
Reno, Nevada
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18 | 79.20 | % | 3,210 | 129,183 | 5,289 | ||||||||||
Salt Lake City, Utah
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5 | 100.00 | % | 853 | 32,461 | | ||||||||||
San Antonio, Texas
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45 | 92.37 | % | 4,017 | 144,092 | 3,554 | ||||||||||
San Francisco (Central Valley), California
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13 | 69.69 | % | 3,486 | 163,940 | 34,616 | ||||||||||
San Francisco (East Bay), California
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57 | 97.48 | % | 4,902 | 309,565 | 87,852 | ||||||||||
San Francisco (South Bay), California
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84 | 93.03 | % | 5,516 | 457,654 | 65,671 | ||||||||||
Seattle, Washington
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9 | 100.00 | % | 1,036 | 45,741 | 296 | ||||||||||
South Florida
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14 | 88.34 | % | 1,288 | 78,912 | 6,291 | ||||||||||
Southern California
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98 | 95.91 | % | 18,641 | 1,559,196 | 463,566 | ||||||||||
St. Louis, Missouri
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6 | 86.04 | % | 685 | 22,218 | | ||||||||||
Tampa, Florida
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53 | 96.11 | % | 3,777 | 158,580 | 8,921 | ||||||||||
Washington D.C./Baltimore, Maryland
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44 | 91.11 | % | 5,717 | 314,381 | 36,913 | ||||||||||
Other
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2 | 100.00 | % | 367 | 19,170 | | ||||||||||
Subtotal United States
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1,186 | 90.57 | % | 164,773 | 8,090,398 | 1,242,234 | ||||||||||
Mexico:
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Guadalajara
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2 | 81.11 | % | 580 | 30,863 | | ||||||||||
Juarez
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6 | 41.86 | % | 589 | 21,205 | | ||||||||||
Mexico City
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14 | 62.43 | % | 2,537 | 135,979 | | ||||||||||
Monterrey
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7 | 72.92 | % | 711 | 26,743 | | ||||||||||
Reynosa
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1 | 100.00 | % | 160 | 7,790 | | ||||||||||
Subtotal Mexico
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30 | 65.09 | % | 4,577 | 222,580 | | ||||||||||
Canada Toronto
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3 | 92.81 | % | 987 | 81,624 | | ||||||||||
Subtotal North America
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1,219 | 89.90 | % | 170,337 | 8,394,602 | 1,242,234 | ||||||||||
Europe by Country (20 markets) (4):
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Czech Republic
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5 | 68.05 | % | 1,615 | 109,944 | | ||||||||||
France
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16 | 55.91 | % | 4,396 | 271,197 | | ||||||||||
Germany
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3 | 87.28 | % | 959 | 69,490 | | ||||||||||
Hungary
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6 | 76.14 | % | 1,111 | 96,093 | | ||||||||||
Italy
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6 | 20.40 | % | 1,774 | 117,304 | | ||||||||||
Netherlands
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1 | 100.00 | % | 191 | 13,499 | | ||||||||||
Poland
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34 | 86.26 | % | 7,220 | 416,458 | | ||||||||||
Romania
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2 | 67.74 | % | 578 | 35,215 | | ||||||||||
Slovakia
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5 | 82.95 | % | 1,352 | 88,835 | | ||||||||||
Sweden
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2 | 100.00 | % | 407 | 40,850 | | ||||||||||
United Kingdom
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20 | 30.66 | % | 4,686 | 556,546 | | ||||||||||
Subtotal Europe
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100 | 63.31 | % | 24,289 | 1,815,431 | | ||||||||||
Asia by Country (9 markets) (4):
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China
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50 | 66.97 | % | 7,560 | 192,227 | 16,142 | ||||||||||
Japan
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7 | 66.99 | % | 4,900 | 566,525 | | ||||||||||
Korea
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2 | 77.44 | % | 211 | 31,294 | 6,410 | ||||||||||
Subtotal Asia
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59 | 67.15 | % | 12,671 | 790,046 | 22,552 | ||||||||||
Total distribution properties
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1,378 | 85.39 | % | 207,297 | 11,000,079 | 1,264,786 | ||||||||||
Retail properties:
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North America by Country (4 markets):
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United States
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31 | 94.01 | % | 1,233 | 328,420 | 26,200 | ||||||||||
Total retail properties
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31 | 94.01 | % | 1,233 | 328,420 | 26,200 | ||||||||||
Total operating properties owned in the property operations
segment at December 31, 2007
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1,409 | 85.45 | % | 208,530 | $ | 11,328,499 | $ | 1,290,986 | ||||||||
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Land Held for Development | Properties Under Development | |||||||||||||||||
Rentable |
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No. of |
Square |
Current |
Total Expected |
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Acreage | Investment | Bldgs. | Footage | Investment | Cost (5) | |||||||||||||
Land held for development and properties under development at
December 31, 2007 (dollars and rentable square footage
in thousands): |
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North America − by Market (35 total markets):
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United States:
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Atlanta, Georgia
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468 | $ | 35,711 | | | $ | | $ | | |||||||||
Austin, Texas
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| | 2 | 113 | 1,004 | 8,048 | ||||||||||||
Charlotte, North Carolina
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29 | 4,478 | | | | | ||||||||||||
Chicago, Illinois
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750 | 77,954 | 2 | 563 | 24,310 | 47,783 | ||||||||||||
Cincinnati, Ohio
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85 | 7,968 | 1 | 416 | 12,841 | 17,840 | ||||||||||||
Columbus, Ohio
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233 | 9,053 | | | | | ||||||||||||
Dallas / Fort Worth, Texas
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360 | 30,522 | 3 | 1,363 | 16,394 | 48,884 | ||||||||||||
El Paso, Texas
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68 | 3,855 | | | | | ||||||||||||
Houston, Texas
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128 | 10,149 | 3 | 415 | 15,410 | 22,817 | ||||||||||||
I-81 Corridor, Pennsylvania
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267 | 37,163 | 1 | 870 | 13,594 | 56,537 | ||||||||||||
Indianapolis, Indiana
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93 | 5,029 | | | | | ||||||||||||
Jacksonville, Florida
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82 | 9,658 | | | | | ||||||||||||
Las Vegas, Nevada
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68 | 33,821 | | | | | ||||||||||||
Louisville, Kentucky
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13 | 2,887 | 1 | 484 | 12,252 | 19,128 | ||||||||||||
Memphis, Tennessee
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159 | 12,502 | | | | | ||||||||||||
Nashville, Tennessee
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24 | 1,220 | 1 | 288 | 11,408 | 12,208 | ||||||||||||
New Jersey
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204 | 104,571 | 1 | 270 | 434 | 20,548 | ||||||||||||
Phoenix, Arizona
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148 | 24,917 | | | | | ||||||||||||
Portland, Oregon
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27 | 5,679 | 1 | 246 | 11,816 | 16,125 | ||||||||||||
Reno, Nevada
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202 | 24,231 | | | | | ||||||||||||
Salt Lake City, Utah
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7 | 128 | | | | | ||||||||||||
San Antonio, Texas
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62 | 6,262 | | | | | ||||||||||||
San Francisco (Central Valley), California
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287 | 41,251 | 1 | 780 | 24,431 | 42,834 | ||||||||||||
Seattle, Washington
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| | 2 | 246 | 20,517 | 30,766 | ||||||||||||
Southern California
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527 | 178,514 | 8 | 2,472 | 168,466 | 230,384 | ||||||||||||
South Florida
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70 | 46,358 | 5 | 443 | 24,457 | 51,378 | ||||||||||||
Tampa, Florida
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43 | 5,928 | 1 | 117 | 6,422 | 8,163 | ||||||||||||
Washington D.C./Baltimore, Maryland
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139 | 23,889 | | | | | ||||||||||||
Mexico:
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Guadalajara
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48 | 14,902 | 2 | 273 | 4,340 | 12,850 | ||||||||||||
Juarez
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173 | 22,712 | 4 | 385 | 14,876 | 21,012 | ||||||||||||
Mexico City
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133 | 40,629 | 2 | 592 | 26,300 | 33,543 | ||||||||||||
Monterrey
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159 | 26,543 | 2 | 509 | 13,607 | 25,238 | ||||||||||||
Reynosa
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108 | 8,596 | 5 | 707 | 15,405 | 32,964 | ||||||||||||
Tijuana
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| | 3 | 692 | 31,957 | 44,497 | ||||||||||||
Canada - Toronto
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113 | 72,366 | 3 | 817 | 55,610 | 67,005 | ||||||||||||
Subtotal North America
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5,277 | 929,446 | 54 | 13,061 | 525,851 | 870,552 | ||||||||||||
Europe by Country (35 total markets):
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Belgium
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13 | 1,353 | 1 | 187 | 5,061 | 15,371 | ||||||||||||
Czech Republic
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140 | 48,687 | 5 | 1,458 | 65,458 | 120,416 | ||||||||||||
France
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247 | 42,494 | 10 | 2,976 | 81,541 | 215,163 | ||||||||||||
Germany
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88 | 38,711 | 14 | 3,949 | 125,668 | 297,643 | ||||||||||||
Hungary
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197 | 35,325 | 4 | 974 | 20,521 | 71,947 | ||||||||||||
Italy
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81 | 32,875 | 1 | 327 | 18,581 | 21,640 | ||||||||||||
Netherlands
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| | 2 | 402 | 12,096 | 29,392 | ||||||||||||
Poland
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717 | 137,200 | 21 | 4,363 | 139,328 | 330,846 | ||||||||||||
Romania
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90 | 16,803 | 2 | 540 | 10,193 | 39,884 | ||||||||||||
Slovakia
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157 | 31,384 | 4 | 1,085 | 30,579 | 84,828 | ||||||||||||
Spain
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44 | 14,782 | 4 | 1,607 | 48,187 | 105,697 | ||||||||||||
Sweden
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| | 2 | 352 | 4,988 | 34,576 | ||||||||||||
United Kingdom
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928 | 554,798 | 10 | 2,847 | 203,996 | 398,249 | ||||||||||||
Subtotal Europe
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2,702 | 954,412 | 80 | 21,067 | 766,197 | 1,765,652 | ||||||||||||
Asia by Country (10 total markets):
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China
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555 | 90,569 | 31 | 7,314 | 83,842 | 268,892 | ||||||||||||
Japan
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41 | 89,967 | 11 | 6,898 | 593,435 | 959,961 | ||||||||||||
Korea
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22 | 12,788 | 1 | 181 | 8,985 | 14,072 | ||||||||||||
Subtotal Asia
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618 | 193,324 | 43 | 14,393 | 686,262 | 1,242,925 | ||||||||||||
Total distribution properties
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8,597 | 2,077,182 | 177 | 48,521 | 1,978,310 | 3,879,129 | ||||||||||||
Retail and mixed-use properties:
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North America by Country (6 markets):
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United States
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754 | 75,778 | 3 | 308 | 7,975 | 56,073 | ||||||||||||
Total retail and mixed-use properties
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754 | 75,778 | 3 | 308 | 7,975 | 56,073 | ||||||||||||
Total land held for development and properties under
development in the CDFS business segment at
December 31, 2007 |
9,351 | $ | 2,152,960 | 180 | 48,829 | $ | 1,986,285 | $ | 3,935,202 | |||||||||
25
Investment |
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Before Depreciation |
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(in thousands) | |||
Operating properties
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$ | 11,328,499 | |
Land subject to ground leases and other (6)
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458,782 | ||
Properties under development
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1,986,285 | ||
Land held for development
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2,152,960 | ||
Other investments (7)
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652,319 | ||
Total
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$ | 16,578,845 | |
(1) | Represents the percentage leased at December 31, 2007. Operating properties at December 31, 2007 include recently completed development properties and recently acquired properties that may be in the initial lease-up phase, including 166 properties aggregating 39.9 million square feet that were completed or acquired in 2007. The inclusion of properties in the initial lease-up phase can reduce the overall leased percentage. | |
(2) | Certain properties are pledged as security under our secured debt and assessment bonds at December 31, 2007. For purposes of this table, the total principal balance of a debt issuance that is secured by a pool of properties is allocated among the properties in the pool based on each propertys investment balance. In addition to the amounts reflected here, we also have $35.9 million of encumbrances related to other real estate assets not included in the property operations segment. See Schedule III Real Estate and Accumulated Depreciation to our Consolidated Financial Statements in Item 8 for additional identification of the properties pledged. | |
(3) | In North America, includes 90 properties aggregating 19.9 million square feet at a total investment of $996.4 million that were developed or acquired in the CDFS business segment and are pending contribution to a property fund or sale to a third party. | |
(4) | All of the operating properties in Europe and Asia were developed or acquired in the CDFS business segment and are pending contribution to a property fund or sale to a third party. | |
(5) | Represents the total expected cost at completion for properties under development, including the cost of land, fees, permits, payments to contractors, architectural and engineering fees, interest, project management costs and other appropriate costs to be capitalized during construction, rather than actual costs incurred to date. | |
(6) | Amounts represent investments of $414.7 million in land subject to ground leases, $7.9 million in office properties and an investment of $36.2 million in railway depots. | |
(7) | Other investments include: (i) restricted funds that are held in escrow pending the completion of tax-deferred exchange transactions involving operating properties; (ii) earnest money deposits associated with potential acquisitions; (iii) costs incurred during the pre-acquisition due diligence process; (iv) costs incurred during the pre-construction phase related to future development projects, including purchase options on land and certain infrastructure costs; (v) cost of land use rights on operating properties in China; and (vi) costs related to our corporate office buildings. |
26
Rentable |
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No. of |
No. of |
Square |
Percentage |
Entitys |
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Bldgs. | Markets | Footage | Leased | Investment (1) | |||||||||||||
North America:
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ProLogis California
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80 | 1 | 14,178 | 99.90 | % | $ | 694,591 | ||||||||||
ProLogis North American Properties Fund I
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36 | 16 | 9,406 | 94.71 | % | 383,242 | |||||||||||
ProLogis North American Properties Fund VI
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22 | 7 | 8,648 | 94.70 | % | 515,179 | |||||||||||
ProLogis North American Properties Fund VII
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29 | 8 | 6,055 | 92.04 | % | 390,147 | |||||||||||
ProLogis North American Properties Fund VIII
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24 | 9 | 3,064 | 97.34 | % | 192,651 | |||||||||||
ProLogis North American Properties Fund IX
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20 | 7 | 3,439 | 81.80 | % | 195,949 | |||||||||||
ProLogis North American Properties Fund X
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29 | 9 | 4,191 | 96.36 | % | 222,506 | |||||||||||
ProLogis North American Properties Fund XI
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13 | 2 | 4,112 | 100.00 | % | 217,718 | |||||||||||
ProLogis North American Industrial Fund
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217 | 30 | 37,188 | 99.06 | % | 2,104,929 | |||||||||||
ProLogis North American Industrial Fund II
|
153 | 31 | 36,106 | 95.77 | % | 2,146,594 | |||||||||||
ProLogis North American Industrial Fund III (2)
|
122 | 6 | 24,719 | 92.33 | % | 1,743,595 | |||||||||||
ProLogis Mexico Industrial Fund
|
32 | 5 | 4,154 | 100.00 | % | 269,130 | |||||||||||
Total North America
|
777 | 38 | (3) | 155,260 | 96.08 | % | 9,076,231 | ||||||||||
Europe:
|
|||||||||||||||||
ProLogis European Properties
|
247 | 27 | 56,379 | 97.33 | % | 4,900,914 | |||||||||||
ProLogis European Properties Fund II
|
41 | 14 | 10,391 | 99.65 | % | 1,463,877 | |||||||||||
Total Europe
|
288 | 27 | (3) | 66,770 | 97.69 | % | 6,364,791 | ||||||||||
Asia:
|
|||||||||||||||||
ProLogis Japan Properties Fund I
|
16 | 3 | 7,118 | 97.87 | % | 1,236,099 | |||||||||||
ProLogis Japan Properties Fund II
|
44 | 8 | 14,566 | 99.96 | % | 2,391,078 | |||||||||||
ProLogis Korea Fund
|
6 | 1 | 436 | 100.00 | % | 49,983 | |||||||||||
Total Asia
|
66 | 9 | (3) | 22,120 | 99.29 | % | 3,677,160 | ||||||||||
Total property funds
|
1,131 | 74 | 244,150 | 96.81 | % | $ | 19,118,182 | ||||||||||
(1) | Investment represents 100% of the carrying value of the properties, before depreciation, of each entity at December 31, 2007. | |
(2) | Amounts include seven properties with a total investment of $103.9 million that are held for sale by the property fund. | |
(3) | Represents the total number of markets in each continent on a combined basis. |
27
Effective |
||||||||||
Ownership |
Third |
|||||||||
Percentage | Total Assets | Party Debt | ||||||||
Industrial CDFS Joint Ventures:
|
||||||||||
North America
|
46 | % | $ | 96,761 | $ | 53,292 | ||||
Europe
|
50 | % | 7,022 | | ||||||
Asia
|
50 | % | 273,077 | | ||||||
Total Industrial CDFS Joint Ventures
|
$ | 376,860 | $ | 53,292 | ||||||
Effective |
||||||||||||
Type of |
Ownership |
Third |
||||||||||
Real Estate | Percentage | Total Assets | Party Debt | |||||||||
Non-Industrial CDFS Joint Ventures:
|
||||||||||||
North America
|
Mixed-use | 50 | % | $ | 49,615 | $ | 8,365 | |||||
Europe
|
Retail and Mixed-use | 25 | % | 556,635 | 304,366 | |||||||
Asia
|
Retail | 30 | % | 738,065 | 510,230 | |||||||
Total Non-Industrial CDFS Joint Ventures
|
$ | 1,344,315 | $ | 822,961 | ||||||||
ITEM 3. | Legal Proceedings |
ITEM 4. | Submission of Matters to a Vote of Security Holders |
28
ITEM 5. | Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Per Common |
||||||||||||
High Sale |
Low Sale |
Share |
||||||||||
Price | Price | Distribution | ||||||||||
2006:
|
||||||||||||
First Quarter
|
$ | 56.31 | $ | 46.29 | $ | 0.40 | ||||||
Second Quarter
|
53.85 | 46.66 | 0.40 | |||||||||
Third Quarter
|
58.86 | 52.05 | 0.40 | |||||||||
Fourth Quarter
|
65.81 | 56.07 | 0.40 | |||||||||
2007:
|
||||||||||||
First Quarter
|
$ | 72.08 | $ | 58.00 | $ | 0.46 | ||||||
Second Quarter
|
67.99 | 55.76 | 0.46 | |||||||||
Third Quarter
|
66.86 | 51.65 | 0.46 | |||||||||
Fourth Quarter
|
73.34 | 59.37 | 0.46 | |||||||||
2008:
|
||||||||||||
First Quarter (through February 22)
|
$ | 64.00 | $ | 51.71 | $ | 0.5175 |
29
Years Ended December 31, | |||||||
2007 | 2006 | ||||||
Series C Preferred Shares
|
$ | 4.27 | $ | 4.27 | |||
Series F Preferred Shares
|
$ | 1.69 | $ | 1.69 | |||
Series G Preferred Shares
|
$ | 1.69 | $ | 1.69 |
30
ITEM 6. | Selected Financial Data |
Years Ended December 31, | ||||||||||||||||||||
2007 | 2006 | 2005 (1) | 2004 | 2003 | ||||||||||||||||
Operating Data:
|
||||||||||||||||||||
Total revenues
|
$ | 6,205 | $ | 2,446 | $ | 1,817 | $ | 1,838 | $ | 1,444 | ||||||||||
Total expenses
|
$ | 5,069 | $ | 1,686 | $ | 1,393 | $ | 1,493 | $ | 1,120 | ||||||||||
Operating income
|
$ | 1,136 | $ | 760 | $ | 424 | $ | 345 | $ | 324 | ||||||||||
Interest expense
|
$ | 368 | $ | 294 | $ | 178 | $ | 153 | $ | 154 | ||||||||||
Earnings from continuing operations
|
$ | 987 | $ | 713 | $ | 300 | $ | 216 | $ | 232 | ||||||||||
Discontinued operations (2)
|
$ | 87 | $ | 162 | $ | 96 | $ | 17 | $ | 19 | ||||||||||
Net earnings
|
$ | 1,074 | $ | 874 | $ | 396 | $ | 233 | $ | 251 | ||||||||||
Net earnings attributable to common shares
|
$ | 1,049 | $ | 849 | $ | 371 | $ | 203 | $ | 212 | ||||||||||
Net earnings per share attributable to common shares
Basic:
|
||||||||||||||||||||
Continuing operations
|
$ | 3.74 | $ | 2.79 | $ | 1.35 | $ | 1.02 | $ | 1.08 | ||||||||||
Discontinued operations
|
0.34 | 0.66 | 0.47 | 0.09 | 0.10 | |||||||||||||||
Net earnings per share attributable to common shares
Basic
|
$ | 4.08 | $ | 3.45 | $ | 1.82 | $ | 1.11 | $ | 1.18 | ||||||||||
Net earnings per share attributable to common shares
Diluted:
|
||||||||||||||||||||
Continuing operations
|
$ | 3.61 | $ | 2.69 | $ | 1.31 | $ | 0.99 | $ | 1.06 | ||||||||||
Discontinued operations
|
0.33 | 0.63 | 0.45 | 0.09 | 0.10 | |||||||||||||||
Net earnings per share attributable to common shares
Diluted
|
$ | 3.94 | $ | 3.32 | $ | 1.76 | $ | 1.08 | $ | 1.16 | ||||||||||
Weighted average common shares outstanding:
|
||||||||||||||||||||
Basic
|
257 | 246 | 203 | 182 | 179 | |||||||||||||||
Diluted
|
267 | 257 | 214 | 192 | 187 | |||||||||||||||
Common Share Distributions:
|
||||||||||||||||||||
Common share cash distributions paid
|
$ | 473 | $ | 393 | $ | 297 | $ | 266 | $ | 258 | ||||||||||
Common share distributions paid per share
|
$ | 1.84 | $ | 1.60 | $ | 1.48 | $ | 1.46 | $ | 1.44 | ||||||||||
FFO (3):
|
||||||||||||||||||||
Reconciliation of net earnings to FFO:
|
||||||||||||||||||||
Net earnings attributable to common shares
|
$ | 1,049 | $ | 849 | $ | 371 | $ | 203 | $ | 212 | ||||||||||
Total NAREIT defined adjustments
|
150 | 149 | 161 | 196 | 159 | |||||||||||||||
Total our defined adjustments
|
28 | (53 | ) | (2 | ) | 1 | 29 | |||||||||||||
FFO attributable to common shares as defined by us
|
$ | 1,227 | $ | 945 | $ | 530 | $ | 400 | $ | 400 | ||||||||||
Cash Flow Data:
|
||||||||||||||||||||
Net cash provided by operating activities
|
$ | 1,225 | $ | 687 | $ | 488 | $ | 484 | $ | 367 | ||||||||||
Net cash used in investing activities
|
$ | (4,053 | ) | $ | (2,069 | ) | $ | (2,223 | ) | $ | (620 | ) | $ | (115 | ) | |||||
Net cash provided by (used in) financing activities
|
$ | 2,742 | $ | 1,645 | $ | 1,713 | $ | 37 | $ | (31 | ) |
As of December 31, | |||||||||||||||||||
2007 | 2006 | 2005 (1) | 2004 | 2003 | |||||||||||||||
Financial Position:
|
|||||||||||||||||||
Real estate owned, excluding land held for development, before
depreciation
|
$ | 14,426 | $ | 12,500 | $ | 10,830 | $ | 5,738 | $ | 5,343 | |||||||||
Land held for development
|
$ | 2,153 | $ | 1,397 | $ | 1,045 | $ | 596 | $ | 511 | |||||||||
Investments in and advances to unconsolidated investees
|
$ | 2,345 | $ | 1,300 | $ | 1,050 | $ | 909 | $ | 677 | |||||||||
Total assets
|
$ | 19,724 | $ | 15,904 | $ | 13,126 | $ | 7,098 | $ | 6,367 | |||||||||
Total debt
|
$ | 10,506 | $ | 8,387 | $ | 6,678 | $ | 3,414 | $ | 2,991 | |||||||||
Total liabilities
|
$ | 12,209 | $ | 9,453 | $ | 7,580 | $ | 3,929 | $ | 3,271 | |||||||||
Minority interest
|
$ | 79 | $ | 52 | $ | 58 | $ | 67 | $ | 37 | |||||||||
Total shareholders equity
|
$ | 7,436 | $ | 6,399 | $ | 5,488 | $ | 3,102 | $ | 3,059 | |||||||||
Number of common shares outstanding
|
258 | 251 | 244 | 186 | 180 |
(1) | On September 15, 2005, we completed the Catellus Merger with an aggregate purchase price of $5.3 billion. See Note 3 to our Consolidated Financial Statements in Item 8 for additional information. |
31
(2) | Discontinued operations include income attributable to assets disposed of and net gains recognized on the disposition of assets to third parties. See Note 8 to our Consolidated Financial Statements in Item 8 for additional information. Amounts are net of losses related to temperature controlled distribution assets of $25.2 million and $36.7 million in 2005 and 2004, respectively. | |
(3) | Funds from operations (FFO) is a non-U.S. generally accepted accounting principle (GAAP) measure that is commonly used in the real estate industry. The most directly comparable GAAP measure to FFO is net earnings. Although the National Association of Real Estate Investment Trusts (NAREIT) has published a definition of FFO, modifications to the NAREIT calculation of FFO are common among REITs, as companies seek to provide financial measures that meaningfully reflect their business. FFO, as we define it, is presented as a supplemental financial measure. FFO is not used by us as, nor should it be considered to be, an alternative to net earnings computed under GAAP as an indicator of our operating performance or as an alternative to cash from operating activities computed under GAAP as an indicator of our ability to fund our cash needs. | |
FFO is not meant to represent a comprehensive system of financial reporting and does not present, nor do we intend it to present, a complete picture of our financial condition and operating performance. We believe net earnings computed under GAAP remains the primary measure of performance and that FFO is only meaningful when it is used in conjunction with net earnings computed under GAAP. Further, we believe that our consolidated financial statements, prepared in accordance with GAAP, provide the most meaningful picture of our financial condition and our operating performance. | ||
At the same time that NAREIT created and defined its FFO concept for the REIT industry, it also recognized that management of each of its member companies has the responsibility and authority to publish financial information that it regards as useful to the financial community. We believe that financial analysts, potential investors and shareholders who review our operating results are best served by a defined FFO measure that includes other adjustments to net earnings computed under GAAP in addition to those included in the NAREIT defined measure of FFO. Our FFO measure is discussed in Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations Funds From Operations. |
ITEM 7. | Managements Discussion and Analysis of Financial Condition and Results of Operations |
| Property Operations Segment We earn rent from our customers, including reimbursements of certain operating costs, under long-term operating leases in the distribution and retail properties that we own directly. We expect to grow our revenue through the selective acquisition of properties and increases in rental rates and, to a limited extent, increases in occupancy rates in our existing |
32
properties. Our strategy is to achieve the increases in rental rates and occupancy primarily through continued focus on our customers global needs for distribution space on the three continents in which we operate and use of the ProLogis Operating System. |
| Investment Management Segment We recognize our proportionate share of the earnings or losses from our investments in unconsolidated property funds. Along with the income recognized under the equity method, we recognize fees and incentives earned for services performed on behalf of the property funds and interest earned on advances to the property funds. We earn fees for services provided to the property funds, such as property management, asset management, acquisition, financing, leasing and development fees. We may earn incentives based on the return provided to our fund partners. We expect growth in income recognized to come from newly created property funds, such as those discussed below, and growth in existing property funds. The growth in the existing property funds is expected to come primarily from additional properties the funds will acquire, generally from us, and increased rental revenues in the property funds due, in part, to the leasing and property management efforts we provide as manager of the properties. | |
| CDFS Business Segment We recognize income primarily from the contributions of developed, rehabilitated and repositioned properties and acquired portfolios of properties to the property funds and from dispositions to third parties. In addition, we: (i) earn fees from our customers or other third parties for development activities that we perform on their behalf; (ii) recognize interest income on notes receivable related to asset dispositions or development; (iii) recognize net gains from the disposition of land parcels, including land subject to ground leases; and (iv) recognize our proportionate share of the earnings or losses generated by development joint ventures in which we have an investment. We expect growth in income in this segment to come primarily from the continued development of high-quality distribution and retail properties in our key markets in North America, Europe and Asia, resulting in the contribution to property funds or sale to third parties. |
33
| In February 2007, we purchased the industrial business and made a 25% investment in the retail business of Parkridge, a European real estate development company. The total purchase price was $1.3 billion and resulted in the addition of 6.3 million square feet of operating distribution properties and 1,139 acres of land for future development (see Note 3 to our Consolidated Financial Statements in Item 8). | |
| During 2007, we issued $2.4 billion of convertible senior notes due 2037. In March 2007, we issued $1.25 billion with a coupon rate of 2.25% and in November, we issued $1.12 billion with a coupon rate of 1.875% (see Note 13 to our Consolidated Financial Statements in Item 8). | |
| In 2007, we generated aggregate proceeds of $5.8 billion and recognized aggregate gains of $991.9 million from contributions and dispositions of properties, net of amounts deferred, as follows: |
¡ | We generated $2.5 billion of proceeds and $695.1 million of gains from the contributions of CDFS developed and repositioned properties and sales of land. This is net of the deferral of $189.7 million of gains related to our ongoing ownership in the property funds that acquired the properties. | |
¡ | We contributed acquired CDFS property portfolios generating $2.5 billion of proceeds and $68.6 million of gains. This is net of the deferral of $53.7 million of gains related to our continuing ownership in the three property funds that acquired these portfolios of properties. We acquired these portfolios of properties in 2007 and 2006 with the intent to contribute them to a new or existing property fund at, or slightly above, our cost. | |
¡ | We disposed of 80 CDFS and non-CDFS properties, as well as land subject to ground leases, to third parties, all of which are included in discontinued operations, generating proceeds of $426.8 million and $81.5 million of gains. | |
¡ | We generated proceeds of $391.7 million and gains of $146.7 million from the contribution of 77 non-CDFS properties to the property funds, net of the deferral of $36.2 million of gains related to our ongoing ownership in the property funds that acquired the properties. |
| We repositioned one property fund, formed three new property funds and made the first acquisitions of properties in a property fund, as follows (see Note 4 to our Consolidated Financial Statements in Item 8 for additional information): |
¡ | On July 11, 2007, we completed the acquisition of all of the units in MPR, an Australian listed property trust that had an 89% ownership interest in ProLogis North American Properties Fund V. This transaction resulted in us owning 100% of the assets until August 27, 2007, when the lender converted certain of the bridge debt, used to finance the acquisition, into equity of a new property fund, ProLogis North American Industrial Fund II, in which we have a 36.9% equity interest. |
34
¡ | We formed two new property funds, ProLogis European Properties II (PEPF II) and ProLogis Mexico Industrial Fund that will be the primary investment vehicles to acquire all of the properties we develop and stabilize in Europe and Mexico, respectively. We made contributions of properties to the new funds in 2007. ProLogis Korea Fund, which was formed in 2006 and will be the primary investment vehicle to acquire all the properties we develop and stabilize in South Korea, acquired six properties from a third party in 2007. | |
¡ | In July 2007, we formed a new property fund, ProLogis North American Industrial Fund III, that completed the acquisition of $1.8 billion of distribution properties in North America from a third party. |
| During the year ended December 31, 2007, in addition to the Parkridge and MPR acquisitions, we acquired an aggregate 7.3 million square feet of operating properties with a total expected investment of $382.7 million. These properties were primarily acquired for future contribution to a property fund, although we may hold certain properties for long-term investment. | |
| In 2007, we started development on projects with a total expected cost at completion of $3.9 billion and completed development projects with a total expected cost of $2.4 billion. We also acquired 4,482 acres of land (or land use rights) for future development for an aggregate purchase price of $1.3 billion, excluding the land acquired in the Parkridge acquisition. | |
| We invested $152.1 million in the form of equity investments and advances in CDFS joint ventures operating in North America, Europe and Asia, excluding the investment in a joint venture through the Parkridge acquisition discussed above. These joint ventures primarily develop and operate distribution and retail properties. These joint ventures, including the Parkridge retail joint venture, started development on projects with a total expected cost of $223.8 million, representing our proportionate share, in 2007 since our initial investment. | |
| Our Board approved an increase in our annual distribution in 2008 to $2.07 per common share, from $1.84 per common share, or an increase of 12.5%. The common share distribution is declared quarterly and may be adjusted at the discretion of the Board. |
35
36
December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Net earnings attributable to common shares (in millions)
|
$ | 1,048.9 | $ | 849.0 | $ | 370.7 | ||||||
Net earnings per share attributable to common shares
Basic
|
$ | 4.08 | $ | 3.45 | $ | 1.82 | ||||||
Net earnings per share attributable to common shares
Diluted
|
$ | 3.94 | $ | 3.32 | $ | 1.76 |
37
December 31, | ||||||||||||||||||
2007 | 2006 | 2005 | ||||||||||||||||
Number of |
Square |
Number of |
Square |
Number of |
Square |
|||||||||||||
Reportable Business Segment
|
Properties | Feet | Properties | Feet | Properties | Feet | ||||||||||||
Property operations (1)
|
1,409 | 208,530 | 1,473 | 204,674 | 1,461 | 186,663 | ||||||||||||
Investment management
|
1,131 | 244,150 | 843 | 181,273 | 752 | 159,769 | ||||||||||||
CDFS business (2)
|
39 | 6,801 | 32 | 5,474 | 23 | 3,283 | ||||||||||||
Totals
|
2,579 | 459,481 | 2,348 | 391,421 | 2,236 | 349,715 | ||||||||||||
(1) | Our operating portfolio includes properties that were developed or acquired in our CDFS business segment and are pending contribution to a property fund or disposition to a third party as follows (square feet in thousands): |
Number of Properties | Square Feet | |||||||
2007
|
249 | 56,861 | ||||||
2006
|
205 | 49,792 | ||||||
2005
|
124 | 29,383 |
(2) | Only includes distribution properties owned by the CDFS joint ventures. We include our wholly owned CDFS properties in the property operations segment (see above). |
| Net operating income generated by the same store portfolio (defined for the same store analysis as rental income, excluding termination and renegotiation fees, less rental expenses) increased 5.2% in 2007 over 2006, due to a 5.5% increase in rental income, partially offset by a 6.5% increase in rental expenses. The increase in rental expenses was primarily driven by increases in property insurance and property taxes, which are largely recovered from our customers as rental recoveries included in rental income. For 2006, the net operating income of the same store portfolio increased by 3.1% over 2005. Rental income increased 3.3% in 2006 and rental expenses increased 4.2% in 2006, both over 2005. |
38
| Average occupancy in the same store portfolio increased 2.9% in 2007 over 2006. This compares with an increase of 2.6% in average occupancy in 2006 over 2005. | |
| Within the same store portfolio rental rates on new leases in 2007 increased 8.0%, as compared with the previous rental rates in that same space. In 2006, the rental rates on new leases in the same store portfolio increased by 2.6%. |
39
Years Ended December 31, | |||||||||
2007 | 2006 | 2005 | |||||||
Rental income
|
$ | 1,023,640 | $ | 873,393 | $ | 574,588 | |||
Rental expenses
|
286,352 | 224,947 | 160,041 | ||||||
Total net operating income property operations
segment
|
$ | 737,288 | $ | 648,446 | $ | 414,547 | |||
40
Years Ended December 31, | |||||||||
2007 | 2006 | 2005 | |||||||
ProLogis North American property funds (1)
|
$ | 64,325 | $ | 117,532 | $ | 56,348 | |||
ProLogis European property funds (2)
|
104,665 | 167,227 | 44,002 | ||||||
ProLogis Asian property funds (3)
|
30,182 | 20,225 | 12,662 | ||||||
Total net operating income investment management segment
|
$ | 199,172 | $ | 304,984 | $ | 113,012 | |||
(1) | Represents the income earned by us from our investments in property funds in North America. We had interests in 12, 10 and 12 funds at December 31, 2007, 2006 and 2005, respectively. This includes two new property funds and one repositioned property fund in 2007. One property fund, ProLogis Mexico Industrial Fund, acquired 35 properties from us in 2007 while the other new property fund acquired 122 properties from a third party concurrent with its formation. Our ownership interests ranged from 20.0% to 50.0% at December 31, 2007. These property funds on a combined basis owned 777, 535 and 471 properties at December 31, 2007, 2006 and 2005, respectively. Beginning in August 2007, we own 36.9% of a property fund that owns 100% of the real estate assets previously owned by ProLogis North American Properties Fund V. | |
In January 2006, we purchased the 80% ownership interests held by our fund partner in three property funds and subsequently contributed substantially all of the assets and associated liabilities to the North American Industrial Fund in March 2006. In connection with this transaction, we earned an incentive return of $22.0 million and we recognized $37.1 million in income, representing our proportionate share of the net gain recognized by the property funds upon termination. | ||
(2) | In 2007, represents the income earned by us from our investments in two property funds in Europe, PEPR and PEPF II and prior to 2007 represents the income from our investment in PEPR. PEPF II was formed in the third quarter of 2007 and made acquisitions of 38 properties from us in 2007. On a combined basis, these funds owned 288 properties at December 31, 2007. Our ownership interest in PEPR and PEPF II was 24.9% and 24.3%, respectively at December 31, 2007. Our ownership interest in PEPF II is due to our direct ownership interest of 16.85% and our indirect 7.45% interest through our ownership in PEPR, which owns a 30% interest in PEPF II. In July 2007, PEPR sold a portfolio of 47 properties that resulted in our recognition of additional earnings of $38.2 million, representing our proportionate share of the gain recognized by PEPR. | |
Our ownership interest in PEPR was 24.0% and 21.0% at December 31, 2006 and 2005, respectively. In connection with PEPRs IPO in 2006, we recognized $109.2 million in incentive return based fees on the internal rate of return that the pre-IPO unit holders earned. During 2006, PEPR incurred professional fees and other expenses related to the completion of its IPO, which resulted in a decrease of approximately $8.9 million in the earnings we recognized. PEPR owned 277 and 263 properties at December 31, 2006 and 2005, respectively. | ||
(3) | Represents the income earned by us from our 20% ownership interest in two property funds in Japan and one property fund in South Korea, which made its first acquisition of properties from third parties during 2007. These property funds on a combined basis owned 66, 31 and 18 properties at December 31, 2007, 2006 and 2005, respectively, including a portfolio of 17 properties in Japan that were purchased from a third party during the third quarter of 2007. |
41
Years Ended December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
CDFS transactions in continuing operations:
|
||||||||||||
Disposition proceeds, prior to deferral (1)
|
$ | 5,230,788 | $ | 1,337,278 | $ | 1,190,264 | ||||||
Proceeds deferred and not recognized (2)
|
(243,411 | ) | (65,542 | ) | (52,770 | ) | ||||||
Recognition of previously deferred amounts (2)
|
18,035 | 15,105 | 2,963 | |||||||||
Cost of dispositions (1)
|
(4,241,700 | ) | (993,926 | ) | (917,782 | ) | ||||||
Net gains
|
763,712 | 292,915 | 222,675 | |||||||||
Development management and other income (3)
|
26,670 | 37,420 | 25,464 | |||||||||
Interest income on notes receivable (4)
|
8,066 | 16,730 | 6,781 | |||||||||
Net earnings from CDFS joint ventures (5)
|
3,371 | 44,974 | 5,671 | |||||||||
Other expenses and charges (6)
|
(11,905 | ) | (12,554 | ) | (7,983 | ) | ||||||
Total net operating income - CDFS business segment
|
$ | 789,914 | $ | 379,485 | $ | 252,608 | ||||||
CDFS transactions recognized as discontinued operations (7):
|
||||||||||||
Disposition proceeds
|
$ | 205,775 | $ | 245,500 | $ | 100,494 | ||||||
Cost of dispositions
|
(177,054 | ) | (211,986 | ) | (89,878 | ) | ||||||
Net CDFS gains in discontinued operations
|
$ | 28,721 | $ | 33,514 | $ | 10,616 | ||||||
(1) | During 2007, we contributed 87 developed and repositioned properties to the property funds (41 in North America, 41 in Europe and five in Japan) and we contributed 175 properties that were acquired |
42
property portfolios to the property funds, including the MPR acquisition (162 in North America and 13 in Europe). This compares with 2006 when we contributed 55 developed and repositioned properties (30 in North America, 19 in Europe and six in Japan) and 2005 when we contributed 42 developed and repositioned properties (20 in North America, 19 in Europe and three in Japan). In addition, we recognized net gains of $93.3 million, $24.6 million and $14.5 million from the disposition of land parcels to third parties during 2007, 2006 and 2005, respectively. In addition, we contributed non CDFS properties to the property funds. See discussion below in Gains Recognized on Dispositions of Certain Non-CDFS Business Assets. | ||
(2) | When we contribute a property to an entity in which we have an ownership interest, we do not recognize a portion of the proceeds in our computation of the gain resulting from the contribution. The amount of the proceeds that we defer is based on our continuing ownership interest in the contributed property that arises due to our ownership interest in the entity acquiring the property. We defer this portion of the proceeds by recognizing a reduction to our investment in the applicable unconsolidated investee. We adjust our proportionate share of the earnings or losses that we recognize under the equity method in later periods to reflect the entitys depreciation expense as if the depreciation expense was computed on our lower basis in the contributed property rather than on the entitys basis in the contributed property. If a loss results when a property is contributed, the entire loss is recognized when it is known. | |
When a property that we originally contributed to an unconsolidated investee is disposed of to a third party, we recognize a gain during the period that the disposition occurs related to the proceeds we had previously deferred, in addition to our proportionate share of the gain or loss recognized by the entity. Further, during periods when our ownership interest in a property fund decreases, we recognize gains to the extent that proceeds were previously deferred to coincide with our new ownership interest in the property fund. | ||
(3) | Amounts include fees we earned for the performance of development activities on behalf of our customers or other third parties. These amounts fluctuate based on the level of third party development activities. | |
(4) | Amounts represent interest income earned on notes receivable related to previous property sales that were primarily acquired through the Catellus Merger, most of which have been substantially repaid as of December 31, 2007. | |
(5) | Represents the net earnings or losses we recognize under the equity method from our investments in CDFS joint ventures. Included in the earnings for 2006 was $35.0 million, representing our proportionate share of the earnings of a CDFS joint venture, LAAFB JV that redeveloped and sold land parcels. As our investment in LAAFB JV is held in a taxable subsidiary, we also recognized $27.0 million of current income tax expense and a deferred tax benefit of $12.4 million (see further discussion in Income Taxes below). This entity substantially completed its operations at the end of 2006. | |
(6) | Includes land holding costs and charges for previously capitalized costs related to potential CDFS business segment projects when the acquisition is no longer probable. | |
(7) | Includes five CDFS business properties aggregating 0.6 million square feet, 15 CDFS business properties aggregating 1.9 million square feet and eight CDFS business properties aggregating 1.1 million square feet that were sold to third parties during 2007, 2006 and 2005, respectively, that met the criteria to be presented as discontinued operations. |
43
| In North America, in 2007, we acquired 2,193 acres of land for future potential development in Canada, Mexico and the United States. We created a property fund that acquired certain properties that we had developed or acquired in Mexico. We have one property fund that is committed to acquire all the properties we develop and stabilize in the United States and Canada (as discussed below). | |
| In Europe, during 2007, we acquired 2,619 acres of land for future potential development. This included 1,139 acres of land that was acquired as part of the Parkridge acquisition as discussed above. We formed a new property fund in Europe that acquired certain operating properties that we had developed and a portfolio of properties we acquired in the Parkridge acquisition. This property fund is committed to acquire all the properties we develop and stabilize in Europe (as discussed below). | |
| In Asia, during 2006, we established a property fund that will acquire the properties we develop and stabilize in South Korea. In Japan, we have one property fund that will acquire properties we develop and stabilize in Japan (as discussed below). In China, we are positioning ourselves to meet what we believe will be significant future demand for distribution space due to the expected growth in manufacturing and consumer demand for goods and we have increased our direct-owned development and our investments in CDFS joint ventures operating in China. Also, we have begun to evaluate potential development opportunities in India and the Middle East. In Asia, we acquired 810 acres of land or land use rights for future development activity. |
44
45
46
| development of properties directly and additional investment in joint ventures in the CDFS business segment; | |
| acquisitions of properties or portfolios of properties in the CDFS business segment primarily for future contribution to property funds; | |
| acquisitions of land for future development in the CDFS business segment; | |
| investments in current or future unconsolidated property funds; |
47
| direct acquisitions of operating properties and/or portfolios of operating properties in key distribution markets for direct, long-term investment in the property operations segment; | |
| capital expenditures on properties; and | |
| scheduled principal payments, including $964 million that is due in 2008. |
| property operations; | |
| fees and incentives earned for services performed on behalf of the property funds; | |
| proceeds from the contributions of properties to current or future property funds; | |
| proceeds from the disposition of land parcels and properties to third parties; | |
| borrowing capacity under our Global Line or other credit facilities ($1.6 billion available as of December 31, 2007); | |
| assumption of debt in connection with acquisitions; and | |
| proceeds from the issuance of equity or debt securities, including sales under various common share plans, all subject to market conditions. |
48
| On July 11, 2007, we completed the acquisition of MPR for total consideration of approximately $2.0 billion, consisting of $1.2 billion of cash and the assumption of debt and other liabilities of $0.8 billion. The cash portion was financed by the issuance of a $473.1 million term loan and a $646.2 million convertible loan with an affiliate of Citigroup. On August 27, 2007, when Citigroup converted $546.2 million of the convertible loan into equity of a newly created property fund, ProLogis North American Industrial Fund II, we made a $100.0 million cash equity contribution to the property fund, which it used to repay the remaining balance on the convertible loan. | |
| In February 2007, we purchased the industrial business and made a 25% investment in the retail business of Parkridge. The total purchase price was $1.3 billion of which we paid cash of $733.9 million. In 2006, we invested cash of $113.0 million in the form of a loan. See Note 3 to our Consolidated Financial Statements in Item 8 for more details of this transaction. | |
| We invested $5.3 billion in real estate during the year ended December 31, 2007, excluding the MPR and Parkridge acquisitions; $3.8 billion for the same period in 2006, excluding the purchase of ownership interests in property funds; and $2.5 billion for the same period in 2005, excluding the Catellus Merger. These amounts include the acquisition of operating properties (41 properties, 74 properties and 25 properties with an aggregate purchase price of $351.6 million, $735.4 million and $453.9 million in 2007, 2006 and 2005, respectively), acquisitions of land or land use rights for future development, costs for current and future development projects and recurring capital expenditures and tenant improvements on existing operating properties. At December 31, 2007, we had 180 distribution and retail properties aggregating 48.8 million square feet under development, with a total expected investment of $3.9 billion. | |
| We invested cash of $661.8 million, $217.9 million and $16.7 million in 2007, 2006 and 2005, respectively, in new and existing unconsolidated investees. The 2007 investments include the |
49
$100.0 million invested in ProLogis North American Industrial Fund II, our proportionate share of the equity component for third-party acquisitions made by the property funds and investments and advances to CDFS joint ventures, excluding the initial investment in the Parkridge retail business. The 2006 investments were primarily in the North American Industrial Fund and CDFS joint ventures in China, including amounts escrowed for potential investments that are subject to the attainment of certain performance criteria. In January 2006, we invested $55.0 million in a preferred interest in ProLogis North American Properties Fund V, which we subsequently sold in August 2006. |
| We generated net cash from contributions and dispositions of properties and land parcels of $3.6 billion, $2.1 billion and $1.5 billion in 2007, 2006 and 2005, respectively. See further discussion in - Results of Operations-CDFS Business Segment. | |
| We received proceeds from unconsolidated investees as a return of investment of $50.2 million, $146.2 million and $48.7 million in 2007, 2006 and 2005, respectively. The proceeds in 2007 include $18.7 million received from the liquidation of an investment in an unconsolidated investee and the proceeds in 2006 include $42.0 million from LAAFB JV and $55.0 million related to the sale of a preferred interest in ProLogis North American Properties Fund V discussed above. | |
| We invested cash of $259.2 million in connection with the purchase of our fund partners ownership interests in ProLogis North America Properties Funds II, III and IV during the first quarter of 2006. See Note 4 to our Consolidated Financial Statements in Item 8 for more details of this transaction. | |
| Generated net cash proceeds from payments on notes receivable related to dispositions of assets of $97.4 million and $60.0 million in 2007 and 2005, respectively, and net cash payments for advances on notes receivable of $41.7 million in 2006. | |
| Used $1.3 billion of cash (net of Catellus cash on the merger date) as partial consideration related to the Catellus Merger in 2005. |
| During 2007, we issued $2.4 billion of convertible senior notes. In March, we issued $1.25 billion with a coupon rate of 2.25% due in March 2037 and in November, we issued $1.12 billion with a coupon rate of 1.875% due in November 2037. We used the net proceeds of the offerings to repay a portion of the outstanding balance under our Global Line and senior notes that were maturing in November 2007 and for general corporate purposes. Also in 2007, on our lines of credit including the Global Line, we made net payments of $431.5 million and we made net payments of $392.5 million on our other debt. | |
| During 2007, we received proceeds of $1.1 billion and $600.1 million under facilities used to partially finance the MPR and Parkridge acquisitions, respectively (see Note 3 and Note 13 to our Consolidated Financial Statements in Item 8). | |
| We received proceeds of $1.9 billion and made payments of $588.8 million on our senior notes and other secured and unsecured debt, resulting in net proceeds of $1.4 billion during 2006. We received net proceeds from issuance of other debt of $368.2 million for 2006. | |
| In 2005, we received proceeds from borrowings on credit facilities and short-term borrowings of $1.3 billion, which were used primarily for the cash consideration for the Catellus Merger and repayment of $106.4 million of debt assumed in the Catellus Merger. We also received proceeds from the issuance of senior notes of $890.0 million. | |
| We paid distributions to holders of common shares of $472.6 million, $393.3 million and $297.4 million in 2007, 2006 and 2005, respectively. We paid dividends on preferred shares of $31.8 million, $19.1 million and $25.4 million in 2007, 2006 and 2005, respectively. |
50
| The sale and issuance of common shares generated proceeds of $46.9 million, $358.0 million and $45.6 million in 2007, 2006 and 2005, respectively. This includes $320.8 million received in 2006 for the issuance of 5.4 million common shares under our Controlled Equity Offering Program. |
Third Party |
2008 |
Weighted Average |
Our |
||||||||||||||
Property Fund
|
Total Assets | Debt (1)(2) | Maturities | Interest Rate | Ownership | ||||||||||||
ProLogis California
|
$ | 591.2 | $ | 319.8 | $ | 5.6 | 7.5 | % | 50.0 | % | |||||||
ProLogis North American Properties Fund I
|
324.2 | 242.3 | | 7.6 | % | 41.3 | % | ||||||||||
ProLogis North American Properties Fund VI
|
495.9 | 307.0 | | 5.4 | % | 20.0 | % | ||||||||||
ProLogis North American Properties Fund VII
|
375.2 | 228.7 | 0.2 | 5.5 | % | 20.0 | % | ||||||||||
ProLogis North American Properties Fund VIII
|
185.7 | 112.0 | | 5.3 | % | 20.0 | % | ||||||||||
ProLogis North American Properties Fund IX
|
189.8 | 120.4 | 1.7 | 5.7 | % | 20.0 | % | ||||||||||
ProLogis North American Properties Fund X
|
216.8 | 135.0 | | 5.7 | % | 20.0 | % | ||||||||||
ProLogis North American Properties Fund XI
|
217.2 | 60.2 | 0.8 | 4.5 | % | 20.0 | % | ||||||||||
ProLogis North American Industrial Fund
|
2,135.6 | 1,259.2 | 48.3 | 5.7 | % | 23.2 | % | ||||||||||
ProLogis North American Industrial Fund II (3)
|
2,205.5 | 1,283.9 | 102.1 | 5.5 | % | 36.9 | % | ||||||||||
ProLogis North American Industrial Fund III (3)
|
1,792.7 | 1,090.2 | 988.0 | 5.8 | % | 20.0 | % | ||||||||||
ProLogis Mexico Industrial Fund (3)
|
304.8 | 146.4 | 146.4 | 5.8 | % | 20.0 | % | ||||||||||
ProLogis European Properties
|
4,975.2 | 2,744.9 | | 5.2 | % | 24.9 | % | ||||||||||
ProLogis European Properties Fund II (3)
|
1,551.2 | 711.4 | 711.4 | 6.0 | % | 24.3 | % | ||||||||||
ProLogis Japan Properties Fund I
|
1,235.3 | 554.3 | | 1.6 | % | 20.0 | % | ||||||||||
ProLogis Japan Properties Fund II
|
2,523.6 | 1,309.6 | 1.0 | 1.9 | % | 20.0 | % | ||||||||||
ProLogis Korea Fund
|
51.7 | 25.6 | | 6.2 | % | 20.0 | % | ||||||||||
Total property funds
|
$ | 19,371.6 | $ | 10,650.9 | $ | 2,005.5 | |||||||||||
(1) | As of December 31, 2007, we had not guaranteed any of the third party debt. | |
(2) | The approximate principal payments due on the third party debt of the property funds during each of the years in the five year period ending December 31, 2012 and thereafter are as follows: 2008 $2,005.5 million; 2009 $1,524.2 million; 2010 $2,039.4 million; 2011 $570.8 million; 2012 $2,204.8 million; and thereafter $2,306.2 million. | |
(3) | The principal payments reflected as 2008 maturities in these property funds primarily represent short-term financing done in 2007 to acquire properties from us or third parties. The refinancing of this debt with long-term debt is in varying stages of completion. |
51
Payments Due By Period | |||||||||||||||
Less than |
1 to 3 |
3 to 5 |
More than |
||||||||||||
Total | 1 year | years | years | 5 years | |||||||||||
Debt obligations, other than credit facilities
|
$ | 8,550 | $ | 964 | $ | 2,076 | $ | 3,469 | $ | 2,041 | |||||
Interest on debt obligations, other than credit facilities
|
2,010 | 387 | 895 | 345 | 383 | ||||||||||
Unfunded commitments on development projects (1)
|
1,949 | 1,949 | | | | ||||||||||
Unfunded commitments on acquisitions
|
226 | 226 | | | | ||||||||||
Unfunded capital commitments to unconsolidated investees
|
26 | 26 | | | | ||||||||||
Amounts due on credit facilities (2)
|
1,955 | | 1,955 | | | ||||||||||
Interest on lines of credit (2)
|
183 | 63 | 120 | | | ||||||||||
Totals (3)
|
$ | 14,899 | $ | 3,615 | $ | 5,046 | $ | 3,814 | $ | 2,424 | |||||
(1) | We had properties under development at December 31, 2007 with a total expected investment of $3.9 billion. The unfunded commitments presented include all costs necessary to place the property into service, including the costs of tenant improvements and marketing and leasing costs, not only those costs that we are obligated to fund under construction contracts. | |
(2) | The maturity date of the credit agreements assumes that we exercise our option to extend. | |
(3) | Amounts do not include any of our FIN 48 liabilities. The majority of the FIN 48 liability of $192.4 million at December 31, 2007 represents items currently under audit, for which we can not reasonably estimate the period of settlement. See Note 7 to our Consolidated Financial Statements in Item 8. |
52
53
(i) | deferred income tax benefits and deferred income tax expenses recognized by our subsidiaries; | |
(ii) | current income tax expense related to acquired tax liabilities that were recorded as deferred tax liabilities in an acquisition, to the extent the expense is offset with a deferred income tax benefit in GAAP earnings that is excluded from our defined FFO measure; | |
(iii) | certain foreign currency exchange gains and losses resulting from certain debt transactions between us and our foreign consolidated subsidiaries and our foreign unconsolidated investees; | |
(iv) | foreign currency exchange gains and losses from the remeasurement (based on current foreign currency exchange rates) of certain third party debt of our foreign consolidated subsidiaries and our foreign unconsolidated investees; and | |
(v) | mark-to-market adjustments associated with derivative financial instruments utilized to manage foreign currency risks. |
| The current income tax expenses that are excluded from our defined FFO measure represent the taxes that are payable. | |
| Depreciation and amortization of real estate assets are economic costs that are excluded from FFO. FFO is limited, as it does not reflect the cash requirements that may be necessary for future replacements of the real estate assets. Further, the amortization of capital expenditures and leasing costs necessary to maintain the operating performance of distribution properties are not reflected in FFO. | |
| Gains or losses from property dispositions represent changes in the value of the disposed properties. By excluding these gains and losses, FFO does not capture realized changes in the value of disposed properties arising from changes in market conditions. |
54
| The deferred income tax benefits and expenses that are excluded from our defined FFO measure result from the creation of a deferred income tax asset or liability that may have to be settled at some future point. Our defined FFO measure does not currently reflect any income or expense that may result from such settlement. | |
| The foreign currency exchange gains and losses that are excluded from our defined FFO measure are generally recognized based on movements in foreign currency exchange rates through a specific point in time. The ultimate settlement of our foreign currency-denominated net assets is indefinite as to timing and amount. Our FFO measure is limited in that it does not reflect the current period changes in these net assets that result from periodic foreign currency exchange rate movements. |
Years Ended December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
FFO:
|
||||||||||||
Reconciliation of net earnings to FFO:
|
||||||||||||
Net earnings attributable to common shares
|
$ | 1,048,917 | $ | 848,951 | $ | 370,747 | ||||||
Add (deduct) NAREIT defined adjustments:
|
||||||||||||
Real estate related depreciation and amortization
|
298,089 | 277,481 | 184,792 | |||||||||
Adjustments to CDFS dispositions for depreciation
|
(6,196 | ) | 466 | | ||||||||
Gains recognized on dispositions of certain non-CDFS business
assets
|
(146,667 | ) | (81,470 | ) | | |||||||
Reconciling items attributable to discontinued operations:
|
||||||||||||
Gains recognized on dispositions of non-CDFS business assets
|
(52,776 | ) | (103,729 | ) | (86,444 | ) | ||||||
Real estate related depreciation and amortization
|
2,896 | 11,535 | 11,399 | |||||||||
Totals discontinued operations
|
(49,880 | ) | (92,194 | ) | (75,045 | ) | ||||||
Our share of reconciling items from unconsolidated investees:
|
||||||||||||
Real estate related depreciation and amortization
|
99,026 | 68,151 | 57,766 | |||||||||
Gains on dispositions of non-CDFS business assets
|
(35,672 | ) | (7,124 | ) | (1,114 | ) | ||||||
Other amortization items
|
(8,731 | ) | (16,000 | ) | (5,134 | ) | ||||||
Totals unconsolidated investees
|
54,623 | 45,027 | 51,518 | |||||||||
Totals NAREIT defined adjustments
|
149,969 | 149,310 | 161,265 | |||||||||
Subtotals NAREIT defined FFO
|
1,198,886 | 998,261 | 532,012 | |||||||||
Add (deduct) our defined adjustments:
|
||||||||||||
Foreign currency exchange losses (gains), net
|
16,384 | (19,555 | ) | (14,065 | ) | |||||||
Current income tax expense
|
3,038 | 23,191 | | |||||||||
Deferred income tax expense (benefit)
|
550 | (53,722 | ) | 12,045 | ||||||||
Reconciling items attributable to discontinued
operations deferred income tax benefit
|
| | (213 | ) | ||||||||
Our share of reconciling items from unconsolidated investees:
|
||||||||||||
Foreign currency exchange losses (gains), net
|
1,823 | (45 | ) | 298 | ||||||||
Deferred income tax expense (benefit)
|
6,327 | (2,982 | ) | 395 | ||||||||
Totals unconsolidated investees
|
8,150 | (3,027 | ) | 693 | ||||||||
Totals our defined adjustments
|
28,122 | (53,113 | ) | (1,540 | ) | |||||||
FFO attributable to common shares, as defined by us
|
$ | 1,227,008 | $ | 945,148 | $ | 530,472 | ||||||
55
ITEM 7A. | Quantitative and Qualitative Disclosure About Market Risk |
Our |
Notional |
Swap |
||||||||||||||
Entity
|
Ownership | Amounts | Rate | Maturity | Fair Value | |||||||||||
ProLogis North American Industrial Fund II
|
36.9 | % | $ | 1,005,900 | 5.31 5.83% | 2009 - 2018 | ($68,757 | ) | ||||||||
ProLogis North American Industrial Fund III
|
20.0 | % | $ | 642,000 | 5.79% | 2017 | ($58,577 | ) | ||||||||
ProLogis Mexico Industrial Fund
|
20.0 | % | $ | 137,000 | 5.24 - 5.56% | 2017 | ($8,650 | ) |
56
ITEM 8. | Financial Statements and Supplementary Data |
ITEM 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
ITEM 9A. | Controls and Procedures |
57
ITEM 9B. | Other Information |
ITEM 10. | Directors, Executive Officers and Corporate Governance |
ITEM 11. | Executive Compensation |
ITEM 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
ITEM 13. | Certain Relationships and Related Transactions, and Director Independence |
58
ITEM 14. | Principal Accounting Fees and Services |
ITEM 15. | Exhibits, Financial Statement Schedules |
59
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ProLogis:
|
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61 | ||||
63 | ||||
64 | ||||
65 | ||||
66 | ||||
67 | ||||
116 | ||||
117 |
60
61
62
2007 | 2006 | 2005 | ||||||||||
Revenues:
|
||||||||||||
Rental income
|
$ | 1,067,865 | $ | 910,202 | $ | 584,352 | ||||||
CDFS disposition proceeds:
|
||||||||||||
Developed and repositioned properties
|
2,530,377 | 1,286,841 | 1,140,457 | |||||||||
Acquired property portfolios
|
2,475,035 | | | |||||||||
Property management and other fees and incentives
|
104,719 | 211,929 | 66,934 | |||||||||
Development management and other income
|
26,670 | 37,420 | 25,464 | |||||||||
Total revenues
|
6,204,666 | 2,446,392 | 1,817,207 | |||||||||
Expenses:
|
||||||||||||
Rental expenses
|
288,569 | 239,221 | 162,245 | |||||||||
Cost of CDFS dispositions:
|
||||||||||||
Developed and repositioned properties
|
1,835,274 | 993,926 | 917,782 | |||||||||
Acquired property portfolios
|
2,406,426 | | | |||||||||
General and administrative
|
204,558 | 153,516 | 118,166 | |||||||||
Depreciation and amortization
|
308,971 | 286,807 | 186,605 | |||||||||
Other expenses
|
24,963 | 13,013 | 8,633 | |||||||||
Total expenses
|
5,068,761 | 1,686,483 | 1,393,431 | |||||||||
Operating income
|
1,135,905 | 759,909 | 423,776 | |||||||||
Other income (expense):
|
||||||||||||
Earnings from unconsolidated property funds
|
94,453 | 93,055 | 46,078 | |||||||||
Earnings from CDFS joint ventures and other unconsolidated
investees
|
11,165 | 50,703 | 6,421 | |||||||||
Interest expense
|
(368,065 | ) | (294,403 | ) | (177,562 | ) | ||||||
Interest income on notes receivable
|
8,066 | 16,730 | 6,781 | |||||||||
Interest and other income, net
|
25,935 | 18,248 | 10,724 | |||||||||
Total other income (expense)
|
(228,446 | ) | (115,667 | ) | (107,558 | ) | ||||||
Earnings before minority interest
|
907,459 | 644,242 | 316,218 | |||||||||
Minority interest
|
(6,003 | ) | (3,457 | ) | (5,243 | ) | ||||||
Earnings before certain net gains
|
901,456 | 640,785 | 310,975 | |||||||||
Gains recognized on dispositions of certain non-CDFS business
assets
|
146,667 | 81,470 | | |||||||||
Foreign currency exchange gains, net
|
7,915 | 21,086 | 15,979 | |||||||||
Earnings before income taxes
|
1,056,038 | 743,341 | 326,954 | |||||||||
Income taxes:
|
||||||||||||
Current income tax expense
|
68,349 | 84,250 | 14,847 | |||||||||
Deferred income tax expense (benefit)
|
550 | (53,722 | ) | 12,045 | ||||||||
Total income taxes
|
68,899 | 30,528 | 26,892 | |||||||||
Earnings from continuing operations
|
987,139 | 712,813 | 300,062 | |||||||||
Discontinued operations:
|
||||||||||||
Income attributable to disposed properties and assets held for
sale
|
5,704 | 24,311 | 24,191 | |||||||||
Losses related to temperature-controlled distribution assets
|
| | (25,150 | ) | ||||||||
Gains recognized on dispositions:
|
||||||||||||
Non-CDFS business assets
|
52,776 | 103,729 | 86,444 | |||||||||
CDFS business assets
|
28,721 | 33,514 | 10,616 | |||||||||
Total discontinued operations
|
87,201 | 161,554 | 96,101 | |||||||||
Net earnings
|
1,074,340 | 874,367 | 396,163 | |||||||||
Less preferred share dividends
|
25,423 | 25,416 | 25,416 | |||||||||
Net earnings attributable to common shares
|
$ | 1,048,917 | $ | 848,951 | $ | 370,747 | ||||||
Weighted average common shares outstanding Basic
|
256,873 | 245,952 | 203,337 | |||||||||
Weighted average common shares outstanding Diluted
|
267,226 | 256,852 | 213,713 | |||||||||
Net earnings per share attributable to common shares
Basic:
|
||||||||||||
Continuing operations
|
$ | 3.74 | $ | 2.79 | $ | 1.35 | ||||||
Discontinued operations
|
0.34 | 0.66 | 0.47 | |||||||||
Net earnings per share attributable to common shares
Basic
|
$ | 4.08 | $ | 3.45 | $ | 1.82 | ||||||
Net earnings per share attributable to common shares
Diluted:
|
||||||||||||
Continuing operations
|
$ | 3.61 | $ | 2.69 | $ | 1.31 | ||||||
Discontinued operations
|
0.33 | 0.63 | 0.45 | |||||||||
Net earnings per share attributable to common shares
Diluted
|
$ | 3.94 | $ | 3.32 | $ | 1.76 | ||||||
Distributions per common share
|
$ | 1.84 | $ | 1.60 | $ | 1.48 | ||||||
63
December 31, | ||||||||
2007 | 2006 | |||||||
ASSETS
|
||||||||
Real estate
|
$ | 16,578,845 | $ | 13,897,091 | ||||
Less accumulated depreciation
|
1,368,458 | 1,264,227 | ||||||
15,210,387 | 12,632,864 | |||||||
Investments in and advances to unconsolidated investees
|
2,345,277 | 1,299,697 | ||||||
Cash and cash equivalents
|
418,991 | 475,791 | ||||||
Accounts and notes receivable
|
340,039 | 439,791 | ||||||
Other assets
|
1,389,733 | 998,224 | ||||||
Discontinued operations assets held for sale
|
19,607 | 57,158 | ||||||
Total assets
|
$ | 19,724,034 | $ | 15,903,525 | ||||
LIABILITIES AND SHAREHOLDERS EQUITY
|
||||||||
Liabilities:
|
||||||||
Debt
|
$ | 10,506,068 | $ | 8,386,886 | ||||
Accounts payable and accrued expenses
|
933,075 | 518,651 | ||||||
Other liabilities
|
769,408 | 546,129 | ||||||
Discontinued operations assets held for sale
|
424 | 1,012 | ||||||
Total liabilities
|
12,208,975 | 9,452,678 | ||||||
Minority interest
|
78,661 | 52,268 | ||||||
Shareholders equity:
|
||||||||
Series C preferred shares at stated liquidation preference
of $50 per share; $0.01 par value; 2,000 shares issued
and outstanding at December 31, 2007 and 2006
|
100,000 | 100,000 | ||||||
Series F preferred shares at stated liquidation preference
of $25 per share; $0.01 par value; 5,000 shares issued
and outstanding at December 31, 2007 and 2006
|
125,000 | 125,000 | ||||||
Series G preferred shares at stated liquidation preference
of $25 per share; $0.01 par value; 5,000 shares issued
and outstanding at December 31, 2007 and 2006
|
125,000 | 125,000 | ||||||
Common shares; $0.01 par value; 257,712 shares issued
and outstanding at December 31, 2007 and
250,912 shares issued and outstanding at December 31,
2006
|
2,577 | 2,509 | ||||||
Additional paid-in capital
|
6,412,473 | 6,000,119 | ||||||
Accumulated other comprehensive income:
|
||||||||
Unrealized (losses) gains on derivative contracts
|
(27,091 | ) | 4,524 | |||||
Foreign currency translation gains
|
302,413 | 212,398 | ||||||
Retained earnings (distributions in excess of net earnings)
|
396,026 | (170,971 | ) | |||||
Total shareholders equity
|
7,436,398 | 6,398,579 | ||||||
Total liabilities and shareholders equity
|
$ | 19,724,034 | $ | 15,903,525 | ||||
64
2007 | 2006 | 2005 | ||||||||||
Common shares number of shares at beginning of year
|
250,912 | 243,781 | 185,789 | |||||||||
Issuance of common shares in connection with mergers and
acquisitions
|
4,781 | | 55,889 | |||||||||
Issuances of common shares under common share plans
|
1,891 | 6,951 | 2,092 | |||||||||
Conversions of limited partnership units
|
128 | 180 | 11 | |||||||||
Common shares number of shares at end of year
|
257,712 | 250,912 | 243,781 | |||||||||
Common shares par value at beginning of year
|
$ | 2,509 | $ | 2,438 | $ | 1,858 | ||||||
Issuance of common shares in connection with mergers and
acquisitions
|
48 | | 559 | |||||||||
Issuances of common shares under common share plans
|
19 | 69 | 21 | |||||||||
Conversions of limited partnership units
|
1 | 2 | | |||||||||
Common shares par value at end of year
|
$ | 2,577 | $ | 2,509 | $ | 2,438 | ||||||
Preferred shares at stated liquidation preference at beginning
and end of year
|
$ | 350,000 | $ | 350,000 | $ | 350,000 | ||||||
Additional paid-in capital at beginning of year
|
$ | 6,000,119 | $ | 5,606,017 | $ | 3,249,576 | ||||||
Issuance of common shares in connection with mergers and
acquisitions
|
339,449 | | 2,285,029 | |||||||||
Issuances of common shares under common share plans
|
37,417 | 357,448 | 43,126 | |||||||||
Conversions of limited partnership units
|
4,444 | 6,475 | 150 | |||||||||
Cost of issuing common shares
|
(106 | ) | (76 | ) | (1,395 | ) | ||||||
Change in receivable from timing differences on equity
transactions
|
247 | 244 | 2,494 | |||||||||
Cost of share-based compensation awards
|
30,903 | 30,011 | 27,037 | |||||||||
Additional paid-in capital at end of year
|
$ | 6,412,473 | $ | 6,000,119 | $ | 5,606,017 | ||||||
Accumulated other comprehensive income at beginning of year
|
$ | 216,922 | $ | 149,586 | $ | 194,445 | ||||||
Foreign currency translation gains (losses), net
|
90,015 | 70,777 | (70,076 | ) | ||||||||
Unrealized (losses) gains on derivative contracts, net
|
(31,615 | ) | (3,441 | ) | 25,217 | |||||||
Accumulated other comprehensive income at end of year
|
$ | 275,322 | $ | 216,922 | $ | 149,586 | ||||||
Distributions in excess of net earnings at beginning of year
|
$ | (170,971 | ) | $ | (620,018 | ) | $ | (693,386 | ) | |||
Net earnings
|
1,074,340 | 874,367 | 396,163 | |||||||||
FIN 48 adoption
|
(9,272 | ) | | | ||||||||
Preferred share dividends
|
(25,423 | ) | (25,416 | ) | (25,416 | ) | ||||||
Common share distributions
|
(472,648 | ) | (399,904 | ) | (297,379 | ) | ||||||
Retained earnings (distributions in excess of net earnings) at
end of year
|
$ | 396,026 | $ | (170,971 | ) | $ | (620,018 | ) | ||||
Total shareholders equity at end of year
|
$ | 7,436,398 | $ | 6,398,579 | $ | 5,488,023 | ||||||
Comprehensive income attributable to common shares:
|
||||||||||||
Net earnings
|
$ | 1,074,340 | $ | 874,367 | $ | 396,163 | ||||||
Preferred share dividends
|
(25,423 | ) | (25,416 | ) | (25,416 | ) | ||||||
Foreign currency translation gains (losses), net
|
90,015 | 70,777 | (70,076 | ) | ||||||||
(Losses) gains on derivative contracts, net
|
(31,615 | ) | (3,441 | ) | 25,217 | |||||||
Comprehensive income attributable to common shares
|
$ | 1,107,317 | $ | 916,287 | $ | 325,888 | ||||||
65
2007 | 2006 | 2005 | ||||||||||
Operating activities:
|
||||||||||||
Net earnings
|
$ | 1,074,340 | $ | 874,367 | $ | 396,163 | ||||||
Minority interest share in earnings
|
6,003 | 3,457 | 5,243 | |||||||||
Adjustments to reconcile net earnings to net cash provided by
operating activities:
|
||||||||||||
Straight-lined rents
|
(44,403 | ) | (36,418 | ) | (11,411 | ) | ||||||
Cost of share-based compensation awards
|
23,934 | 21,567 | 22,615 | |||||||||
Depreciation and amortization
|
311,867 | 298,342 | 204,378 | |||||||||
Equity in earnings from unconsolidated investees
|
(105,618 | ) | (143,758 | ) | (52,499 | ) | ||||||
Distributions from unconsolidated investees
|
74,348 | 99,062 | 47,514 | |||||||||
Amortization of deferred loan costs
|
10,555 | 7,673 | 5,595 | |||||||||
Amortization of debt premium, net
|
(7,797 | ) | (13,861 | ) | (3,980 | ) | ||||||
Gains recognized on dispositions of non-CDFS business assets
|
(199,443 | ) | (185,199 | ) | (86,444 | ) | ||||||
Gains recognized on dispositions of CDFS business assets
included in discontinued operations
|
(28,721 | ) | (33,514 | ) | (10,616 | ) | ||||||
Cumulative translation losses and impairment charge on disposed
properties
|
| | 26,864 | |||||||||
Unrealized foreign currency exchange losses (gains)
|
16,229 | (18,774 | ) | (10,288 | ) | |||||||
Deferred income tax expense (benefit)
|
550 | (53,722 | ) | 12,045 | ||||||||
Impairment charges
|
13,259 | | | |||||||||
Increase in accounts and notes receivable and other assets
|
(136,405 | ) | (204,096 | ) | (54,091 | ) | ||||||
Increase (decrease) in accounts payable and accrued expenses and
other liabilities
|
216,338 | 72,201 | (2,986 | ) | ||||||||
Net cash provided by operating activities
|
1,225,036 | 687,327 | 488,102 | |||||||||
Investing activities:
|
||||||||||||
Real estate investments
|
(5,213,870 | ) | (3,695,799 | ) | (2,457,780 | ) | ||||||
Purchase of ownership interests in property funds
|
| (259,248 | ) | | ||||||||
Tenant improvements and lease commissions on previously leased
space
|
(67,317 | ) | (66,787 | ) | (53,919 | ) | ||||||
Recurring capital expenditures
|
(37,948 | ) | (29,437 | ) | (26,989 | ) | ||||||
Cash consideration paid in Parkridge acquisition in 2007 and
Catellus Merger in 2005, net of cash acquired
|
(700,812 | ) | | (1,292,644 | ) | |||||||
Purchase of Macquarie ProLogis Trust (MPR), net of
cash acquired
|
(1,137,028 | ) | | | ||||||||
Proceeds from dispositions of real estate assets
|
3,618,622 | 2,095,231 | 1,516,614 | |||||||||
Advances on notes receivable
|
(18,270 | ) | (115,417 | ) | | |||||||
Proceeds from repayments of notes receivable
|
115,620 | 73,723 | 59,991 | |||||||||
Increase in restricted cash for potential investment
|
| (42,174 | ) | | ||||||||
Investments in and advances to unconsolidated investees
|
(661,796 | ) | (175,677 | ) | (16,726 | ) | ||||||
Return of investment from unconsolidated investees
|
50,243 | 146,206 | 48,652 | |||||||||
Net cash used in investing activities
|
(4,052,556 | ) | (2,069,379 | ) | (2,222,801 | ) | ||||||
Financing activities:
|
||||||||||||
Proceeds from sales and issuances of common shares under various
common share plans
|
46,855 | 358,038 | 45,641 | |||||||||
Distributions paid on common shares
|
(472,645 | ) | (393,317 | ) | (297,379 | ) | ||||||
Minority interest distributions
|
(9,341 | ) | (11,576 | ) | (13,953 | ) | ||||||
Dividends paid on preferred shares
|
(31,781 | ) | (19,062 | ) | (25,416 | ) | ||||||
Debt and equity issuance costs paid
|
(15,830 | ) | (13,840 | ) | (8,112 | ) | ||||||
Repayment of debt assumed in Catellus Merger
|
| | (106,356 | ) | ||||||||
Net (payments) proceeds from lines of credit and short-term
borrowings
|
(431,506 | ) | 368,158 | 1,348,023 | ||||||||
Proceeds from issuance of debt to finance MPR and Parkridge
acquisitions
|
1,719,453 | | | |||||||||
Proceeds from issuance of senior convertible notes
|
2,329,016 | | | |||||||||
Proceeds from issuance of senior notes, secured and unsecured
debt
|
781,802 | 1,945,325 | 890,011 | |||||||||
Payments on senior notes, secured debt, unsecured debt and
assessment bonds
|
(1,174,335 | ) | (588,844 | ) | (119,067 | ) | ||||||
Net cash provided by financing activities
|
2,741,688 | 1,644,882 | 1,713,392 | |||||||||
Effect of exchange rate changes on cash
|
29,032 | 9,161 | (11,422 | ) | ||||||||
Net (decrease) increase in cash and cash equivalents
|
(56,800 | ) | 271,991 | (32,729 | ) | |||||||
Cash and cash equivalents, beginning of year
|
475,791 | 203,800 | 236,529 | |||||||||
Cash and cash equivalents, end of year
|
$ | 418,991 | $ | 475,791 | $ | 203,800 | ||||||
66
1. | Description of Business: |
2. | Summary of Significant Accounting Policies: |
(i) | the form of our ownership interest and legal structure; | |
(ii) | our representation on the entitys governing body; | |
(iii) | the size of our investment (including loans); | |
(iv) | estimates of future cash flows; | |
(v) | our ability to participate in policy making decisions, including but not limited to, the acquisition or disposition of investment properties and the incurrence or refinancing of debt; | |
(vi) | the rights of other investors to participate in the decision making process; and | |
(vii) | the ability for other partners or owners to replace us as manager and/or liquidate the venture, if applicable. |
67
68
|
2005 | |||
Net earnings attributable to common shares:
|
||||
As reported
|
$ | 370,747 | ||
Pro forma
|
$ | 373,074 | ||
Net earnings per share attributable to common shares:
|
||||
As reported Basic
|
$ | 1.82 | ||
As reported Diluted
|
$ | 1.76 | ||
Pro forma Basic
|
$ | 1.83 | ||
Pro forma Diluted
|
$ | 1.77 |
69
70
| the fair value of the buildings on an as-if-vacant basis. The fair value allocated to land is generally based on relevant market data; | |
| the market value of above and below market leases based upon our best estimate of current market rents. The value of each lease is recorded in either other assets or other liabilities, as appropriate; | |
| the value of costs to obtain tenants, primarily leasing commissions. These costs are recorded in other assets; | |
| the value of debt based on quoted market rates for the same or similar issues, or by discounting future cash flows using rates currently available for debt with similar terms and maturities. Any discount or premium is included in the principal amount; | |
| the value of any management contracts by discounting future expected cash flows under these contracts; and | |
| the value of all other assumed assets and liabilities based on the best information available. |
| Above and below market leases are charged to rental income over the average remaining estimated life of the lease. | |
| Leasing commissions are charged to amortization expense over the average remaining estimated life of the lease. | |
| Debt discount or premium is charged to interest expense using the effective interest method over the remaining term of the related debt. | |
| Management contracts are charged against income over the remaining term of the contract. |
71
72
73
3. | Mergers and Acquisitions: |
74
75
4. | Unconsolidated Investees: |
December 31, | ||||||||
2007 | 2006 | |||||||
Property funds
|
$ | 1,755,113 | $ | 981,840 | ||||
CDFS joint ventures and other unconsolidated investees
|
590,164 | 317,857 | ||||||
Totals
|
$ | 2,345,277 | $ | 1,299,697 | ||||
Years Ended December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Earnings from unconsolidated property funds:
|
||||||||||||
North America
|
$ | 17,161 | $ | 59,732 | $ | 24,224 | ||||||
Europe
|
60,913 | 21,605 | 13,938 | |||||||||
Asia
|
16,379 | 11,718 | 7,916 | |||||||||
Total earnings from unconsolidated property funds
|
$ | 94,453 | $ | 93,055 | $ | 46,078 | ||||||
Property management and other fees and incentives:
|
||||||||||||
North America
|
$ | 47,164 | $ | 57,800 | $ | 32,124 | ||||||
Europe
|
43,752 | 145,622 | 30,064 | |||||||||
Asia
|
13,803 | 8,507 | 4,746 | |||||||||
Total property management and other fees and incentives
|
$ | 104,719 | $ | 211,929 | $ | 66,934 | ||||||
76
Square |
||||||||||||||||||||
Number of |
feet |
|||||||||||||||||||
properties |
(in |
Ownership |
Investment in |
|||||||||||||||||
owned | millions) | Percentage | and advances to | |||||||||||||||||
Fund Names
|
2007 | 2007 | 2007 | 2006 | 2007 | 2006 | ||||||||||||||
ProLogis California (ProLogis California I LLC ) (1)
|
80 | 14.2 | 50.0 | % | 50.0 | % | $ | 106,630 | $ | 112,915 | ||||||||||
ProLogis North American Properties Fund I ( ProLogis North
American Properties Fund I LLC) (1)
|
36 | 9.4 | 41.3 | % | 41.3 | % | 27,135 | 30,902 | ||||||||||||
ProLogis North American Properties Fund V (2)
|
| | | 11.3 | % | | 53,331 | |||||||||||||
ProLogis North American Properties Fund VI (Allagash
Property Trust) (1)
|
22 | 8.6 | 20.0 | % | 20.0 | % | 37,218 | 39,149 | ||||||||||||
ProLogis North American Properties Fund VII (Brazos
Property Trust) (1)
|
29 | 6.1 | 20.0 | % | 20.0 | % | 31,321 | 31,816 | ||||||||||||
ProLogis North American Properties Fund VIII (Cimmaron
Property Trust) (1)
|
24 | 3.1 | 20.0 | % | 20.0 | % | 14,982 | 15,397 | ||||||||||||
ProLogis North American Properties Fund IX (Deerfield
Property Trust) (1)
|
20 | 3.4 | 20.0 | % | 20.0 | % | 13,986 | 14,076 | ||||||||||||
ProLogis North American Properties Fund X (Elkhorn Property
Trust) (1)
|
29 | 4.2 | 20.0 | % | 20.0 | % | 15,721 | 15,399 | ||||||||||||
ProLogis North American Properties Fund XI (KPJV, LLP) (1)
|
13 | 4.1 | 20.0 | % | 20.0 | % | 30,712 | 31,871 | ||||||||||||
ProLogis North American Industrial Fund (3)
|
217 | 37.2 | 23.2 | % | 20.0 | % | 104,277 | 72,053 | ||||||||||||
ProLogis North American Industrial Fund II (ProLogis NA2
LP) (1)(2)
|
153 | 36.1 | 36.9 | % | | 274,238 | | |||||||||||||
ProLogis North American Industrial Fund III (ProLogis NA3
LP) (1)(4)
|
122 | 24.7 | 20.0 | % | | 123,720 | | |||||||||||||
ProLogis Mexico Industrial Fund (ProLogis MX Fund LP) (5)
|
32 | 4.2 | 20.0 | % | | 38,085 | | |||||||||||||
PEPR (ProLogis European Properties) (6)
|
247 | 56.4 | 24.9 | % | 24.0 | % | 494,593 | 430,761 | ||||||||||||
PEPF II (ProLogis European Properties II) (7)
|
41 | 10.4 | 24.3 | % | | 158,483 | | |||||||||||||
ProLogis Japan Properties Fund I (PLD/RECO Japan TMK
Property Trust) (1)
|
16 | 7.1 | 20.0 | % | 20.0 | % | 87,663 | 87,705 | ||||||||||||
ProLogis Japan Properties Fund II (ProLogis Japan
Properties Trust) (1)(8)
|
44 | 14.6 | 20.0 | % | 20.0 | % | 189,584 | 46,465 | ||||||||||||
ProLogis Korea Fund (ProLogis Korea Properties Trust) (1)(9)
|
6 | 0.4 | 20.0 | % | | 6,765 | | |||||||||||||
Totals
|
1,131 | 244.2 | $ | 1,755,113 | $ | 981,840 | ||||||||||||||
(1) | We have one fund partner in each of these property funds. | |
(2) | We referred to the combined entities in which we had ownership interests (ProLogis-Macquarie Fund and the management company) as one property fund named ProLogis North American Properties Fund V. During 2006, we contributed 20 properties for aggregate proceeds of $132.4 million to ProLogis North American Properties Fund V. | |
On July 11, 2007, we completed the acquisition of all of the units in Macquarie ProLogis Trust, an Australian listed property trust (MPR). At the time of acquisition, MPR owned approximately 89% of ProLogis North American Properties Fund V and certain other assets. The total consideration was approximately $2.0 billion, consisting of cash of $1.2 billion and assumed liabilities of $0.8 billion. The cash portion of the acquisition was financed primarily with borrowings under a credit agreement with an affiliate of Citigroup USA, Inc. (Citigroup), consisting of a $473.1 million term loan and a $646.2 million convertible loan. Prior to the acquisition, we entered into foreign currency forward contracts to economically hedge the purchase price of MPR (see Note 16 for additional information regarding these derivatives). As a result of the MPR transaction, on July 11, 2007, we owned 100% of, and began consolidating, ProLogis North American Properties Fund V. | ||
On August 27, 2007, Citigroup converted $546.2 million of the convertible loan into equity of a newly formed property fund, which owns all of the real estate assets and debt obligations that were acquired or issued in connection with the MPR acquisition. We refer to the combined entities in which we have ownership interests as one property fund named ProLogis North American Industrial Fund II. Our ownership percentage is based on our levels of ownership interest in these different entities. In addition, we made an equity contribution of $100.0 million into the fund, which was used to repay the remaining balance on the convertible loan. The conversion resulted in Citigroup owning 63.1% and us owning 36.9% of the equity of ProLogis North American Industrial Fund II. We account for our investment under the equity method of accounting. Upon conversion, we recognized net gains of $68.6 million (including $16.6 million of previously deferred gains from the initial contribution of the assets to ProLogis North American Properties |
77
Fund V) that are reflected in CDFS Acquired Property Portfolios in our Consolidated Statements of Earnings. | ||
(3) | In February 2006, we formed the North American Industrial Fund, with ten institutional investors. We refer to the combined entities in which we have ownership interests as one property fund named ProLogis North American Industrial Fund. Our ownership percentage is based on our levels of ownership interest in these different entities. We are committed to offer to contribute substantially all of the properties we develop and stabilize in Canada and the United States to the North American Industrial Fund, subject to the property meeting certain leasing and other criteria. ProLogis North American Industrial Fund has equity commitments, which expire in February 2009, aggregating approximately $1.4 billion from third party investors, of which $729.7 million was unfunded at December 31, 2007. In connection with the acquisition of MPR, discussed above, we acquired an additional 3% ownership interest in ProLogis North American Industrial Fund and are committed to fund $25.5 million in cash through February 2009 for our equity share in future acquisitions of properties, generally from us. During 2007 and 2006, we contributed 92 properties (26 CDFS and 66 non-CDFS) and 49 properties (22 CDFS and 27 non-CDFS) for aggregate proceeds of $907.5 million and $451.8 million, respectively, to ProLogis North American Industrial Fund in addition to the assets that were acquired from ProLogis North American Properties Funds II, III and IV (collectively Funds II-IV), as discussed below. | |
(4) | In July 2007, we formed a new property fund, ProLogis North American Industrial Fund III, to acquire a portfolio of 122 industrial properties from a third party. We refer to the combined entities in which we have ownership interests as one property fund named ProLogis North American Industrial Fund III. The total consideration for the acquisition was approximately $1.8 billion, including transaction costs. Our investment was made in cash and represents a 20% ownership interest in this newly formed property fund. The remaining 80% of the property fund is owned by an affiliate of Lehman Brothers, Inc., who provided interim debt financing to the property fund. | |
(5) | On September 11, 2007, we contributed properties to a new property fund formed with several institutional investors, ProLogis Mexico Industrial Fund. We refer to the combined entities in which we have ownership interests as one property fund named ProLogis Mexico Industrial Fund. We are committed to offer to contribute substantially all of the properties we develop and stabilize in Mexico, and in certain circumstances properties we acquire, to ProLogis Mexico Industrial Fund subject to the property meeting certain leasing and other criteria. ProLogis Mexico Industrial Fund has equity commitments of $500.0 million from third party investors that expire in August 2010 and of which $411.5 million was unfunded at December 31, 2007. In 2007, we contributed 35 properties (24 CDFS and 11 non-CDFS) to this property fund for aggregate proceeds of $251.8 million. This includes nine stabilized properties that were part of a portfolio of properties we had previously acquired with the intent to contribute to a new property fund at, or slightly above, our cost. The proceeds and costs related to these nine properties are reflected in CDFS Acquired Property Portfolios in our Consolidated Statements of Earnings. The proceeds and costs for the remaining 15 CDFS contributed properties are included in CDFS Developed and Repositioned Properties in our Consolidated Statements of Earnings. | |
(6) | In September 2006, ProLogis European Properties (PEPR) completed an initial public offering (IPO) on the Euronext Amsterdam stock exchange in which the selling unitholders offered 49.8 million ordinary units. As the manager of the property fund, we were entitled to an incentive return based on the internal rate of return that the pre-IPO unitholders earned. The final incentive return of $109.2 million was determined and recognized in the fourth quarter of 2006. The return was paid to us by an initial allocation of 3.9 million ordinary units, which increased our investment by $68.6 million and our ownership interest at that time to 24.0%, with the balance received in cash. In connection with PEPRs IPO, we entered into a property contribution agreement under which we were committed to offer to contribute certain stabilized properties to PEPR having an aggregate contribution value of 200 million. During 2007, we fulfilled our commitment by contributing 16 CDFS properties to PEPR for aggregate proceeds of $287.6 million. As a |
78
result of these contributions, our ownership interest increased to 24.9% at December 31, 2007. In July 2007, PEPR sold a portfolio of 47 properties, which resulted in a net gain of $155.8 million to PEPR and $38.2 million to us as our proportionate share. In 2006, prior to PEPRs IPO, we contributed 19 properties to the fund for aggregate proceeds of $419.6 million. | ||
(7) | In July 2007, we formed a new European property fund, ProLogis European Properties Fund II (PEPF II) with several third party investors. Our ownership interest in PEPF II is 24.3%, including a 16.85% direct interest in PEPF II, along with a 7.45% indirect interest through our 24.9% investment in PEPR, which owns approximately 30% of PEPF II. We are committed to offer to contribute substantially all of the properties we develop and stabilize in Europe and, in certain circumstances properties we acquire, to PEPF II, subject to the property meeting certain leasing and other criteria. PEPF II has equity commitments from PEPR and third party investors of 2.5 billion ($3.6 billion as of December 31, 2007), which expire in August 2010, and of which 2.1 billion ($3.1 billion as of December 31, 2007) was unfunded at December 31, 2007. In 2007, we contributed 38 properties for aggregate proceeds of $1.3 billion. This includes 13 stabilized properties that were part of a portfolio of properties we acquired in February 2007 as part of the Parkridge acquisition discussed in Note 3, with the intent to contribute to a new property fund at, or slightly above, our cost. The proceeds and costs related to these 13 properties are reflected in CDFS Acquired Property Portfolios in our Consolidated Statements of Earnings. The proceeds and costs for the remaining 25 CDFS properties are included in CDFS Developed and Repositioned Properties in our Consolidated Statements of Earnings. In connection with these contributions, we advanced PEPF II £25.2 million ($51.9 million as of December 31, 2007), which bears interest at LIBOR plus a margin and matures on February 26, 2008. | |
(8) | We are committed to offer to contribute all of the properties that we develop and stabilize in Japan through September 2010 to ProLogis Japan Properties Fund II, subject to the property meeting certain leasing and other criteria. In 2007 and 2006, we contributed five properties and six properties, all CDFS properties, to this property fund for aggregate proceeds of $642.9 and $405.5 million, respectively. In addition in 2007, the property fund acquired nine properties from a third party and its investors acquired a portfolio of 17 properties for an aggregate purchase price of $735 million, through a joint venture in which we own 20% and our current partner in ProLogis Japan Properties Fund II owns the remaining 80%. ProLogis Japan Properties Fund II has an equity commitment of $600.0 million from our fund partner, which expires in August 2008, of which $28.2 million was unfunded at December 31, 2007. In February 2008, ProLogis Japan Properties Fund II received an additional equity commitment of $400.0 million from our fund partner that expires in September 2010. | |
(9) | The ProLogis Korea Fund, which was formed in 2006, acquired six properties from a third party in 2007. We are committed to offer to contribute substantially all of the properties we develop and stabilize in South Korea and, in certain circumstances properties we acquire, to ProLogis Korea Fund, subject to the property meeting certain leasing and other criteria. ProLogis Korea Fund has an equity commitment from our fund partner of $200.0 million, which expires in June 2010, of which $179.4 million was unfunded at December 31, 2007. |
79
2007 | ||||||||||||||||
North |
||||||||||||||||
America | Europe | Asia | Total | |||||||||||||
Revenues
|
$ | 634.1 | $ | 493.2 | $ | 180.4 | $ | 1,307.7 | ||||||||
Net earnings (1)
|
$ | 27.6 | $ | 234.1 | $ | 64.4 | $ | 326.1 | ||||||||
Total assets
|
$ | 9,034.7 | $ | 6,526.4 | $ | 3,810.5 | $ | 19,371.6 | ||||||||
Amounts due to us
|
$ | 24.8 | $ | 70.0 | $ | 109.1 | $ | 203.9 | ||||||||
Third party debt (2)
|
$ | 5,305.2 | $ | 3,456.2 | $ | 1,889.5 | $ | 10,650.9 | ||||||||
Total liabilities
|
$ | 5,678.5 | $ | 4,057.7 | $ | 2,550.7 | $ | 12,286.9 | ||||||||
Minority interest
|
$ | 17.4 | $ | 10.8 | $ | | $ | 28.2 | ||||||||
Equity
|
$ | 3,338.8 | $ | 2,457.8 | $ | 1,259.9 | $ | 7,056.5 | ||||||||
Our weighted average ownership at end of period (3)
|
27.9% | 24.8% | 20.0% | 25.5% | ||||||||||||
Our investment balance (4)
|
$ | 818.0 | $ | 653.1 | $ | 284.0 | $ | 1,755.1 | ||||||||
Deferred proceeds, net of amortization (5)
|
$ | 216.4 | $ | 193.9 | $ | 127.0 | $ | 537.3 |
2006 | ||||||||||||||||
North |
||||||||||||||||
America | Europe | Asia | Total | |||||||||||||
Revenues
|
$ | 494.6 | $ | 414.4 | $ | 120.9 | $ | 1,029.9 | ||||||||
Net earnings (6)
|
$ | 266.2 | $ | 88.2 | $ | 47.7 | $ | 402.1 | ||||||||
Total assets
|
$ | 6,420.7 | $ | 4,856.0 | $ | 1,958.3 | $ | 13,235.0 | ||||||||
Amounts due to us
|
$ | 6.7 | $ | 14.0 | $ | 75.2 | $ | 95.9 | ||||||||
Third party debt (2)
|
$ | 3,113.8 | $ | 2,615.6 | $ | 904.2 | $ | 6,633.6 | ||||||||
Total liabilities
|
$ | 4,360.8 | $ | 2,968.0 | $ | 1,054.2 | $ | 8,383.0 | ||||||||
Minority interest
|
$ | 5.7 | $ | 6.6 | $ | | $ | 12.3 | ||||||||
Equity
|
$ | 2,054.2 | $ | 1,881.4 | $ | 904.1 | $ | 4,839.7 | ||||||||
Our weighted average ownership at end of period (3)
|
23.1% | 24.0% | 20.0% | 23.0% | ||||||||||||
Our investment balance (4)
|
$ | 416.8 | $ | 430.8 | $ | 134.2 | $ | 981.8 | ||||||||
Deferred proceeds, net of amortization (5)
|
$ | 112.8 | $ | 123.7 | $ | 66.2 | $ | 302.7 |
(1) | Included in net earnings for Europe is a net gain of $155.8 million from the disposition of 47 properties by PEPR. | |
(2) | As of December 31, 2007, we had not guaranteed any of the debt of the property funds. As of December 31, 2006, we had guaranteed $15.0 million of borrowings of ProLogis North American Properties Fund V. | |
(3) | Represents the weighted average of our ownership interests in all property funds at December 31, based on each entitys contribution to total assets, before depreciation, net of other liabilities. | |
(4) | The difference between our percentage ownership interest of the property funds equity and our investment balance results principally from three types of transactions: (i) deferring a portion of the proceeds we receive from a contribution of one of our properties to a property fund as a result of our continuing ownership in the property (see below); (ii) additional costs we incur associated with our investment in the property fund; and (iii) advances to the property funds. | |
(5) | This amount is recorded as a reduction to our investment and represents the proceeds that we defer when we contribute a property to a property fund due to our continuing ownership in the property. |
80
(6) | Included in net earnings for Europe are expenses of approximately $43.3 million related to the costs to complete PEPRs IPO, as this was an offering of existing units and no new capital was raised by PEPR. Included in net earnings for North America is $185.7 million representing the net gain recognized by Funds II-IV upon termination in the first quarter of 2006 (see below). |
Our |
Notional |
Swap |
||||||||||||||
Entity
|
Ownership | Amounts | Rate | Maturity | Fair Value | |||||||||||
ProLogis North American Industrial Fund II
|
36.9 | % | $ | 1,005,900 | 5.31 - 5.83% | 2009 - 2018 | ($ | 68,757 | ) | |||||||
ProLogis North American Industrial Fund III
|
20.0 | % | $ | 642,000 | 5.79% | 2017 | ($ | 58,577 | ) | |||||||
ProLogis Mexico Industrial Fund
|
20.0 | % | $ | 137,000 | 5.24 - 5.56% | 2017 | ($ | 8,650 | ) |
Years Ended December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
North America
|
$ | 7,428 | $ | 45,651 | $ | 4,178 | ||||||
Europe
|
(2,856 | ) | 2,097 | 1,186 | ||||||||
Asia
|
6,593 | 2,955 | 1,057 | |||||||||
Total earnings from CDFS joint ventures and other unconsolidated
investees
|
$ | 11,165 | $ | 50,703 | $ | 6,421 | ||||||
81
2007 | 2006 | |||||||
CDFS joint ventures:
|
||||||||
United States (1)
|
$ | 60,502 | $ | 75,197 | ||||
Europe(2)
|
228,396 | 8,499 | ||||||
Asia (3)
|
194,583 | 119,614 | ||||||
Total CDFS joint ventures
|
$ | 483,481 | $ | 203,310 | ||||
Other investees:
|
||||||||
Operating joint ventures (4)
|
$ | 85,720 | $ | 88,104 | ||||
Other
|
20,963 | 26,443 | ||||||
Total other investees
|
$ | 106,683 | $ | 114,547 | ||||
Total
|
$ | 590,164 | $ | 317,857 | ||||
(1) | Includes a 50% interest in three mixed-use development entities and three entities that own or are developing distribution properties. | |
(2) | Includes investments in joint ventures that own land for current and future development of distribution, retail and other mixed-use properties. In February 2007, in connection with the Parkridge acquisition, we made a 25% investment in Parkridge Holdings Limited, which is primarily a retail and mixed-use development business for $146.9 million (see Note 3). Also included in this amount is £42.5 million ($91.8 million at December 31, 2007), which represents a loan we made to this entity during 2007. The loan bears interest at London Interbank Offered Rate (LIBOR) or Euro Interbank Offered Rate (EURIBOR) (depending on currency borrowed) plus a margin, matures February 2012 and provides for additional borrowing of either euro or pound sterling up to 25% of the approved budget for development projects inside the venture, representing our ownership interest, up to a maximum of 50 million pound sterling. | |
(3) | Includes investments in three joint ventures that own distribution properties that were acquired from third parties or developed by the joint venture. Also includes our investment in an entity in China that we present on a consolidated basis. This entity holds an investment interest ($70.3 million at December 31, 2007) in an entity that primarily develops retail properties and invests in joint ventures that own and operate retail properties in China that is accounted for under the equity method of accounting. As part of this investment, we may be required to invest an additional $42 million based primarily on the attainment of certain performance criteria, which we deposited in escrow in 2006. In 2007, we advanced $24 million of these escrowed funds to this entity to fund development activities. The advance bears interest at 7% and matures December 2008. | |
(4) | Principally includes a 25.16% interest in an entity that owns and operates a hotel property, a 38.75% interest in an entity that owns and operates the parking lot adjacent to the hotel property and a 66.67% interest in an entity that owns and operates office properties. |
82
5. | Long-Term Compensation: |
Weighted |
|||||||||||
Average |
|||||||||||
Number of |
Expiration |
Remaining Life |
|||||||||
Options | Exercise Price | Date | (in years) | ||||||||
Outside Trustees Plan
|
102,500 | $19.75 - $43.80 | 2009-2015 | 4.6 | |||||||
Incentive Plan:
|
|||||||||||
1998 grants
|
539,947 | $20.94 - $21.09 | 2008 | 0.9 | |||||||
1999 grants
|
594,498 | $17.19 - $18.63 | 2009 | 1.7 | |||||||
2000 grants
|
586,022 | $21.75 - $24.25 | 2010 | 2.7 | |||||||
2001 grants
|
391,561 | $20.67 - $22.02 | 2011 | 3.7 | |||||||
2002 grants
|
703,092 | $22.98 - $24.76 | 2012 | 4.7 | |||||||
2003 grants
|
946,591 | $24.90 - $31.26 | 2013 | 5.7 | |||||||
2004 grants
|
1,394,342 | $29.41 - $41.50 | 2014 | 6.7 | |||||||
2005 grants
|
936,225 | $40.86 - $45.46 | 2015 | 7.9 | |||||||
2006 grants
|
820,454 | $53.07 - $59.92 | 2016 | 9.0 | |||||||
2007 grants
|
983,178 | $60.60 - $64.82 | 2017 | 10.0 | |||||||
Total
|
7,998,410 | 6.0 | |||||||||
83
Options Outstanding | Options Exercisable | |||||||||||||||
Weighted |
Weighted |
Weighted |
||||||||||||||
Average |
Average |
Average |
||||||||||||||
Number of |
Exercise |
Number of |
Exercise |
Life |
||||||||||||
Options | Price | Options | Price | (in years) | ||||||||||||
Balance at January 1, 2007
|
8,464,053 | $ | 32.50 | |||||||||||||
Granted
|
983,178 | 60.62 | ||||||||||||||
Exercised
|
(1,342,912 | ) | 27.29 | |||||||||||||
Forfeited
|
(105,909 | ) | 47.32 | |||||||||||||
Balance at December 31, 2007
|
7,998,410 | $ | 36.63 | 5,504,282 | $ | 29.14 | 4.7 | |||||||||
Weighted-Average |
|||||||
Number of |
Grant-Date |
||||||
Shares | Fair Value | ||||||
Balance at January 1, 2007
|
2,940,973 | $ | 7.14 | ||||
Granted
|
983,178 | 11.42 | |||||
Vested
|
(1,324,114 | ) | 6.14 | ||||
Forfeited
|
(105,909 | ) | 7.73 | ||||
Balance at December 31, 2007
|
2,494,128 | $ | 9.33 | ||||
84
Shares Outstanding | ||||||||||
Number of |
Weighted Average |
Number of |
||||||||
Shares | Original Value | Vested Shares | ||||||||
Balance at January 1, 2007
|
2,264,876 | $ | 44.08 | 808,544 | ||||||
Granted
|
707,443 | 64.91 | ||||||||
Exercised
|
(389,476 | ) | 38.83 | |||||||
Forfeited
|
(28,057 | ) | 57.77 | |||||||
Balance at December 31, 2007
|
2,554,786 | $ | 50.50 | 829,689 | ||||||
85
Weighted-Average |
|||||||
Number of |
Grant-Date |
||||||
Shares | Fair Value | ||||||
Balance at January 1, 2007
|
1,456,332 | $ | 50.31 | ||||
Granted
|
707,443 | 64.91 | |||||
Vested
|
(410,621 | ) | 44.52 | ||||
Forfeited
|
(28,057 | ) | 57.77 | ||||
Balance at December 31, 2007
|
1,725,097 | $ | 57.55 | ||||
Years Ended December 31, | ||||||
2007 | 2006 | 2005 | ||||
Risk-free interest rate
|
3.78% | 4.51% | 4.33% | |||
Dividend yield
|
3.44% | 3.40% | 3.92% | |||
Volatility
|
23.43% | 19.46% | 20.33% | |||
Weighted average option life
|
5.8 years | 5.8 years | 5.9 years |
86
6. | Minority Interest: |
2007 | 2006 | |||||||||||||||||||||||
# of |
# of |
|||||||||||||||||||||||
Continent
|
Entities | Balance | Minority Interest | Entities | Balance | Minority Interest | ||||||||||||||||||
North America (1)(2)(3)
|
3 | $ | 31,192 | 4-31 | % | 5 | $ | 37,614 | 1-31 | % | ||||||||||||||
North America other
|
3 | 537 | 1-25 | % | 1 | 498 | 25 | % | ||||||||||||||||
China
|
6 | 40,646 | 20-49 | % | 4 | 14,156 | 20-40 | % | ||||||||||||||||
Europe
|
1 | 6,286 | 50 | % | | | | |||||||||||||||||
$ | 78,661 | $ | 52,268 | |||||||||||||||||||||
(1) | At December 31, 2007 and 2006, an aggregate of 5,052,197 and 5,138,809, respectively, limited partnership units held by minority interest holders are convertible into 5,053,187 and 5,139,799, respectively, common shares. | |
(2) | As of December 31, 2007 and 2006, there were 4,530,435 and 4,658,700, respectively, of outstanding limited partnership units that were entitled to receive cumulative preferential quarterly cash distributions equal to the quarterly distributions paid on common shares. | |
(3) | Certain properties owned by one of these partnerships cannot be sold, other than in tax-deferred exchanges, prior to the occurrence of certain events and without the consent of the limited partners. The partnership agreement provides that a minimum level of debt must be maintained within the partnership, which can include intercompany debt to us. |
7. | Income Taxes: |
87
Balance at January 1, 2007
|
$ | 172.7 | ||
Additions based on tax positions related to the current year
|
8.5 | |||
Additions for tax positions of prior years
|
16.0 | |||
Reductions for tax positions of prior years
|
(2.3 | ) | ||
Reductions due to lapse of applicable statute of limitations
|
(2.5 | ) | ||
Balance at December 31, 2007
|
$ | 192.4 | ||
2007 | 2006 | 2005 | |||||||
Domestic
|
$ | 274,528 | $ | 348,532 | $ | 85,175 | |||
International
|
781,510 | 394,809 | 241,779 | ||||||
Total
|
$ | 1,056,038 | $ | 743,341 | $ | 326,954 | |||
2007 | 2006 | 2005 | |||||||||
Current income tax expense
|
|||||||||||
Federal
|
$ | 28,264 | $ | 49,900 | $ | 3,379 | |||||
Non-U.S.
|
37,433 | 20,254 | 10,547 | ||||||||
State and local
|
2,652 | 14,096 | 921 | ||||||||
Total Current
|
68,349 | 84,250 | 14,847 | ||||||||
Deferred income tax (benefit) expense
|
|||||||||||
Federal
|
(16,197 | ) | (26,382 | ) | 5,726 | ||||||
Non-U.S.
|
16,747 | (27,340 | ) | 6,319 | |||||||
Total Deferred
|
550 | (53,722 | ) | 12,045 | |||||||
Total income tax expense
|
$ | 68,899 | $ | 30,528 | $ | 26,892 | |||||
88
2007 | 2006 | |||||||
Deferred income tax assets:
|
||||||||
Net operating loss carryforwards(1)
|
$ | 22,139 | $ | 13,759 | ||||
Basis difference real estate properties
|
8,060 | 8,132 | ||||||
AMT credit carryforward
|
786 | 796 | ||||||
Other temporary differences
|
15,007 | 16,371 | ||||||
Total deferred income tax assets
|
45,992 | 39,058 | ||||||
Valuation allowance
|
(675 | ) | (1,711 | ) | ||||
Net deferred income tax assets
|
45,317 | 37,347 | ||||||
Deferred income tax liabilities:
|
||||||||
Basis difference real estate properties
|
(50,698 | ) | (7,944 | ) | ||||
Built-in gains real estate properties
|
(29,802 | ) | (47,621 | ) | ||||
Basis difference equity investees
|
(11,554 | ) | (9,246 | ) | ||||
Built-in gains equity investees
|
(26,597 | ) | (22,781 | ) | ||||
Indemnification liabilities
|
(15,451 | ) | (5,916 | ) | ||||
Other temporary differences
|
(18,835 | ) | (25,527 | ) | ||||
Total deferred income tax liabilities
|
(152,937 | ) | (119,035 | ) | ||||
Net deferred income tax liabilities
|
$ | (107,620 | ) | $ | (81,688 | ) | ||
(1) | At December 31, 2007, we had net operating loss (NOL) carryforwards for U.S. federal income tax purposes of $53.4 million and various international jurisdictions of $0.7 million. If not utilized, the U.S. NOLs expire between 2022 and 2027 and the international NOLs expire in 2012. |
89
8. | Discontinued Operations: |
2007 | 2006 | 2005 | ||||||||||
Rental income
|
$ | 12,095 | $ | 62,860 | $ | 65,178 | ||||||
Rental expenses
|
(3,495 | ) | (26,140 | ) | (23,171 | ) | ||||||
Depreciation and amortization
|
(2,896 | ) | (11,535 | ) | (16,739 | ) | ||||||
Interest expense
|
| (874 | ) | (1,077 | ) | |||||||
Income attributable to disposed properties and assets held for
sale
|
$ | 5,704 | $ | 24,311 | $ | 24,191 | ||||||
90
2007 | 2006 | 2005 | ||||||||||
Non-CDFS business assets:
|
||||||||||||
Number of properties
|
75 | 74 | 64 | |||||||||
Net proceeds from dispositions
|
$ | 221,063 | $ | 531,969 | $ | 335,610 | ||||||
Net gains from dispositions
|
$ | 52,776 | 103,729 | $ | 86,444 | |||||||
CDFS business assets:
|
||||||||||||
Number of properties
|
5 | 15 | 8 | |||||||||
Net proceeds from dispositions
|
$ | 205,775 | $ | 245,500 | $ | 100,494 | ||||||
Net gains from dispositions
|
$ | 28,721 | $ | 33,514 | $ | 10,616 |
91
9. | Distributions and Dividends: |
Years Ended December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Per common share:
|
||||||||||||
Ordinary income
|
$ | 0.89 | $ | 0.95 | $ | 0.99 | ||||||
Qualified dividend
|
| 0.04 | 0.07 | |||||||||
Capital gains
|
0.64 | | 0.15 | |||||||||
Return of capital
|
0.31 | 0.61 | 0.27 | |||||||||
Total distribution
|
$ | 1.84 | $ | 1.60 | $ | 1.48 | ||||||
Per preferred share Series C:
|
||||||||||||
Ordinary income
|
$ | 2.47 | $ | 4.10 | $ | 3.49 | ||||||
Qualified dividend
|
| 0.17 | 0.24 | |||||||||
Capital gains
|
1.80 | | 0.54 | |||||||||
Total dividend
|
$ | 4.27 | $ | 4.27 | $ | 4.27 | ||||||
Per preferred share Series F:
|
||||||||||||
Ordinary income
|
$ | 0.98 | $ | 1.62 | $ | 1.38 | ||||||
Qualified dividend
|
| 0.07 | 0.09 | |||||||||
Capital gains
|
0.71 | | 0.22 | |||||||||
Total dividend
|
$ | 1.69 | $ | 1.69 | $ | 1.69 | ||||||
Per preferred share Series G:
|
||||||||||||
Ordinary income
|
$ | 0.98 | $ | 1.62 | $ | 1.38 | ||||||
Qualified dividend
|
| 0.07 | 0.09 | |||||||||
Capital gains
|
0.71 | | 0.22 | |||||||||
Total dividend
|
$ | 1.69 | $ | 1.69 | $ | 1.69 | ||||||
92
10. | Earnings Per Common Share: |
Years Ended December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Net earnings attributable to common shares
|
$ | 1,048,917 | $ | 848,951 | $ | 370,747 | ||||||
Minority interest(1)
|
4,813 | 3,457 | 5,243 | |||||||||
Adjusted net earnings attributable to common shares
|
$ | 1,053,730 | $ | 852,408 | $ | 375,990 | ||||||
Weighted average common shares outstanding Basic
|
256,873 | 245,952 | 203,337 | |||||||||
Incremental weighted average effect of conversion of limited
partnership units
|
5,078 | 5,198 | 5,540 | |||||||||
Incremental weighted average effect of share options and
awards(2)
|
5,275 | 5,702 | 4,836 | |||||||||
Weighted average common shares outstanding Diluted
|
267,226 | 256,852 | 213,713 | |||||||||
Net earnings per share attributable to common shares
Basic
|
$ | 4.08 | $ | 3.45 | $ | 1.82 | ||||||
Net earnings per share attributable to common shares
Diluted
|
$ | 3.94 | $ | 3.32 | $ | 1.76 | ||||||
(1) | Includes only the minority interest related to the convertible limited partnership units, which are included in incremental shares. | |
(2) | Total weighted average potentially dilutive instruments outstanding (in thousands) were 10,098, 10,909 and 10,783 for 2007, 2006 and 2005, respectively. The majority of these were dilutive in all periods. |
93
11. | Real Estate: |
December 31, | ||||||||
2007 | 2006 | |||||||
Industrial distribution operating properties (1):
|
||||||||
Improved land
|
$ | 2,200,761 | $ | 2,207,318 | ||||
Buildings and improvements
|
8,799,318 | 8,138,387 | ||||||
Retail operating properties (2):
|
||||||||
Improved land
|
77,536 | 77,808 | ||||||
Buildings and improvements
|
250,884 | 227,380 | ||||||
Land subject to ground leases and other (3)
|
458,782 | 472,412 | ||||||
Properties under development, including cost of land (4)
|
1,986,285 | 964,842 | ||||||
Land held for development (5)
|
2,152,960 | 1,397,081 | ||||||
Other investments (6)
|
652,319 | 411,863 | ||||||
Total real estate assets
|
16,578,845 | 13,897,091 | ||||||
Less accumulated depreciation
|
1,368,458 | 1,264,227 | ||||||
Net real estate assets
|
$ | 15,210,387 | $ | 12,632,864 | ||||
(1) | At December 31, 2007 and 2006, we had 1,378 and 1,446 distribution operating properties consisting of 207.3 million square feet and 203.6 million square feet, respectively. | |
(2) | At December 31, 2007 and 2006, we had 31 and 27 retail operating properties consisting of 1.2 million square feet and 1.1 million square feet, respectively. | |
(3) | At December 31, 2007 and 2006, amount represents investments of $414.7 million and $422.7 million in land we own and lease to our customers under long-term ground leases, $7.9 million and $20.0 million in office properties and an investment of $36.2 million and $29.7 million in railway depots, respectively. | |
(4) | Properties under development consisted of 180 properties aggregating 48.8 million square feet at December 31, 2007 and 114 properties aggregating 30.0 million square feet at December 31, 2006. At December 31, 2007, our total expected investment upon completion of the properties under development is approximately $3.9 billion, of which $2.0 billion was incurred. | |
(5) | Land held for future development consisted of 9,351 and 6,204 acres of land or land use rights at December 31, 2007 and 2006, respectively. | |
(6) | Other investments primarily include: (i) restricted funds that are held in escrow pending the completion of tax-deferred exchange transactions involving operating properties ($94.5 million and $91.9 million at December 31, 2007 and 2006, respectively.); (ii) earnest money deposits associated with potential acquisitions; (iii) costs incurred during the pre-acquisition due diligence process; (iv) costs incurred during the pre-construction phase related to future development projects, including purchase options on land and certain infrastructure costs; (v) cost of land use rights on operating properties in China; and (vi) costs related to our corporate office buildings. |
94
Number of |
Aggregate |
Aggregate |
||||||||||||||
Properties | Square Feet | Purchase Price | Debt Assumed | |||||||||||||
2007
|
41 | 7,347 | $ | 351,639 | $ | 30,141 | ||||||||||
2006
|
74 | 13,529 | $ | 735,427 | $ | 87,919 | ||||||||||
2005
|
13 | 3,783 | $ | 170,744 | $ | 19,919 |
2008
|
$ | 733,723 | ||
2009
|
626,373 | |||
2010
|
520,116 | |||
2011
|
405,315 | |||
2012
|
291,631 | |||
Thereafter
|
1,390,902 | |||
$ | 3,968,060 | |||
95
12. | Other Assets and Other Liabilities: |
2007 | 2006 | |||||||
Goodwill
|
$ | 530,760 | $ | 254,192 | ||||
Value added taxes receivable
|
287,659 | 215,712 | ||||||
Leasing commissions
|
135,662 | 139,225 | ||||||
Rent leveling assets and above market leases
|
100,263 | 105,478 | ||||||
Fixed assets
|
72,509 | 28,623 | ||||||
Non-qualified savings plan assets
|
53,113 | 48,579 | ||||||
Loan fees
|
40,954 | 35,715 | ||||||
Other
|
168,813 | 170,700 | ||||||
Totals
|
$ | 1,389,733 | $ | 998,224 | ||||
2007 | 2006 | |||||||
Income tax liabilities
|
$ | 192,403 | $ | 160,929 | ||||
Deferred income taxes
|
107,620 | 81,688 | ||||||
Tenant security deposits
|
94,483 | 79,378 | ||||||
Accrued disposition costs
|
90,998 | 33,009 | ||||||
Value added taxes payable
|
73,896 | 34,896 | ||||||
Unearned rents
|
55,073 | 40,788 | ||||||
Non-qualified savings plan liabilities
|
41,558 | 37,180 | ||||||
Below market leases
|
12,015 | 18,155 | ||||||
Other
|
101,362 | 60,106 | ||||||
Totals
|
$ | 769,408 | $ | 546,129 | ||||
Amortization |
Net Charge to |
|||||||
Expense | Rental Income | |||||||
2008
|
$ | 48,477 | $ | 12,339 | ||||
2009
|
26,798 | 9,287 | ||||||
2010
|
21,614 | 13,470 | ||||||
2011
|
17,422 | 12,390 | ||||||
2012
|
11,616 | 9,945 | ||||||
Thereafter
|
9,735 | 30,817 | ||||||
Total
|
$ | 135,662 | $ | 88,248 | ||||
96
13. | Debt: |
2007 | 2006 | |||||||
Unsecured lines of credit
|
$ | 1,955,138 | $ | 2,462,796 | ||||
Senior and other unsecured debt
|
4,891,106 | 4,445,092 | ||||||
Convertible notes
|
2,332,905 | | ||||||
Secured debt
|
1,294,809 | 1,445,021 | ||||||
Assessment bonds
|
32,110 | 33,977 | ||||||
Totals
|
$ | 10,506,068 | $ | 8,386,886 | ||||
Years Ended December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Weighted average daily interest rate
|
3.43% | 3.03% | 2.77% | |||||||||
Borrowings outstanding at December 31
|
$ | 1,955.1 | $ | 2,462.8 | $ | 1,850.1 | ||||||
Weighted average daily borrowings
|
$ | 2,519.9 | $ | 2,294.7 | $ | 1,278.2 | ||||||
Maximum borrowings outstanding at any month end
|
$ | 2,994.2 | $ | 2,760.8 | $ | 1,850.1 | ||||||
Aggregate borrowing capacity of all lines of credit at December
31
|
$ | 3,745.7 | $ | 3,529.3 | $ | 2,589.9 | ||||||
Outstanding letters of credit under the lines of credit
|
$ | 148.2 | $ | 129.1 | $ | 98.0 | ||||||
Aggregate remaining capacity available to us on all lines of
credit at December 31
|
$ | 1,642.4 | $ | 937.4 | $ | 641.8 |
97
Principal |
Coupon |
|||||||
Maturity Date
|
Balance | Rate | ||||||
Senior unsecured debt:
|
||||||||
April 15, 2008 (1)
|
$ | 250,000 | 7.10% | |||||
May 15, 2008 (1)
|
25,000 | 7.95% | ||||||
March 1, 2009 (2)
|
37,500 | 8.72% | ||||||
May 15, 2009 (2)
|
18,750 | 7.88% | ||||||
August 24, 2009 (1)(3)
|
250,000 | floating | ||||||
November 15, 2010 (1)
|
500,000 | 5.25% | ||||||
April 1, 2012 (1)(4)
|
450,000 | 5.50% | ||||||
March 1, 2013 (1)
|
300,000 | 5.50% | ||||||
February 1, 2015 (5)
|
100,000 | 7.81% | ||||||
March 1, 2015 (6)
|
50,000 | 9.34% | ||||||
November 15, 2015 (1)
|
400,000 | 5.63% | ||||||
April 1, 2016 (1)(4)
|
400,000 | 5.75% | ||||||
May 15, 2016 (7)
|
50,000 | 8.65% | ||||||
November 15, 2016 (1)(8)
|
550,000 | 5.63% | ||||||
July 1, 2017 (1)
|
100,000 | 7.63% | ||||||
Total senior unsecured debt
|
3,481,250 | |||||||
Other unsecured debt:
|
||||||||
July 31, 2008 (1)(9)
|
17,387 | floating | ||||||
December 19, 2008 (1)(10)
|
264,191 | floating | ||||||
October 6, 2009 (1)(11)
|
609,223 | floating | ||||||
November 20, 2009 (1)
|
25,000 | 7.30% | ||||||
April 13, 2011 (1)(12)
|
504,560 | 4.38% | ||||||
Total other unsecured debt
|
1,420,361 | |||||||
Total par value
|
$ | 4,901,611 | ||||||
Less: discount, net
|
10,505 | |||||||
Total principal balance, net
|
$ | 4,891,106 | ||||||
(1) | Principal due at maturity. | |
(2) | Annual principal payments ranging from $9.4 million to $18.8 million are due through 2009. | |
(3) | On August 24, 2006, we issued $250.0 million of senior notes that bear interest at a variable rate based on LIBOR plus a margin (5.28% at December 31, 2007). | |
(4) | On March 27, 2006, we issued $450.0 million of 5.5% senior notes and $400.0 million of 5.75% senior notes. | |
(5) | Beginning on February 1, 2010, and through February 1, 2015, requires annual principal payments ranging from $10.0 million to $20.0 million. |
98
(6) | Beginning on March 1, 2010, and through March 1, 2015, requires annual principal payments ranging from $5.0 million to $12.5 million. | |
(7) | Beginning on May 15, 2010, and through May 15, 2016, requires annual principal payments ranging from $5.0 million to $12.5 million. | |
(8) | On November 14, 2006, we issued $550.0 million of 5.625% senior notes. | |
(9) | In July 2007, we entered into a new senior credit facility based in renminbi. Borrowings under this facility bear interest at the rate established by the Chinese government. As of December 31, 2007, we had available capacity to borrow 87.0 million renminbi ($11.9 million) under this facility. | |
(10) | In December 2007, we issued ¥29.6 billion in TMK bonds that bear interest at a variable rate based upon the Tokyo interbank offered rate plus a margin (1.205% at December 31, 2007). TMK bonds are a financing vehicle in Japan for special purpose companies known as TMKs. TMK bonds are not secured by properties, but do contain negative pledge security restrictions on the TMKs ability to incur additional debt or to use property associated with the loan as security for another loan. The net proceeds were used to repay borrowings under our Global Line. These bonds will be assumed by ProLogis Japan Properties Fund II when we contribute the related properties to the property fund. | |
(11) | In February 2007 in connection with the Parkridge acquisition, as discussed in Note 3, we entered into a new multi-currency senior credit facility. This facility fluctuates in U.S. dollars based on the underlying currencies and the funds may be drawn in U.S. dollar, euro, Japanese yen and British pound sterling. Borrowings under this facility bear interest at a variable rate based upon the interbank offered rate in each respective jurisdiction issued in Europe plus a margin (5.22% at December 31, 2007). The facility provides us the ability to re-borrow, within a specified period of time, any amounts repaid on the facility. As of December 31, 2007, we had no available capacity to borrow under this facility. | |
(12) | Represents 350.0 million senior notes. |
99
Balloon |
||||||||||||||||
Periodic |
Payment |
|||||||||||||||
Interest |
Payment |
Principal |
Due at |
|||||||||||||
Maturity Date
|
Rate(1) | Date | Balance | Maturity | ||||||||||||
November 11, 2008
|
5.96% | (2 | ) | $ | 63,090 | $ | 60,646 | |||||||||
November 11, 2008
|
6.01% | (2 | ) | 287,694 | $ | 276,065 | ||||||||||
April 1, 2012
|
7.05% | (2 | ) | 244,460 | $ | 196,462 | ||||||||||
August 1, 2015
|
5.47% | (2 | ) | 133,484 | $ | 111,690 | ||||||||||
April 12, 2016
|
7.25% | (2 | ) | 208,083 | $ | 149,917 | ||||||||||
April 1, 2024
|
7.58% | (2 | ) | 195,019 | $ | 127,187 | ||||||||||
Various
|
(3) | (3 | ) | 162,979 | (3) | |||||||||||
Total secured debt (4)
|
$ | 1,294,809 | ||||||||||||||
(1) | The weighted average annual interest rate for total secured debt was 6.59% for the year ended December 31, 2007. |
100
(2) | Monthly amortization with a balloon payment due at maturity. | |
(3) | Includes 16 mortgage notes with interest rates ranging from 4.12% to 7.23%, maturing from 2008 to 2025, primarily requiring monthly amortization with a balloon payment at maturity. The combined balloon payment for all of the notes is $144,418,000. | |
(4) | Debt is secured by 254 real estate properties with an aggregate undepreciated cost of $2.9 billion at December 31, 2007. |
2008
|
$ | 963,535 | ||
2009
|
962,400 | |||
2010
|
559,364 | |||
2011
|
554,204 | |||
2012
|
3,081,266 | |||
Thereafter
|
2,428,762 | |||
Total principal due
|
8,549,531 | |||
Add: premium, net
|
1,399 | |||
Total carrying value
|
$ | 8,550,930 | ||
101
Years Ended December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Gross interest expense
|
$ | 490,689 | $ | 397,888 | $ | 239,832 | ||||||
Amortization of (premium) discount, net
|
(7,797 | ) | (13,861 | ) | (3,980 | ) | ||||||
Amortization of deferred loan costs
|
10,555 | 7,673 | 5,595 | |||||||||
493,447 | 391,700 | 241,447 | ||||||||||
Less: capitalized amounts
|
125,382 | 97,297 | 63,885 | |||||||||
Net interest expense
|
$ | 368,065 | $ | 294,403 | $ | 177,562 | ||||||
14. | Shareholders Equity: |
| 1999 Dividend Reinvestment and Share Purchase Plan, as amended (the 1999 Dividend Reinvestment Plan): Allows holders of common shares to automatically reinvest distributions and certain holders and persons who are not holders of common shares to purchase a limited number of additional common shares by making optional cash payments, without payment of any brokerage commission or service charge. Common shares that are acquired under the 1999 Dividend Reinvestment Plan through reinvestment of distributions are acquired at a price ranging from 98% to 100% of the market price of such common shares, as we determine. | |
| Controlled Equity Offering Program: Allows us to sell up to 15 million common shares through one designated agent who earns a fee up to 2.25% of the gross proceeds, as agreed on a transaction-by-transaction basis. No shares were issued under this plan in 2007. | |
| The Incentive Plan and Outside Trustees Plan: Certain of our employees and outside trustees participate in these share-based compensation plans that provide compensation, generally in the form of common shares. See Note 5 for additional information on these plans. | |
| ProLogis Trust Employee Share Purchase Plan (the Employee Share Plan): Certain of our employees may purchase common shares, through payroll deductions only, at a discounted price of |
102
85% of the market price of the common shares. The aggregate fair value of common shares that an individual employee can acquire in a calendar year under the Employee Share Plan is $25,000. Subject to certain provisions, the aggregate number of common shares that may be issued under the Employee Share Plan may not exceed 5.0 million common shares. As of December 31, 2007, we have approximately 4.8 million shares available under this plan. |
2007 | 2006 | 2005 | ||||||||||||||||
Shares | Proceeds | Shares | Proceeds | Shares | Proceeds | |||||||||||||
1999 Dividend Reinvestment Plan
|
66 | $ | 4,145 | 69 | $ | 3,738 | 412 | $ | 16,197 | |||||||||
Controlled Equity Offering Program
|
| | 5,383 | 320,786 | 225 | 8,267 | ||||||||||||
Incentive Plan and Outside Trustees Plan
|
1,781 | 31,151 | 1,460 | 31,350 | 1,425 | 17,664 | ||||||||||||
Employee Share Plan
|
44 | 2,140 | 39 | 1,643 | 30 | 1,019 | ||||||||||||
Total
|
1,891 | $ | 37,436 | 6,951 | $ | 357,517 | 2,092 | $ | 43,147 | |||||||||
Dividend |
||||||||||||
Equivalent Based |
Optional |
|||||||||||
Dividend |
on Liquidation |
Redemption |
||||||||||
Rate | Preference | Date | ||||||||||
Series C Preferred Shares
|
8.54 | % | $ | 4.27 per share | 11/13/26 | |||||||
Series F Preferred Shares
|
6.75 | % | $ | 1.69 per share | 11/28/08 | |||||||
Series G Preferred Shares
|
6.75 | % | $ | 1.69 per share | 12/30/08 |
103
15. | Related Party Transactions: |
16. | Financial Instruments: |
104
Foreign Currency |
Foreign Currency |
Interest |
||||||||||
Put Options (1) | Forwards (2) | Rate Swaps (3) | ||||||||||
Notional amounts at January 1, 2005
|
$ | | $ | | $ | 50.0 | ||||||
New contracts
|
98.0 | 669.5 | 650.0 | |||||||||
Matured or expired contracts
|
(98.0 | ) | (669.5 | ) | (700.0 | ) | ||||||
Notional amounts at December 31, 2005
|
| | | |||||||||
New contracts
|
169.3 | 900.3 | 350.0 | |||||||||
Matured or expired contracts
|
(114.6 | ) | (239.3 | ) | (350.0 | ) | ||||||
Notional amounts at December 31, 2006
|
54.7 | 661.0 | | |||||||||
New contracts
|
| 2,637.2 | 959.2 | |||||||||
Matured or expired contracts
|
(54.7 | ) | (2,937.5 | ) | (959.2 | ) | ||||||
Notional amounts at December 31, 2007
|
$ | | $ | 360.7 | $ | | ||||||
(1) | The foreign currency put option contracts are paid in full at execution and are related to our operations in Europe and Japan. The put option contracts provide us with the option to exchange euros, pounds sterling and yen for U.S. dollars at a fixed exchange rate such that, if the euro, pound sterling or yen were to depreciate against the U.S. dollar to predetermined levels as set by the contracts, we could exercise our options and mitigate our foreign currency exchange losses. | |
These contracts generally do not qualify for hedge accounting treatment and are marked-to-market through earnings at the end of each period. On various put option contracts, we recognized no expense in 2007, net expense of $1.5 million in 2006 and net gains of $3.6 million in 2005, which includes mark-to-market gains or losses. | ||
(2) | The forward currency forward contracts were designed to manage the foreign currency fluctuations of intercompany loans denominated in a currency other than the entitys functional currency and not deemed to be a long-term investment. The foreign currency forward contracts allowed us to sell pounds sterling and euros at a fixed exchange rate to the U.S. dollar. These contracts were not designated as hedges, were marked-to-market through earnings and were substantially offset by the remeasurement gains and losses recognized on the intercompany loans. We recognized net losses of $95.9 million and $13.3 million in 2007 and 2006, respectively and a net gain of $6.1 million in 2005, including mark-to-market gains or losses. These losses/gains were substantially offset by the net gains recognized on the remeasurement and settlement of the related intercompany loans of $73.8 million, $34.9 million and $10.0 million for the years ended December 31, 2007, 2006 and 2005, respectively. | |
During the second quarter of 2007, we purchased several foreign currency forward contracts to manage the foreign currency fluctuations of the purchase price of MPR (see Note 4). These contracts allowed us to buy Australian dollars at a fixed exchange rate to the U.S. dollar. Derivative instruments used to manage the foreign currency fluctuations of an anticipated business combination do not qualify for hedge accounting treatment and are marked-to-market through earnings in Foreign Currency Exchange Gains, Net. The contracts settled in July 2007 in connection with the completed acquisition and resulted in the recognition of a net gain of $26.6 million in earnings for the year ended December 31, 2007. |
105
(3) | During 2007, 2006 and 2005, we entered into several contracts with total notional amounts of $959.2 million, $350.0 million, and $650.0 million, respectively, associated with an anticipated debt issuance. |
| In 2006 and 2005, all of these contracts were designated as cash flow hedges and qualified for hedge accounting treatment, which allowed us to fix a portion of the interest rate associated with the issuance of senior notes (see Note 13). All of the contracts were settled as of December 31, 2006 and we recognized a decrease in value of $13.1 million and an increase in value of $20.7 million associated with these contracts in other comprehensive income as of December 31, 2006 and 2005, respectively. The amount in other comprehensive income related to these contracts is being amortized as an increase to interest expense as interest payments are made on the senior notes. | |
| In February 2007, we entered into contracts with an aggregate notional amount of $500.0 million associated with a future debt issuance. All of these contracts were designated as cash flow hedges, qualified for hedge accounting treatment and allowed us to fix a portion of the interest rate associated with the anticipated issuance of senior notes. In March 2007, in connection with the issuance of the convertible notes (see Note 13), we unwound the contracts, recognized a decrease in value of $1.4 million associated with these contracts in other comprehensive income in shareholders equity and began amortizing as an increase to interest expense as interest payments are made on the senior notes. | |
| In June 2007, we entered into a contract with a notional amount of $188.0 million, which represented our share of future debt issuances of a new property fund we formed in July 2007, the ProLogis North American Industrial Fund III. This contract was transferred into the fund at formation, qualifies for hedge accounting treatment by the fund and any future changes in value will be recognized in other comprehensive income within equity of the fund. We guarantee the property funds performance on this contract. See Note 4 for additional information on these contracts. | |
| In June 2007, we entered into contracts with an aggregate notional amount of $271.2 million associated with future debt issuances of a new property fund we formed in July 2007, the ProLogis North American Industrial Fund II. These contracts did not qualify for hedge accounting treatment by us and were marked-to-market resulting in additional interest expense of $0.8 million for the year ended December 31, 2007. These contracts were transferred to ProLogis North American Industrial Fund II following the establishment of the fund, at which time the contracts qualified for hedge accounting treatment by the fund and any future changes in value will be recognized in other comprehensive income within equity of the fund. See Note 4 for additional information on these contracts. |
106
December 31, | ||||||||||||||||
2007 | 2006 | |||||||||||||||
Carrying |
Carrying |
|||||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Senior and other unsecured debt
|
$ | 4,891,106 | $ | 4,834,053 | $ | 4,445,092 | $ | 4,507,182 | ||||||||
Convertible notes
|
2,332,905 | 2,249,341 | | | ||||||||||||
Secured debt
|
1,294,809 | 1,283,779 | 1,445,021 | 1,497,790 | ||||||||||||
Assessment bonds
|
32,110 | 31,473 | 33,977 | 34,495 | ||||||||||||
Total debt
|
$ | 8,550,930 | $ | 8,398,646 | $ | 5,924,090 | $ | 6,039,467 | ||||||||
Derivative financial instruments:
|
||||||||||||||||
Foreign currency forwards
|
$ | 773 | $ | 773 | $ | (15,664 | ) | $ | (15,664 | ) | ||||||
Foreign currency put options
|
| | 249 | 249 | ||||||||||||
Total derivative financial instruments
|
$ | 773 | $ | 773 | $ | (15,415 | ) | $ | (15,415 | ) | ||||||
107
17. | Commitments and Contingencies: |
108
18. | Business Segments: |
| Property operations representing the direct long-term ownership of industrial distribution and retail properties. Each operating property is considered to be an individual operating segment having similar economic characteristics that are combined within the reportable segment based upon geographic location. Included in this segment are properties we developed and properties we acquired and rehabilitated or repositioned within the CDFS business segment with the intention of contributing the property to a property fund or selling to a third party. The costs of our property management function for both our direct-owned portfolio and the properties owned by the property funds and managed by us are all reported in rental expenses in the property operations segment. Our operations in the property operations business segment are in North America (Canada, Mexico and the United States), Europe (the Czech Republic, France, Germany, Hungary, Italy, the Netherlands, Poland, Romania, Slovakia, Sweden and the United Kingdom) and Asia (China, Japan, and South Korea). | |
| Investment management representing the long-term investment management of property funds and the properties they own. We recognize our proportionate share of the earnings or losses from our investments in unconsolidated property funds operating in North America, Europe and Asia. Along with the income recognized under the equity method, we include fees and incentives earned for services performed on behalf of the property funds and interest earned on advances to the property funds, if any. We utilize our leasing and property management expertise to efficiently manage the properties and the funds, and we report the costs as part of rental expenses in the property operations segment. Each investment in a property fund is considered to be an individual operating segment having similar economic characteristics that are combined within the reportable segment based upon geographic location. Our operations in the investment management segment are in North America (Mexico and the United States), Europe (Belgium, the Czech Republic, France, Germany, Hungary, Italy, the Netherlands, Poland, Slovakia, Spain, Sweden, and the United Kingdom), and Asia (Japan and South Korea). | |
| CDFS business primarily encompasses our development of real estate properties that are subsequently contributed to a property fund in which we have an ownership interest and act as manager, or sold to third parties. Additionally, we acquire properties with the intent to rehabilitate and/or reposition the property in the CDFS business segment prior to contributing to a property fund. The proceeds and related costs of these dispositions are presented as Developed and Repositioned Properties in the Consolidated Statements of Earnings and Comprehensive Income. In addition, we occasionally acquire a portfolio of properties with the intent of contributing the portfolio to an existing or future property fund. The proceeds and related costs of these dispositions are presented as Acquired Property Portfolios in the Consolidated Statements of Earnings. We also have investments in several unconsolidated entities that perform development activities and we include our proportionate share of their earnings or losses in this segment. Additionally, we include fees earned for development activities performed on behalf of customers or third parties, interest income earned on notes receivable related to asset sales and gains on the disposition of land parcels, including land subject to ground leases. The separate activities in this segment are considered to be individual operating segments having similar economic characteristics that are combined within the reportable |
109
segment based upon geographic location. Our CDFS business segment operations are in North America (Canada, Mexico and the United States), in Europe (Belgium, the Czech Republic, France, Germany, Hungary, Italy, the Netherlands, Poland, Romania, Slovakia, Spain, Sweden and the United Kingdom) and in Asia (China, Japan and South Korea). |
110
Years Ended December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Revenues (1):
|
||||||||||||
Property operations (2):
|
||||||||||||
North America
|
$ | 860,795 | $ | 805,871 | $ | 551,350 | ||||||
Europe
|
114,218 | 35,619 | 10,334 | |||||||||
Asia
|
48,627 | 31,903 | 12,904 | |||||||||
Total property operations segment
|
1,023,640 | 873,393 | 574,588 | |||||||||
Investment management (3):
|
||||||||||||
North America
|
64,325 | 117,532 | 56,348 | |||||||||
Europe
|
104,665 | 167,227 | 44,002 | |||||||||
Asia
|
30,182 | 20,225 | 12,662 | |||||||||
Total investment management segment
|
199,172 | 304,984 | 113,012 | |||||||||
CDFS business (4):
|
||||||||||||
North America
|
2,887,183 | 549,181 | 291,750 | |||||||||
Europe
|
1,494,320 | 451,154 | 383,179 | |||||||||
Asia
|
662,016 | 385,630 | 503,444 | |||||||||
Total CDFS business segment
|
5,043,519 | 1,385,965 | 1,178,373 | |||||||||
Total segment revenue
|
6,266,331 | 2,564,342 | 1,865,973 | |||||||||
Other North America
|
44,225 | 36,809 | 9,764 | |||||||||
Reconciling item (5)
|
(105,890 | ) | (154,759 | ) | (58,530 | ) | ||||||
Total revenues
|
$ | 6,204,666 | $ | 2,446,392 | $ | 1,817,207 | ||||||
Net operating income:
|
||||||||||||
Property operations (6):
|
||||||||||||
North America
|
$ | 623,675 | $ | 601,266 | $ | 403,290 | ||||||
Europe
|
74,950 | 18,865 | 561 | |||||||||
Asia
|
38,663 | 28,315 | 10,696 | |||||||||
Total property operations segment
|
737,288 | 648,446 | 414,547 | |||||||||
Investment management (3):
|
||||||||||||
North America
|
64,325 | 117,532 | 56,348 | |||||||||
Europe
|
104,665 | 167,227 | 44,002 | |||||||||
Asia
|
30,182 | 20,225 | 12,662 | |||||||||
Total investment management segment
|
199,172 | 304,984 | 113,012 | |||||||||
CDFS business (7)(8):
|
||||||||||||
North America
|
257,162 | 176,699 | 70,250 | |||||||||
Europe
|
284,423 | 108,079 | 71,329 | |||||||||
Asia
|
248,329 | 94,707 | 111,029 | |||||||||
Total CDFS business segment
|
789,914 | 379,485 | 252,608 | |||||||||
Total segment net operating income
|
1,726,374 | 1,332,915 | 780,167 | |||||||||
Other North America
|
29,393 | 22,535 | 7,560 | |||||||||
Reconciling items:
|
||||||||||||
Earnings from other unconsolidated investees
|
7,794 | 5,729 | 750 | |||||||||
General and administrative expenses
|
(204,558 | ) | (153,516 | ) | (118,166 | ) | ||||||
Depreciation and amortization expense
|
(308,971 | ) | (286,807 | ) | (186,605 | ) | ||||||
Other expenses
|
(443 | ) | (459 | ) | (650 | ) | ||||||
Interest expense
|
(368,065 | ) | (294,403 | ) | (177,562 | ) | ||||||
Interest and other income, net
|
25,935 | 18,248 | 10,724 | |||||||||
Total reconciling items
|
(848,308 | ) | (711,208 | ) | (471,509 | ) | ||||||
Total earnings before minority interest
|
$ | 907,459 | $ | 644,242 | $ | 316,218 | ||||||
111
December 31, | ||||||||
2007 | 2006 | |||||||
Assets (9):
|
||||||||
Property operations (10):
|
||||||||
North America (11)
|
$ | 7,971,582 | $ | 7,953,685 | ||||
Europe
|
1,900,327 | 1,295,207 | ||||||
Asia
|
898,375 | 633,623 | ||||||
Total property operations segment
|
10,770,284 | 9,882,515 | ||||||
Investment management (12):
|
||||||||
North America
|
818,025 | 416,909 | ||||||
Europe
|
653,076 | 430,761 | ||||||
Asia
|
284,012 | 134,170 | ||||||
Total investment management segment
|
1,755,113 | 981,840 | ||||||
CDFS business (13):
|
||||||||
North America
|
1,596,659 | 1,312,883 | ||||||
Europe (11)
|
2,977,334 | 1,456,064 | ||||||
Asia
|
1,143,062 | 802,464 | ||||||
Total CDFS business segment
|
5,717,055 | 3,571,411 | ||||||
Total segment assets
|
18,242,452 | 14,435,766 | ||||||
Other North America
|
636,073 | 488,987 | ||||||
Reconciling items:
|
||||||||
Investments in and advances to other unconsolidated investees
|
106,683 | 114,547 | ||||||
Cash and cash equivalents
|
418,991 | 475,791 | ||||||
Accounts and notes receivable
|
100,956 | 129,880 | ||||||
Other assets
|
199,272 | 201,396 | ||||||
Discontinued operations assets held for sale
|
19,607 | 57,158 | ||||||
Total reconciling items
|
845,509 | 978,772 | ||||||
Total assets
|
$ | 19,724,034 | $ | 15,903,525 | ||||
(1) | Includes revenues attributable to the United States for the years ended December 31, 2007, 2006 and 2005 of $3,574.2 million, $1,421.9 million and $845.3 million, respectively. | |
(2) | Includes rental income of our distribution and retail properties. | |
(3) | Includes investment management fees and incentive returns and our share of the earnings or losses recognized under the equity method from our investment in unconsolidated property funds along with interest earned on advances to the property funds, if any. | |
(4) | Includes proceeds received on CDFS property dispositions, fees earned from customers and third parties for development activities, interest income on notes receivable related to asset dispositions and our share of earnings or losses recognized under the equity method from our investment in CDFS joint ventures. | |
(5) | Amount represents the earnings or losses recognized under the equity method from our investments in unconsolidated property funds and CDFS joint ventures and interest income on notes receivable related to asset dispositions. These items are not presented as a component of revenues in our Consolidated Statements of Earnings. | |
(6) | Includes rental income less rental expenses of our distribution and retail properties. Included in rental expenses are the costs of managing the properties owned by the property funds. | |
(7) | Includes net gains on CDFS property dispositions, fees earned from customers and third parties for development activities, interest income on notes receivable related to asset dispositions, and our share of earnings or losses recognized under the equity method from our investment in CDFS joint ventures, offset |
112
partially by land holding costs and the write-off of previously capitalized pursuit costs associated with potential CDFS business assets when it becomes likely the assets will not be acquired. | ||
(8) | Excludes a net gain of $28.7 million, $33.5 million and $10.6 million for the years ended December 31, 2007, 2006 and 2005, respectively, associated with CDFS properties sold to third parties and presented as discontinued operations in our Consolidated Statements of Earnings. See Note 8. | |
(9) | Includes long-lived assets attributable to the United States as of December 31, 2007 and 2006 of $9.2 billion and $8.8 billion, respectively. | |
(10) | Includes properties that were developed or acquired in the CDFS business segment and are pending contribution to a property fund or sale to a third party, as follows (in thousands): |
December 31, 2007 | December 31, 2006 | |||||||||||
Number of |
Number of |
|||||||||||
Properties | Investment | Properties | Investment | |||||||||
North America
|
90 | $ | 996,384 | 114 | $ | 1,190,706 | ||||||
Europe
|
100 | 1,815,431 | 69 | 1,273,314 | ||||||||
Asia
|
59 | 790,046 | 22 | 596,981 | ||||||||
Total
|
249 | $ | 3,601,861 | 205 | $ | 3,061,001 | ||||||
(11) | Goodwill of $177.4 million and $193.7 million as of December 31, 2007 and 2006, respectively, was attributable to the property operations segment and $345.8 million and $53.8 million as of December 31, 2007 and 2006, respectively, was attributable to the CDFS business segment. | |
(12) | Represents our investments in and advances to the property funds. | |
(13) | Primarily includes land held for development, properties under development, other real estate investments, investments in CDFS joint ventures, and notes receivable related to asset dispositions. |
19. | Supplemental Cash Flow Information: |
| We received $351.3 million, $128.0 million and $74.5 million of equity interests in property funds from the contribution of properties to these property funds during 2007, 2006 and 2005, respectively. In 2007, in connection with these contributions, we recognized $51.6 million in liabilities for remaining obligations we may have associated with the contributed properties. | |
| In connection with the acquisition of all of the units in MPR in July 2007 (see Note 4), we assumed $828.3 million of debt and reallocated our equity investment of $47.7 million to assets acquired. | |
| As a result of the conversion by Citigroup of its convertible loan into equity of ProLogis North American Industrial Fund II in August 2007, we now own 36.9% of the equity of the property fund and account for our investment under the equity method of accounting. This was accounted for as a disposition of $2.0 billion of real estate assets and $1.9 billion of associated debt in exchange for an equity investment of $219.1 million and the recognition of a gain. | |
| We capitalized portions of the total cost of our share-based compensation awards of $10.8 million, $8.4 million and $4.6 million to the investment basis of our real estate and other assets during the years ended December 31, 2007, 2006, and 2005, respectively. | |
| We assumed $27.3 million, $141.6 million, and $35.0 million of secured debt in 2007, 2006 and 2005, respectively, and operating receivables and liabilities of $19.0 million and $22.6 million, respectively, in 2006 in connection with the acquisition of properties. |
113
| During the year ended December 31, 2007, we recorded $27.8 million of minority interest liabilities associated with investments made during this period in entities, which we consolidate and own less that 100%. | |
| We settled $4.4 million, $6.5 million and $0.1 million of minority interest liabilities with the conversion of limited partnership units into 128,000 common shares, 180,000 common shares and 11,000 common shares in 2007, 2006 and 2005, respectively. | |
| We recognized $18.8 million and $115.8 million in gains and $67.8 million in losses in our Accumulated Other Comprehensive Income related to foreign currency translation and derivative activity in 2007, 2006 and 2005, respectively. | |
| In 2006 we received 3.9 million ordinary units in PEPR, valued at $68.6 million, representing the initial allocation of an incentive return we earned as manager of the property fund. See Note 4 for further discussion of this transaction. | |
| As partial consideration for properties we contributed in 2006 to the North American Industrial Fund, we received ownership interests of $62.1 million, representing a 20% ownership interest, and the property fund assumed $677.2 million of secured debt and short-term borrowings. See Note 4 for further discussion of this transaction. | |
| In connection with the purchase in 2006 of the 80% ownership interests held by our fund partner in Funds II-IV, we assumed $418.0 million of secured debt (which was later assumed by the North American Industrial Fund). See Note 4 for further discussion of this transaction. | |
| As partial consideration for certain property contributions, we received: (i) $1.9 million and $32.6 million in the form of notes receivable from ProLogis North American Properties Fund V in 2006 and 2005, respectively, (all of which has been repaid); (ii) a $50.9 million note from a third party in 2005 (which was repaid during 2006); and (iii) the assumption of an outstanding mortgage note in the amount of $14.5 million from ProLogis North American Properties Fund VII in 2005. | |
| As partial consideration for the sale of a property, a third party assumed an outstanding mortgage note in the amount of $42.9 million in 2006. |
114
20. | Selected Quarterly Financial Data (Unaudited): |
Three Months Ended, | ||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||
2007:
|
||||||||||||
Total revenues
|
$ | 955,860 | $ | 988,105 | $ | 3,460,828 | $ | 799,873 | ||||
Operating income
|
$ | 319,969 | $ | 298,146 | $ | 348,610 | $ | 169,180 | ||||
Earnings from continuing operations
|
$ | 226,854 | $ | 363,744 | $ | 297,955 | $ | 98,586 | ||||
Net earnings attributable to common shares
|
$ | 236,091 | $ | 400,104 | $ | 299,444 | $ | 113,278 | ||||
Net earnings per share attributable to common shares
Basic (1)
|
$ | .93 | $ | 1.56 | $ | 1.16 | $ | .44 | ||||
Net earnings per share attributable to common shares
Diluted (1)
|
$ | .89 | $ | 1.50 | $ | 1.12 | $ | .43 | ||||
2006:
|
||||||||||||
Total revenues
|
$ | 571,575 | $ | 680,353 | $ | 575,000 | $ | 619,464 | ||||
Operating income
|
$ | 165,729 | $ | 168,474 | $ | 172,177 | $ | 253,529 | ||||
Earnings from continuing operations
|
$ | 162,344 | $ | 124,092 | $ | 120,967 | $ | 305,410 | ||||
Net earnings attributable to common shares
|
$ | 183,159 | $ | 168,397 | $ | 166,305 | $ | 331,090 | ||||
Net earnings per share attributable to common shares
Basic (1)
|
$ | .75 | $ | .69 | $ | .68 | $ | 1.33 | ||||
Net earnings per share attributable to common shares
Diluted (1)
|
$ | .72 | $ | .66 | $ | .65 | $ | 1.28 | ||||
(1) | Quarterly earnings per common share amounts may not total to the annual amounts due to rounding and to the change in the number of common shares outstanding. |
115
116
Initial Cost to |
Gross Amounts At Which Carried |
|||||||||||||||||||||||||||||||||
ProLogis |
Costs Capitalized |
as of December 31, 2007 |
Accumulated |
Date of |
||||||||||||||||||||||||||||||
No. of |
Encum- |
Building & |
Subsequent |
Building & |
Depreciation |
Construction/ |
||||||||||||||||||||||||||||
Description
|
Bldgs. | brances | Land | Improvements | To Acquisition | Land | Improvements | Total (a,b) | (c) |
Acquisition
|
||||||||||||||||||||||||
Industrial Operating Properties (d)
|
||||||||||||||||||||||||||||||||||
North American Markets:
|
||||||||||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||
Atlanta, Georgia
|
||||||||||||||||||||||||||||||||||
Atlanta NE Distribution Center
|
8 | (e) | 5,582 | 3,047 | 26,259 | 6,275 | 28,613 | 34,888 | (11,428 | ) | 1996, 1997 | |||||||||||||||||||||||
Atlanta West Distribution Center
|
18 | (e) | 10,336 | 48,444 | 14,253 | 10,147 | 62,886 | 73,033 | (20,246 | ) | 1994, 1996, 2005, 2006 | |||||||||||||||||||||||
Berkeley Lake Distribution Center
|
1 | 2,178 | 8,712 | 170 | 2,200 | 8,860 | 11,060 | (352 | ) | 2006 | ||||||||||||||||||||||||
Buford Distribution Center (d)
|
1 | 1,487 | | 4,805 | 1,487 | 4,805 | 6,292 | | 2007 | |||||||||||||||||||||||||
Cedars Distribution Center
|
1 | 1,366 | 7,739 | 2,991 | 1,692 | 10,404 | 12,096 | (3,233 | ) | 1999 | ||||||||||||||||||||||||
Douglas Hill Distribution Center
|
5 | 16,647 | 46,825 | 30,586 | 16,647 | 77,411 | 94,058 | (4,660 | ) | 2005, 2006 | ||||||||||||||||||||||||
Greenwood Industrial Park (d)
|
1 | 3,989 | | 21,273 | 3,989 | 21,273 | 25,262 | | 2006 | |||||||||||||||||||||||||
Horizon Distribution Center
|
1 | 2,846 | 11,385 | 148 | 2,846 | 11,533 | 14,379 | (455 | ) | 2006 | ||||||||||||||||||||||||
International Airport Industrial Center
|
9 | 2,939 | 14,146 | 7,679 | 2,972 | 21,792 | 24,764 | (9,541 | ) | 1994, 1995 | ||||||||||||||||||||||||
LaGrange Distribution Center
|
1 | 174 | 986 | 718 | 174 | 1,704 | 1,878 | (929 | ) | 1994 | ||||||||||||||||||||||||
Midland Distribution Center
|
1 | 1,919 | 7,679 | 486 | 1,919 | 8,165 | 10,084 | (314 | ) | 2006 | ||||||||||||||||||||||||
New Manchester Distribution Center (d)
|
1 | 3,323 | 13,334 | | 3,323 | 13,334 | 16,657 | | 2007 | |||||||||||||||||||||||||
Northeast Industrial Center
|
3 | 841 | 4,744 | 2,153 | 782 | 6,956 | 7,738 | (3,381 | ) | 1996 | ||||||||||||||||||||||||
Northmont Industrial Center
|
1 | 566 | 3,209 | 977 | 566 | 4,186 | 4,752 | (2,031 | ) | 1994 | ||||||||||||||||||||||||
Peachtree Commerce Business Center
|
5 | 1,519 | 7,253 | 1,955 | 1,519 | 9,208 | 10,727 | (2,839 | ) | 1994, 2006 | ||||||||||||||||||||||||
Piedmont Court Distribution Center
|
2 | 885 | 5,013 | 2,499 | 885 | 7,512 | 8,397 | (3,567 | ) | 1997 | ||||||||||||||||||||||||
Plaza Industrial Center
|
1 | 66 | 372 | 260 | 66 | 632 | 698 | (268 | ) | 1995 | ||||||||||||||||||||||||
Pleasantdale Industrial Center
|
2 | 541 | 3,184 | 1,143 | 541 | 4,327 | 4,868 | (2,047 | ) | 1995 | ||||||||||||||||||||||||
Riverside Distribution Center
|
3 | 2,533 | 13,336 | 2,978 | 2,556 | 16,291 | 18,847 | (4,911 | ) | 1999 | ||||||||||||||||||||||||
South Royal Distribution Center
|
1 | 356 | 2,019 | 111 | 356 | 2,130 | 2,486 | (386 | ) | 2002 | ||||||||||||||||||||||||
Tradeport Distribution Center
|
3 | (e) | 1,464 | 4,563 | 7,008 | 1,479 | 11,556 | 13,035 | (5,301 | ) | 1994, 1996 | |||||||||||||||||||||||
Weaver Distribution Center
|
2 | 935 | 5,182 | 1,746 | 935 | 6,928 | 7,863 | (3,232 | ) | 1995 | ||||||||||||||||||||||||
Westfork Industrial Center
|
10 | (e) | 2,483 | 14,115 | 3,316 | 2,442 | 17,472 | 19,914 | (7,552 | ) | 1995 | |||||||||||||||||||||||
Total Atlanta, Georgia
|
81 | 64,975 | 225,287 | 133,514 | 65,798 | 357,978 | 423,776 | (86,673 | ) | |||||||||||||||||||||||||
Austin, Texas
|
||||||||||||||||||||||||||||||||||
Corridor Park Corporate Center
|
6 | 1,652 | 1,681 | 14,835 | 2,113 | 16,055 | 18,168 | (7,338 | ) | 1995, 1996 | ||||||||||||||||||||||||
Montopolis Distribution Center
|
1 | 580 | 3,384 | 1,179 | 580 | 4,563 | 5,143 | (2,432 | ) | 1994 | ||||||||||||||||||||||||
Rutland Distribution Center
|
2 | 460 | 2,617 | 846 | 462 | 3,461 | 3,923 | (1,572 | ) | 1993 | ||||||||||||||||||||||||
Southpark Corporate Center
|
2 | 684 | | 4,970 | 684 | 4,970 | 5,654 | (2,189 | ) | 1994 | ||||||||||||||||||||||||
Walnut Creek Corporate Center
|
3 | 461 | 2,632 | 1,083 | 515 | 3,661 | 4,176 | (1,801 | ) | 1994 | ||||||||||||||||||||||||
Total Austin, Texas
|
14 | 3,837 | 10,314 | 22,913 | 4,354 | 32,710 | 37,064 | (15,332 | ) | |||||||||||||||||||||||||
Charlotte, North Carolina
|
||||||||||||||||||||||||||||||||||
Barringer Industrial Center
|
3 | 308 | 1,746 | 1,032 | 308 | 2,778 | 3,086 | (1,322 | ) | 1994 | ||||||||||||||||||||||||
Bond Distribution Center
|
2 | 905 | 5,126 | 1,941 | 904 | 7,068 | 7,972 | (3,220 | ) | 1994 | ||||||||||||||||||||||||
Charlotte Commerce Center
|
10 | (e) | 4,341 | 24,954 | 8,179 | 4,342 | 33,132 | 37,474 | (16,565 | ) | 1994 | |||||||||||||||||||||||
Charlotte Distribution Center
|
9 | (e) | 4,578 | | 26,101 | 6,096 | 24,583 | 30,679 | (10,157 | ) | 1995, 1996, 1997, 1998, 1998 | |||||||||||||||||||||||
Interstate North Business Park (d)
|
3 | 948 | 3,030 | 4,494 | 954 | 7,518 | 8,472 | (1,753 | ) | 1997, 2006 | ||||||||||||||||||||||||
Northpark Distribution Center
|
2 | (e) | 1,183 | 6,707 | 2,324 | 1,184 | 9,030 | 10,214 | (3,442 | ) | 1994, 1998 | |||||||||||||||||||||||
West Pointe Business Center
|
2 | 4,851 | | 14,156 | 4,851 | 14,156 | 19,007 | (170 | ) | 2006 | ||||||||||||||||||||||||
Wilson Business Park Distribution Center
|
1 | 976 | 5,656 | | 976 | 5,656 | 6,632 | (150 | ) | 2007 | ||||||||||||||||||||||||
Total Charlotte, North Carolina
|
32 | 18,090 | 47,219 | 58,227 | 19,615 | 103,921 | 123,536 | (36,779 | ) | |||||||||||||||||||||||||
Chicago, Illinois
|
||||||||||||||||||||||||||||||||||
Addison Distribution Center
|
1 | 646 | 3,662 | 812 | 640 | 4,480 | 5,120 | (1,811 | ) | 1997 | ||||||||||||||||||||||||
Alsip Distribution Center
|
2 | 2,093 | 11,859 | 8,183 | 2,549 | 19,586 | 22,135 | (9,908 | ) | 1997, 1999 | ||||||||||||||||||||||||
Arlington Heights Distribution Center
|
1 | 831 | 3,326 | 20 | 831 | 3,346 | 4,177 | (165 | ) | 2006 | ||||||||||||||||||||||||
Bedford Park Industrial Center
|
1 | 941 | 4,907 | 879 | 941 | 5,786 | 6,727 | (435 | ) | 2005 | ||||||||||||||||||||||||
Bensenville Distribution Center
|
2 | 1,668 | 9,448 | 5,424 | 1,667 | 14,873 | 16,540 | (7,329 | ) | 1997 | ||||||||||||||||||||||||
Bolingbrook Distribution Center (d)
|
6 | 16,178 | 73,755 | 1,672 | 15,975 | 75,630 | 91,605 | (9,991 | ) | 1999, 2003, 2006 | ||||||||||||||||||||||||
Des Plaines Distribution Center
|
3 | 2,158 | 12,232 | 4,651 | 2,159 | 16,882 | 19,041 | (7,587 | ) | 1995, 1996 | ||||||||||||||||||||||||
Elk Grove Distribution Center
|
25 | 20,516 | 94,843 | 17,074 | 20,416 | 112,017 | 132,433 | (25,769 | ) | 1995, 1996, 1997, 1998, 1999, 2006 | ||||||||||||||||||||||||
Elmhurst Distribution Center
|
1 | 713 | 4,043 | 941 | 713 | 4,984 | 5,697 | (1,892 | ) | 1997 | ||||||||||||||||||||||||
Glendale Heights Distribution Center
|
3 | (e) | 3,903 | 22,119 | 2,415 | 3,903 | 24,534 | 28,437 | (7,125 | ) | 1999 | |||||||||||||||||||||||
Glenview Distribution Center
|
2 | 1,156 | 6,550 | 1,699 | 1,156 | 8,249 | 9,405 | (3,028 | ) | 1996, 1999 | ||||||||||||||||||||||||
I-55 Distribution Center (d)
|
2 | 5,383 | 25,504 | 19,885 | 5,383 | 45,389 | 50,772 | (17 | ) | 2007 | ||||||||||||||||||||||||
I-80 Morris
|
1 | 4,690 | | 29,799 | 4,690 | 29,799 | 34,489 | (388 | ) | 2006 |
117
Initial Cost to |
Gross Amounts At Which Carried |
|||||||||||||||||||||||||||||||||
ProLogis |
Costs Capitalized |
as of December 31, 2007 |
Accumulated |
Date of |
||||||||||||||||||||||||||||||
No. of |
Encum- |
Building & |
Subsequent |
Building & |
Depreciation |
Construction/ |
||||||||||||||||||||||||||||
Description
|
Bldgs. | brances | Land | Improvements | To Acquisition | Land | Improvements | Total (a,b) | (c) |
Acquisition
|
||||||||||||||||||||||||
Itasca Distribution Center
|
2 | 604 | 3,382 | 776 | 604 | 4,158 | 4,762 | (1,753 | ) | 1996, 1997 | ||||||||||||||||||||||||
Lombard Distribution Center
|
1 | 1,170 | 6,630 | 357 | 1,170 | 6,987 | 8,157 | (2,118 | ) | 1999 | ||||||||||||||||||||||||
Minooka Distribution Center
|
1 | (e) | 10,403 | 27,247 | 15,286 | 10,403 | 42,533 | 52,936 | (3,259 | ) | 2005 | |||||||||||||||||||||||
Mitchell Distribution Center
|
1 | 1,236 | 7,004 | 1,803 | 1,236 | 8,807 | 10,043 | (4,039 | ) | 1996 | ||||||||||||||||||||||||
North Avenue Distribution Center
|
2 | 3,201 | | 8,668 | 2,047 | 9,822 | 11,869 | (3,656 | ) | 1997, 1998 | ||||||||||||||||||||||||
Northbrook Distribution Center (d)
|
1 | 2,056 | 8,227 | | 2,056 | 8,227 | 10,283 | | 2007 | |||||||||||||||||||||||||
Northlake Distribution Center
|
1 | 372 | 2,106 | 680 | 372 | 2,786 | 3,158 | (1,138 | ) | 1996 | ||||||||||||||||||||||||
Pleasant Prairie Distribution Center
|
1 | 1,314 | 7,450 | 2,195 | 1,315 | 9,644 | 10,959 | (2,386 | ) | 1999 | ||||||||||||||||||||||||
ProLogis Park 57
|
1 | 686 | 3,885 | 1,322 | 686 | 5,207 | 5,893 | (646 | ) | 2004 | ||||||||||||||||||||||||
Romeoville Distribution Center
|
6 | (e) | 23,731 | 96,764 | 503 | 23,731 | 97,267 | 120,998 | (8,985 | ) | 1999, 2005 | |||||||||||||||||||||||
South Holland Distribution Center
|
2 | 1,156 | 6,550 | 1,107 | 1,156 | 7,657 | 8,813 | (2,422 | ) | 1999 | ||||||||||||||||||||||||
Waukegan Distribution Center
|
2 | 4,368 | 17,632 | | 4,368 | 17,632 | 22,000 | (525 | ) | 2007 | ||||||||||||||||||||||||
West Chicago Distribution Center
|
1 | 3,125 | 12,499 | 21 | 3,125 | 12,520 | 15,645 | (932 | ) | 2005 | ||||||||||||||||||||||||
Woodale Distribution Center
|
1 | 263 | 1,490 | 431 | 263 | 1,921 | 2,184 | (772 | ) | 1997 | ||||||||||||||||||||||||
Woodridge Distribution Center (d)
|
15 | (e) | 49,508 | 209,024 | 1,758 | 49,507 | 210,783 | 260,290 | (15,408 | ) | 2005, 2007 | |||||||||||||||||||||||
Total Chicago, Illinois
|
88 | 164,069 | 682,138 | 128,361 | 163,062 | 811,506 | 974,568 | (123,484 | ) | |||||||||||||||||||||||||
Cincinnati, Ohio
|
||||||||||||||||||||||||||||||||||
Airpark Distribution Center
|
2 | (e) | 1,128 | | 11,461 | 1,716 | 10,873 | 12,589 | (4,311 | ) | 1996 | |||||||||||||||||||||||
Capital Distribution Center II
|
5 | (e) | 1,953 | 11,067 | 4,268 | 1,953 | 15,335 | 17,288 | (7,331 | ) | 1994 | |||||||||||||||||||||||
Constitution Distribution Center
|
1 | 1,465 | 8,301 | 609 | 1,465 | 8,910 | 10,375 | (2,643 | ) | 1999 | ||||||||||||||||||||||||
Dues Drive Distribution Center
|
1 | 921 | 5,218 | 1,739 | 921 | 6,957 | 7,878 | (698 | ) | 2003 | ||||||||||||||||||||||||
Empire Distribution Center
|
3 | (e) | 529 | 2,995 | 2,020 | 529 | 5,015 | 5,544 | (2,356 | ) | 1995 | |||||||||||||||||||||||
Enterprise Distribution Center
|
1 | 1,275 | 7,222 | 35 | 1,275 | 7,257 | 8,532 | (298 | ) | 2005 | ||||||||||||||||||||||||
Fairfield Business Center
|
1 | 348 | 1,971 | 548 | 381 | 2,486 | 2,867 | (331 | ) | 2004 | ||||||||||||||||||||||||
Fairfield Distribution Center
|
1 | 586 | 3,319 | 1,135 | 586 | 4,454 | 5,040 | (721 | ) | 2002 | ||||||||||||||||||||||||
I-275 Park
|
1 | 6,317 | | 21,090 | 6,316 | 21,091 | 27,407 | (91 | ) | 2007 | ||||||||||||||||||||||||
Production Distribution Center
|
2 | 717 | 2,717 | 2,699 | 824 | 5,309 | 6,133 | (1,815 | ) | 1994, 1998 | ||||||||||||||||||||||||
Sharonville Distribution Center
|
3 | (e) | 1,761 | | 12,127 | 2,423 | 11,465 | 13,888 | (3,316 | ) | 1997, 1998 | |||||||||||||||||||||||
Total Cincinnati, Ohio
|
21 | 17,000 | 42,810 | 57,731 | 18,389 | 99,152 | 117,541 | (23,911 | ) | |||||||||||||||||||||||||
Columbus, Ohio
|
||||||||||||||||||||||||||||||||||
Brookham Distribution Center
|
2 | 5,964 | 23,858 | 2,048 | 5,965 | 25,905 | 31,870 | (1,990 | ) | 2005 | ||||||||||||||||||||||||
Canal Pointe Distribution Center
|
1 | 1,237 | 7,013 | 1,690 | 1,280 | 8,660 | 9,940 | (2,084 | ) | 1999 | ||||||||||||||||||||||||
Capital Park South Distribution Center
|
3 | (e) | 1,588 | | 23,439 | 1,980 | 23,047 | 25,027 | (8,602 | ) | 1996 | |||||||||||||||||||||||
Charter Street Distribution Center
|
1 | (e) | 1,245 | 7,055 | 336 | 1,245 | 7,391 | 8,636 | (2,121 | ) | 1999 | |||||||||||||||||||||||
Corporate Park West
|
2 | (e) | 679 | 3,847 | 1,721 | 679 | 5,568 | 6,247 | (2,227 | ) | 1996 | |||||||||||||||||||||||
Etna Distribution Center (d)
|
3 | 4,941 | | 46,891 | 4,941 | 46,891 | 51,832 | (377 | ) | 2006, 2007 | ||||||||||||||||||||||||
Fisher Distribution Center
|
1 | (e) | 1,197 | 6,785 | 2,393 | 1,197 | 9,178 | 10,375 | (4,674 | ) | 1995 | |||||||||||||||||||||||
Foreign Trade Center I
|
5 | (e) | 6,527 | 36,989 | 6,032 | 6,992 | 42,556 | 49,548 | (12,357 | ) | 1999 | |||||||||||||||||||||||
McCormick Distribution Center
|
5 | (e) | 1,664 | 9,429 | 7,477 | 1,664 | 16,906 | 18,570 | (6,477 | ) | 1994 | |||||||||||||||||||||||
New World Distribution Center
|
1 | 207 | 1,173 | 1,829 | 207 | 3,002 | 3,209 | (1,698 | ) | 1994 | ||||||||||||||||||||||||
South Park Distribution Center
|
2 | (e) | 3,344 | 15,182 | 937 | 3,343 | 16,120 | 19,463 | (2,598 | ) | 1999, 2005 | |||||||||||||||||||||||
Westbelt Business Center
|
3 | 1,777 | 7,168 | 11 | 1,777 | 7,179 | 8,956 | (392 | ) | 2006 | ||||||||||||||||||||||||
Westpointe Distribution Center (d)
|
2 | 1,450 | 7,601 | | 1,450 | 7,601 | 9,051 | (110 | ) | 2007 | ||||||||||||||||||||||||
Wingate Distribution Center
|
1 | 152 | 859 | 324 | 152 | 1,183 | 1,335 | (467 | ) | 1994 | ||||||||||||||||||||||||
Total Columbus, Ohio
|
32 | 31,972 | 126,959 | 95,128 | 32,872 | 221,187 | 254,059 | (46,174 | ) | |||||||||||||||||||||||||
Dallas/Fort Worth, Texas
|
||||||||||||||||||||||||||||||||||
Alliance Distribution Center
|
1 | (e) | 3,654 | 14,613 | | 3,654 | 14,613 | 18,267 | (1,128 | ) | 2005 | |||||||||||||||||||||||
Carter Industrial Center
|
1 | 334 | | 2,332 | 334 | 2,332 | 2,666 | (966 | ) | 1996 | ||||||||||||||||||||||||
Centerport Distribution Center
|
1 | 1,250 | 7,082 | 398 | 1,250 | 7,480 | 8,730 | (2,206 | ) | 1999 | ||||||||||||||||||||||||
Dallas Corporate Center
|
10 | 5,161 | | 31,539 | 5,460 | 31,240 | 36,700 | (11,598 | ) | 1996, 1997, 1998, 1999 | ||||||||||||||||||||||||
Enterprise Distribution Center
|
3 | 2,719 | 15,410 | 728 | 2,719 | 16,138 | 18,857 | (4,544 | ) | 1999 | ||||||||||||||||||||||||
Flower Mound Distribution Center (d)
|
1 | 5,157 | 20,991 | | 5,157 | 20,991 | 26,148 | | 2007 | |||||||||||||||||||||||||
Freeport Corporate Center(d)
|
2 | 555 | 5,997 | 4,340 | 560 | 10,332 | 10,892 | | 2006, 2007 | |||||||||||||||||||||||||
Freeport Distribution Center
|
4 | 1,393 | 5,549 | 4,773 | 1,440 | 10,275 | 11,715 | (3,802 | ) | 1996, 1997, 1998 | ||||||||||||||||||||||||
Great Southwest Distribution Center
|
38 | (e) | 39,449 | 173,329 | 17,486 | 37,984 | 192,280 | 230,264 | (38,491 | ) |
1995, 1996, 1997, 1998, 1999, 2000, 2001, 2002, 2005 |
|||||||||||||||||||||||
Lancaster Distribution Center (d)
|
1 | 2,808 | | 17,371 | 2,808 | 17,371 | 20,179 | | 2007 | |||||||||||||||||||||||||
Lone Star Distribution Center
|
1 | 512 | 2,896 | 1,252 | 511 | 4,149 | 4,660 | (1,575 | ) | 1996 | ||||||||||||||||||||||||
Northgate Distribution Center
|
8 | (e) | 12,928 | 57,757 | 5,576 | 13,809 | 62,452 | 76,261 | (10,089 | ) | 1994, 1999, 2005 | |||||||||||||||||||||||
Pinnacle Park Distribution Center (d)(f)
|
1 | 5,058 | | 19,468 | 3,880 | 20,646 | 24,526 | (3,527 | ) | 2001 | ||||||||||||||||||||||||
Plano Distribution Center
|
7 | 3,915 | 22,186 | 1,972 | 3,915 | 24,158 | 28,073 | (7,018 | ) | 1999 |
118
Initial Cost to |
Gross Amounts At Which Carried |
|||||||||||||||||||||||||||||||||
ProLogis |
Costs Capitalized |
as of December 31, 2007 |
Accumulated |
Date of |
||||||||||||||||||||||||||||||
No. of |
Encum- |
Building & |
Subsequent |
Building & |
Depreciation |
Construction/ |
||||||||||||||||||||||||||||
Description
|
Bldgs. | brances | Land | Improvements | To Acquisition | Land | Improvements | Total (a,b) | (c) |
Acquisition
|
||||||||||||||||||||||||
Redbird Distribution Center
|
2 | 1,095 | 6,212 | 1,441 | 1,096 | 7,652 | 8,748 | (2,729 | ) | 1994, 1999 | ||||||||||||||||||||||||
Royal Distribution Center
|
1 | 811 | 4,598 | 589 | 811 | 5,187 | 5,998 | (1,113 | ) | 2001 | ||||||||||||||||||||||||
Stemmons Distribution Center
|
1 | 272 | 1,544 | 758 | 272 | 2,302 | 2,574 | (969 | ) | 1995 | ||||||||||||||||||||||||
Stemmons Industrial Center
|
11 | 1,820 | 11,705 | 4,250 | 1,819 | 15,956 | 17,775 | (6,953 | ) | 1994, 1995, 1996, 1999 | ||||||||||||||||||||||||
Trinity Mills Distribution Center
|
7 | 4,453 | 27,346 | 2,237 | 4,405 | 29,631 | 34,036 | (10,197 | ) | 1996, 1999, 2001 | ||||||||||||||||||||||||
Valwood Business Center
|
4 | (e) | 3,785 | 16,846 | 593 | 3,662 | 17,562 | 21,224 | (2,099 | ) | 2001, 2006 | |||||||||||||||||||||||
Valwood Distribution Center
|
1 | 850 | 4,890 | 17 | 850 | 4,907 | 5,757 | (1,439 | ) | 1999 | ||||||||||||||||||||||||
Total Dallas/Fort Worth, Texas
|
106 | 97,979 | 398,951 | 117,120 | 96,396 | 517,654 | 614,050 | (110,443 | ) | |||||||||||||||||||||||||
Denver, Colorado
|
||||||||||||||||||||||||||||||||||
Denver Business Center
|
6 | 1,507 | 8,302 | 9,126 | 1,506 | 17,429 | 18,935 | (7,433 | ) | 1992, 1994, 1996, 2002 | ||||||||||||||||||||||||
Moline Distribution Center
|
1 | 327 | 1,850 | 798 | 327 | 2,648 | 2,975 | (1,284 | ) | 1994 | ||||||||||||||||||||||||
Moncrieff Distribution Center
|
1 | 314 | 2,493 | 1,006 | 314 | 3,499 | 3,813 | (1,859 | ) | 1992 | ||||||||||||||||||||||||
Pagosa Distribution Center
|
1 | 406 | 2,322 | 919 | 406 | 3,241 | 3,647 | (1,700 | ) | 1993 | ||||||||||||||||||||||||
Stapleton Business Center
|
12 | (e) | 34,634 | 139,256 | 1,866 | 34,635 | 141,121 | 175,756 | (10,950 | ) | 2005 | |||||||||||||||||||||||
Upland Distribution Center I
|
6 | 808 | 4,421 | 11,170 | 821 | 15,578 | 16,399 | (7,581 | ) | 1992, 1994, 1995 | ||||||||||||||||||||||||
Upland Distribution Center II
|
3 | 1,295 | 5,159 | 4,665 | 1,328 | 9,791 | 11,119 | (4,696 | ) | 1993 | ||||||||||||||||||||||||
Total Denver, Colorado
|
30 | 39,291 | 163,803 | 29,550 | 39,337 | 193,307 | 232,644 | (35,503 | ) | |||||||||||||||||||||||||
El Paso, Texas
|
||||||||||||||||||||||||||||||||||
Billy the Kid Distribution Center
|
1 | 273 | 1,547 | 1,269 | 273 | 2,816 | 3,089 | (1,194 | ) | 1994 | ||||||||||||||||||||||||
Goodyear Distribution Center
|
1 | 511 | 2,899 | 681 | 511 | 3,580 | 4,091 | (1,408 | ) | 1991 | ||||||||||||||||||||||||
Northwestern Corporate Center
|
5 | 981 | | 17,729 | 2,192 | 16,518 | 18,710 | (5,771 | ) | 1992, 1993, 1994, 1997 | ||||||||||||||||||||||||
Pan American Distribution Center
|
1 | 196 | 1,110 | 1,386 | 196 | 2,496 | 2,692 | (286 | ) | 2002 | ||||||||||||||||||||||||
Vista Corporate Center
|
4 | 1,945 | | 12,023 | 1,946 | 12,022 | 13,968 | (4,950 | ) | 1994, 1995, 1996 | ||||||||||||||||||||||||
Vista Del Sol Industrial Center
|
4 | 996 | | 18,814 | 2,056 | 17,754 | 19,810 | (6,769 | ) | 1995, 1997, 1998 | ||||||||||||||||||||||||
Total El Paso, Texas
|
16 | 4,902 | 5,556 | 51,902 | 7,174 | 55,186 | 62,360 | (20,378 | ) | |||||||||||||||||||||||||
Houston, Texas
|
||||||||||||||||||||||||||||||||||
Blalock Distribution Center
|
2 | 595 | 3,370 | 985 | 595 | 4,355 | 4,950 | (627 | ) | 2002 | ||||||||||||||||||||||||
Brittmore Distribution Center
|
2 | 1,838 | 10,417 | 1,118 | 1,838 | 11,535 | 13,373 | (3,832 | ) | 1999 | ||||||||||||||||||||||||
Crosstimbers Distribution Center
|
1 | 359 | 2,035 | 1,055 | 359 | 3,090 | 3,449 | (1,336 | ) | 1994 | ||||||||||||||||||||||||
Hempstead Distribution Center
|
3 | 1,013 | 5,740 | 3,306 | 1,013 | 9,046 | 10,059 | (3,612 | ) | 1994 | ||||||||||||||||||||||||
Hobby Business Park
|
1 | 721 | 2,885 | 184 | 721 | 3,069 | 3,790 | (234 | ) | 2005 | ||||||||||||||||||||||||
Jersey Village Corporate Center (d)
|
1 | 1,780 | | 12,455 | 1,780 | 12,455 | 14,235 | | 2007 | |||||||||||||||||||||||||
Kempwood Business Center
|
4 | 1,746 | 9,894 | 1,779 | 1,746 | 11,673 | 13,419 | (3,180 | ) | 2001 | ||||||||||||||||||||||||
Northpark Distribution Center
|
1 | 1,148 | 4,591 | 124 | 1,142 | 4,721 | 5,863 | (166 | ) | 2006 | ||||||||||||||||||||||||
Perimeter Distribution Center
|
2 | 813 | 4,604 | 918 | 813 | 5,522 | 6,335 | (1,828 | ) | 1999 | ||||||||||||||||||||||||
Pine Forest Business Center
|
9 | 2,665 | 14,132 | 4,437 | 2,665 | 18,569 | 21,234 | (8,353 | ) | 1993, 1995 | ||||||||||||||||||||||||
Pine North Distribution Center
|
2 | 847 | 4,800 | 751 | 847 | 5,551 | 6,398 | (1,840 | ) | 1999 | ||||||||||||||||||||||||
Pine Timbers Distribution Center
|
2 | 2,956 | 16,750 | 2,777 | 2,955 | 19,528 | 22,483 | (6,582 | ) | 1999 | ||||||||||||||||||||||||
Pinemont Distribution Center
|
2 | 642 | 3,636 | 575 | 642 | 4,211 | 4,853 | (1,414 | ) | 1999 | ||||||||||||||||||||||||
Post Oak Business Center
|
15 | 3,005 | 15,378 | 7,086 | 3,005 | 22,464 | 25,469 | (10,940 | ) | 1993, 1994, 1996 | ||||||||||||||||||||||||
Post Oak Distribution Center
|
7 | 2,115 | 12,017 | 5,565 | 2,039 | 17,658 | 19,697 | (9,484 | ) | 1993, 1994 | ||||||||||||||||||||||||
South Loop Distribution Center
|
5 | 1,051 | 5,964 | 3,888 | 1,052 | 9,851 | 10,903 | (4,984 | ) | 1994 | ||||||||||||||||||||||||
Southland Distribution Center
|
1 | 1,209 | 6,849 | 1,155 | 1,209 | 8,004 | 9,213 | (682 | ) | 2002 | ||||||||||||||||||||||||
West by Northwest Industrial Center
|
15 | 4,040 | 7,980 | 34,258 | 4,143 | 42,135 | 46,278 | (17,293 | ) | 1993, 1994, 1995, 1996, 1997, 1998 | ||||||||||||||||||||||||
White Street Distribution Center
|
1 | 469 | 2,656 | 1,281 | 469 | 3,937 | 4,406 | (1,565 | ) | 1995 | ||||||||||||||||||||||||
Total Houston, Texas
|
76 | 29,012 | 133,698 | 83,697 | 29,033 | 217,374 | 246,407 | (77,952 | ) | |||||||||||||||||||||||||
I-81 Corridor, Pennsylvania
|
||||||||||||||||||||||||||||||||||
Harrisburg Distribution Center
|
1 | 2,243 | 12,572 | 590 | 2,243 | 13,162 | 15,405 | (1,487 | ) | 2004 | ||||||||||||||||||||||||
Harrisburg Industrial Center
|
1 | 782 | 6,190 | 854 | 782 | 7,044 | 7,826 | (1,062 | ) | 2002 | ||||||||||||||||||||||||
Kraft Distribution Center
|
1 | 2,457 | 13,920 | 70 | 2,457 | 13,990 | 16,447 | (4,071 | ) | 1999 | ||||||||||||||||||||||||
Lehigh Valley Distribution Center
|
4 | 6,636 | 37,114 | 1,683 | 6,636 | 38,797 | 45,433 | (4,463 | ) | 2004 | ||||||||||||||||||||||||
Middleton Distribution Center
|
1 | (e) | 4,190 | 23,478 | 272 | 4,190 | 23,750 | 27,940 | (2,691 | ) | 2004 | |||||||||||||||||||||||
Northport Industrial Center (d)
|
2 | 1,927 | 21,707 | 13,275 | 3,402 | 33,507 | 36,909 | (3,284 | ) | 2002, 2007 | ||||||||||||||||||||||||
Park 33 Distribution Center (d)
|
1 | 13,411 | | 26,479 | 13,411 | 26,479 | 39,890 | | 2007 | |||||||||||||||||||||||||
Quakertown Distribution Center
|
1 | 6,966 | | 27,692 | 6,965 | 27,693 | 34,658 | (1,085 | ) | 2006 | ||||||||||||||||||||||||
Total I-81 Corridor, Pennsylvania
|
12 | 38,612 | 114,981 | 70,915 | 40,086 | 184,422 | 224,508 | (18,143 | ) | |||||||||||||||||||||||||
Indianapolis, Indiana
|
||||||||||||||||||||||||||||||||||
Eastside Distribution Center
|
2 | 1,204 | 6,820 | 1,221 | 1,275 | 7,970 | 9,245 | (2,565 | ) | 1995, 1999 |
119
Initial Cost to |
Gross Amounts At Which Carried |
|||||||||||||||||||||||||||||||||
ProLogis |
Costs Capitalized |
as of December 31, 2007 |
Accumulated |
Date of |
||||||||||||||||||||||||||||||
No. of |
Encum- |
Building & |
Subsequent |
Building & |
Depreciation |
Construction/ |
||||||||||||||||||||||||||||
Description
|
Bldgs. | brances | Land | Improvements | To Acquisition | Land | Improvements | Total (a,b) | (c) |
Acquisition
|
||||||||||||||||||||||||
Logo Court Distribution Center
|
1 | 3,352 | 18,678 | 317 | 3,352 | 18,995 | 22,347 | (2,151 | ) | 2004 | ||||||||||||||||||||||||
North by Northeast Distribution Center
|
1 | 1,058 | | 6,947 | 1,059 | 6,946 | 8,005 | (2,720 | ) | 1995 | ||||||||||||||||||||||||
Park 100 Industrial Center
|
14 | 4,948 | 28,691 | 9,301 | 4,899 | 38,041 | 42,940 | (16,049 | ) | 1994, 1995 | ||||||||||||||||||||||||
Park Fletcher Distribution Center
|
9 | 2,687 | 15,224 | 5,760 | 2,785 | 20,886 | 23,671 | (9,004 | ) | 1994, 1995, 1996 | ||||||||||||||||||||||||
Shadeland Industrial Center
|
3 | 428 | 2,431 | 2,218 | 429 | 4,648 | 5,077 | (2,107 | ) | 1995 | ||||||||||||||||||||||||
Total Indianapolis, Indiana
|
30 | 13,677 | 71,844 | 25,764 | 13,799 | 97,486 | 111,285 | (34,596 | ) | |||||||||||||||||||||||||
Las Vegas, Nevada
|
||||||||||||||||||||||||||||||||||
Black Mountain Distribution Center
|
2 | 1,108 | | 7,179 | 1,206 | 7,081 | 8,287 | (2,613 | ) | 1997 | ||||||||||||||||||||||||
Cameron Business Center
|
1 | (e) | 1,634 | 9,256 | 287 | 1,634 | 9,543 | 11,177 | (2,823 | ) | 1999 | |||||||||||||||||||||||
Hughes Airport Center
|
1 | 876 | | 2,995 | 910 | 2,961 | 3,871 | (1,213 | ) | 1994 | ||||||||||||||||||||||||
Las Vegas Corporate Center
|
7 | (g) | 4,701 | | 22,590 | 4,789 | 22,502 | 27,291 | (9,036 | ) | 1994, 1995, 1996, 1997 | |||||||||||||||||||||||
Placid Street Distribution Center
|
1 | (e) | 2,620 | 14,848 | 52 | 2,620 | 14,900 | 17,520 | (4,358 | ) | 1999 | |||||||||||||||||||||||
South Arville Center
|
1 | 1,440 | 8,160 | 217 | 1,440 | 8,377 | 9,817 | (2,472 | ) | 1999 | ||||||||||||||||||||||||
West One Business Center
|
4 | 2,468 | 13,985 | 1,420 | 2,468 | 15,405 | 17,873 | (6,239 | ) | 1996 | ||||||||||||||||||||||||
Total Las Vegas, Nevada
|
17 | 14,847 | 46,249 | 34,740 | 15,067 | 80,769 | 95,836 | (28,754 | ) | |||||||||||||||||||||||||
Louisville, Kentucky
|
||||||||||||||||||||||||||||||||||
Airpark Commerce Center
|
4 | 1,583 | 8,971 | 5,256 | 1,583 | 14,227 | 15,810 | (6,781 | ) | 1998 | ||||||||||||||||||||||||
Cedar Grove Distribution Center
|
1 | (e) | 3,775 | 15,098 | 189 | 3,775 | 15,287 | 19,062 | (1,184 | ) | 2005 | |||||||||||||||||||||||
Commerce Crossings Distribution Center
|
1 | 1,912 | 7,649 | 6 | 1,912 | 7,655 | 9,567 | (591 | ) | 2005 | ||||||||||||||||||||||||
I-65 Meyer Distribution Center (d)
|
2 | 4,258 | | 21,915 | 4,259 | 21,914 | 26,173 | | 2006, 2007 | |||||||||||||||||||||||||
Louisville Distribution Center
|
2 | (e) | 680 | 3,402 | 4,523 | 689 | 7,916 | 8,605 | (2,856 | ) | 1995, 1998 | |||||||||||||||||||||||
Riverport Distribution Center
|
1 | (e) | 1,515 | 8,585 | 2,260 | 1,515 | 10,845 | 12,360 | (2,583 | ) | 1999 | |||||||||||||||||||||||
Total Louisville, Kentucky
|
11 | 13,723 | 43,705 | 34,149 | 13,733 | 77,844 | 91,577 | (13,995 | ) | |||||||||||||||||||||||||
Memphis, Tennessee
|
||||||||||||||||||||||||||||||||||
Airport Distribution Center
|
7 | 2,660 | 14,853 | 4,891 | 2,661 | 19,743 | 22,404 | (8,566 | ) | 1995, 1996, 1999 | ||||||||||||||||||||||||
Centerpointe Distribution Center
|
1 | 1,401 | 9,019 | | 1,401 | 9,019 | 10,420 | (2,543 | ) | 2001 | ||||||||||||||||||||||||
Delp Distribution Center
|
6 | 3,870 | 21,853 | 5,119 | 3,869 | 26,973 | 30,842 | (10,628 | ) | 1995, 1999 | ||||||||||||||||||||||||
DeSoto Distribution Center(d)
|
2 | 5,425 | | 25,313 | 5,425 | 25,313 | 30,738 | | 2007 | |||||||||||||||||||||||||
Fred Jones Distribution Center
|
1 | 125 | 707 | 262 | 125 | 969 | 1,094 | (481 | ) | 1994 | ||||||||||||||||||||||||
Memphis Distribution Center
|
1 | 480 | 2,723 | 559 | 481 | 3,281 | 3,762 | (553 | ) | 2002 | ||||||||||||||||||||||||
Olive Branch Distribution Center
|
2 | 2,892 | 16,389 | 2,115 | 2,892 | 18,504 | 21,396 | (5,899 | ) | 1999 | ||||||||||||||||||||||||
Raines Distribution Center
|
1 | 1,635 | 8,451 | | 1,635 | 8,451 | 10,086 | (6,251 | ) | 1998 | ||||||||||||||||||||||||
Southpark Distribution Center
|
1 | 859 | 4,866 | 591 | 859 | 5,457 | 6,316 | (441 | ) | 2003 | ||||||||||||||||||||||||
Willow Lake Distribution Center
|
1 | 613 | 3,474 | 305 | 613 | 3,779 | 4,392 | (1,224 | ) | 1999 | ||||||||||||||||||||||||
Total Memphis, Tennessee
|
23 | 19,960 | 82,335 | 39,155 | 19,961 | 121,489 | 141,450 | (36,586 | ) | |||||||||||||||||||||||||
Nashville, Tennessee
|
||||||||||||||||||||||||||||||||||
Bakertown Distribution Center
|
2 | 463 | 2,626 | 638 | 463 | 3,264 | 3,727 | (1,506 | ) | 1995 | ||||||||||||||||||||||||
I-40 Industrial Center
|
4 | 1,711 | 9,698 | 1,283 | 1,712 | 10,980 | 12,692 | (4,152 | ) | 1995, 1996, 1999 | ||||||||||||||||||||||||
Interchange City Distribution Center
|
7 | 2,297 | 17,079 | 3,322 | 3,050 | 19,648 | 22,698 | (3,460 | ) | 1998, 2003 | ||||||||||||||||||||||||
Space Park South Distribution Center
|
15 | 3,499 | 19,830 | 8,632 | 3,500 | 28,461 | 31,961 | (13,963 | ) | 1994 | ||||||||||||||||||||||||
Total Nashville, Tennessee
|
28 | 7,970 | 49,233 | 13,875 | 8,725 | 62,353 | 71,078 | (23,081 | ) | |||||||||||||||||||||||||
New Jersey
|
||||||||||||||||||||||||||||||||||
Bellmawr Distribution Center
|
1 | 212 | 1,197 | 379 | 211 | 1,577 | 1,788 | (543 | ) | 1999 | ||||||||||||||||||||||||
Brunswick Distribution Center
|
2 | 870 | 4,928 | 2,026 | 870 | 6,954 | 7,824 | (3,579 | ) | 1997 | ||||||||||||||||||||||||
Chester Distribution Center
|
1 | 548 | 5,320 | | 548 | 5,320 | 5,868 | (2,961 | ) | 2002 | ||||||||||||||||||||||||
Clearview Distribution Center
|
1 | 2,232 | 12,648 | 525 | 2,232 | 13,173 | 15,405 | (5,147 | ) | 1996 | ||||||||||||||||||||||||
Clifton Business Center
|
1 | 2,014 | 11,317 | 25 | 2,014 | 11,342 | 13,356 | (882 | ) | 2005 | ||||||||||||||||||||||||
Exit 10 Distribution Center
|
6 | 22,738 | 126,961 | 478 | 22,738 | 127,439 | 150,177 | (9,813 | ) | 2005 | ||||||||||||||||||||||||
Exit 8A Distribution Center
|
1 | (e) | 7,626 | 44,103 | 494 | 7,787 | 44,436 | 52,223 | (3,428 | ) | 2005 | |||||||||||||||||||||||
Kilmer Distribution Center
|
4 | (e) | 2,526 | 14,313 | 2,660 | 2,526 | 16,973 | 19,499 | (6,885 | ) | 1996 | |||||||||||||||||||||||
Meadowland Distribution Center
|
5 | (e) | 12,526 | 80,219 | 250 | 12,525 | 80,470 | 92,995 | (26,693 | ) | 2002, 2005 | |||||||||||||||||||||||
Meadowland Industrial Center
|
8 | (e) | 5,676 | 32,167 | 15,772 | 5,677 | 47,938 | 53,615 | (24,477 | ) | 1996, 1997, 1998 | |||||||||||||||||||||||
Mount Laurel Distribution Center
|
3 | 826 | 4,679 | 1,433 | 826 | 6,112 | 6,938 | (1,912 | ) | 1999 | ||||||||||||||||||||||||
Mount Olive Distribution Center (d)
|
1 | 1,509 | 8,552 | | 1,509 | 8,552 | 10,061 | | 2007 | |||||||||||||||||||||||||
Pennsauken Distribution Center
|
3 | 376 | 2,132 | 393 | 384 | 2,517 | 2,901 | (856 | ) | 1999 | ||||||||||||||||||||||||
Port Reading Business Park (d)
|
2 | 4,138 | 22,085 | 24,538 | 4,138 | 46,623 | 50,761 | | 2005, 2007 | |||||||||||||||||||||||||
Total New Jersey
|
39 | 63,817 | 370,621 | 48,973 | 63,985 | 419,426 | 483,411 | (87,176 | ) | |||||||||||||||||||||||||
120
Initial Cost to |
Gross Amounts At Which Carried |
|||||||||||||||||||||||||||||||||
ProLogis |
Costs Capitalized |
as of December 31, 2007 |
Accumulated |
Date of |
||||||||||||||||||||||||||||||
No. of |
Encum- |
Building & |
Subsequent |
Building & |
Depreciation |
Construction/ |
||||||||||||||||||||||||||||
Description
|
Bldgs. | brances | Land | Improvements | To Acquisition | Land | Improvements | Total (a,b) | (c) |
Acquisition
|
||||||||||||||||||||||||
Orlando, Florida
|
||||||||||||||||||||||||||||||||||
33rd Street Industrial Center
|
9 | 1,980 | 11,237 | 3,799 | 1,980 | 15,036 | 17,016 | (6,698 | ) | 1994, 1995, 1996 | ||||||||||||||||||||||||
Chancellor Distribution Center
|
1 | 380 | 2,156 | 1,470 | 380 | 3,626 | 4,006 | (1,643 | ) | 1994 | ||||||||||||||||||||||||
Consulate Distribution Center
|
3 | 4,148 | 23,617 | 1,047 | 4,148 | 24,664 | 28,812 | (7,300 | ) | 1999 | ||||||||||||||||||||||||
La Quinta Distribution Center
|
1 | 354 | 2,006 | 1,613 | 354 | 3,619 | 3,973 | (1,675 | ) | 1994 | ||||||||||||||||||||||||
Orlando Central Park
|
3 | 1,378 | | 9,847 | 1,871 | 9,354 | 11,225 | (3,087 | ) | 1997, 1998 | ||||||||||||||||||||||||
Orlando Corporate Center (d)
|
1 | 959 | | 7,858 | 959 | 7,858 | 8,817 | | 2006 | |||||||||||||||||||||||||
Princeton Oaks Distribution Center
|
1 | (e) | 900 | 5,100 | 22 | 900 | 5,122 | 6,022 | (1,494 | ) | 1999 | |||||||||||||||||||||||
Titusville Industrial Center
|
1 | 283 | 1,603 | 517 | 283 | 2,120 | 2,403 | (856 | ) | 1994 | ||||||||||||||||||||||||
Total Orlando, Florida
|
20 | 10,382 | 45,719 | 26,173 | 10,875 | 71,399 | 82,274 | (22,753 | ) | |||||||||||||||||||||||||
Phoenix, Arizona
|
||||||||||||||||||||||||||||||||||
24th Street Industrial Center
|
2 | 503 | 2,852 | 1,425 | 561 | 4,219 | 4,780 | (2,261 | ) | 1994 | ||||||||||||||||||||||||
Alameda Distribution Center
|
2 | (e) | 3,872 | 14,358 | 1,817 | 3,872 | 16,175 | 20,047 | (1,207 | ) | 2005 | |||||||||||||||||||||||
Buckeye Road Industrial Center
|
2 | 1,236 | 4,988 | 608 | 1,236 | 5,596 | 6,832 | (396 | ) | 2005 | ||||||||||||||||||||||||
Hohokam 10 Industrial Center
|
6 | 4,258 | 7,467 | 12,781 | 4,258 | 20,248 | 24,506 | (7,346 | ) | 1996, 1999 | ||||||||||||||||||||||||
I-10 West Business Center
|
3 | 263 | 1,525 | 684 | 263 | 2,209 | 2,472 | (1,127 | ) | 1993 | ||||||||||||||||||||||||
Kyrene Commons Distribution Center
|
3 | 2,369 | 5,475 | 491 | 1,093 | 7,242 | 8,335 | (2,945 | ) | 1992, 1998, 1999 | ||||||||||||||||||||||||
Kyrene Commons South Distribution Center
|
2 | 1,096 | | 5,666 | 1,163 | 5,599 | 6,762 | (1,911 | ) | 1998 | ||||||||||||||||||||||||
Martin Van Buren Distribution Center
|
6 | 572 | 3,285 | 1,803 | 572 | 5,088 | 5,660 | (2,551 | ) | 1993, 1994 | ||||||||||||||||||||||||
Papago Distribution Center
|
3 | 4,828 | 20,017 | 777 | 4,828 | 20,794 | 25,622 | (2,690 | ) | 1994, 2005 | ||||||||||||||||||||||||
Roosevelt Distribution Center
|
1 | (e) | 1,766 | 7,065 | 5 | 1,766 | 7,070 | 8,836 | (546 | ) | 2005 | |||||||||||||||||||||||
University Dr Distribution Center
|
1 | 683 | 2,735 | 70 | 683 | 2,805 | 3,488 | (215 | ) | 2005 | ||||||||||||||||||||||||
Watkins Distribution Center
|
1 | 242 | 1,375 | 444 | 243 | 1,818 | 2,061 | (799 | ) | 1995 | ||||||||||||||||||||||||
Wilson Drive Distribution Center
|
1 | (e) | 1,273 | 5,093 | 45 | 1,273 | 5,138 | 6,411 | (398 | ) | 2005 | |||||||||||||||||||||||
Total Phoenix, Arizona
|
33 | 22,961 | 76,235 | 26,616 | 21,811 | 104,001 | 125,812 | (24,392 | ) | |||||||||||||||||||||||||
Portland, Oregon
|
||||||||||||||||||||||||||||||||||
Argyle Distribution Center
|
3 | 946 | 5,388 | 1,192 | 946 | 6,580 | 7,526 | (3,234 | ) | 1993 | ||||||||||||||||||||||||
Clackamas Distribution Center (d)
|
1 | 775 | | 4,104 | 775 | 4,104 | 4,879 | | 2007 | |||||||||||||||||||||||||
Columbia Distribution Center
|
2 | 550 | 3,121 | 968 | 551 | 4,088 | 4,639 | (1,934 | ) | 1994 | ||||||||||||||||||||||||
PDX Corporate Center North Phase II (d)
|
3 | (g) | 5,803 | | 14,668 | 5,777 | 14,694 | 20,471 | | 2006, 2007 | ||||||||||||||||||||||||
PDX Corporate Center East
|
2 | (g) | 1,785 | | 6,844 | 2,100 | 6,529 | 8,629 | (2,381 | ) | 1997 | |||||||||||||||||||||||
PDX Corporate Center North
|
7 | (g) | 2,405 | | 11,547 | 2,542 | 11,410 | 13,952 | (4,726 | ) | 1995, 1996 | |||||||||||||||||||||||
Southshore Corporate Center
|
5 | (e)(g) | 13,061 | 52,299 | 397 | 13,274 | 52,483 | 65,757 | (3,685 | ) | 2005, 2006 | |||||||||||||||||||||||
Wilsonville Corporate Center
|
6 | (e) | 2,963 | | 13,253 | 2,964 | 13,252 | 16,216 | (5,508 | ) | 1995, 1996 | |||||||||||||||||||||||
Total Portland, Oregon
|
29 | 28,288 | 60,808 | 52,973 | 28,929 | 113,140 | 142,069 | (21,468 | ) | |||||||||||||||||||||||||
Reno, Nevada
|
||||||||||||||||||||||||||||||||||
Golden Valley Distribution Center
|
3 | 2,975 | 13,686 | 11,048 | 4,451 | 23,258 | 27,709 | (4,289 | ) | 1996, 1998, 2005 | ||||||||||||||||||||||||
Meredith Kleppe Business Center
|
1 | 526 | 754 | 3,510 | 526 | 4,264 | 4,790 | (1,820 | ) | 1993 | ||||||||||||||||||||||||
Packer Way Distribution Center
|
2 | 506 | 2,879 | 1,405 | 506 | 4,284 | 4,790 | (2,355 | ) | 1993 | ||||||||||||||||||||||||
Spice Island Distribution Center
|
1 | 435 | 2,466 | 2,308 | 435 | 4,774 | 5,209 | (1,611 | ) | 1996 | ||||||||||||||||||||||||
Tahoe-Reno Industrial Center (d)
|
1 | 3,281 | | 19,727 | 3,281 | 19,727 | 23,008 | | 2007 | |||||||||||||||||||||||||
Vista Industrial Center
|
10 | (e) | 9,566 | 40,036 | 14,075 | 9,565 | 54,112 | 63,677 | (14,045 | ) | 1994, 1995, 2001 | |||||||||||||||||||||||
Total Reno, Nevada
|
18 | 17,289 | 59,821 | 52,073 | 18,764 | 110,419 | 129,183 | (24,120 | ) | |||||||||||||||||||||||||
Salt Lake City, Utah
|
||||||||||||||||||||||||||||||||||
Centennial Distribution Center
|
2 | 1,149 | | 8,907 | 1,149 | 8,907 | 10,056 | (3,747 | ) | 1995 | ||||||||||||||||||||||||
Crossroads Corporate Center (d)
|
1 | 284 | | 8,461 | 926 | 7,819 | 8,745 | | 2005 | |||||||||||||||||||||||||
Salt Lake International Distribution Center
|
2 | 1,367 | 2,792 | 9,501 | 1,364 | 12,296 | 13,660 | (5,077 | ) | 1994, 1996 | ||||||||||||||||||||||||
Total Salt Lake City, Utah
|
5 | 2,800 | 2,792 | 26,869 | 3,439 | 29,022 | 32,461 | (8,824 | ) | |||||||||||||||||||||||||
San Antonio, Texas
|
||||||||||||||||||||||||||||||||||
10711 Distribution Center
|
2 | 582 | 3,301 | 1,619 | 582 | 4,920 | 5,502 | (2,609 | ) | 1994 | ||||||||||||||||||||||||
City Park East Distribution Center
|
3 | 1,002 | 5,676 | 918 | 1,002 | 6,594 | 7,596 | (545 | ) | 2003 | ||||||||||||||||||||||||
Coliseum Distribution Center (d)
|
2 | 1,133 | 923 | 7,645 | 1,170 | 8,531 | 9,701 | (2,490 | ) | 1994, 2006 | ||||||||||||||||||||||||
Distribution Drive Center
|
1 | 473 | 2,680 | 1,097 | 473 | 3,777 | 4,250 | (2,125 | ) | 1992 | ||||||||||||||||||||||||
Eisenhauer Distribution Center (d)
|
3 | 1,198 | 3,736 | 6,233 | 1,199 | 9,968 | 11,167 | | 2007 | |||||||||||||||||||||||||
Macro Distribution Center
|
3 | 1,705 | 9,024 | 2,075 | 1,705 | 11,099 | 12,804 | (1,028 | ) | 2002 | ||||||||||||||||||||||||
Perrin Creek Corporate Center (d)
|
2 | 529 | | 3,908 | 447 | 3,990 | 4,437 | (558 | ) | 1996, 2007 | ||||||||||||||||||||||||
Rittiman East Industrial Park
|
7 | 5,902 | 23,746 | | 5,902 | 23,746 | 29,648 | (1,113 | ) | 2006 | ||||||||||||||||||||||||
Rittiman West Industrial Park
|
2 | 1,237 | 4,950 | 59 | 1,230 | 5,016 | 6,246 | (233 | ) | 2006 |
121
Initial Cost to |
Gross Amounts At Which Carried |
|||||||||||||||||||||||||||||||||
ProLogis |
Costs Capitalized |
as of December 31, 2007 |
Accumulated |
Date of |
||||||||||||||||||||||||||||||
No. of |
Encum- |
Building & |
Subsequent |
Building & |
Depreciation |
Construction/ |
||||||||||||||||||||||||||||
Description
|
Bldgs. | brances | Land | Improvements | To Acquisition | Land | Improvements | Total (a,b) | (c) |
Acquisition
|
||||||||||||||||||||||||
San Antonio Distribution Center I
|
9 | 1,589 | 9,028 | 5,087 | 1,589 | 14,115 | 15,704 | (7,615 | ) | 1992, 1993, 1994 | ||||||||||||||||||||||||
San Antonio Distribution Center II
|
3 | 945 | | 6,495 | 885 | 6,555 | 7,440 | (2,903 | ) | 1994 | ||||||||||||||||||||||||
San Antonio Distribution Center III
|
4 | 1,176 | 6,571 | 3,113 | 1,176 | 9,684 | 10,860 | (4,323 | ) | 1996 | ||||||||||||||||||||||||
Tri-County Distribution Center
|
2 | (e) | 3,183 | 12,743 | | 3,183 | 12,743 | 15,926 | (81 | ) | 2007 | |||||||||||||||||||||||
Woodlake Distribution Center
|
2 | 248 | 1,405 | 1,158 | 248 | 2,563 | 2,811 | (1,236 | ) | 1994 | ||||||||||||||||||||||||
Total San Antonio, Texas
|
45 | 20,902 | 83,783 | 39,407 | 20,791 | 123,301 | 144,092 | (26,859 | ) | |||||||||||||||||||||||||
San Francisco (Central Valley), California
|
||||||||||||||||||||||||||||||||||
Central Valley Distribution Center
|
1 | 2,233 | 13,432 | 171 | 2,234 | 13,602 | 15,836 | (3,968 | ) | 1999 | ||||||||||||||||||||||||
Central Valley Industrial Center
|
4 | (e)(g) | 11,418 | 48,726 | 5,571 | 11,868 | 53,847 | 65,715 | (10,596 | ) | 1999, 2002, 2005 | |||||||||||||||||||||||
Manteca Distribution Center
|
1 | (e) | 9,280 | 27,841 | 25 | 9,280 | 27,866 | 37,146 | (2,162 | ) | 2005 | |||||||||||||||||||||||
Patterson Pass Business Center (d)
|
6 | 3,520 | 4,885 | 16,454 | 3,519 | 21,340 | 24,859 | (5,818 | ) | 1993, 1997, 1998, 2007 | ||||||||||||||||||||||||
Tracy Distribution Center (d)
|
1 | | 20,384 | | | 20,384 | 20,384 | | 2007 | |||||||||||||||||||||||||
Total San Francisco (Central Valley), California
|
13 | 26,451 | 115,268 | 22,221 | 26,901 | 137,039 | 163,940 | (22,544 | ) | |||||||||||||||||||||||||
San Francisco (East Bay), California
|
||||||||||||||||||||||||||||||||||
Alvarado Business Center
|
10 | (e) | 20,739 | 62,595 | 940 | 20,739 | 63,535 | 84,274 | (4,940 | ) | 2005 | |||||||||||||||||||||||
Barrington Business Center
|
3 | 1,741 | 9,863 | 1,965 | 1,741 | 11,828 | 13,569 | (3,458 | ) | 1999 | ||||||||||||||||||||||||
East Bay Industrial Center
|
1 | 531 | 3,009 | 554 | 531 | 3,563 | 4,094 | (1,735 | ) | 1994 | ||||||||||||||||||||||||
Eigenbrodt Way Distribution Center
|
1 | (e) | 393 | 2,228 | 406 | 393 | 2,634 | 3,027 | (1,316 | ) | 1993 | |||||||||||||||||||||||
Hayward Commerce Center
|
4 | 1,933 | 10,955 | 2,107 | 1,933 | 13,062 | 14,995 | (5,944 | ) | 1993 | ||||||||||||||||||||||||
Hayward Commerce Park
|
7 | 1,968 | 11,167 | 3,267 | 1,968 | 14,434 | 16,402 | (7,206 | ) | 1994 | ||||||||||||||||||||||||
Hayward Distribution Center
|
6 | (e) | 2,906 | 19,165 | 4,469 | 3,327 | 23,213 | 26,540 | (11,301 | ) | 1993 | |||||||||||||||||||||||
Hayward Industrial Center
|
13 | (e) | 4,481 | 25,393 | 5,101 | 4,481 | 30,494 | 34,975 | (14,601 | ) | 1993 | |||||||||||||||||||||||
Livermore Distribution Center
|
4 | (e) | 8,992 | 26,976 | 1,086 | 8,992 | 28,062 | 37,054 | (2,156 | ) | 2005 | |||||||||||||||||||||||
Oakland Industrial Center
|
3 | (e) | 8,234 | 24,704 | 407 | 8,235 | 25,110 | 33,345 | (1,888 | ) | 2005 | |||||||||||||||||||||||
Regatta Business Park
|
2 | (e) | 7,688 | 23,063 | 30 | 7,688 | 23,093 | 30,781 | (1,785 | ) | 2005 | |||||||||||||||||||||||
San Leandro Distribution Center
|
3 | (e) | 1,387 | 7,862 | 1,260 | 1,387 | 9,122 | 10,509 | (4,521 | ) | 1993 | |||||||||||||||||||||||
Total San Francisco (East Bay), California
|
57 | 60,993 | 226,980 | 21,592 | 61,415 | 248,150 | 309,565 | (60,851 | ) | |||||||||||||||||||||||||
San Francisco (South Bay), California
|
||||||||||||||||||||||||||||||||||
Bayside Business Center
|
2 | (g) | 2,088 | | 4,783 | 2,088 | 4,783 | 6,871 | (2,287 | ) | 1996 | |||||||||||||||||||||||
Bayside Corporate Center
|
7 | (g) | 4,365 | | 18,680 | 4,365 | 18,680 | 23,045 | (8,453 | ) | 1995, 1996 | |||||||||||||||||||||||
Bayside Plaza I
|
12 | (g) | 5,212 | 18,008 | 3,915 | 5,216 | 21,919 | 27,135 | (10,113 | ) | 1993 | |||||||||||||||||||||||
Bayside Plaza II
|
2 | (g) | 634 | | 3,195 | 634 | 3,195 | 3,829 | (1,784 | ) | 1994 | |||||||||||||||||||||||
Gateway Corporate Center
|
11 | (g) | 7,575 | 24,746 | 7,041 | 7,575 | 31,787 | 39,362 | (15,413 | ) | 1993, 1996 | |||||||||||||||||||||||
Mowry Business Center
|
4 | 5,933 | | 18,993 | 7,815 | 17,111 | 24,926 | (6,258 | ) | 1997, 1998 | ||||||||||||||||||||||||
Overlook Distribution Center
|
1 | 1,573 | 8,915 | 47 | 1,573 | 8,962 | 10,535 | (2,624 | ) | 1999 | ||||||||||||||||||||||||
Pacific Commons Industrial Center
|
7 | (e)(g) | 30,107 | 90,416 | 940 | 30,106 | 91,357 | 121,463 | (7,028 | ) | 2005 | |||||||||||||||||||||||
Pacific Industrial Center
|
6 | (e) | 21,676 | 65,083 | 1,444 | 21,675 | 66,528 | 88,203 | (5,066 | ) | 2005 | |||||||||||||||||||||||
Shoreline Business Center
|
8 | (g) | 4,328 | 16,101 | 1,959 | 4,328 | 18,060 | 22,388 | (8,371 | ) | 1993 | |||||||||||||||||||||||
Shoreline Business Center II
|
2 | (g) | 922 | | 5,548 | 922 | 5,548 | 6,470 | (2,617 | ) | 1995 | |||||||||||||||||||||||
Spinnaker Business Center
|
12 | (g) | 7,043 | 25,220 | 5,092 | 7,043 | 30,312 | 37,355 | (13,982 | ) | 1993 | |||||||||||||||||||||||
Thornton Business Center
|
5 | 3,988 | 11,706 | 7,213 | 3,989 | 18,918 | 22,907 | (7,759 | ) | 1993, 1996 | ||||||||||||||||||||||||
Trimble Distribution Center
|
5 | 2,836 | 16,067 | 4,262 | 2,836 | 20,329 | 23,165 | (9,246 | ) | 1994 | ||||||||||||||||||||||||
Total San Francisco (South Bay), California
|
84 | 98,280 | 276,262 | 83,112 | 100,165 | 357,489 | 457,654 | (101,001 | ) | |||||||||||||||||||||||||
Seattle, Washington
|
||||||||||||||||||||||||||||||||||
Andover East Business Center
|
2 | 535 | 3,033 | 727 | 535 | 3,760 | 4,295 | (1,676 | ) | 1994 | ||||||||||||||||||||||||
Fife Corporate Center
|
3 | 4,059 | | 11,017 | 4,209 | 10,867 | 15,076 | (4,167 | ) | 1996 | ||||||||||||||||||||||||
Kent Corporate Center
|
2 | (g) | 2,882 | 1,987 | 9,564 | 3,276 | 11,157 | 14,433 | (4,860 | ) | 1995 | |||||||||||||||||||||||
Van Dorens Distribution Center
|
2 | (g) | 2,473 | | 9,464 | 3,111 | 8,826 | 11,937 | (3,772 | ) | 1995, 1997 | |||||||||||||||||||||||
Total Seattle, Washington
|
9 | 9,949 | 5,020 | 30,772 | 11,131 | 34,610 | 45,741 | (14,475 | ) | |||||||||||||||||||||||||
South Florida
|
||||||||||||||||||||||||||||||||||
Airport West Distribution Center
|
2 | 1,253 | 3,825 | 3,263 | 1,974 | 6,367 | 8,341 | (2,222 | ) | 1995, 1998 | ||||||||||||||||||||||||
Boca Distribution Center
|
1 | 1,474 | 5,918 | 127 | 1,474 | 6,045 | 7,519 | (293 | ) | 2006 | ||||||||||||||||||||||||
CenterPort Distribution Center
|
3 | 2,083 | 11,806 | 809 | 2,083 | 12,615 | 14,698 | (3,860 | ) | 1999 | ||||||||||||||||||||||||
Copans Distribution Center
|
2 | 504 | 2,857 | 554 | 504 | 3,411 | 3,915 | (1,382 | ) | 1997, 1998 | ||||||||||||||||||||||||
Dade Distribution Center
|
1 | 2,589 | 14,670 | | 2,589 | 14,670 | 17,259 | (1,213 | ) | 2005 | ||||||||||||||||||||||||
North Andrews Distribution Center
|
1 | 698 | 3,956 | 101 | 698 | 4,057 | 4,755 | (1,793 | ) | 1994 | ||||||||||||||||||||||||
Port Lauderdale Distribution Center
|
2 | 896 | | 7,889 | 2,205 | 6,580 | 8,785 | (1,965 | ) | 1997 | ||||||||||||||||||||||||
ProLogis Park I-595
|
2 | (e) | 1,998 | 11,326 | 316 | 1,999 | 11,641 | 13,640 | (1,906 | ) | 2003 | |||||||||||||||||||||||
Total South Florida
|
14 | 11,495 | 54,358 | 13,059 | 13,526 | 65,386 | 78,912 | (14,634 | ) | |||||||||||||||||||||||||
122
Initial Cost to |
Gross Amounts At Which Carried |
|||||||||||||||||||||||||||||||||
ProLogis |
Costs Capitalized |
as of December 31, 2007 |
Accumulated |
Date of |
||||||||||||||||||||||||||||||
No. of |
Encum- |
Building & |
Subsequent |
Building & |
Depreciation |
Construction/ |
||||||||||||||||||||||||||||
Description
|
Bldgs. | brances | Land | Improvements | To Acquisition | Land | Improvements | Total (a,b) | (c) |
Acquisition
|
||||||||||||||||||||||||
Southern California
|
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Anaheim Industrial Center
|
13 | (e) | 32,275 | 59,983 | 310 | 32,275 | 60,293 | 92,568 | (4,667 | ) | 2005 | |||||||||||||||||||||||
California Commerce Center
|
1 | (e) | 4,201 | 7,802 | 66 | 4,201 | 7,868 | 12,069 | (614 | ) | 2005 | |||||||||||||||||||||||
Crossroads Business Park(d)
|
8 | (e) | 56,343 | 95,951 | 7,622 | 51,662 | 108,254 | 159,916 | (7,513 | ) | 2005, 2006 | |||||||||||||||||||||||
Dominguez North Industrial Center (d)
|
2 | 7,340 | 13,739 | | 7,340 | 13,739 | 21,079 | (348 | ) | 2007 | ||||||||||||||||||||||||
Fullerton Industrial Center
|
2 | (e) | 8,238 | 15,300 | 62 | 8,239 | 15,361 | 23,600 | (1,189 | ) | 2005 | |||||||||||||||||||||||
Industry Distribution Center
|
7 | (e)(g) | 50,268 | 93,355 | 402 | 50,268 | 93,757 | 144,025 | (7,298 | ) | 2005 | |||||||||||||||||||||||
Inland Empire Distribution Center
|
6 | (e) | 42,927 | 84,275 | 5,636 | 43,681 | 89,157 | 132,838 | (9,476 | ) | 1999, 2005 | |||||||||||||||||||||||
Kaiser Distribution Center
|
7 | (e)(g) | 120,885 | 224,599 | 609 | 135,528 | 210,565 | 346,093 | (17,215 | ) | 2005 | |||||||||||||||||||||||
Los Angeles Industrial Center
|
2 | (e) | 3,777 | 7,015 | 68 | 3,777 | 7,083 | 10,860 | (543 | ) | 2005 | |||||||||||||||||||||||
Mid Counties Industrial Center
|
14 | (e) | 45,864 | 87,107 | 10,284 | 45,831 | 97,424 | 143,255 | (7,298 | ) | 2005, 2006 | |||||||||||||||||||||||
Mill Street Distribution Center (d)
|
1 | 611 | | 5,473 | 611 | 5,473 | 6,084 | | 2007 | |||||||||||||||||||||||||
Orange Industrial Center
|
2 | (e) | 5,930 | 11,014 | | 5,930 | 11,014 | 16,944 | (852 | ) | 2005 | |||||||||||||||||||||||
ProLogis Park Ontario
|
2 | (e) | 25,500 | 47,366 | | 25,500 | 47,366 | 72,866 | (1,297 | ) | 2007 | |||||||||||||||||||||||
Rancho Cucamonga Distribution Center
|
6 | (e)(g) | 51,283 | 95,241 | 203 | 51,283 | 95,444 | 146,727 | (7,375 | ) | 2005 | |||||||||||||||||||||||
Redlands Distribution Center(d)
|
2 | 21,543 | 43,423 | 23,874 | 21,543 | 67,297 | 88,840 | (1,619 | ) | 2006, 2007 | ||||||||||||||||||||||||
Santa Ana Distribution Center
|
2 | (e) | 4,318 | 8,019 | 38 | 4,318 | 8,057 | 12,375 | (626 | ) | 2005 | |||||||||||||||||||||||
South Bay Distribution Center
|
4 | (e) | 14,478 | 27,511 | 47 | 14,478 | 27,558 | 42,036 | (1,708 | ) | 2005, 2007 | |||||||||||||||||||||||
Tustin Industrial Center
|
2 | (e) | 4,553 | 8,456 | 46 | 4,553 | 8,502 | 13,055 | (662 | ) | 2005 | |||||||||||||||||||||||
Vernon Distribution Center
|
15 | (e) | 25,439 | 47,250 | 1,277 | 25,441 | 48,525 | 73,966 | (3,774 | ) | 2005 | |||||||||||||||||||||||
Total Southern California
|
98 | 525,773 | 977,406 | 56,017 | 536,459 | 1,022,737 | 1,559,196 | (74,074 | ) | |||||||||||||||||||||||||
St. Louis, Missouri
|
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Earth City Industrial Center
|
5 | 2,225 | 12,820 | 4,061 | 2,226 | 16,880 | 19,106 | (6,620 | ) | 1997, 1998 | ||||||||||||||||||||||||
Westport Distribution Center
|
1 | 366 | 1,247 | 1,499 | 365 | 2,747 | 3,112 | (990 | ) | 1997 | ||||||||||||||||||||||||
Total St. Louis, Missouri
|
6 | 2,591 | 14,067 | 5,560 | 2,591 | 19,627 | 22,218 | (7,610 | ) | |||||||||||||||||||||||||
Tampa, Florida
|
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Adamo Distribution Center
|
6 | 2,105 | 11,930 | 1,865 | 2,105 | 13,795 | 15,900 | (3,382 | ) | 1995, 2001 | ||||||||||||||||||||||||
Commerce Park Distribution Center
|
4 | 811 | 4,597 | 1,403 | 811 | 6,000 | 6,811 | (3,072 | ) | 1994 | ||||||||||||||||||||||||
Eastwood Distribution Center
|
1 | 122 | 690 | 122 | 122 | 812 | 934 | (392 | ) | 1994 | ||||||||||||||||||||||||
Lakeland Distribution Center
|
1 | 938 | 5,313 | 1,222 | 938 | 6,535 | 7,473 | (2,955 | ) | 1994 | ||||||||||||||||||||||||
Madison Distribution Center
|
1 | | 5,313 | | | 5,313 | 5,313 | (3 | ) | 2007 | ||||||||||||||||||||||||
Orchid Lake Industrial Center
|
1 | 41 | 235 | 39 | 41 | 274 | 315 | (119 | ) | 1994 | ||||||||||||||||||||||||
Plant City Distribution Center
|
1 | 206 | 1,169 | 255 | 206 | 1,424 | 1,630 | (650 | ) | 1994 | ||||||||||||||||||||||||
Sabal Park Distribution Center (d)
|
9 | (e) | 4,120 | 10,364 | 27,330 | 4,456 | 37,358 | 41,814 | (7,187 | ) | 1996, 1997, 1998, 2002, 2007 | |||||||||||||||||||||||
Silo Bend Distribution Center
|
4 | 2,887 | 16,358 | 3,424 | 2,887 | 19,782 | 22,669 | (8,898 | ) | 1994 | ||||||||||||||||||||||||
Silo Bend Industrial Center
|
1 | 525 | 2,975 | 741 | 525 | 3,716 | 4,241 | (1,699 | ) | 1994 | ||||||||||||||||||||||||
Tampa East Distribution Center
|
9 | 2,627 | 14,835 | 2,740 | 2,468 | 17,734 | 20,202 | (8,386 | ) | 1994 | ||||||||||||||||||||||||
Tampa East Industrial Center
|
1 | 303 | 1,513 | 556 | 303 | 2,069 | 2,372 | (1,003 | ) | 1994 | ||||||||||||||||||||||||
Tampa West Distribution Center
|
11 | 2,874 | 16,128 | 3,735 | 2,919 | 19,818 | 22,737 | (9,467 | ) | 1994, 1995 | ||||||||||||||||||||||||
Tampa West Industrial Center
|
3 | 355 | (9 | ) | 5,823 | 635 | 5,534 | 6,169 | (2,084 | ) | 1996, 1998 | |||||||||||||||||||||||
Total Tampa, Florida
|
53 | 17,914 | 91,411 | 49,255 | 18,416 | 140,164 | 158,580 | (49,297 | ) | |||||||||||||||||||||||||
Washington D.C./Baltimore, Maryland
|
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1901 Park 100 Drive
|
1 | 2,409 | 7,227 | 383 | 2,409 | 7,610 | 10,019 | (372 | ) | 2006 | ||||||||||||||||||||||||
7616 Canton Center Drive
|
1 | 1,521 | 4,571 | | 1,521 | 4,571 | 6,092 | (4 | ) | 2007 | ||||||||||||||||||||||||
Airport Commons Distribution Center
|
2 | (e) | 2,320 | | 9,807 | 2,360 | 9,767 | 12,127 | (3,602 | ) | 1997 | |||||||||||||||||||||||
Ardmore Distribution Center
|
3 | 1,431 | 8,110 | 1,619 | 1,431 | 9,729 | 11,160 | (4,478 | ) | 1994 | ||||||||||||||||||||||||
Ardmore Industrial Center
|
2 | 984 | 5,581 | 1,247 | 985 | 6,827 | 7,812 | (3,326 | ) | 1994 | ||||||||||||||||||||||||
Chesapeake Distribution Center (d)
|
1 | 6,885 | | 18,816 | 6,885 | 18,816 | 25,701 | | 2007 | |||||||||||||||||||||||||
Concorde Industrial Center
|
4 | (e) | 1,538 | 8,717 | 2,755 | 1,538 | 11,472 | 13,010 | (5,103 | ) | 1995 | |||||||||||||||||||||||
DeSoto Business Park(d)
|
6 | 2,709 | 12,892 | 5,086 | 2,710 | 17,977 | 20,687 | (7,281 | ) | 1996, 2007 | ||||||||||||||||||||||||
Edgewood Distribution Center (d)
|
1 | 4,244 | 12,732 | 5,475 | 4,244 | 18,207 | 22,451 | | 2005 | |||||||||||||||||||||||||
Eisenhower Industrial Center
|
3 | 1,240 | 7,025 | 2,475 | 1,240 | 9,500 | 10,740 | (4,364 | ) | 1994 | ||||||||||||||||||||||||
Fleet Distribution Center
|
8 | 3,198 | 18,121 | 2,754 | 3,115 | 20,958 | 24,073 | (9,214 | ) | 1996 | ||||||||||||||||||||||||
Gateway Business Center (d)
|
4 | 7,899 | | 18,380 | 7,898 | 18,381 | 26,279 | | 2006, 2007 | |||||||||||||||||||||||||
Gateway Distribution Center
|
2 | 192 | | 4,553 | 831 | 3,914 | 4,745 | (1,087 | ) | 1998 | ||||||||||||||||||||||||
Hickory Ridge Distribution Center
|
2 | (e) | 15,988 | 47,964 | 19 | 15,987 | 47,984 | 63,971 | (3,644 | ) | 2005 | |||||||||||||||||||||||
Meadowridge Distribution Center
|
1 | (e) | 1,757 | | 6,065 | 1,902 | 5,920 | 7,822 | (1,691 | ) | 1998 | |||||||||||||||||||||||
Patapsco Distribution Center
|
1 | 270 | 1,528 | 1,365 | 270 | 2,893 | 3,163 | (1,357 | ) | 1995 |
123
Initial Cost to |
Gross Amounts At Which Carried |
|||||||||||||||||||||||||||||||||
ProLogis |
Costs Capitalized |
as of December 31, 2007 |
Accumulated |
Date of |
||||||||||||||||||||||||||||||
No. of |
Encum- |
Building & |
Subsequent |
Building & |
Depreciation |
Construction/ |
||||||||||||||||||||||||||||
Description
|
Bldgs. | brances | Land | Improvements | To Acquisition | Land | Improvements | Total (a,b) | (c) |
Acquisition
|
||||||||||||||||||||||||
White Oak Distribution Center
|
1 | 3,986 | 24,107 | 8 | 3,986 | 24,115 | 28,101 | (3,683 | ) | 2002 | ||||||||||||||||||||||||
Winchester Distribution Center
|
1 | 3,286 | 13,142 | | 3,286 | 13,142 | 16,428 | (1,015 | ) | 2005 | ||||||||||||||||||||||||
Total Washington D.C./Baltimore, Maryland
|
44 | 61,857 | 171,717 | 80,807 | 62,598 | 251,783 | 314,381 | (50,221 | ) | |||||||||||||||||||||||||
Other
|
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Shawnee Distribution Center
|
1 | 2,859 | 11,432 | | 2,859 | 11,432 | 14,291 | (883 | ) | 2005 | ||||||||||||||||||||||||
Valley Industrial Center (Brownsville, Texas)
|
1 | 363 | | 4,516 | 363 | 4,516 | 4,879 | (1,188 | ) | 1997 | ||||||||||||||||||||||||
2 | 3,222 | 11,432 | 4,516 | 3,222 | 15,948 | 19,170 | (2,071 | ) | ||||||||||||||||||||||||||
Mexico:
|
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Guadalajara
|
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Cedros-Jalisco Distribution Center (d)
|
1 | 3,225 | 18,197 | 737 | 3,235 | 18,924 | 22,159 | | 2006 | |||||||||||||||||||||||||
El Salto Distribution Center (d)
|
1 | 3,456 | | 5,248 | 3,456 | 5,248 | 8,704 | | 2007 | |||||||||||||||||||||||||
Total Guadalajara, Mexico
|
2 | 6,681 | 18,197 | 5,985 | 6,691 | 24,172 | 30,863 | | ||||||||||||||||||||||||||
Juarez
|
||||||||||||||||||||||||||||||||||
Bermudez Industrial Center (d)
|
2 | 1,155 | 4,619 | | 1,155 | 4,619 | 5,774 | | 2007 | |||||||||||||||||||||||||
Independencia Industrial Center (d)
|
2 | 2,534 | | 6,160 | 2,553 | 6,141 | 8,694 | | 2005, 2007 | |||||||||||||||||||||||||
Ramon Rivera Lara Industrial Center (d)
|
2 | 1,101 | | 5,636 | 2,902 | 3,835 | 6,737 | (3 | ) | 2000, 2007 | ||||||||||||||||||||||||
Total Juarez, Mexico
|
6 | 4,790 | 4,619 | 11,796 | 6,610 | 14,595 | 21,205 | (3 | ) | |||||||||||||||||||||||||
Mexico City
|
||||||||||||||||||||||||||||||||||
Cedros-Tepotzotlan Distribution Center (d)
|
3 | 13,251 | 13,855 | 10,327 | 13,310 | 24,123 | 37,433 | | 2006, 2007 | |||||||||||||||||||||||||
JLP Distribution Center (d)
|
2 | 5,232 | 6,227 | 4,137 | 5,236 | 10,360 | 15,596 | | 2006, 2007 | |||||||||||||||||||||||||
Nor-T Distribution Center (d)
|
7 | 10,960 | 62,106 | 1,003 | 10,990 | 63,079 | 74,069 | | 2006 | |||||||||||||||||||||||||
Oriente Distribution Center (d)
|
2 | 1,429 | 7,452 | | 1,429 | 7,452 | 8,881 | | 2006 | |||||||||||||||||||||||||
Total Mexico City, Mexico
|
14 | 30,872 | 89,640 | 15,467 | 30,965 | 105,014 | 135,979 | | ||||||||||||||||||||||||||
Monterrey
|
||||||||||||||||||||||||||||||||||
Monterrey Airport(d)
|
2 | 4,027 | | 8,794 | 4,026 | 8,795 | 12,821 | | 2007 | |||||||||||||||||||||||||
Monterrey Industrial Park (d)
|
5 | 2,626 | 3,785 | 7,511 | 2,850 | 11,072 | 13,922 | (1,986 | ) | 1997, 1998, 2006 | ||||||||||||||||||||||||
Total Monterrey, Mexico
|
7 | 6,653 | 3,785 | 16,305 | 6,876 | 19,867 | 26,743 | (1,986 | ) | |||||||||||||||||||||||||
Reynosa
|
||||||||||||||||||||||||||||||||||
Pharr Bridge Industrial Center (d)
|
1 | | | 7,790 | 1,440 | 6,350 | 7,790 | | 2006 | |||||||||||||||||||||||||
Total Reynosa, Mexico
|
1 | | | 7,790 | 1,440 | 6,350 | 7,790 | | ||||||||||||||||||||||||||
Canada:
|
||||||||||||||||||||||||||||||||||
Toronto
|
||||||||||||||||||||||||||||||||||
Mississauga Gateway Center (d)
|
3 | 16,371 | | 65,253 | 27,545 | 54,079 | 81,624 | | 2006 | |||||||||||||||||||||||||
Total Toronto, Canada
|
3 | 16,371 | | 65,253 | 27,545 | 54,079 | 81,624 | | ||||||||||||||||||||||||||
Subtotal North American Markets
|
1,219 | 1,630,247 | 5,005,023 | 1,759,332 | 1,672,546 | 6,722,056 | 8,394,602 | (1,346,143 | ) | |||||||||||||||||||||||||
European Markets
|
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Czech Republic:
|
||||||||||||||||||||||||||||||||||
Prague-Jirny Distribution Center (d)
|
3 | 7,969 | 28,904 | 32,674 | 7,970 | 61,577 | 69,547 | | 2007 | |||||||||||||||||||||||||
Uzice Distribution Center (d)
|
2 | 6,453 | | 33,944 | 6,452 | 33,945 | 40,397 | | 2007 | |||||||||||||||||||||||||
Total Czech Republic
|
5 | 14,422 | 28,904 | 66,618 | 14,422 | 95,522 | 109,944 | | ||||||||||||||||||||||||||
France:
|
||||||||||||||||||||||||||||||||||
Clesud Grans Miramas Distribution Center (d)
|
1 | 1,438 | | 10,536 | 1,438 | 10,536 | 11,974 | | 2007 | |||||||||||||||||||||||||
Grenoble Distribution Center (d)
|
1 | (2,393 | ) | | 12,597 | (2,393 | ) | 12,597 | 10,204 | | 2007 | |||||||||||||||||||||||
Isle dAbeau Distribution Center (d)
|
3 | 13,601 | 37,591 | 20,906 | 14,670 | 57,428 | 72,098 | | 2002, 2006, 2007 | |||||||||||||||||||||||||
Macon Distribution Center (d)
|
1 | 2,065 | | 25,455 | 2,291 | 25,229 | 27,520 | | 2006 | |||||||||||||||||||||||||
Mer Distribution Center (d)
|
1 | 912 | | 15,109 | 912 | 15,109 | 16,021 | | 2007 | |||||||||||||||||||||||||
Metz Distribution Center (d)
|
1 | 1,070 | 6,500 | 1,109 | 1,224 | 7,455 | 8,679 | (2,618 | ) | 2004 | ||||||||||||||||||||||||
Moissy Cramayel Distribution Center (d)
|
6 | 4,730 | | 90,676 | 8,244 | 87,162 | 95,406 | | 2005, 2006 | |||||||||||||||||||||||||
Strasbourg Distribution Center (d)
|
1 | 1,395 | | 11,608 | 1,395 | 11,608 | 13,003 | | 2007 | |||||||||||||||||||||||||
Troyes Distribution Center (d)
|
1 | 1,084 | | 15,208 | 1,084 | 15,208 | 16,292 | | 2007 | |||||||||||||||||||||||||
Total France
|
16 | 23,902 | 44,091 | 203,204 | 28,865 | 242,332 | 271,197 | (2,618 | ) | |||||||||||||||||||||||||
124
Initial Cost to |
Gross Amounts At Which Carried |
|||||||||||||||||||||||||||||||||
ProLogis |
Costs Capitalized |
as of December 31, 2007 |
Accumulated |
Date of |
||||||||||||||||||||||||||||||
No. of |
Encum- |
Building & |
Subsequent |
Building & |
Depreciation |
Construction/ |
||||||||||||||||||||||||||||
Description
|
Bldgs. | brances | Land | Improvements | To Acquisition | Land | Improvements | Total (a,b) | (c) |
Acquisition
|
||||||||||||||||||||||||
Germany:
|
||||||||||||||||||||||||||||||||||
Bad Hersfeld Distribution Center (d)
|
1 | 3,312 | | 23,680 | 3,312 | 23,680 | 26,992 | | 2007 | |||||||||||||||||||||||||
Herford Distribution Center (d)
|
1 | 3,083 | | 12,697 | 3,083 | 12,697 | 15,780 | | 2007 | |||||||||||||||||||||||||
Munich Distribution Center (d)
|
1 | 9,194 | | 17,524 | 9,193 | 17,525 | 26,718 | | 2007 | |||||||||||||||||||||||||
Total Germany
|
3 | 15,589 | | 53,901 | 15,588 | 53,902 | 69,490 | | ||||||||||||||||||||||||||
Hungary:
|
||||||||||||||||||||||||||||||||||
Budapest Park (d)
|
1 | 1,183 | | 7,794 | 1,183 | 7,794 | 8,977 | | 2007 | |||||||||||||||||||||||||
Budapest-Sziget Distribution Center (d)
|
4 | 6,433 | 67,295 | | 6,433 | 67,295 | 73,728 | | 2007 | |||||||||||||||||||||||||
Hegyeshalom Distribution Center (d)
|
1 | 965 | | 12,423 | 965 | 12,423 | 13,388 | | 2007 | |||||||||||||||||||||||||
Total Hungary
|
6 | 8,581 | 67,295 | 20,217 | 8,581 | 87,512 | 96,093 | | ||||||||||||||||||||||||||
Italy:
|
||||||||||||||||||||||||||||||||||
Bologna Distribution Center (d)
|
1 | 4,413 | | 12,526 | 4,834 | 12,105 | 16,939 | | 2006 | |||||||||||||||||||||||||
Lodi Distribution Center (d)
|
2 | 7,996 | 35,613 | 6,018 | 12,721 | 36,906 | 49,627 | | 2005, 2006 | |||||||||||||||||||||||||
Padua Distribution Center (d)
|
1 | 2,724 | | 12,827 | 3,115 | 12,436 | 15,551 | | 2005 | |||||||||||||||||||||||||
Romentino Distribution Center (d)
|
2 | 3,758 | | 31,429 | 3,991 | 31,196 | 35,187 | | 2006 | |||||||||||||||||||||||||
Total Italy
|
6 | 18,891 | 35,613 | 62,800 | 24,661 | 92,643 | 117,304 | | ||||||||||||||||||||||||||
Netherlands:
|
||||||||||||||||||||||||||||||||||
Venlo Distribution Center (d)
|
1 | 2,750 | | 10,749 | 3,008 | 10,491 | 13,499 | | 2006 | |||||||||||||||||||||||||
Total Netherlands
|
1 | 2,750 | | 10,749 | 3,008 | 10,491 | 13,499 | | ||||||||||||||||||||||||||
Poland:
|
||||||||||||||||||||||||||||||||||
Blonie Industrial Park (d)
|
4 | 4,773 | | 36,192 | 5,267 | 35,698 | 40,965 | | 2005, 2006, 2007 | |||||||||||||||||||||||||
Chorzow Distribution Center (d)
|
6 | 9,945 | | 74,168 | 10,079 | 74,034 | 84,113 | | 2006, 2007 | |||||||||||||||||||||||||
Gdansk Distribution Center (d)
|
4 | 6,191 | | 36,496 | 6,190 | 36,497 | 42,687 | | 2007 | |||||||||||||||||||||||||
Nadarzyn Distribution Center (d)
|
3 | 1,518 | 38,920 | | 1,518 | 38,920 | 40,438 | | 2007 | |||||||||||||||||||||||||
Poznan II Distribution Center (d)
|
5 | 7,280 | | 39,645 | 7,959 | 38,966 | 46,925 | | 2005, 2006, 2007 | |||||||||||||||||||||||||
Sochaczew Distribution Center (d)
|
4 | 1,564 | 22,916 | 15,555 | 1,565 | 38,470 | 40,035 | | 2007 | |||||||||||||||||||||||||
Teresin Dist Center (d)
|
1 | 713 | | 12,331 | 780 | 12,264 | 13,044 | | 2005 | |||||||||||||||||||||||||
Warsaw III Dist Center (d)
|
1 | 3,284 | | 17,376 | 3,285 | 17,375 | 20,660 | | 2007 | |||||||||||||||||||||||||
Wroclaw Distribution Center (d)
|
3 | 9,404 | | 39,364 | 9,404 | 39,364 | 48,768 | | 2007 | |||||||||||||||||||||||||
Wroclaw II Distribution Center (d)
|
1 | 1,909 | | 14,198 | 1,909 | 14,198 | 16,107 | | 2007 | |||||||||||||||||||||||||
Wroclaw IV Dist Center (d)
|
2 | 1,006 | 21,710 | | 1,006 | 21,710 | 22,716 | | 2007 | |||||||||||||||||||||||||
Total Poland
|
34 | 47,587 | 83,546 | 285,325 | 48,962 | 367,496 | 416,458 | | ||||||||||||||||||||||||||
Romania:
|
||||||||||||||||||||||||||||||||||
Bucharest Distribution Center (d)
|
2 | 3,748 | | 31,467 | 3,748 | 31,467 | 35,215 | | 2007 | |||||||||||||||||||||||||
Total Romania
|
2 | 3,748 | | 31,467 | 3,748 | 31,467 | 35,215 | | ||||||||||||||||||||||||||
Slovakia
|
||||||||||||||||||||||||||||||||||
Bratislava Distribution Center (d)
|
2 | 2,717 | 32,323 | 14,061 | 2,717 | 46,384 | 49,101 | | 2007 | |||||||||||||||||||||||||
Sered Distribution Center (d)
|
3 | 4,970 | | 34,764 | 4,970 | 34,764 | 39,734 | | 2007 | |||||||||||||||||||||||||
Total Slovakia
|
5 | 7,687 | 32,323 | 48,825 | 7,687 | 81,148 | 88,835 | | ||||||||||||||||||||||||||
Sweden:
|
||||||||||||||||||||||||||||||||||
Haninge AB Distribution Center (d)
|
1 | 1,889 | | 14,745 | 1,963 | 14,671 | 16,634 | | 2006 | |||||||||||||||||||||||||
Gothenburg Distribution Center (d)
|
1 | 3,631 | | 20,585 | 3,631 | 20,585 | 24,216 | | 2007 | |||||||||||||||||||||||||
Total Sweden
|
2 | 5,520 | | 35,330 | 5,594 | 35,256 | 40,850 | | ||||||||||||||||||||||||||
United Kingdom:
|
||||||||||||||||||||||||||||||||||
Campbell Road Distribution Center (d)
|
1 | 7,391 | | 20,415 | 12,002 | 15,804 | 27,806 | | 2004 | |||||||||||||||||||||||||
Corby Distribution Center (d)
|
1 | 1,968 | | 14,179 | 1,968 | 14,179 | 16,147 | | 2007 | |||||||||||||||||||||||||
Coventry Distribution Center (d)
|
1 | 4,322 | | 9,416 | 4,322 | 9,416 | 13,738 | | 2007 | |||||||||||||||||||||||||
Didcot Distribution Center (d)
|
1 | 9,512 | | 13,935 | 10,858 | 12,589 | 23,447 | | 2005 | |||||||||||||||||||||||||
Fort Dunlop Distribution Center (d)
|
1 | 6,640 | | 1,429 | 8,066 | 3 | 8,069 | | 2001 | |||||||||||||||||||||||||
Hayes Distribution Center (d)
|
4 | 29,302 | | 33,562 | 29,496 | 33,368 | 62,864 | | 2006, 2007 | |||||||||||||||||||||||||
Hemel Hempstead (d)
|
1 | 15,345 | | 13,647 | 15,345 | 13,647 | 28,992 | | 2007 | |||||||||||||||||||||||||
Houghton Main Distribution Center (d)
|
1 | 8,993 | | 34,198 | 9,243 | 33,948 | 43,191 | | 2006 | |||||||||||||||||||||||||
North Kettering Business Park (d)
|
2 | 22,367 | | 36,219 | 22,367 | 36,219 | 58,586 | | 2007 | |||||||||||||||||||||||||
Peterborough Distribution Center (d)
|
2 | 25,283 | | 58,325 | 26,071 | 57,537 | 83,608 | | 2006, 2007 |
125
Initial Cost to |
Gross Amounts At Which Carried |
|||||||||||||||||||||||||||||||||
ProLogis |
Costs Capitalized |
as of December 31, 2007 |
Accumulated |
Date of |
||||||||||||||||||||||||||||||
No. of |
Encum- |
Building & |
Subsequent |
Building & |
Depreciation |
Construction/ |
||||||||||||||||||||||||||||
Description
|
Bldgs. | brances | Land | Improvements | To Acquisition | Land | Improvements | Total (a,b) | (c) |
Acquisition
|
||||||||||||||||||||||||
Pineham Distribution Center (d)
|
1 | 32,318 | | 52,721 | 32,318 | 52,721 | 85,039 | | 2007 | |||||||||||||||||||||||||
Stafford Distribution Center (d)
|
3 | 17,412 | | 30,808 | 17,623 | 30,597 | 48,220 | | 2006, 2007 | |||||||||||||||||||||||||
Wellingborough Distribution Center (d)
|
1 | 18,071 | | 38,768 | 18,071 | 38,768 | 56,839 | | 2007 | |||||||||||||||||||||||||
Total United Kingdom
|
20 | 198,924 | | 357,622 | 207,750 | 348,796 | 556,546 | | ||||||||||||||||||||||||||
Subtotal European Markets
|
100 | 347,601 | 291,772 | 1,176,058 | 368,866 | 1,446,565 | 1,815,431 | (2,618 | ) | |||||||||||||||||||||||||
Asian Markets
|
||||||||||||||||||||||||||||||||||
China:
|
||||||||||||||||||||||||||||||||||
Beijing Airport Phase I (d)
|
2 | | 14,133 | | | 14,133 | 14,133 | (534 | ) | 2007 | ||||||||||||||||||||||||
Guangzhou Baopu Distribution Center (d)
|
5 | | 23,190 | 1,711 | | 24,901 | 24,901 | (1,190 | ) | 2006 | ||||||||||||||||||||||||
Guangzhou Distribution Center (d)
|
1 | | | 4,318 | | 4,318 | 4,318 | (276 | ) | 2005 | ||||||||||||||||||||||||
ProLogis Park Chongqing (d)
|
1 | | 4,020 | | | 4,020 | 4,020 | (64 | ) | 2007 | ||||||||||||||||||||||||
ProLogis Park Dalian Port (d)
|
3 | | 4,588 | | | 4,588 | 4,588 | (223 | ) | 2007 | ||||||||||||||||||||||||
ProLogis Park Hangzhou (d)
|
3 | | 12,670 | | | 12,670 | 12,670 | (78 | ) | 2007 | ||||||||||||||||||||||||
ProLogis Park Longgang (d)
|
1 | | 14,222 | | | 14,222 | 14,222 | (746 | ) | 2007 | ||||||||||||||||||||||||
ProLogis Park Minghang (d)
|
5 | | 13,938 | 291 | | 14,229 | 14,229 | (328 | ) | 2006, 2007 | ||||||||||||||||||||||||
ProLogis Park Puyun (d)
|
2 | | | 10,683 | | 10,683 | 10,683 | (658 | ) | 2006 | ||||||||||||||||||||||||
ProLogis Park Quindao Chengyang (d)
|
2 | | 5,706 | | | 5,706 | 5,706 | (49 | ) | 2007 | ||||||||||||||||||||||||
ProLogis Park TEDA (d)
|
6 | | 23,958 | | | 23,958 | 23,958 | (205 | ) | 2007 | ||||||||||||||||||||||||
ProLogis Park Xujing (d)
|
4 | | 6,954 | | | 6,954 | 6,954 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Yunpu (d)
|
1 | | 5,913 | | | 5,913 | 5,913 | (124 | ) | 2007 | ||||||||||||||||||||||||
Qingdao Airport West (d)
|
8 | | 18,441 | | | 18,441 | 18,441 | | 2007 | |||||||||||||||||||||||||
Sanshan Distribution Center (d)
|
1 | | 5,953 | | | 5,953 | 5,953 | (28 | ) | 2007 | ||||||||||||||||||||||||
Taopu Distribution Center (d)
|
5 | | | 21,538 | | 21,538 | 21,538 | (1,751 | ) | 2005, 2006 | ||||||||||||||||||||||||
Total China
|
50 | | 153,686 | 38,541 | | 192,227 | 192,227 | (6,254 | ) | |||||||||||||||||||||||||
Japan:
|
||||||||||||||||||||||||||||||||||
ProLogis Park Aichi Distribution Center (d)
|
1 | 26,362 | | 65,796 | 26,362 | 65,796 | 92,158 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Amagasaki (d)
|
1 | 34,499 | | 93,008 | 37,000 | 90,507 | 127,507 | | 2006 | |||||||||||||||||||||||||
ProLogis Parc Hayashima II (d)
|
1 | 5,768 | | 11,429 | 5,768 | 11,429 | 17,197 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Osaka II (d)
|
1 | 30,630 | | 136,822 | 30,630 | 136,822 | 167,452 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Sugito II (d)
|
1 | 27,035 | | 89,195 | 27,035 | 89,195 | 116,230 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Tsumori (d)
|
1 | 9,281 | 5,513 | 1,703 | 9,870 | 6,627 | 16,497 | | 2006 | |||||||||||||||||||||||||
Tomisato Distribution Center (d)
|
1 | 8,777 | | 20,707 | 8,777 | 20,707 | 29,484 | | 2007 | |||||||||||||||||||||||||
Total Japan
|
7 | 142,352 | 5,513 | 418,660 | 145,442 | 421,083 | 566,525 | | ||||||||||||||||||||||||||
Korea:
|
||||||||||||||||||||||||||||||||||
ProLogis Park Deokpyung (d)
|
1 | 5,062 | 9,253 | 1,595 | 5,036 | 10,874 | 15,910 | | 2006 | |||||||||||||||||||||||||
ProLogis Park Yongin (d)
|
1 | 8,871 | 6,513 | | 8,871 | 6,513 | 15,384 | (109 | ) | 2007 | ||||||||||||||||||||||||
Total Korea
|
2 | 13,933 | 15,766 | 1,595 | 13,907 | 17,387 | 31,294 | (109 | ) | |||||||||||||||||||||||||
Subtotal Asian Markets
|
59 | 156,285 | 174,965 | 458,796 | 159,349 | 630,697 | 790,046 | (6,363 | ) | |||||||||||||||||||||||||
Total Industrial Operating Properties (d)
|
1,378 | 2,134,133 | 5,471,760 | 3,394,186 | 2,200,761 | 8,799,318 | 11,000,079 | (1,355,124 | ) | |||||||||||||||||||||||||
Retail Operating Properties
|
||||||||||||||||||||||||||||||||||
Austin, Texas
|
||||||||||||||||||||||||||||||||||
Mueller Regional Retail (d)
|
5 | 7,008 | | 28,065 | 7,007 | 28,066 | 35,073 | | 2007 | |||||||||||||||||||||||||
Total Austin, Texas
|
5 | 7,008 | | 28,065 | 7,007 | 28,066 | 35,073 | | ||||||||||||||||||||||||||
Los Angeles / Orange County, California
|
||||||||||||||||||||||||||||||||||
Newport Retail Center
|
1 | 4,478 | 10,450 | | 4,478 | 10,450 | 14,928 | (608 | ) | 2005 | ||||||||||||||||||||||||
Woodland Retail Center
|
3 | 10,376 | 24,208 | 164 | 10,375 | 24,373 | 34,748 | (1,418 | ) | 2005 | ||||||||||||||||||||||||
Total Los Angeles / Orange County, California
|
4 | 14,854 | 34,658 | 164 | 14,853 | 34,823 | 49,676 | (2,026 | ) | |||||||||||||||||||||||||
San Francisco (East Bay), California
|
||||||||||||||||||||||||||||||||||
EB Bridge Shopping Center
|
8 | (e)(g) | 23,042 | 81,693 | | 23,042 | 81,693 | 104,735 | (5,546 | ) | 2005 | |||||||||||||||||||||||
Granada Shopping Center
|
1 | 2,604 | 9,232 | 24 | 2,604 | 9,256 | 11,860 | (539 | ) | 2005 | ||||||||||||||||||||||||
Total San Francisco (East Bay), California
|
9 | 25,646 | 90,925 | 24 | 25,646 | 90,949 | 116,595 | (6,085 | ) | |||||||||||||||||||||||||
126
Initial Cost to |
Gross Amounts At Which Carried |
|||||||||||||||||||||||||||||||||
ProLogis |
Costs Capitalized |
as of December 31, 2007 |
Accumulated |
Date of |
||||||||||||||||||||||||||||||
No. of |
Encum- |
Building & |
Subsequent |
Building & |
Depreciation |
Construction/ |
||||||||||||||||||||||||||||
Description
|
Bldgs. | brances | Land | Improvements | To Acquisition | Land | Improvements | Total (a,b) | (c) |
Acquisition
|
||||||||||||||||||||||||
San Francisco (South Bay), California
|
||||||||||||||||||||||||||||||||||
Pacific Commons Retail Center (d)
|
13 | 27,669 | 62,358 | 37,049 | 29,940 | 97,136 | 127,076 | (3,402 | ) | 2005, 2006 | ||||||||||||||||||||||||
Total San Francisco (South Bay), California
|
13 | 27,669 | 62,358 | 37,049 | 29,940 | 97,136 | 127,076 | (3,402 | ) | |||||||||||||||||||||||||
Total Retail Operating Properties
|
31 | 75,177 | 187,941 | 65,302 | 77,446 | 250,974 | 328,420 | (11,513 | ) | |||||||||||||||||||||||||
Total Operating Properties
|
1,409 | 2,209,310 | 5,659,701 | 3,459,488 | 2,278,207 | 9,050,292 | 11,328,499 | (1,366,637 | ) | |||||||||||||||||||||||||
Properties Under Development(o)
|
||||||||||||||||||||||||||||||||||
North American Markets:
|
||||||||||||||||||||||||||||||||||
United States:
|
||||||||||||||||||||||||||||||||||
Austin, Texas
|
||||||||||||||||||||||||||||||||||
Walnut Creek Corporate Center
|
2 | 837 | | 167 | 1,004 | | 1,004 | | 2007 | |||||||||||||||||||||||||
Total Austin, Texas
|
2 | 837 | | 167 | 1,004 | | 1,004 | | ||||||||||||||||||||||||||
Chicago, Illinois
|
||||||||||||||||||||||||||||||||||
Elk Grove Distribution Center
|
1 | 11,912 | | | 11,912 | | 11,912 | | 2007 | |||||||||||||||||||||||||
Minooka Distribution Center
|
1 | 1,589 | | 10,809 | 12,398 | | 12,398 | | 2007 | |||||||||||||||||||||||||
Total Chicago, Illinois
|
2 | 13,501 | | 10,809 | 24,310 | | 24,310 | | ||||||||||||||||||||||||||
Cincinnati, Ohio
|
||||||||||||||||||||||||||||||||||
Park I-275
|
1 | 3,809 | | 9,032 | 12,841 | | 12,841 | | 2007 | |||||||||||||||||||||||||
Total Cincinnati, Ohio
|
1 | 3,809 | | 9,032 | 12,841 | | 12,841 | | ||||||||||||||||||||||||||
Dallas/Fort Worth, Texas
|
||||||||||||||||||||||||||||||||||
Lancaster Distribution Center
|
1 | 2,509 | | 738 | 3,247 | | 3,247 | | 2007 | |||||||||||||||||||||||||
Mesquite Distribution Center
|
1 | 1,201 | | 360 | 1,561 | | 1,561 | | 2007 | |||||||||||||||||||||||||
Northgate Distribution Center
|
1 | | | 11,586 | 11,586 | | 11,586 | | 2006 | |||||||||||||||||||||||||
Total Dallas/Fort Worth, Texas
|
3 | 3,710 | | 12,684 | 16,394 | | 16,394 | | ||||||||||||||||||||||||||
Houston, Texas
|
||||||||||||||||||||||||||||||||||
Northpark Distribution Center
|
3 | 3,380 | | 12,030 | 15,410 | | 15,410 | | 2007 | |||||||||||||||||||||||||
Total Houston, Texas
|
3 | 3,380 | | 12,030 | 15,410 | | 15,410 | | ||||||||||||||||||||||||||
I-81 Corridor, Pennsylvania
|
||||||||||||||||||||||||||||||||||
Park 33 Distribution Center
|
1 | 12,557 | | 1,037 | 13,594 | | 13,594 | | 2007 | |||||||||||||||||||||||||
Total I-81 Corridor, Pennsylvania
|
1 | 12,557 | | 1,037 | 13,594 | | 13,594 | | ||||||||||||||||||||||||||
Louisville, Kentucky
|
||||||||||||||||||||||||||||||||||
Cedar Grove Distribution Center
|
1 | | | 12,252 | 12,252 | | 12,252 | | 2007 | |||||||||||||||||||||||||
Total Louisville, Kentucky
|
1 | | | 12,252 | 12,252 | | 12,252 | | ||||||||||||||||||||||||||
Nashville, Tennessee
|
||||||||||||||||||||||||||||||||||
Interchange City Distribution Center
|
1 | 2,834 | | 8,574 | 11,408 | | 11,408 | | 2007 | |||||||||||||||||||||||||
Total Nashville, Tennessee
|
1 | 2,834 | | 8,574 | 11,408 | | 11,408 | | ||||||||||||||||||||||||||
New Jersey
|
||||||||||||||||||||||||||||||||||
Port Reading Business Park
|
1 | | | 434 | 434 | | 434 | | 2006 | |||||||||||||||||||||||||
Total New Jersey
|
1 | | | 434 | 434 | | 434 | | ||||||||||||||||||||||||||
Portland, Oregon
|
||||||||||||||||||||||||||||||||||
PDX Corp Center North Phase II
|
1 | 4,893 | | 6,923 | 11,816 | | 11,816 | | 2007 | |||||||||||||||||||||||||
Total Portland, Oregon
|
1 | 4,893 | | 6,923 | 11,816 | | 11,816 | | ||||||||||||||||||||||||||
San Francisco (Central Valley), California
|
||||||||||||||||||||||||||||||||||
Duck Creek Distribution Center
|
1 | | | 24,431 | 24,431 | | 24,431 | | 2007 | |||||||||||||||||||||||||
Total San Francisco (Central Valley), California
|
1 | | | 24,431 | 24,431 | | 24,431 | | ||||||||||||||||||||||||||
Seattle, Washington
|
||||||||||||||||||||||||||||||||||
ProLogis Park SeaTac
|
2 | 10,873 | | 9,644 | 20,517 | | 20,517 | | 2007 | |||||||||||||||||||||||||
Total Seattle, Washington
|
2 | 10,873 | | 9,644 | 20,517 | | 20,517 | | ||||||||||||||||||||||||||
127
Initial Cost to |
Gross Amounts At Which Carried |
|||||||||||||||||||||||||||||||||
ProLogis |
Costs Capitalized |
as of December 31, 2007 |
Accumulated |
Date of |
||||||||||||||||||||||||||||||
No. of |
Encum- |
Building & |
Subsequent |
Building & |
Depreciation |
Construction/ |
||||||||||||||||||||||||||||
Description
|
Bldgs. | brances | Land | Improvements | To Acquisition | Land | Improvements | Total (a,b) | (c) |
Acquisition
|
||||||||||||||||||||||||
Southern California
|
||||||||||||||||||||||||||||||||||
Haven Distribution Center
|
6 | 97,046 | | 53,047 | 150,093 | | 150,093 | | 2007 | |||||||||||||||||||||||||
Kaiser Distribution Center
|
1 | | | 783 | 783 | | 783 | | 2007 | |||||||||||||||||||||||||
Carson Distribution Center
|
1 | 17,451 | | 139 | 17,590 | | 17,590 | | 2007 | |||||||||||||||||||||||||
Total Southern California
|
8 | 114,497 | | 53,969 | 168,466 | | 168,466 | | ||||||||||||||||||||||||||
South Florida
|
||||||||||||||||||||||||||||||||||
Pompano Beach Distribution Center
|
3 | 11,132 | | 3,306 | 14,438 | | 14,438 | | 2007 | |||||||||||||||||||||||||
Sawgrass Distribution Center
|
2 | 9,939 | | 80 | 10,019 | | 10,019 | | 2007 | |||||||||||||||||||||||||
Total South Florida
|
5 | 21,071 | | 3,386 | 24,457 | | 24,457 | | ||||||||||||||||||||||||||
Tampa, Florida
|
||||||||||||||||||||||||||||||||||
Sabal Park Distribution Center
|
1 | 512 | | 5,910 | 6,422 | | 6,422 | | 2007 | |||||||||||||||||||||||||
Total Tampa, Florida
|
1 | 512 | | 5,910 | 6,422 | | 6,422 | | ||||||||||||||||||||||||||
Mexico:
|
||||||||||||||||||||||||||||||||||
Guadalajara
|
||||||||||||||||||||||||||||||||||
El Salto Distribution Center
|
2 | 4,246 | | 94 | 4,340 | | 4,340 | | 2007 | |||||||||||||||||||||||||
Total Guadalajara, Mexico
|
2 | 4,246 | | 94 | 4,340 | | 4,340 | | ||||||||||||||||||||||||||
Juarez
|
||||||||||||||||||||||||||||||||||
Del Norte Industrial Center II
|
2 | 932 | | 5,387 | 6,319 | | 6,319 | | 2007 | |||||||||||||||||||||||||
Salvarcar Industrial Center II
|
2 | 2,426 | | 6,131 | 8,557 | | 8,557 | | 2007 | |||||||||||||||||||||||||
Total Juarez, Mexico
|
4 | 3,358 | | 11,518 | 14,876 | | 14,876 | | ||||||||||||||||||||||||||
Mexico City
|
||||||||||||||||||||||||||||||||||
Puente Grande Distribution Center
|
2 | 14,536 | | 11,764 | 26,300 | | 26,300 | | 2007 | |||||||||||||||||||||||||
Total Mexico City, Mexico
|
2 | 14,536 | | 11,764 | 26,300 | | 26,300 | | ||||||||||||||||||||||||||
Monterrey
|
||||||||||||||||||||||||||||||||||
Monterrey Airport
|
2 | 6,721 | | 6,886 | 13,607 | | 13,607 | | 2007 | |||||||||||||||||||||||||
Total Monterrey, Mexico
|
2 | 6,721 | | 6,886 | 13,607 | | 13,607 | | ||||||||||||||||||||||||||
Reynosa
|
||||||||||||||||||||||||||||||||||
El Puente Industrialustrial Center
|
2 | 1,992 | | 4,936 | 6,928 | | 6,928 | | 2007 | |||||||||||||||||||||||||
Pharr Bridge Industrial Center
|
3 | 4,150 | | 4,327 | 8,477 | | 8,477 | | 2007 | |||||||||||||||||||||||||
Total Reynosa, Mexico
|
5 | 6,142 | | 9,263 | 15,405 | | 15,405 | | ||||||||||||||||||||||||||
Tijuana
|
||||||||||||||||||||||||||||||||||
ProLogis Park Alamar
|
3 | 17,964 | | 13,993 | 31,957 | | 31,957 | | 2007 | |||||||||||||||||||||||||
Total Tijuana, Mexico
|
3 | 17,964 | | 13,993 | 31,957 | | 31,957 | | ||||||||||||||||||||||||||
Canada:
|
||||||||||||||||||||||||||||||||||
Toronto
|
||||||||||||||||||||||||||||||||||
Mississauga Gateway Center
|
3 | 19,634 | | 35,976 | 55,610 | | 55,610 | | 2006 | |||||||||||||||||||||||||
Total Toronto, Canada
|
3 | 19,634 | | 35,976 | 55,610 | | 55,610 | | ||||||||||||||||||||||||||
Subtotal North American Markets
|
54 | 265,075 | | 260,776 | 525,851 | | 525,851 | | ||||||||||||||||||||||||||
European Markets:
|
||||||||||||||||||||||||||||||||||
Belgium:
|
||||||||||||||||||||||||||||||||||
Willebroek Distribution Center
|
1 | 3,369 | | 1,692 | 5,061 | | 5,061 | | 2007 | |||||||||||||||||||||||||
Total Belgium
|
1 | 3,369 | | 1,692 | 5,061 | | 5,061 | | ||||||||||||||||||||||||||
Czech Republic:
|
||||||||||||||||||||||||||||||||||
Stenovice Distribution Center
|
2 | 3,484 | | 15,530 | 19,014 | | 19,014 | | 2007 | |||||||||||||||||||||||||
Ostrava Distribution Center
|
2 | 7,549 | | 28,423 | 35,972 | | 35,972 | | 2007 | |||||||||||||||||||||||||
Uzice Distribution Center
|
1 | 2,798 | | 7,674 | 10,472 | | 10,472 | | 2007 | |||||||||||||||||||||||||
Total Czech Republic
|
5 | 13,831 | | 51,627 | 65,458 | | 65,458 | | ||||||||||||||||||||||||||
128
Initial Cost to |
Gross Amounts At Which Carried |
|||||||||||||||||||||||||||||||||
ProLogis |
Costs Capitalized |
as of December 31, 2007 |
Accumulated |
Date of |
||||||||||||||||||||||||||||||
No. of |
Encum- |
Building & |
Subsequent |
Building & |
Depreciation |
Construction/ |
||||||||||||||||||||||||||||
Description
|
Bldgs. | brances | Land | Improvements | To Acquisition | Land | Improvements | Total (a,b) | (c) |
Acquisition
|
||||||||||||||||||||||||
France:
|
||||||||||||||||||||||||||||||||||
Avignon Distribution Center
|
2 | 3,292 | | 12,529 | 15,821 | | 15,821 | | 2007 | |||||||||||||||||||||||||
Le Havre Distribution Center
|
1 | 467 | | 12,122 | 12,589 | | 12,589 | | 2007 | |||||||||||||||||||||||||
Moissy Cramayel Distribution Center
|
3 | 7,522 | | 25,884 | 33,406 | | 33,406 | | 2007 | |||||||||||||||||||||||||
Poitiers Distribution Center
|
1 | 6,487 | | 777 | 7,264 | | 7,264 | | 2007 | |||||||||||||||||||||||||
Rennes Distribution Center
|
1 | 614 | | 752 | 1,366 | | 1,366 | | 2007 | |||||||||||||||||||||||||
Strasbourg Distribution Center
|
2 | | | 11,095 | 11,095 | | 11,095 | | 2007 | |||||||||||||||||||||||||
Total France
|
10 | 18,382 | | 63,159 | 81,541 | | 81,541 | | ||||||||||||||||||||||||||
Germany:
|
||||||||||||||||||||||||||||||||||
Borken Distribution Center
|
1 | 2,731 | | 14,117 | 16,848 | | 16,848 | | 2007 | |||||||||||||||||||||||||
Bremen Distribution Center
|
1 | 2,045 | | 386 | 2,431 | | 2,431 | | 2007 | |||||||||||||||||||||||||
Emmerich Distribution Center
|
1 | 11,548 | | 9,008 | 20,556 | | 20,556 | | 2007 | |||||||||||||||||||||||||
Heilbronn Distribution Center
|
1 | 2,985 | | 43 | 3,028 | | 3,028 | | 2007 | |||||||||||||||||||||||||
Herford Distribution Center
|
1 | 1,093 | | 4,001 | 5,094 | | 5,094 | | 2007 | |||||||||||||||||||||||||
Herten Distribution Center
|
1 | 3,043 | | 4,092 | 7,135 | | 7,135 | | 2007 | |||||||||||||||||||||||||
Herten Distribution Center
|
1 | 4,426 | | 12,225 | 16,651 | | 16,651 | | 2007 | |||||||||||||||||||||||||
Kolleda Distribution Center
|
2 | | | 4,837 | 4,837 | | 4,837 | | 2007 | |||||||||||||||||||||||||
Malsch Distribution. Center
|
1 | 3,900 | | 10,136 | 14,036 | | 14,036 | | 2007 | |||||||||||||||||||||||||
Munich Distribution Center
|
1 | 13,295 | | 546 | 13,841 | | 13,841 | | 2007 | |||||||||||||||||||||||||
Neu Wulmstorf Distribution Center
|
1 | 4,720 | | 276 | 4,996 | | 4,996 | | 2007 | |||||||||||||||||||||||||
Unna Distribution Center
|
1 | 4,236 | | 5,229 | 9,465 | | 9,465 | | 2007 | |||||||||||||||||||||||||
Wetzlar Distribution Center
|
1 | 4,330 | | 2,420 | 6,750 | | 6,750 | | 2007 | |||||||||||||||||||||||||
Total Germany
|
14 | 58,352 | | 67,316 | 125,668 | | 125,668 | | ||||||||||||||||||||||||||
Hungary:
|
||||||||||||||||||||||||||||||||||
Batta Distribution Center
|
2 | 2,420 | | 1,805 | 4,225 | | 4,225 | | 2007 | |||||||||||||||||||||||||
Budapest Park
|
1 | 1,184 | | 7,079 | 8,263 | | 8,263 | | 2007 | |||||||||||||||||||||||||
Budapest-Sziget Distribution Center
|
1 | 1,212 | | 6,821 | 8,033 | | 8,033 | | 2007 | |||||||||||||||||||||||||
Total Hungary
|
4 | 4,816 | | 15,705 | 20,521 | | 20,521 | | ||||||||||||||||||||||||||
Italy:
|
||||||||||||||||||||||||||||||||||
Rome Distribution Center
|
1 | 3,878 | | 14,703 | 18,581 | | 18,581 | | 2007 | |||||||||||||||||||||||||
Total Italy
|
1 | 3,878 | | 14,703 | 18,581 | | 18,581 | | ||||||||||||||||||||||||||
Netherlands:
|
||||||||||||||||||||||||||||||||||
Etten-Leur Distribution Center
|
1 | 3,028 | | 3,731 | 6,759 | | 6,759 | | 2007 | |||||||||||||||||||||||||
Venlo Distribution Center
|
1 | 3,668 | | 1,669 | 5,337 | | 5,337 | | 2007 | |||||||||||||||||||||||||
Total Netherlands
|
2 | 6,696 | | 5,400 | 12,096 | | 12,096 | | ||||||||||||||||||||||||||
Poland:
|
||||||||||||||||||||||||||||||||||
Bedzin Distribution Center
|
3 | 4,215 | | 9,042 | 13,257 | | 13,257 | | 2007 | |||||||||||||||||||||||||
Chorzow Distribution Center
|
1 | 1,508 | | 3,714 | 5,222 | | 5,222 | | 2006 | |||||||||||||||||||||||||
Gdansk Distribution Center
|
1 | 1,854 | | 1,063 | 2,917 | | 2,917 | | 2007 | |||||||||||||||||||||||||
Janki Distribution Center
|
2 | 7,841 | | 30,034 | 37,875 | | 37,875 | | 2006, 2007 | |||||||||||||||||||||||||
Nadarzyn Distribution Center
|
1 | 526 | | 2,775 | 3,301 | | 3,301 | | 2007 | |||||||||||||||||||||||||
Piotrkow Distribution Center
|
2 | 2,690 | | (884 | ) | 1,806 | | 1,806 | | 2007 | ||||||||||||||||||||||||
Piotrkow II Distribution Center
|
1 | 899 | | 201 | 1,100 | | 1,100 | | 2007 | |||||||||||||||||||||||||
Sochaczew Distribution Center
|
2 | 710 | | 2,987 | 3,697 | | 3,697 | | 2007 | |||||||||||||||||||||||||
Szczecin Distribution Center
|
1 | 3,327 | | 4,618 | 7,945 | | 7,945 | | 2007 | |||||||||||||||||||||||||
Warsaw II Distribution Center
|
4 | 5,668 | | 19,923 | 25,591 | | 25,591 | | 2006, 2007 | |||||||||||||||||||||||||
Wroclaw III Distribution Center
|
2 | 2,711 | | 26,263 | 28,974 | | 28,974 | | 2007 | |||||||||||||||||||||||||
Wroclaw IV Distribution Center
|
1 | 793 | | 6,850 | 7,643 | | 7,643 | | 2007 | |||||||||||||||||||||||||
Total Poland
|
21 | 32,742 | | 106,586 | 139,328 | | 139,328 | | ||||||||||||||||||||||||||
Romania:
|
||||||||||||||||||||||||||||||||||
Bucharest Distribution Center
|
2 | 3,735 | | 6,458 | 10,193 | | 10,193 | | 2007 | |||||||||||||||||||||||||
Total Romania
|
2 | 3,735 | | 6,458 | 10,193 | | 10,193 | | ||||||||||||||||||||||||||
Slovakia:
|
||||||||||||||||||||||||||||||||||
Galanta Distribution Center
|
3 | 10,837 | | 1,501 | 12,338 | | 12,338 | | 2007 | |||||||||||||||||||||||||
Novo Mesto Distribution Center
|
1 | 2,145 | | 16,096 | 18,241 | | 18,241 | | 2007 | |||||||||||||||||||||||||
Total Slovakia
|
4 | 12,982 | | 17,597 | 30,579 | | 30,579 | | ||||||||||||||||||||||||||
129
Initial Cost to |
Gross Amounts At Which Carried |
|||||||||||||||||||||||||||||||||
ProLogis |
Costs Capitalized |
as of December 31, 2007 |
Accumulated |
Date of |
||||||||||||||||||||||||||||||
No. of |
Encum- |
Building & |
Subsequent |
Building & |
Depreciation |
Construction/ |
||||||||||||||||||||||||||||
Description
|
Bldgs. | brances | Land | Improvements | To Acquisition | Land | Improvements | Total (a,b) | (c) |
Acquisition
|
||||||||||||||||||||||||
Spain:
|
||||||||||||||||||||||||||||||||||
Massalaves Distribution Center
|
1 | 2,518 | | 350 | 2,868 | | 2,868 | | 2006 | |||||||||||||||||||||||||
Tarancon Distribution Center
|
2 | 7,737 | | 13,195 | 20,932 | | 20,932 | | 2006, 2007 | |||||||||||||||||||||||||
Zaragoza Distribution Center
|
1 | 7,891 | | 16,496 | 24,387 | | 24,387 | | 2007 | |||||||||||||||||||||||||
Total Spain
|
4 | 18,146 | | 30,041 | 48,187 | | 48,187 | | ||||||||||||||||||||||||||
Sweden:
|
||||||||||||||||||||||||||||||||||
Arlanda Distribution Center
|
1 | 3,349 | | 428 | 3,777 | | 3,777 | | 2007 | |||||||||||||||||||||||||
Gothenburg Distribution Center
|
1 | 1,135 | | 76 | 1,211 | | 1,211 | | 2007 | |||||||||||||||||||||||||
Total Sweden
|
2 | 4,484 | | 504 | 4,988 | | 4,988 | | ||||||||||||||||||||||||||
United Kingdom:
|
||||||||||||||||||||||||||||||||||
Pineham Distribution Center
|
2 | 24,112 | | 4,571 | 28,683 | | 28,683 | | 2007 | |||||||||||||||||||||||||
Crewe Distribution Center
|
1 | 14,809 | | 3,564 | 18,373 | | 18,373 | | 2007 | |||||||||||||||||||||||||
Glasshoughton Distribution Center
|
1 | 9,028 | | 3,252 | 12,280 | | 12,280 | | 2007 | |||||||||||||||||||||||||
Cabot Park Distribution Center
|
2 | 23,488 | | 55,644 | 79,132 | | 79,132 | | 2007 | |||||||||||||||||||||||||
Campbell Road Distribution Center
|
2 | 15,003 | | 6,048 | 21,051 | | 21,051 | | 2007 | |||||||||||||||||||||||||
Midpoint Park
|
2 | 38,150 | | 6,327 | 44,477 | | 44,477 | | 2007 | |||||||||||||||||||||||||
Total United Kingdom
|
10 | 124,590 | | 79,406 | 203,996 | | 203,996 | | ||||||||||||||||||||||||||
Subtotal European Markets
|
80 | 306,003 | | 460,194 | 766,197 | | 766,197 | | ||||||||||||||||||||||||||
Asian Markets:
|
||||||||||||||||||||||||||||||||||
China:
|
||||||||||||||||||||||||||||||||||
Beijing Airport Phase I
|
2 | 6,590 | | 3,653 | 10,243 | | 10,243 | | 2007 | |||||||||||||||||||||||||
Guangzhou Distribution Center
|
1 | | | 643 | 643 | | 643 | | 2007 | |||||||||||||||||||||||||
ProLogis Bonded Park Guangzhou
|
1 | 909 | | 207 | 1,116 | | 1,116 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Dalian Port
|
1 | 132 | | 2,348 | 2,480 | | 2,480 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Foshan Shunde
|
1 | 909 | | 207 | 1,116 | | 1,116 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Hangzhou
|
3 | 2,267 | | 203 | 2,470 | | 2,470 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Hongqiao West
|
2 | 13,214 | | 451 | 13,665 | | 13,665 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Nanjing
|
2 | 1,012 | | 4,645 | 5,657 | | 5,657 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Qianwan
|
2 | 5,211 | | 83 | 5,294 | | 5,294 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Shanghai Fengcheng
|
2 | 4,209 | | 203 | 4,412 | | 4,412 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Tianjin Airport
|
2 | 1,374 | | 5,925 | 7,299 | | 7,299 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Tongzhou
|
2 | 4,180 | | 4,031 | 8,211 | | 8,211 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Wuxi New Distribution Center
|
2 | 2,606 | | 525 | 3,131 | | 3,131 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Yunpu
|
2 | | | 209 | 209 | | 209 | | 2007 | |||||||||||||||||||||||||
Qingdao Airport West
|
1 | 306 | | 206 | 512 | | 512 | | 2007 | |||||||||||||||||||||||||
Sanshan Distribution Center
|
3 | 2,643 | | 10,022 | 12,665 | | 12,665 | | 2006 | |||||||||||||||||||||||||
Songjiang Distribution Center
|
2 | 4,286 | | 433 | 4,719 | | 4,719 | | 2007 | |||||||||||||||||||||||||
Total China
|
31 | 49,848 | | 33,994 | 83,842 | | 83,842 | | ||||||||||||||||||||||||||
Japan:
|
||||||||||||||||||||||||||||||||||
Chiba Distribution Center
|
1 | 23,862 | | 39,919 | 63,781 | | 63,781 | | 2006 | |||||||||||||||||||||||||
Iwanuma I Distribution Center
|
1 | 5,265 | | 169 | 5,434 | | 5,434 | | 2007 | |||||||||||||||||||||||||
Koriyama I Distribution Center
|
1 | 6,052 | | 360 | 6,412 | | 6,412 | | 2007 | |||||||||||||||||||||||||
Misato II Distribution Center
|
1 | 45,299 | | 11,014 | 56,313 | | 56,313 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Ichikawa
|
2 | 94,632 | | 49,938 | 144,570 | | 144,570 | | 2006, 2007 | |||||||||||||||||||||||||
ProLogis Park Ichikawa II
|
1 | 48,629 | | 857 | 49,486 | | 49,486 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Komaki
|
1 | 35,712 | | 35,854 | 71,566 | | 71,566 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Maishima III
|
1 | 19,640 | | 69,784 | 89,424 | | 89,424 | | 2007 | |||||||||||||||||||||||||
ProLogis Park Narita III
|
1 | 19,630 | | 33,172 | 52,802 | | 52,802 | | 2006 | |||||||||||||||||||||||||
Tosu I Distribution Center
|
1 | 13,778 | | 39,869 | 53,647 | | 53,647 | | 2007 | |||||||||||||||||||||||||
Total Japan
|
11 | 312,499 | | 280,936 | 593,435 | | 593,435 | | ||||||||||||||||||||||||||
Korea:
|
||||||||||||||||||||||||||||||||||
ProLogis Park Icheon
|
1 | 3,871 | | 5,114 | 8,985 | | 8,985 | | 2007 | |||||||||||||||||||||||||
Total Korea
|
1 | 3,871 | | 5,114 | 8,985 | | 8,985 | | ||||||||||||||||||||||||||
Subtotal Asian Markets
|
43 | 366,218 | | 320,044 | 686,262 | | 686,262 | | ||||||||||||||||||||||||||
130
Initial Cost to |
Gross Amounts At Which Carried |
|||||||||||||||||||||||||||||||||
ProLogis |
Costs Capitalized |
as of December 31, 2007 |
Accumulated |
Date of |
||||||||||||||||||||||||||||||
No. of |
Encum- |
Building & |
Subsequent |
Building & |
Depreciation |
Construction/ |
||||||||||||||||||||||||||||
Description
|
Bldgs. | brances | Land | Improvements | To Acquisition | Land | Improvements | Total (a,b) | (c) |
Acquisition
|
||||||||||||||||||||||||
Retail and Mixed-use Properties Under Development
|
||||||||||||||||||||||||||||||||||
Austin, Texas
|
||||||||||||||||||||||||||||||||||
Mueller Regional Retail
|
1 | 2,512 | | 149 | 2,661 | | 2,661 | | 2007 | |||||||||||||||||||||||||
TC-9 Seton
|
1 | 1,282 | | 1,285 | 2,567 | | 2,567 | | 2007 | |||||||||||||||||||||||||
Total Austin, Texas
|
2 | 3,794 | | 1,434 | 5,228 | | 5,228 | | ||||||||||||||||||||||||||
San Francisco (South Bay), California
|
||||||||||||||||||||||||||||||||||
Pacific Commons Retail Center
|
1 | 475 | | 2,272 | 2,747 | | 2,747 | | 2007 | |||||||||||||||||||||||||
Total San Francisco (South Bay), California
|
1 | 475 | | 2,272 | 2,747 | | 2,747 | | ||||||||||||||||||||||||||
Total Retail and Mixed-use Properties Under Development
|
3 | 4,269 | | 3,706 | 7,975 | | 7,975 | | ||||||||||||||||||||||||||
Total Properties Under Development 9 (o)
|
180 | 941,565 | | 1,044,720 | 1,986,285 | | 1,986,285 | | ||||||||||||||||||||||||||
GRAND TOTAL
|
$ | 3,150,875 | $ | 5,659,701 | $ | 4,504,208 | $ | 4,264,492 | $ | 9,050,292 | $ | 13,314,784 | $ | (1,366,637 | ) | |||||||||||||||||||
131
Total per Schedule III
|
13,314,784 | |||
Land held for development
|
2,152,960 | |||
Land subject to ground leases and other
|
458,782 | (e)(g) | ||
Other investments
|
652,319 | (h) | ||
Total per consolidated balance sheet
|
16,578,845 | (i) | ||
Total accumulated depreciation per Schedule III
|
1,366,637 | |||
Accumulated depreciation on other investments
|
1,821 | |||
Total per Consolidated Balance Sheet
|
1,368,458 | |||
132
2007 | 2006 | 2005 | ||||||||||
Real estate assets:
|
||||||||||||
Balance at beginning of year
|
$ | 13,897,091 | $ | 11,875,130 | $ | 6,333,731 | ||||||
Acquisitions of operating properties, transfers of
|
||||||||||||
development completions from CIP and
|
||||||||||||
improvements to operating properties
|
5,407,449 | 3,345,394 | 5,414,725 | |||||||||
Basis of operating properties disposed of
|
(4,729,843 | ) | (1,636,116 | ) | (1,188,407 | ) | ||||||
Change in properties under development balance
|
1,021,443 | 80,497 | 308,642 | |||||||||
Change in land held for development balance
|
755,879 | 352,039 | 449,041 | |||||||||
Change in land subject to ground leases and other
|
||||||||||||
balance
|
(13,630 | ) | (320,256 | ) | 538,095 | |||||||
Change in capitalized preacquisition costs balance
|
240,456 | 200,403 | 19,303 | |||||||||
Balance at end of year
|
$ | 16,578,845 | $ | 13,897,091 | $ | 11,875,130 | ||||||
Accumulated Depreciation:
|
||||||||||||
Balance at beginning of year
|
$ | 1,264,227 | $ | 1,118,547 | $ | 989,221 | ||||||
Depreciation expense
|
248,552 | 248,484 | 174,244 | |||||||||
Balances retired upon disposition of operating properties
|
(144,321 | ) | (102,804 | ) | (44,918 | ) | ||||||
Balance at end of year
|
$ | 1,368,458 | $ | 1,264,227 | $ | 1,118,547 | ||||||
133
By: |
/s/ JEFFREY
H. SCHWARTZ
|
Signature
|
Title
|
Date
|
||||
/s/ JEFFREY
H. SCHWARTZ Jeffrey H. Schwartz |
Chairman, Chief Executive Officer and Trustee | February 27, 2008 | ||||
/s/ WALTER
C. RAKOWICH Walter C. Rakowich |
President, Chief Operating Officer and Trustee | February 27, 2008 | ||||
/s/ WILLIAM
E. SULLIVAN William E. Sullivan |
Chief Financial Officer | February 27, 2008 | ||||
/s/ JEFFREY
S. FINNIN Jeffrey S. Finnin |
Chief Accounting Officer | February 27, 2008 | ||||
/s/ K.
DANE BROOKSHER K. Dane Brooksher |
Lead Trustee | February 27, 2008 | ||||
/s/ STEPHEN
L. FEINBERG Stephen L. Feinberg |
Trustee | February 27, 2008 | ||||
/s/ GEORGE
L. FOTIADES George L. Fotiades |
Trustee | February 27, 2008 | ||||
/s/ CHRISTINE
N. GARVEY Christine N. Garvey |
Trustee | February 27, 2008 | ||||
/s/ DONALD
P. JACOBS Donald P. Jacobs |
Trustee | February 27, 2008 | ||||
/s/ NELSON
C. RISING Nelson C. Rising |
Trustee | February 27, 2008 | ||||
/s/ D.
MICHAEL STEUERT D. Michael Steuert |
Trustee | February 27, 2008 | ||||
/s/ J.
ANDRÉ TEIXEIRA J. André Teixeira |
Trustee | February 27, 2008 | ||||
/s/ WILLIAM
D. ZOLLARS William D. Zollars |
Trustee | February 27, 2008 | ||||
/s/ ANDREA
M. ZULBERTI Andrea M. Zulberti |
Trustee | February 27, 2008 |
134
Exhibit |
||||||
Number |
Description
|
|||||
1 | .1 | | Sales Agreement dates February 27, 2007, between ProLogis and Cantor Fitzgerald & Co (incorporated by reference to exhibit 1.1 to ProLogis Form 10-K for the year ended December 31, 2006). | |||
3 | .1 | | Articles of Amendment and Restatement of Declaration of Trust of ProLogis (incorporated by reference to exhibit 4.1 to ProLogis Form 10-Q for the quarter ended June 30, 1999). | |||
3 | .2 | | Certificate of Amendment, dated as of May 22, 2002, to Amended and Restated of Declaration of Trust of ProLogis (incorporated by reference to exhibit 99.1 to ProLogis Form 8-K dated May 30, 2002). | |||
3 | .3 | | Amended and Restated Bylaws of ProLogis dated March 15, 2005 (incorporated by reference to exhibit 3.1 to ProLogis Form 8-K filed on March 21, 2005). | |||
3 | .4 | | Articles Supplementary Classifying and Designating the Series F Cumulative Redeemable Preferred Shares of Beneficial Interest (incorporated by reference to exhibit 4.2 to ProLogis Form 8-K dated December 24, 2003). | |||
3 | .5 | | Articles Supplementary Classifying and Designating the Series G Cumulative Redeemable Preferred Shares of Beneficial Interest (incorporated by reference to exhibit 4.3 to ProLogis Form 8-K dated December 24, 2003). | |||
3 | .6 | | Articles of Amendment to Amended and Restated Declaration of Trust of ProLogis dated as of May 19, 2005 (incorporated by reference to exhibit 3.1 to ProLogis Form 8-K filed on May 20, 2005). | |||
3 | .7 | | Articles of Amendment to Amended and Restated Declaration of Trust of ProLogis dated as of July 12, 2005 (incorporated by reference to exhibit 3.1 to ProLogis Form 8-K filed on July 13, 2005). | |||
3 | .8 | | Articles Supplementary Reclassifying and Designating Shares of Beneficial Interest of ProLogis as Common Shares of Beneficial Interest (incorporated by reference to exhibit 3.2 to ProLogis Form 8-K filed on July 13, 2005). | |||
3 | .9 | | Amendment to Amended and Restated Bylaws, dated as March 15, 2006 (incorporated by reference to exhibit 3.1 to ProLogis Form 8-K filed on March 17, 2006). | |||
4 | .1 | | Form of share certificate for common shares of Beneficial Interest of ProLogis (incorporated by reference to exhibit 4.4 to ProLogis registration statement No. 33-73382). | |||
4 | .2 | | ProLogis Trust Employee Share Purchase Plan, as amended and restated (incorporated by reference to exhibit 4.27 to ProLogis Form S-8, dated September 27, 2001). | |||
4 | .3 | | 8.72% Note due March 1, 2009 (incorporated by reference to exhibit 4.7 to ProLogis Form 10-K for the year ended December 31, 1994). | |||
4 | .4 | | Form of share certificate for Series C Cumulative Redeemable Preferred Shares of Beneficial Interest of ProLogis (incorporated by reference to exhibit 4.8 to ProLogis Form 10-K for the year ended December 31, 1996). | |||
4 | .5 | | 9.34% Note due March 1, 2015 (incorporated by reference to exhibit 4.8 to ProLogis Form 10-K for the year ended December 31, 1994). | |||
4 | .6 | | 7.875% Note due May 15, 2009 (incorporated by reference to exhibit 4.4 to ProLogis Form 8-K dated May 9, 1995). | |||
4 | .7 | | 7.95% Note due May 15, 2008 (incorporated by reference to exhibit 4.2 to ProLogis Form 10-Q for the quarter ended June 30, 1996). | |||
4 | .8 | | 8.65% Note due May 15, 2016 (incorporated by reference to exhibit 4.3 to ProLogis Form 10-Q for the quarter ended June 30, 1996). | |||
4 | .9 | | 7.81% Medium-Term Notes, Series A, due February 1, 2015 (incorporated by reference to exhibit 4.17 to ProLogis Form 10-K for the year ended December 31, 1996). |
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4 | .10 | | Indenture, dated as of March 1, 1995, between ProLogis and State Street Bank and Trust Company, as Trustee (incorporated by reference to exhibit 4.9 to ProLogis Form 10-K for the year ended December 31, 1994). | |||
4 | .11 | | Collateral Trust Indenture, dated as of July 22, 1993, between Krauss/Schwartz Properties, Ltd. and NationsBank of Virginia, N.A., as Trustee (incorporated by reference to exhibit 4.10 to ProLogis Form 10-K for the year ended December 31, 1994). | |||
4 | .12 | | First Supplement Collateral Trust Indenture, dated as of October 28, 1994, among ProLogis Limited Partnership-IV, Krauss/Schwartz Properties, Ltd., and NationsBank of Virginia, N.A., as Trustee (incorporated by reference to exhibit 10.6 to ProLogis Form 10-Q for the quarter ended September 30, 1994). | |||
4 | .13 | | 7.625% Note due July 1, 2017 (incorporated by reference to exhibit 4 to ProLogis Form 8-K dated July 11, 1997). | |||
4 | .14 | | Form of 7.10% Promissory Note due April 15, 2008 (incorporated by reference to exhibit 4.27 to ProLogis Form 10-K for the year ended December 31, 1999). | |||
4 | .15 | | Form of 5.50% Promissory Note due March 1, 2013 (incorporated by reference to exhibit 4.26 to ProLogis Form 10-K for the year ended December 31, 2002). | |||
4 | .16 | | Form of share certificate for Series F Cumulative Redeemable Preferred Shares of Beneficial Interest of ProLogis (incorporated by reference to exhibit 4.1 to ProLogis Form 8-K dated November 26, 2003). | |||
4 | .17 | | Form of share certificate for Series G Cumulative Redeemable Preferred Shares of Beneficial Interest of ProLogis (incorporated by reference to exhibit 4.1 to ProLogis Form 8-K dated December 24, 2003). | |||
4 | .18 | | First Supplemental Indenture, dated as of February 9, 2005, by and between ProLogis and U.S. Bank National Association, as Trustee (as successor in interest to State Street Bank and Trust Company) (incorporated by reference to exhibit 4.1 to ProLogis Form 8-K dated February 9, 2005). | |||
4 | .19 | | Second Supplemental Indenture dated as of November 2, 2005 by and between ProLogis and U.S. Bank National Association, as Trustee (as successor in interest to State Street Bank and Trust Company) (incorporated by reference to Exhibit 4.1 to ProLogis Form 8-K filed on November 4, 2005). | |||
4 | .20 | | Third Supplemental Indenture dated as of November 2, 2005 by and between ProLogis and U.S. Bank National Association, as Trustee (as successor in interest to State Street Bank and Trust Company) (incorporated by reference to Exhibit 4.2 to ProLogis Form 8-K filed on November 4, 2005). | |||
4 | .21 | | Fourth Supplemental Indenture dated as of March 26, 2007 by and between ProLogis and U.S. Bank National Association, as Trustee (as successor in interest to State Street Bank and Trust Company) (incorporated by reference to exhibit 4.1 to ProLogis form 8-K filed on March 26, 2007). | |||
4 | .22 | | Fifth Supplemental Indenture dated as of November 8, 2007 by and between ProLogis and U.S. Bank National Association, as Trustee (as successor in interest to State Street Bank and Trust Company) (incorporated by reference to exhibit 4.1 to ProLogis form 8-K filed on November 7, 2007). | |||
4 | .23 | | Form of 2.25% Convertible Notes due 2037 (incorporated by reference to exhibit 10.3 to ProLogis 10-Q for the quarter ended March 31, 2007). | |||
10 | .1 | | Agreement of Limited Partnership of ProLogis Limited Partnership-I, dated as of December 22, 1993, by and among ProLogis, as general partner, and the limited partners set forth therein (incorporated by reference to exhibit 10.4 to ProLogis Registration Statement No. 33-73382). | |||
10 | .2 | | Form of Indemnification Agreement entered into between ProLogis and its Trustees and executive officers (incorporated by reference to exhibit 10.16 to ProLogis Registration Statement No. 33-73382). | |||
10 | .3 | | Indemnification Agreement between ProLogis and each of its independent Trustees (incorporated by reference to exhibit 10.16 to ProLogis Form 10-K for the year ended December 31, 1995). |
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10 | .4 | | Declaration of Trust for the benefit of ProLogis independent Trustees (incorporated by reference to exhibit 10.17 to ProLogis Form 10-K for the year ended December 31, 1995). | |||
10 | .5* | | Share Option Plan for Outside Trustees (as Amended and Restated Effective September May 18, 2004) (incorporated by reference to exhibit 10.1 to ProLogis Form 8-K dated May 18, 2003). | |||
10 | .6 | | 1999 Dividend Reinvestment and Share Purchase Plan (incorporated by reference to the Prospectus filed January 5, 2007 pursuant to Rule 424(b)(3) with respect to Registration Statement No. 333-102166). | |||
10 | .7 | | Amended and Restated Agreement of Limited Partnership of ProLogis Limited Partnership-III, dated as of October 28, 1994, by and among ProLogis, as general partner, and the limited partners set forth therein (incorporated by reference to exhibit 10.3 to ProLogis Form 10-Q for the quarter ended September 30, 1994). | |||
10 | .8 | | Amended and Restated Agreement of Limited Partnership of ProLogis Limited Partnership-IV, dated as of October 28,1994, by and among ProLogis IV, Inc., as general partner, and the limited partners set forth therein (incorporated by reference to exhibit 10.4 to ProLogis Form 10-Q for the quarter ended September 30, 1994). | |||
10 | .9 | | Note Purchase Agreement among Meridian and The Travelers Insurance Company (I/N/TRAL & CO.), United Services Automobile Association (I/N/O SALKELD & CO.), The Variable Annuity Life Insurance Company, The United States Life Insurance Company in the City of New York, All American Life Insurance Company, The Old Line Life Insurance Company of America, The Lincoln National Life Insurance Company, Lincoln Life & Annuity Company of New York, First Penn-Pacific Life Insurance Company (I/N/O CUDD & CO),Lincoln National Health & Casualty Insurance Company, Allied Life Insurance Company B (I/N/O GERLACH & CO), sons of Norway (I/N/O VAR & CO), Aid Association for Lutherans(I/N/O NIMER & CO), Metropolitan Life Insurance Company, National Life Insurance Company, Life Insurance Company of the Southwest, Keyport Life Insurance Company (I/N/O BOST &CO), Union Central Life Insurance Company (I/N/O HARE & CO),and Pan-American Life Insurance Company, dated November 15,1997 (incorporated by reference to exhibit 10.66 to Meridians Form 10-K for the year ended December 31, 1997). | |||
10 | .10 | | Agreement of Limited Partnership of Meridian Realty Partners, L.P. (incorporated by reference to exhibit 99.1 to ProLogis Registration Statement No. 333-86081). | |||
10 | .11* | | ProLogis Trust 1997 Long-Term Incentive Plan (as Amended and Restated Effective as of September 26, 2002 (incorporated by reference to exhibit 10.1 to ProLogis Form 8-K dated February 19, 2003). | |||
10 | .12* | | Amended and Restated Special Equity Agreement between ProLogis and K. Dane Brooksher, dated as of March 5, 2003 (incorporated by reference to exhibit 10.28 to ProLogis Form 10-K for the year ended December 31, 2002). | |||
10 | .13* | | Special Equity Agreement between ProLogis and Irving F. Lyons III, dated as of March 5, 2003 (incorporated by reference to exhibit 10.29 to ProLogis Form 10-K for the year ended December 31, 2002). | |||
10 | .14 | | Amended and Restated Agreement of Limited Partnership of ProLogis Fraser, L.P. dated as of August 4, 2004 (incorporated by reference to exhibit 10.1 to ProLogis Form 10-Q for the quarter ended September 30, 2004). | |||
10 | .15 | | Amended and Restated Security Agency Agreement dated as of October 6, 2005, among Bank of America, N.A., as global administrative agent under the Global Senior Credit Agreement referred to therein, certain other creditors of ProLogis and Bank of America, N.A., as collateral agent (incorporated by reference to Exhibit 10.2 to ProLogis Form 8-K filed on November 4, 2005). |
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10 | .16 | | Global Senior Credit Agreement dated as of October 6, 2005, among ProLogis, certain of its subsidiaries, Bank of America, N.A., as global administrative agent, collateral agent, U.S. funding agent, U.S. swing line lender, and a U.S. L/C issuer, Bank of America, N.A., acting through its Canada Branch, as Canadian funding agent and a Canadian L/C issuer, ABN AMRO Bank N.V., as global syndication agent, Euro funding agent, Euro swing line lender, and a Euro L/C issuer, Sumitomo Mitsui Banking Corporation, as a global documentation agent, Yen tranche bookrunner, KRW tranche bookrunner, Yen Funding Agent, KRW funding agent, and a Yen L/C issuer, JPMorgan Chase Bank, N.A. and the Royal Bank of Scotland PLC, as global documentation agents, and the other lenders party thereto Banc of America Securities LLC and ABN AMRO Bank N.V., as global joint lead arrangers and global joint book runners (incorporated by reference to Exhibit 10.1 to ProLogis Form 8-K filed on October 12, 2005). | |||
10 | .17 | | First Amendment to the Amended and Restated Special Equity Agreement dated as of March 5, 2003 by and between ProLogis and K. Dane Brooksher entered into as of September 22, 2005 (incorporated by reference to Exhibit 10.1 to ProLogis Form 8-K filed on September 26, 2005). | |||
10 | .18 | | First Amendment to the Special Equity Agreement dated as of March 5, 2003 by and between ProLogis and Irving F. Lyons III entered into as of September 22, 2005 (incorporated by reference to Exhibit 10.2 to ProLogis Form 8-K filed on September 26, 2005). | |||
10 | .19 | | Amendment, dated as of May 2, 2005, to Note Purchase Agreement among ProLogis (as successor by merger to Meridian Industrial Trust, Inc., a Maryland corporation) and The Travelers Insurance Company (I/N/TRAL & CO.), United Services Automobile Association (I/N/O SALKELD & CO.), The Variable Annuity Life Insurance Company, The United States Life Insurance Company in the City of New York, All American Life Insurance Company, The Old Line Life Insurance Company of America, The Lincoln National Life Insurance Company, Lincoln Life & Annuity Company of New York, First Penn-Pacific Life Insurance Company (I/N/O CUDD & CO), Lincoln National Health & Casualty Insurance Company, Allied Life Insurance Company B (I/N/O GERLACH & CO), sons of Norway (I/N/O VAR & CO), Aid Association for Lutherans (I/N/O NIMER & CO), Metropolitan Life Insurance Company, National Life Insurance Company, Life Insurance Company of the Southwest, Keyport Life Insurance Company (I/N/O BOST & CO), Union Central Life Insurance Company (I/N/O HARE & CO), and Pan-American Life Insurance Company (incorporated by reference to Exhibit 10.1 to ProLogis Form 8-K filed on May 2, 2005). | |||
10 | .20 | | Forms of Executive Protection Agreements entered into between ProLogis and Jeffrey H. Schwartz and Walter C. Rakowich (incorporated by reference to Exhibit 10.1 to ProLogis Form 8-K filed on March 21, 2005). | |||
10 | .21 | | Forms of Executive Protection Agreements entered into between ProLogis and Robert J. Watson, Steven K. Meyer, Edward S. Nekritz and William E. Sullivan (incorporated by reference to Exhibit 10.2 to ProLogis Form 8-K filed on March 21, 2005). | |||
10 | .22 | | Forms of Executive Protection Agreements entered into between ProLogis and M. Gordon Keiser, Jr., Paul C. Congelton, Masato Miki, Miki Yamada and Ming Z. Mei (incorporated by reference to Exhibit 10.3 to ProLogis Form 8-K filed on March 21, 2005). | |||
10 | .23 | | First Amendment to Global Senior Credit Agreement, dated as of June 27, 2006, among ProLogis, certain of its subsidiaries, Bank of America, N.A., as Global Administrative Agent, Collateral Agent, U.S. Funding Agent, U.S. Swing Line Lender, and a U.S. L/C Issuer, Bank of America, N.A., acting through its Canada Branch, as Canadian Funding Agent and a Canadian L/C Issuer, ABN AMRO Bank N.V., as Global Syndication Agent, Euro Funding Agent, Euro Swing Line Lender, and a Euro L/C Issuer, Sumitomo Mitsui Banking Corporation, as a Global Documentation Agent, Yen Tranche Bookrunner, KRW Tranche Bookrunner, Yen Funding Agent, KRW Funding Agent, and a Yen L/C Issuer, Bank of America, N.A., acting through its Shanghai Brach, as RMB Funding Agent, JPMorgan Chase Bank, N.A. and the Royal Bank of Scotland PLC, as Global Documentation Agents, the other lenders party thereto and Banc of America Securities LLC and ABN AMRO Bank N.V., as Global Joint Lead Arrangers and Global Joint Book Runners (incorporated by reference to exhibit 10.1 to ProLogis Form 8-K filed on July 3, 2006). | |||
10 | .24 | | ProLogis 2006 Long-Term Incentive Plan (incorporated by reference to exhibit 10.2 to ProLogis Form 8-K filed on June 2, 2006). |
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10 | .25 | | Amended and Restated Employment Agreement, dated May 26, 2006, entered into between ProLogis and Ted R. Antenucci (incorporated by reference to exhibit 10.1 to ProLogis Form 8-K filed on June 2, 2006). | |||
10 | .26 | | Executive Protection Agreement, dated May 31, 2006, entered into between ProLogis and Ted R. Antenucci (incorporated by reference to exhibit 10.3 to ProLogis Form 8-K filed on June 2, 2006). | |||
10 | .27* | | Amended and Restated Employment Agreement, dated February 6, 2008, entered into between ProLogis and Walter C. Rakowich (incorporated by reference to exhibit 10.1 to ProLogis Form 8-K filed on February 7, 2008). | |||
10 | .28* | | First Amendment to Amended and Restated Employment Agreement, dated May 26, 2007, entered into between ProLogis and Ted R. Antenucci (incorporated by reference to exhibit 10.2 to ProLogis Form 8-K filed on September 25, 2007). | |||
10 | .29* | | Advisory Agreement, dated May 15, 2007, entered into between ProLogis and K. Dane Brooksher (incorporated by reference to exhibit 10.1 to ProLogis Form 10-Q for the quarter ended June 30, 2007). | |||
12 | .1 | | Statement re: Computation of Ratio of Earnings to Fixed Charges. | |||
12 | .2 | | Statement re: Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends. | |||
21 | .1 | | Subsidiaries of ProLogis. | |||
23 | .1 | | Consent of KPMG LLP. | |||
31 | .1 | | Certification of Chief Executive Officer. | |||
31 | .2 | | Certification of Chief Financial Officer. | |||
32 | .1 | | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||
99 | .1 | | Limited Liability Company Agreement of CSI/Frigo LLC dated as of January 2, 2001 (incorporated by reference to exhibit 99.5 to ProLogis Form 10-K/A#1 for the year ended December 31, 2000). | |||
99 | .2 | | Promissory Note from CSI/Frigo LLC dated January 5, 2001(incorporated by reference to exhibit 99.6 to ProLogis Form 10-K/A#1 for the year ended December 31, 2000). | |||
99 | .3 | | Promissory Note from K. Dane Brooksher dated July 18, 2000 to GoProLogis Incorporated (incorporated by reference to exhibit 99.8 to ProLogis Form 10-K/A#1 for the year ended December 31, 2000). | |||
99 | .4 | | Option agreement dated July 18, 2000 among GoProLogis Incorporated, K. Dane Brooksher and ProLogis (incorporated by reference to exhibit 99.9 to ProLogis Form 10-K/A#1 for the year ended December 31, 2000). | |||
99 | .5 | | Promissory Note from K. Dane Brooksher dated September 20, 2000 to ProLogis Broadband(1) Incorporated (incorporated by reference to exhibit 99.10 to ProLogis Form 10-K/A#1 for the year ended December 31, 2000). | |||
99 | .6 | | Promissory Note from K. Dane Brooksher dated January 4, 2001 to ProLogis Broadband(1) Incorporated (incorporated by reference to exhibit 99.11 to ProLogis Form 10-K/A#1 for the year ended December 31, 2000). | |||
99 | .7 | | Option Agreement dated September 20, 2000 among ProLogis Broadband(1) Incorporated, K. Dane Brooksher and ProLogis (incorporated by reference to exhibit 99.12 to ProLogis Form 10-K/A#1 for the year ended December 31, 2000). | |||
99 | .8 | | Purchase and Sale Agreement dated October 23, 2002, between CSI/Frigo LLC and ProLogis (incorporated by reference to exhibit 99.14 to ProLogis Form 10-K for the year ended December 31, 2002). | |||
99 | .9 | | Promissory Note from CSI/Frigo LLC dated October 23, 2002 (incorporated by reference to exhibit 99.15 to ProLogis Form 10-K for the year ended December 31, 2002). | |||
99 | .10 | | Registration Rights Agreement dated February 9, 2007, between ProLogis and each of the parties identified therein (incorporated by reference to exhibit 99.10 to ProLogis Form 10-K for the year ended December 31, 2006). |
* | Management Contract or Compensatory Plan or Arrangement |
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