Prologis, Inc. · NYSE:PLD
Prologis — Debt Investor Presentation (October 2008)
8 slides from Prologis's debt investor presentation, Oct 28, 2008
Slide 1: ProLogis 3Q08 Conference Call Debt Discussion
ProLogis 3Q08 Conference Call Debt Discussion* 10/28/08 * Includes expanded and updated information
Slide 2: Forward-looking Statement
Forward-looking Statement Some statements contained in this discussion are not historical facts but are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Because these forward-looking statements are based on current expectations, estimates and pro
Slide 3: Corporate Debt Maturities
Corporate Debt Maturities At 9/30 • 2008 • Addressed $963M of bond and secured debt maturities with $1.15B of bond issuances in May 2008 • 2009 $250M floating rate note • $353M Matures Aug 2009 Repay from cashflow or off LOC $103M of other unsecured notes, secured debt and scheduled principal repaym
Slide 4: 2008 Fund Maturities
2008 Fund Maturities 12/31/07 Reported 2008 Maturities $2.0B At 9/30/08 refinanced $1.8B Recently discussed with Lehman’s bankruptcy advisor - intend to sit $166M in NA down with us in near future Industrial III Fund $99M in Mexico Refinanced entire balance on 10/7 Remaining $386M Fund 6% coupon, 4
Slide 5: Fund debt 2009
Fund debt 2009 $1.46B Looking for Pfandbrief market to reopen PEPR $478M Have started to receive term sheets from (July) German mortgage banks Alternatives if necessary California LTV well below 40% $316M Finance pkgs to Life Cos $62M Life Co loan (January) $105M rate locked, 6.3% coupon - 10 yr ter
Slide 6: Global Lines of Credit
Global Lines of Credit $2.98B outstanding at 9/30 Remaining capacity $1.2B Cash 341M Liquidity $1.5B Total Capacity $4.36B $3.59B Commitment $2.33B outstanding, matures Oct 2009 1) Global Line, except China Extendable to Oct 2010 (at our option) 0.075% extension fee RMB 721M commitment ($105.8M) Chi
Slide 7: Fund Related Warehouse Lines
Fund Related Warehouse Lines Remaining Fund Commitment Capacity* Notes Expiration in July 2010 – $80M Life Co refinancing expected to close in NAIF $250M $64M November bringing capacity to $144M PEPR €900M ($1.3B) $447M $512M secured financing with PEP II €1.0B ($1.4B) $291M German mortgage banks ex
Slide 8: Fund Capacity
Fund Capacity Remaining Pipeline to Total Remaining Support Future Fund Equity* Capacity Contributions Notes Initial expiration in March NAIF $626M $1.4B $1.5B 2009 – in discussions to extend PEPF II $2.7B $5.9B $3.3B Expect to be filled by end Japan II $238M $681M $1.9B of 2Q09 After contributions