Prologis, Inc. · NYSE:PLD
Prologis — Merger or Acquisition (October 2019)
14 slides from Prologis's merger presentation, Oct 28, 2019
Slide 1: Prologis and Liberty Property Trust Merger Conference Call
Prologis and Liberty Property Trust 10.28.2019 Houston, TX Merger Conference Call
Slide 2: Important Information
2 Important Information This presentation includes certain terms and non - GAAP financial measures that are not specifically defined herein . These terms and financial measures are defined and, in the case of the non - GAAP financial measures, reconciled to the most directly comparable GAAP measure,
Slide 3: Transaction overview
3 • This is a non - GAAP financial measure 1. Due to the impact of non - cash real estate depreciation, Prologis expects the acquisition to be dilutive to net earnings Transaction overview • No changes to Prologis executive management team or board • Hiring a number of people for property management
Slide 4: Liberty Property Trust U.S. logistics portfolio at September 30, 2019
4 Note: Map reflects square feet in millions. Liberty U.S. logistics operating and development portfolios as of September 30, 2 019 . JV properties and JV developments shown at 100%. Liberty portfolio metrics based on total owned and managed portfolio as of September 30, 2019 1. Excludes 16 acres of
Slide 5: Strategic rationale for hold assets
5 * This is a non - GAAP financial measure 1. Based on Liberty owned and managed HOLD portfolio as of September 30, 2019 2. Due to the impact of non - cash real estate depreciation, Prologis expects the acquisition to be dilutive to net earnings 3. A securities rating is not a recommendation to buy,
Slide 6: Combined U.S. portfolio overview
6 PLD U.S. IPT Hold Liberty U.S. Hold Pro Forma PLD U.S. Pro Forma PLD Global Operating Portfolio (MSF) 430 29 73 532 828 Development - in - process (TEI) $1.4B - $0.41B $1.8B $4.6 Land (Buildable MSF) 38 - 12 50 119 Combined U.S. Portfolio 1 1 LEGEND 2 Liberty PLD + IPT PORTFOLIO OVERVIEW 2 20MSF 1
Slide 7: Market composition
7 1. This is a non - GAAP financial measure. Prologis pro rata share of Cash NOI as of September 30, 2019, IPT Net Rent for the HOLD po rtfolio as of June 30, 2019 and Liberty Net Rent for the HOLD as of September 30, 2019 2. Prologis pro rata share and Liberty Hold portfolio as of September 30 and
Slide 8: Portfolio fit: Southern California
8 LA COUNTY Portfolio fit IPT INLAND EMPIRE EAST Liberty: 1.8 MSF Prologis presence on an owned and managed operating portfolio basis as of September 30, 2019. IPT HOLD portfolio as of June 3 0, 2019. Liberty portfolio metrics based on owned and managed HOLD portfolio as of September 30, 2019 Libert
Slide 9: Portfolio fit: Pennsylvania
9 Pennsylvania Liberty Prologis IPT Prologis portfolio metrics based on U.S. owned and managed operating portfolio as of September 30, 2019. IPT HOLD portfolio as of June 30, 2019. Liberty metrics based on owned and managed HOLD portfolio as of September 30, 2019 Source: Market data from Cushman & W
Slide 10: Portfolio fit: Houston
10 Houston Liberty Prologis IPT NW HOUSTON Market Vacancy Portfolio Size (MSF) PLD (Including IPT) Liberty Total 8.8% 12.1 2.6 14.7 ENLARGEMENT ENLARGEMENT ENLARGEMENT NORTH HOUSTON Market Vacancy Portfolio Size (MSF) PLD (Including IPT) Liberty Total 9.7% 5.9 4.3 10.1 Prologis portfolio metrics bas
Slide 11: Dispositions
11 1. Dispositions 2011 through 2019 midpoint guidance 2. Globally, through September 30, 2019 3. Data as of September 30, 2019 on a pro rata share basis and includes operating, development and land 4. Data as of September 30, 2019 on an owned and managed basis Dispositions PLANNED LIBERTY ASSET SAL
Slide 12: Synergies and accretion
12 • T his is a non - GAAP financial measure 1. Due to the impact of non - cash real estate depreciation, Prologis expects the acquisition to be dilutive to net earnings Synergies and accretion Timing Category Estimated Annual Run - Rate Amount Day One $120M Corporate G&A Savings $48M Operating Leve
Slide 13: Pro forma capitalization
13 Note: Market prices as of September 30, 2019 1. Based on assumed combined share count of 764.4 million, which is 109.1 million shares from Prologis issued to Liberty shareho lde rs (based on 161.7 million shares including the vesting of equity awards at a .675x exchange ratio); Prologis and Liber
Slide 14: ,» PROLOGIS’
,» PROLOGIS’