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Michael Gamzon
Director, President and CEO |
| |
Gordon DuGan
Chairman of the Board of Directors |
|
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| | | | A-1 | | | |
| | | | B-1 | | |
| | |
Fiscal Year Ending December 31,
|
| |||||||||||||||||||||||||||
(dollar amounts in millions)
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |||||||||||||||
Cash NOI from continuing operations(1)
|
| | | $ | 42 | | | | | $ | 51 | | | | | $ | 53 | | | | | $ | 57 | | | | | $ | 62 | | |
EBITDA(2) | | | | $ | 30 | | | | | $ | 39 | | | | | $ | 41 | | | | | $ | 44 | | | | | $ | 48 | | |
Unlevered free cash flow(3)
|
| | | $ | (83) | | | | | $ | 36 | | | | | $ | 36 | | | | | $ | 41 | | | | | $ | 43 | | |
| | |
Range
|
| |
Implied Per Share
Equity Value Range |
| ||||||||||||||||||
| | |
Low
|
| |
High
|
| |
Low
|
| |
High
|
| ||||||||||||
Next Twelve Months (NTM) Implied Capitalization Rate
|
| | | | 6.1% | | | | | | 5.4% | | | | | $ | 61.32 | | | | | $ | 68.94 | | |
Premium / (Discount) to the consensus estimated NAV
|
| | | | (15)% | | | | | | (5)% | | | | | $ | 58.88 | | | | | $ | 65.81 | | |
|
Implied Per Share Equity Value Reference Range
|
|
|
$60.10 to $67.37
|
|
|
Implied Per Share Equity Value Reference Range
|
|
|
$58.42 to $66.68
|
|
|
Implied Per Share Equity Value Reference Range
|
|
|
$57.26 to $64.56
|
|
|
Implied Per Share Equity Value Reference Range
|
|
|
$58.69 to $64.43
|
|
|
52 Weeks Ending
November 25, 2022 |
| |
Period Beginning
April 28, 2022 and Ending November 25, 2022 |
| |
30-Trading Day
Period Ending November 25, 2022 |
| |
60-Trading Day
Period Ending November 25, 2022 |
|
|
$49.22 to $82.25
|
| |
$49.22 to $73.71
|
| |
$53.02
|
| |
$55.59
|
|
|
Research Analyst Price Targets
|
|
|
$60.00 to $74.00
|
|
|
Research Analyst NAV Per Share Estimates
|
|
|
$58.33 to $79.93
|
|
Transaction
Announcement Date |
| |
Target
|
| |
Acquiror
|
|
May 10, 2022 | | | Duke Realty Corporation | | | Prologis, Inc. | |
November 5, 2021 | | | Monmouth Real Estate Investment Corporation | | | Industrial Logistics Properties Trust | |
October 27, 2019 | | | Liberty Property Trust | | | Prologis, Inc. | |
May 7, 2018 | | | Gramercy Property Trust | | | Blackstone Real Estate Advisors L.P. | |
April 29, 2018 | | | DCT Industrial Trust Inc. | | | Prologis, Inc. | |
February 10, 2006 | | | Bedford Property Investors, Inc. | | | LBA Realty LLC | |
June 6, 2005 | | | Catellus Development Corporation | | | Prologis, Inc. | |
May 4, 2004 | | | Keystone Property Trust | | |
ProLogis & Eaton Vance Management
|
|
October 29, 2001 | | | Cabot Industrial Trust | | | CalWest Industrial Properties, LLC (CalPERS & RREEF) | |
|
Implied Per Share Equity Value Reference Range
|
|
|
$66.15 to $68.69
|
|
Name
|
| |
Value of
Stock Options ($) |
| |
Value of
Restricted Stock Units ($) |
| |
Value of
Performance Stock Units ($) |
| |
Value of
Dividend Equivalents ($) |
| |
Total
($) |
| |||||||||||||||
Michael S. Gamzon
|
| | | | 2,287,429 | | | | | | 536,405 | | | | | | 944,983 | | | | | | 14,123 | | | | | | 3,782,940 | | |
Thomas M. Lescalleet
|
| | | | 203,450 | | | | | | 158,147 | | | | | | 286,073 | | | | | | 4,305 | | | | | | 651,975 | | |
Jon W. Clark
|
| | | | — | | | | | | 96,205 | | | | | | 193,362 | | | | | | 1,434 | | | | | | 291,001 | | |
Thomas M. Daniells
|
| | | | — | | | | | | 83,100 | | | | | | 135,675 | | | | | | 1,005 | | | | | | 219,780 | | |
Non-Employee Directors (As a group)
|
| | | | 3,332,726 | | | | | | 586,076 | | | | | | — | | | | | | 9,921 | | | | | | 3,928,723 | | |
Name
|
| |
Cash(1)
($) |
| |
Equity(2)
($) |
| |
Pension /
NQDC |
| |
Perquisites/
Benefits ($) |
| |
Other(3)
|
| |
Total
($)(4) |
| ||||||||||||||||||
Michael S. Gamzon
President and Chief Executive Officer |
| | | | — | | | | | | 3,782,940 | | | | | | | | | | | | — | | | | | | 768,044 | | | | | | 4,550,984 | | |
Thomas M. Lescalleet
Executive Vice President – INDUS Realty, LLC |
| | | | — | | | | | | 651,975 | | | | | | | | | | | | — | | | | | | 181,644 | | | | | | 833,619 | | |
Jon W. Clark
Chief Financial Officer |
| | | | — | | | | | | 291,001 | | | | | | — | | | | | | — | | | | | | — | | | | | | 291,001 | | |
Name
|
| |
Value of
Stock Options ($) |
| |
Value of
Restricted Stock Units ($) |
| |
Value of
Performance Stock Units ($) |
| |
Value of
Dividend Equivalents |
| |
Total
($) |
| |||||||||||||||
Michael S. Gamzon
|
| | | | 2,287,429 | | | | | | 536,405 | | | | | | 944,983 | | | | | | 14,123 | | | | | | 3,782,940 | | |
Thomas M. Lescalleet
|
| | | | 203,450 | | | | | | 158,147 | | | | | | 286,073 | | | | | | 4,305 | | | | | | 651,975 | | |
Jon W. Clark
|
| | | | — | | | | | | 96,205 | | | | | | 193,362 | | | | | | 1,434 | | | | | | 291,001 | | |
Year
|
| |
High
|
| |
Low
|
| |
Cash Dividend
per Share |
| |||||||||
Fiscal Year Ended December 31, 2020 | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 48.60 | | | | | $ | 30.50 | | | | | * | | | |
Second Quarter
|
| | | $ | 56.70 | | | | | $ | 32.05 | | | | | * | | | |
Third Quarter
|
| | | $ | 55.69 | | | | | $ | 48.67 | | | | | * | | | |
Fourth Quarter
|
| | | $ | 78.61 | | | | | $ | 52.99 | | | | | * | | | |
Fiscal Year Ended December 31, 2021 | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 72.70 | | | | | $ | 57.50 | | | | | * | | | |
Second Quarter
|
| | | $ | 68.72 | | | | | $ | 59.40 | | | | | $ | 0.15 | | |
Third Quarter
|
| | | $ | 73.01 | | | | | $ | 65.38 | | | | | $ | 0.15 | | |
Fourth Quarter
|
| | | $ | 81.06 | | | | | $ | 63.75 | | | | | $ | 0.16 | | |
Fiscal Year Ending December 31, 2022 | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 82.25 | | | | | $ | 71.79 | | | | | $ | 0.16 | | |
Second Quarter
|
| | | $ | 74.60 | | | | | $ | 57.73 | | | | | $ | 0.16 | | |
Third Quarter
|
| | | $ | 65.52 | | | | | $ | 51.70 | | | | | $ | 0.16 | | |
Fourth Quarter
|
| | | $ | 64.31 | | | | | $ | 49.22 | | | | | $ | 0.18 | | |
Fiscal Year Ending December 31, 2023 | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 66.53 | | | | | $ | 62.91 | | | | | $ | 0.18 | | |
Second Quarter (through April 14, 2023)
|
| | | $ | 66.48 | | | | | $ | 66.15 | | | | | $ | — | | |
Name of Beneficial Owner
|
| |
Shares of
Common Stock |
| |
Rights to Acquire
Shares of Common Stock(1) |
| |
Common
Stock Beneficial Ownership Percentage(2) |
| |||||||||
5% or more Stockholders | | | | | | | | | | | | | | | | | | | |
Cullman and Ernst Group(3)
|
| | | | 2,249,654 | | | | | | — | | | | | | 22.8% | | |
CCP SBS GP, LLC et al.
375 Park Ave., 11th Floor New York, NY 10152(4) |
| | | | 1,512,432 | | | | | | — | | | | | | 14.8% | | |
Gabelli Funds, LLC et al.
Gabelli Funds, LLC One Corporate Center Rye, NY 10580(5) |
| | | | 1,082,791 | | | | | | — | | | | | | 10.6% | | |
Conversant Capital LLC et al.
Conversant Capital LLC 90 Park Avenue, 32nd Floor New York, NY 10016(6) |
| | | | 1,049,088 | | | | | | — | | | | | | 10.3% | | |
Monarch Alternative Capital LP et al.
Monarch Alternative Capital LP 535 Madison Avenue New York, NY 10022(7) |
| | | | 714,000 | | | | | | — | | | | | | 7.0% | | |
Edgar M. Cullman, Jr.(3)
|
| | | | 110,644 | | | | | | 7,024 | | | | | | 1.1% | | |
Named Executive Officers and Directors | | | | | | | | | | | | | | | | | | | |
David R. Bechtel(8)
|
| | | | 8,714 | | | | | | 6,918 | | | |
*
|
| |||
Gordon DuGan(9)
|
| | | | 91,771 | | | | | | 36,621 | | | |
*
|
| |||
Frederick M. Danziger(3)(10)
|
| | | | 223,617 | | | | | | 1,067 | | | | | | 2.2% | | |
Michael S. Gamzon(3)
|
| | | | 149,793 | | | | | | 56,216 | | | | | | 1.5% | | |
Jonathan P. May(11)
|
| | | | 10,951 | | | | | | 10,273 | | | |
*
|
|
Name of Beneficial Owner
|
| |
Shares of
Common Stock |
| |
Rights to Acquire
Shares of Common Stock(1) |
| |
Common
Stock Beneficial Ownership Percentage(2) |
| |||||||||
Molly J. North(12)
|
| | |
|
3,230
|
| | | |
|
2,552
|
| | |
*
|
| |||
Amy Rose Silverman(13)
|
| | |
|
3,402
|
| | | |
|
2,724
|
| | |
*
|
| |||
Albert H. Small, Jr.(14)
|
| | |
|
16,307
|
| | | |
|
10,273
|
| | |
*
|
| |||
Michael Simanovsky(15)
|
| | |
|
1,049,088
|
| | | |
|
—
|
| | | |
|
10.3%
|
| |
Jon W. Clark(16)
|
| | |
|
1,220
|
| | | |
|
—
|
| | | |
|
—
|
| |
Thomas M. Lescalleet(17)
|
| | |
|
5,930
|
| | | |
|
5,000
|
| | |
*
|
| |||
Thomas M. Daniells(18)
|
| | |
|
153
|
| | | |
|
—
|
| | |
*
|
| |||
All directors and current executive officers as a group
(12 persons) |
| | |
|
1,564,176
|
| | | |
|
131,644
|
| | | |
|
15.3%
|
| |
|
Name
|
| |
Shares
Beneficially Owned |
| |
Shares with
Sole Voting and Dispositive Power |
| |
Shares with
Shared Voting and Dispositive Power |
| |||||||||
Cullman Jr., Edgar M.
|
| | | | 110,644 | | | | | | 43,231 | | | | | | 67,413 | | |
Cullman, Susan R.
|
| | | | 286,408 | | | | | | 48,320 | | | | | | 238,088 | | |
Danziger, Lucy C.
|
| | | | 223,617 | | | | | | 56,289 | | | | | | 167,328 | | |
Danziger, David M.
|
| | | | 79,978 | | | | | | 13,338 | | | | | | 66,640 | | |
Gamzon, Rebecca D.
|
| | | | 152,041 | | | | | | 10,734 | | | | | | 141,734 | | |
Ernst, John L.
|
| | | | 245,358 | | | | | | 4,751 | | | | | | 240,607 | | |
Sicher, Carolyn B.
|
| | | | 21,796 | | | | | | 21,796 | | | | | | — | | |
Cullman, Georgina D.
|
| | | | 9,717 | | | | | | 9,717 | | | | | | — | | |
Cullman, Elissa F.
|
| | | | 110,644 | | | | | | 15,109 | | | | | | 95,535 | | |
Cullman, Samuel B.
|
| | | | 13,831 | | | | | | 13,831 | | | | | | — | | |
Cullman III, Edgar M.
|
| | | | 11,455 | | | | | | 11,455 | | | | | | — | | |
Danziger, Frederick M.
|
| | | | 223,617 | | | | | | 67,550 | | | | | | 156,067 | | |
B Bros. Realty LLC(a)
|
| | | | 237,882 | | | | | | 237,882 | | | | | | — | | |
Gamzon, Michael S.
|
| | | | 152,041 | | | | | | 78,753 | | | | | | 73,288 | | |
Ernst, Alexandra
|
| | | | 1,575 | | | | | | 1,575 | | | | | | — | | |
Kerns, Jessica P.
|
| | | | 1,271 | | | | | | 1,271 | | | | | | — | | |
Estate of Louise B. Cullman(b)
|
| | | | 7,038 | | | | | | 7,038 | | | | | | — | | |
Name
|
| |
Shares
Beneficially Owned |
| |
Shares with
Sole Voting and Dispositive Power |
| |
Shares with
Shared Voting and Dispositive Power |
| |||||||||
Ernst, Margot P.(c)
|
| | | | 7,476 | | | | | | — | | | | | | 7,476 | | |
Ernst, Matthew L.
|
| | | | 1,474 | | | | | | 1,271 | | | | | | 203 | | |
Danziger, Richard M.
|
| | | | 69,290 | | | | | | — | | | | | | 69,290 | | |
Ernst, Dorothy P.
|
| | | | 2,725 | | | | | | — | | | | | | 2,725 | | |
Siegel, Cooper S.
|
| | | | 203 | | | | | | — | | | | | | 203 | | |
Ernst, Jonah
|
| | | | 203 | | | | | | — | | | | | | 203 | | |
Ernst, Odessa
|
| | | | 203 | | | | | | — | | | | | | 203 | | |
Danziger, Sunaina L.
|
| | | | 15,617 | | | | | | — | | | | | | 15,617 | | |
Danziger, Sameena J.
|
| | | | 15,617 | | | | | | — | | | | | | 15,617 | | |
Gamzon, Sarah D.
|
| | | | 14,148 | | | | | | — | | | | | | 14,148 | | |
Gamzon, Andrew B.
|
| | | | 17,552 | | | | | | — | | | | | | 17,552 | | |
Stewart, Benjamin C.
|
| | | | 6,100 | | | | | | 6,100 | | | | | | — | | |
| | |
Page
|
| |||
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-12 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-14 | | | |
| | | | A-14 | | | |
| | | | A-14 | | | |
| | | | A-14 | | | |
| | | | A-15 | | | |
| | | | A-17 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-20 | | | |
| | | | A-21 | | | |
| | | | A-21 | | | |
| | | | A-23 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-28 | | | |
| | | | A-28 | | | |
| | | | A-30 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-35 | | | |
| | | | A-35 | | | |
| | | | A-36 | | |
| | |
Page
|
| |||
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-38 | | | |
| | | | A-38 | | | |
| | | | A-39 | | | |
| | | | A-39 | | | |
| | | | A-40 | | | |
| | | | A-40 | | | |
| | | | A-40 | | | |
| | | | A-40 | | | |
| | | | A-40 | | | |
| | | | A-40 | | | |
| | | | A-40 | | | |
| | | | A-41 | | | |
| | | | A-41 | | | |
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-46 | | | |
| | | | A-47 | | | |
| | | | A-52 | | | |
| | | | A-52 | | | |
| | | | A-52 | | | |
| | | | A-55 | | | |
| | | | A-55 | | | |
| | | | A-56 | | | |
| | | | A-58 | | | |
| | | | A-58 | | | |
| | | | A-63 | | | |
| | | | A-63 | | | |
| | | | A-63 | | | |
| | | | A-63 | | | |
| | | | A-64 | | |
| | |
Page
|
| |||
| | | | A-65 | | | |
| | | | A-66 | | | |
| | | | A-66 | | | |
| | | | A-66 | | | |
| | | | A-66 | | | |
| | | | A-67 | | | |
| | | | A-67 | | | |
| | | | A-67 | | | |
| | | | A-69 | | | |
| | | | A-69 | | | |
| | | | A-71 | | | |
| | | | A-72 | | | |
| | | | A-72 | | | |
| | | | A-72 | | | |
| | | | A-73 | | | |
| | | | A-74 | | | |
| | | | A-74 | | | |
| | | | A-74 | | | |
| | | | A-74 | | | |
| | | | A-74 | | | |
| | | | A-75 | | | |
| | | | A-75 | | | |
| | | | A-75 | | | |
| | | | A-77 | | | |
| | | | A-77 | | | |
| | | | A-78 | | | |
Exhibits | | | | | | | |
Exhibit A – Form of REIT Opinion | | | | | | | |
Annexes | | | |||||
Annex A-1 – Charter of the Company | | | | | | | |
Annex A-2 – Amended and Restated Bylaws of the Company | | | | | | | |
Defined Term
|
| |
Location of Definition
|
|
1031 Exchange | | | Section 7.17(b) | |
Adverse Recommendation Change | | | Section 7.3(d)(i) | |
Agreement | | | Preamble | |
Alternative Acquisition Agreement | | | Section 7.3(a) | |
Articles of Merger | | | Section 2.3 | |
Assumed Indebtedness | | | Section 7.11(b)(i) | |
Assumption Documents | | | Section 7.11(b)(i) | |
Board Recommendation | | | Section 4.2(c) | |
Capitalization Date | | | Section 4.4(a) | |
Centerbridge Sponsor | | | Recitals | |
Certificates | | | Section 3.2(b) | |
Charter Restrictions | | | Section 7.13 | |
Chosen Courts | | | Section 10.7(b) | |
Closing | | | Section 2.2 | |
Closing Date | | | Section 2.2 | |
Company | | | Preamble | |
Company Board | | | Recitals | |
Company Capital Stock | | | Section 4.4(a) | |
Company Disclosure Letter | | | Article IV | |
Company Held Excluded Stock | | | Section 3.1(a)(ii) | |
Company Preferred Stock | | | Section 4.4(a) | |
Company Related-Party Agreements | | | Section 4.19 | |
Company SEC Documents | | | Section 4.5(a) | |
Company Subsidiary Partnership | | | Section 4.13(k) | |
Company Terminating Breach | | | Section 9.1(d)(i) | |
Competing Proposal | | | Section 7.3(i)(i) | |
Continuing Employee | | | Section 7.8(a) | |
Defined Term
|
| |
Location of Definition
|
|
Current Premium | | | Section 7.9(a) | |
Debt Financing | | | Section 7.11(a) | |
Equity Commitment Letters | | | Recitals | |
Equity Financing | | | Section 5.4(a) | |
Exchange Fund | | | Section 3.2(a) | |
Excluded Stock | | | Section 3.1(a)(iii) | |
Existing Lender | | | Section 7.11(b)(i) | |
Final Dividend | | | Section 7.17(d) | |
Financing Indemnified Parties | | | Section 7.11(a)(iii) | |
FLSA | | | Section 4.18(b) | |
G Sponsor | | | Recitals | |
Gross-Up Commitment | | | Section 4.17(d) | |
Guarantees | | | Recitals | |
Indemnified Parties | | | Section 7.9(b) | |
Inquiry | | | Section 7.3(i)(iv) | |
Insurance Policies | | | Section 4.16 | |
Interim Period | | | Section 6.1(a) | |
Intervening Event | | | Section 7.3(i)(iii) | |
IRCA | | | Section 4.18(d) | |
Letter of Transmittal | | | Section 3.2(b) | |
Management Agreements | | | Section 4.12(e) | |
Match Period | | | Section 7.3(e)(ii) | |
Material Contract | | | Section 4.12(c) | |
Merger | | | Recitals | |
Merger Consideration | | | Section 3.1(a)(i) | |
Merger Effective Time | | | Section 2.3 | |
Merger Sub | | | Preamble | |
MGCL | | | Recitals | |
Non-Continuing Employee | | | Section 7.8(a) | |
Notice of Intervening Event Period | | | Section 7.3(f)(ii) | |
Option Consideration | | | Section 3.3(a) | |
Outside Date | | | Section 9.1(b)(i) | |
Parent | | | Preamble | |
Parent Held Excluded Stock | | | Section 3.1(a)(iii) | |
Parent Liability Cap | | | Section 10.10(c) | |
Parent Parties | | | Preamble | |
Parent Terminating Breach | | | Section 9.1(c)(i) | |
Partially Completed 1031 | | | Section 7.17(b) | |
Party(ies) | | | Preamble | |
Paying Agent | | | Section 3.2(a) | |
Permits | | | Section 4.8(a) | |
Proxy Statement | | | Section 4.23 | |
Qualified REIT Subsidiary | | | Section 4.1(c) | |
Defined Term
|
| |
Location of Definition
|
|
Qualifying Income | | | Section 9.4(a) | |
Recovery Costs | | | Section 9.3(c) | |
Rent Rolls | | | Section 4.10(b) | |
Sarbanes-Oxley Act | | | Section 4.5(a) | |
SDAT | | | Section 2.3 | |
Solvent | | | Section 5.5 | |
Sponsors | | | Recitals | |
Superior Proposal | | | Section 7.3(i)(ii) | |
Surviving Entity | | | Section 2.1 | |
Surviving Entity Common Stock | | | Section 3.1(a)(iv) | |
Takeover Statutes | | | Section 4.22 | |
Tax Protection Agreements | | | Section 4.13(k) | |
Taxable REIT Subsidiary | | | Section 4.1(c) | |
Transaction Litigation | | | Section 7.7(b) | |
Transfer Taxes | | | Section 7.16(c) | |
Voting Debt | | | Section 4.4(d) | |
WARN Act | | | Section 4.18(c) | |
Warrant Consideration | | | Section 3.3(e) | |
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