Denver-based ProLogis will start development of nearly $2.5 billion in projects worldwide this year.
The company, a global provider of distribution facilities and services, plans to spend up to $700 million on projects in North America; $900 million in Europe; $700 million in Japan; and up to $200 million in China, said chief executive Jeffrey Schwartz at the company’s annual shareholder meeting Friday.
ProLogis, which serves 4,700 customers in 79 markets, had $23.5 billion in assets at the end of the first quarter, up from $22 billion at the end of last year, Schwartz said.
The highlight for ProLogis last year was its $5.5 billion merger with Catellus Development Corp. The deal increased Prologis’ portfolio to 372 million square feet worldwide. About 84 million square feet of the company’s real estate portfolio is concentrated around major ports.
ProLogis, ranked No. 840 on the Fortune 1000 list of America’s largest corporations, reported profit of $396 million on revenue of $1.8 billion last year. Shares closed up 36 cents Friday to $49.63.
Staff writer Margaret Jackson can be reached at 303-820-1473 or mjackson@denverpost.com.
This story has been corrected in this online archive. Originally, due to a reporter’s error, it incorrectly totaled the amount of new projects ProLogis had planned.
