Prologis, Inc. operates as a global logistics real estate REIT with industrial and distribution facilities, build-to-suit development activity, and a Strategic Capital asset management business for institutional partners. Company news commonly covers leasing trends, Core FFO and earnings results, development starts, customer demand across logistics markets, and expansion of adjacent infrastructure such as data center, solar and energy storage portfolios.
Recurring updates also include dividends on common stock and Series Q preferred stock, Strategic Capital joint ventures, capital allocation commentary, management presentations, and market outlook commentary tied to logistics real estate and supply-chain infrastructure.
On September 28, 2022, Prologis and Duke Realty announced the successful approval of their merger by stockholders at special meetings. Over 99% of Prologis voters approved the issuance of stock for the merger, while 99% of Duke Realty shareholders voted in favor of the agreement. Each Duke Realty share will convert to 0.475 shares of Prologis upon merger completion, which is anticipated in early October, conditional on customary closure requirements. This merger aims to enhance Prologis's presence in the logistics real estate sector.
Prologis, Inc. (NYSE: PLD) will hold a webcast and conference call on October 19, 2022, at 9:00 a.m. PT to discuss its third quarter results and market outlook. Investors can participate via a toll-free number or through a live webcast on their website. A replay of the call will be available until November 2. As of June 30, 2022, Prologis owned or had investments in logistics properties totaling approximately 1.0 billion square feet in 19 countries, serving about 5,800 customers.
Prologis, Inc. (NYSE: PLD) reported early results from its exchange offers for Duke Realty Notes, with approximately $3.22 billion tendered by the early expiration date. The exchange offers will expire on October 4, 2022. The company has received the necessary consents to amend the Duke Realty Indentures, contingent upon the merger with Duke Realty Corporation being completed. Amendments to the notes will provide less restrictive terms for holders. Exchange offers aim to allow Duke Realty Notes holders to exchange their notes for Prologis Notes.
Prologis, Inc. (NYSE: PLD), a leader in logistics real estate, announced CFO Tim Arndt's participation at two upcoming conferences in New York City. He will present at the Barclays 2022 Global Financial Services Conference on September 12 at 10:30 a.m. ET and the BofA Securities 2022 Global Real Estate Conference on September 13 at 1:25 p.m. ET. Both presentations will be accessible via live audio webcast on their investor relations website. As of June 30, 2022, Prologis owns or has investments totaling approximately 1.0 billion square feet across 19 countries.
Prologis, Inc. (NYSE: PLD) has declared a regular cash dividend for Q3 2022. A dividend of $0.79 per share will be paid on September 30, 2022, to shareholders of record on September 15, 2022. Additionally, a dividend of $1.0675 per share for the 8.54% Series Q Cumulative Redeemable Preferred Stock will also be disbursed on the same date to Series Q stockholders of record on September 15, 2022. Prologis continues to lead in logistics real estate, owning approximately 1.0 billion square feet across 19 countries.
Prologis, Inc. (PLD) announced the commencement of exchange offers for outstanding notes of Duke Realty Limited Partnership, totaling up to $3.375 billion. The exchange involves nine series of Duke Realty Notes being swapped for corresponding Prologis Notes. Each Prologis Note will have the same terms as the Duke Realty Notes. Holders tendering by September 14, 2022, will receive additional consideration, while those tendering later will not. The completion of these exchanges is contingent on the merger with Duke Realty Corporation, expected in Q4 2022.
Prologis (NYSE: PLD) announced a special meeting for stockholders to vote on the proposed merger with Duke Realty on September 28, 2022, at 9:00 a.m. PT. Stockholders recorded as of August 8, 2022, are eligible to vote. Prologis is a leader in logistics real estate with approx. 1.0 billion square feet of properties across 19 countries, serving around 5,800 customers. Duke Realty operates approximately 167.3 million rentable square feet in major logistics markets. The merger informs strategic growth in the logistics sector.
Prologis (NYSE: PLD) reported Q2 2022 net earnings per diluted share of $0.82, slightly up from $0.81 in Q2 2021. Core FFO per diluted share rose to $1.11 from $1.01 year-over-year. With a 97.6% average occupancy rate, the company commenced leases totaling 51.3 million square feet. Notably, net effective rent increased by 45.6%, driven mainly by the U.S. Prologis maintains strong liquidity with approximately $5.2 billion on hand and revised its 2022 net earnings guidance to $5.15 to $5.25 per diluted share, reflecting a 5.6% increase.
Prologis, Inc. (NYSE: PLD) will host a webcast and conference call on July 18, 2022, at 9:00 a.m. PT to discuss its second quarter results, market conditions, and future outlook. Investors can participate via phone or through the webcast available on the company's website. A telephonic replay will be accessible from July 18 to August 1. As of March 31, 2022, Prologis managed properties totaling approximately 1.0 billion square feet across 19 countries, serving around 5,800 customers.
Cedar Fair (NYSE: FUN) has announced the sale of its California's Great America amusement park land to Prologis (NYSE: PLD) for approximately $310 million, retaining a long-term lease for continued operation. This transaction is part of a strategic review aimed at maximizing asset value, allowing Cedar Fair to focus on reducing debt and reinvesting in high-return projects. The company aims to reach a $2 billion debt target and plans to reinstate quarterly unitholder distributions by Q3 2022, pending board approval.