Finance History | 11 Wall Street — AMB Stopped and a Combined Book Printed PLD
· 2011-6
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Finance History | 11 Wall Street — AMB Stopped and a Combined Book Printed PLD
kevin
People treat Prologis as a San Francisco logistics REIT that always printed PLD after a finished New York book.
The June 2011 issuer was Prologis, Inc., the Maryland company formed when AMB Property Corporation combined with ProLogis.
A joint release dated 3 June 2011 records that the merger closed that morning and that the combined common would trade on the New York Stock Exchange under the letters PLD beginning the same day.
Each former ProLogis common share converted into 0.4464 of a newly issued share of the combined company. Each AMB share remained one share.
Former ProLogis holders owned about 60 percent of the combined common. Former AMB holders owned about 40 percent.
AMB had first printed on that floor on 21 November 1997 at 21 dollars a share in 1997 currency, after an offering of 16.1 million shares. Security Capital Industrial Trust, later ProLogis, had listed in 1994.
The present tape is PLD on the New York Stock Exchange.
The mechanism is a merger-of-equals listing. Two already-listed industrial REIT books stopped as separate names. One surviving parent kept the shorter ticker.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that now prints PLD.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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