ProLogis Trust
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ProLogis Trust is an equity real estate investment trust that focuses on distribution properties. It's the world's largest owner, manager and developer of distribution facilities. Its New York Stock Exchange stock symbol is PLD, and it's in the S&P 500.
They have 542.3 million square feet of industrial space in 132 markets around the world, from North America to to Europe to Asia. Their headquarters are in Denver Colorado. They lease their space to manufacturers, retailers, transportation companies, third party logistics providers and fulfllment companies. They locate near transportation hubs, such as sea ports, airports, and major highways. Plus, they have extensive land holdings.
All of their property management is in-house. Jeffrey H. Schwartz is the chairman and chief executive officer. They don't outsource this. As of November 2008, the CEO is Walter Rakowich.
ProLogis Trust Did Not Expect a Worldwide Financial Crisis
They were founded and incorporated in 1991. They had their IPO in 1994. They've been named as one of the 500 Most Admired Companies by Fortune Magazine two years in a row.
Their properties include ProLogist Parc, Narita Japan; ProLogis Park Olive Branch, Olive Branch Mississippi U.S.; ProLogis Parc Tokyo, Japan; ProLogis Park Marston Gate, West Midlands the United Kingdom; and ProLogis Park Budaors, Budaors Hungary;
Their 4900 customers include Amazon.com, Home Depot, Office Depot, Wal-Mart, DHL, FedEx, and UPS.
Unlike many US REITs, ProLogis Does More Than Operate Properties
ProLogis also manages 17 real estate property funds, for a combined $22 billion worth in property around the world. Most of these funds are privately owned, for pension funds and insurance companies. One is publicly traded -- ProLogis European Properties (Euronext:PEPR).
They also own the Catellus Development company.
ProLogis, Inc. is the first REIT in the United States to register a report on its Corporate Social Responsibility (CSR). This is a voluntary disclosure of what the company does or has done regarding the environment, corporate governance, employee relations, community relations, health and safety, philanthropy, and human rights.
The company believes that adding green features to buildings increases its useful life and provides higher rents. They also find that their report on CSR helps them work better with communities and customers. It also helps them attract and retain employees.
Not only that, CSR may help them attract new investors, especially those who want to reduce carbon risk, and socially responsible investment (SRI) funds, which have over $1 trillion.
They use the Global Reporting Initiative (GRI) from the independent group by that name and collaborating center of the United Nations Environment Programme.
The GRI protocol is widely recognized. It allows companies to self-report in all three sustainability areas: economic, environmental and social. They're partly specific, partly procedural.
In March 2008, ProLogis and Southern California Edision (SCE), California's largest electric utility, announced that SCE would lease space from ProLogis for a solar power program.
The utility company would start off by leasing 600,000 square feet of roof at ProLogis Kaiser Distribtuion Park in Fontana California, and the company will install solar panels.
In January 2011 ProLogis Trust and AMB Property Corporation announced they were merging in 2011. They'll retain the ProLogis Trust name and ticker symbol. The resulting company will be the fourth largest REIT in the United States.
ProLogis Trust is a REIT benefiting from the globalization of the world's economy.
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