For more than a decade, Prologis has been building the highest
quality assets in Japan, says Moghadam.

SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that locally based Prologis Inc. has approved the sponsorship of a Japanese real estate investment trust to serve as a long-term investment vehicle for modern logistics facilities developed by Prologis in Japan.

The J-REIT would be managed by a wholly owned subsidiary of Prologis. Prologis would provide various pipeline and operational support to the J-REIT, including providing exclusive and/or preferential negotiation rights for additional properties developed by Prologis in Japan, according to the statement.

As the sponsor, Prologis will act as the property and asset manager of the J-REIT. Accordingly, the company will receive asset and property management fees, as well as fees arising from the subsequent acquisition and disposition of properties.

Prologis initially expects to contribute 12 of its class-A distribution centers to the J-REIT, according to a prepared company statement. The appraised value of the portfolio is approximately $2.1 billion. The portfolio, with a weighted average age of 3.4 years, totals approximately 10 million square feet and is located principally in its Tokyo and Osaka markets.

“For more than a decade, Prologis has been building the highest-quality assets in Japan,” explains Hamid R. Moghadam, co-CEO and chairman of Prologis. “Demand for class-A facilities continues to grow given the fundamental reconfiguration of Japan’s supply chain. Given our industry-leading development capabilities and our global customer platform, Prologis is uniquely positioned to meet the needs of this important market.”

When GlobeSt.com reached out for further information regarding the J-REIT, a Prologis representative indicated that there is nothing more they could share at this time.

But in other Prologis news, the firm recently declared a regular cash dividend for the quarter ending December 31, 2012 on the following securities: A dividend of $0.28 per share of the company’s common stock, which will be payable on December 28, 2012 to common stockholders of record at the close of business on December 17, 2012; A dividend of $1.0675 per share on the company’s 8.54% Series Q Cumulative Redeemable Preferred Stock, which will be payable on December 31, 2012 to Series Q stockholders of record at the close of business on December 19, 2012; A dividend of $0.421875 per share of the company’s 6.75% Series R Cumulative Redeemable Preferred Stock, which will be payable on December 31, 2012 to Series R stockholders of record at the close of business on December 19, 2012; A dividend of $0.421875 per share of the company’s 6.75% Series S Cumulative Redeemable Preferred Stock, which will be payable on December 31, 2012 to Series S stockholders of record at the close of business on December 19, 2012; A dividend of $0.40625 per share of the company’s 6.50% Series L Cumulative Redeemable Preferred Stock, which will be payable on January 15, 2013 to Series L stockholders of record at the close of business on December 19, 2012; A dividend of $0.421875 per share of the company’s 6.75% Series M Cumulative Redeemable Preferred Stock, which will be payable on January 15, 2013 to Series M stockholders of record at the close of business on December 19, 2012; A dividend of $0.4375 per share of the company’s 7.00% Series O Cumulative Redeemable Preferred Stock, which will be payable on January 15, 2013 to Series O stockholders of record at the close of business on December 19, 2012; and a dividend of $0.428125 per share of company’s 6.85% Series P Cumulative Redeemable Preferred Stock, which will be payable on January 15, 2013 to Series P stockholders of record at the close of business on December 19, 2012.

The tax treatment for dividend distributions taxable in 2012 on Prologis common and preferred stock will be available by January 31, 2013.

GlobeSt.com will follow up on the J-REIT news and post as more information becomes available.