10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2014 | |||
Consolidated Statements of Operations | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 25, 2015) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Revenues: | |||
| Rental income | $ 1,178,609 | 1,227,975 | 1,459,461 |
| Rental recoveries | 348,740 | 331,518 | 364,320 |
| Strategic capital income | 219,871 | 179,472 | 126,779 |
| Development management and other income | 13,567 | 11,521 | 9,958 |
| Total revenues | 1,760,787 | 1,750,486 | 1,960,518 |
| Expenses: | |||
| Rental expenses | 430,787 | 451,938 | 491,239 |
| Strategic capital expenses | 96,496 | 89,279 | 63,820 |
| General and administrative expenses | 247,768 | 229,207 | 228,068 |
| Depreciation and amortization | 642,461 | 648,668 | 724,262 |
| Other expenses | 23,467 | 26,982 | 26,556 |
| Merger, acquisition and other integration expenses | 80,676 | ||
| Impairment of real estate properties | 252,914 | ||
| Total expenses | 1,440,979 | 1,446,074 | 1,867,535 |
| Operating income | 319,808 | 304,412 | 92,983 |
| Other income (expense): | |||
| Earnings from unconsolidated entities, net | 134,288 | 97,220 | 31,676 |
| Interest expense | (308,885) | (379,327) | (505,215) |
| Interest and other income, net | 25,768 | 26,948 | 22,878 |
| Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net | 725,790 | 597,656 | 305,607 |
| Foreign currency and derivative losses and related amortization, net | (17,841) | (33,633) | (20,497) |
| Losses on early extinguishment of debt, net | (165,300) | (277,014) | (14,114) |
| Impairment of other assets | (16,135) | ||
| Total other income (expense) | 393,820 | 31,850 | (195,800) |
| Earnings (loss) before income taxes | 713,628 | 336,262 | (102,817) |
| Current income tax expense | (61,584) | (126,180) | (17,870) |
| Deferred income tax benefit | 87,240 | 19,447 | 14,290 |
| Total income tax benefit (expense) | 25,656 | (106,733) | (3,580) |
| Earnings (loss) from continuing operations | 739,284 | 229,529 | (106,397) |
| Discontinued operations: | |||
| Income attributable to disposed properties and assets held for sale | 6,970 | 40,827 | |
| Net gains on dispositions, including related impairment charges and taxes | 116,550 | 35,098 | |
| Total discontinued operations | 123,520 | 75,925 | |
| Consolidated net earnings (loss) | 739,284 | 353,049 | (30,472) |
| Net earnings attributable to noncontrolling interests | (103,101) | (10,128) | (9,248) |
| Net earnings (loss) attributable to controlling interests | 636,183 | 342,921 | (39,720) |
| Less preferred stock dividends | 7,431 | 18,391 | 41,226 |
| Loss on preferred stock redemption / repurchase | 6,517 | 9,108 | |
| Net earnings (loss) attributable to common stockholders | 622,235 | 315,422 | (80,946) |
| Weighted average common shares outstanding - Basic | 499,583 | 486,076 | 459,895 |
| Weighted average common shares outstanding - Diluted | 506,391 | 491,546 | 461,848 |
| Net earnings (loss) per share attributable to common stockholders - Basic: | |||
| Continuing operations | 1.25 | 0.40 | (0.35) |
| Discontinued operations | 0.25 | 0.17 | |
| Net earnings (loss) per share attributable to common stockholders - Basic | 1.25 | 0.65 | (0.18) |
| Net earnings (loss) per share attributable to common stockholders - Diluted: | |||
| Continuing operations | 1.24 | 0.39 | (0.34) |
| Discontinued operations | 0.25 | 0.16 | |
| Net earnings (loss) per share attributable to common stockholders - Diluted | 1.24 | 0.64 | (0.18) |
| Dividends per common share | 1.32 | 1.12 | 1.12 |
| Partner Type | |||
| Prologis, L.P. | |||
| Rental income | 1,178,609 | 1,227,975 | 1,459,461 |
| Rental recoveries | 348,740 | 331,518 | 364,320 |
| Strategic capital income | 219,871 | 179,472 | 126,779 |
| Development management and other income | 13,567 | 11,521 | 9,958 |
| Total revenues | 1,760,787 | 1,750,486 | 1,960,518 |
| Rental expenses | 430,787 | 451,938 | 491,239 |
| Strategic capital expenses | 96,496 | 89,279 | 63,820 |
| General and administrative expenses | 247,768 | 229,207 | 228,068 |
| Depreciation and amortization | 642,461 | 648,668 | 724,262 |
| Other expenses | 23,467 | 26,982 | 26,556 |
| Merger, acquisition and other integration expenses | 80,676 | ||
| Impairment of real estate properties | 252,914 | ||
| Total expenses | 1,440,979 | 1,446,074 | 1,867,535 |
| Operating income | 319,808 | 304,412 | 92,983 |
| Earnings from unconsolidated entities, net | 134,288 | 97,220 | 31,676 |
| Interest expense | (308,885) | (379,327) | (505,215) |
| Interest and other income, net | 25,768 | 26,948 | 22,878 |
| Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net | 725,790 | 597,656 | 305,607 |
| Foreign currency and derivative losses and related amortization, net | (17,841) | (33,633) | (20,497) |
| Losses on early extinguishment of debt, net | (165,300) | (277,014) | (14,114) |
| Impairment of other assets | (16,135) | ||
| Total other income (expense) | 393,820 | 31,850 | (195,800) |
| Earnings (loss) before income taxes | 713,628 | 336,262 | (102,817) |
| Current income tax expense | (61,584) | (126,180) | (17,870) |
| Deferred income tax benefit | 87,240 | 19,447 | 14,290 |
| Total income tax benefit (expense) | 25,656 | (106,733) | (3,580) |
| Earnings (loss) from continuing operations | 739,284 | 229,529 | (106,397) |
| Income attributable to disposed properties and assets held for sale | 6,970 | 40,827 | |
| Net gains on dispositions, including related impairment charges and taxes | 116,550 | 35,098 | |
| Total discontinued operations | 123,520 | 75,925 | |
| Consolidated net earnings (loss) | 739,284 | 353,049 | (30,472) |
| Net earnings attributable to noncontrolling interests | (100,900) | (8,920) | (9,410) |
| Net earnings (loss) attributable to controlling interests | 638,384 | 344,129 | (39,882) |
| Less preferred stock dividends | 7,431 | 18,391 | 41,226 |
| Loss on preferred stock redemption / repurchase | 6,517 | 9,108 | |
| Net earnings (loss) attributable to common stockholders | 624,436 | 316,630 | (81,108) |
| Weighted average common shares outstanding - Basic | 501,349 | 487,936 | 461,848 |
| Weighted average common shares outstanding - Diluted | 506,391 | 491,546 | 461,848 |
| Continuing operations | 1.25 | 0.40 | (0.34) |
| Discontinued operations | 0.25 | 0.16 | |
| Net earnings (loss) per share attributable to common stockholders - Basic | 1.25 | 0.65 | (0.18) |
| Continuing operations | 1.24 | 0.39 | (0.34) |
| Discontinued operations | 0.25 | 0.16 | |
| Net earnings (loss) per share attributable to common stockholders - Diluted | 1.24 | 0.64 | (0.18) |
| Dividends per common share | 1.32 | 1.12 | 1.12 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2014 | |||
Consolidated Statements of Comprehensive Income (Loss) | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 25, 2015) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Consolidated net earnings (loss) | $ 739,284 | 353,049 | (30,472) |
| Other comprehensive income (loss): | |||
| Foreign currency translation losses, net | (171,401) | (234,680) | (79,014) |
| Unrealized gains (losses) and amortization on derivative contracts, net | (6,498) | 19,590 | 17,986 |
| Comprehensive income (loss) | 561,385 | 137,959 | (91,500) |
| Net earnings attributable to noncontrolling interests | (103,101) | (10,128) | (9,248) |
| Other comprehensive loss attributable to noncontrolling interest | 13,237 | 12,978 | 9,786 |
| Comprehensive income (loss) attributable to common stockholders/unitholders | 471,521 | 140,809 | (90,962) |
| Partner Type | |||
| Prologis, L.P. | |||
| Consolidated net earnings (loss) | 739,284 | 353,049 | (30,472) |
| Foreign currency translation losses, net | (171,401) | (234,680) | (79,014) |
| Unrealized gains (losses) and amortization on derivative contracts, net | (6,498) | 19,590 | 17,986 |
| Comprehensive income (loss) | 561,385 | 137,959 | (91,500) |
| Net earnings attributable to noncontrolling interests | (100,900) | (8,920) | (9,410) |
| Other comprehensive loss attributable to noncontrolling interest | 12,666 | 12,261 | 9,573 |
| Comprehensive income (loss) attributable to common stockholders/unitholders | 473,151 | 141,300 | (91,337) |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2014 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 25, 2015) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Operating activities: | |||
| Consolidated net earnings (loss) | $ 739,284 | 353,049 | (30,472) |
| Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
| Straight-lined rents | (42,829) | (46,861) | (62,290) |
| Equity-based compensation awards | 57,478 | 49,239 | 32,138 |
| Depreciation and amortization | 642,461 | 664,007 | 767,459 |
| Earnings from unconsolidated entities, net | (134,288) | (97,220) | (31,676) |
| Distributions and net changes in operating receivables from unconsolidated entities | 110,435 | 75,859 | 6,581 |
| Amortization of debt and lease intangibles | 21,113 | 10,140 | 21,008 |
| Non-cash Merger, acquisition and other integration expenses | 17,581 | ||
| Impairment of real estate properties and other assets | 269,049 | ||
| Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net | (725,790) | (715,758) | (348,615) |
| Losses on early extinguishment of debt, net | 165,300 | 277,014 | 14,114 |
| Unrealized foreign currency and derivative losses (gains) and related amortization, net | 22,571 | 28,619 | 14,892 |
| Deferred income tax benefit | (87,240) | (20,067) | (21,967) |
| Increase in accounts receivable and other assets | (93) | (12,912) | (178,387) |
| Decrease in accounts payable and accrued expenses and other liabilities | (63,871) | (80,120) | (5,923) |
| Net cash provided by operating activities | 704,531 | 484,989 | 463,492 |
| Investing activities: | |||
| Real estate development activity | (1,051,181) | (845,234) | (793,349) |
| Real estate acquisitions | (612,330) | (514,611) | (254,414) |
| Tenant improvements and lease commissions on previously leased space | (133,957) | (145,424) | (133,558) |
| Non-development capital expenditures | (78,610) | (82,610) | (80,612) |
| Investments in and advances to unconsolidated entities | (739,635) | (1,221,155) | (165,011) |
| Return of investment from unconsolidated entities | 244,306 | 411,853 | 291,679 |
| Proceeds from dispositions and contributions of real estate properties | 2,285,488 | 5,409,745 | 1,975,036 |
| Acquisition of unconsolidated co-investment ventures, net of cash received | (590,390) | (678,642) | (365,156) |
| Proceeds from repayment of notes receivable backed by real estate | 188,000 | 55,000 | |
| Net cash provided by (used in) investing activities | (488,309) | 2,333,922 | 529,615 |
| Financing activities: | |||
| Proceeds from issuance of common stock | 378,247 | 1,505,791 | 30,981 |
| Distributions paid on common and preferred units | (672,190) | (573,854) | (567,834) |
| Redemption of preferred stock | (27,643) | (482,500) | |
| Noncontrolling interest contributions | 468,280 | 145,522 | 70,820 |
| Noncontrolling interest distributions | (315,426) | (115,999) | (44,070) |
| Purchase of noncontrolling interest | (2,440) | (250,740) | (142,064) |
| Debt and capital issuance costs paid | (23,420) | (77,017) | (10,963) |
| Net proceeds from (payments on) credit facilities | (717,369) | (93,075) | 9,064 |
| Repurchase and payment of debt | (4,205,806) | (6,012,433) | (1,850,699) |
| Proceeds from the issuance of debt | 4,779,950 | 3,588,683 | 1,433,254 |
| Net cash used in financing activities | (337,817) | (2,365,622) | (1,071,511) |
| Effect of foreign currency exchange rate changes on cash | (18,842) | (62,970) | 3,142 |
| Net increase (decrease) in cash and cash equivalents | (140,437) | 390,319 | (75,262) |
| Cash and cash equivalents, beginning of year | 491,129 | 100,810 | |
| Cash and cash equivalents, end of year | 350,692 | 491,129 | 100,810 |
| Partner Type | |||
| Prologis, L.P. | |||
| Consolidated net earnings (loss) | 739,284 | 353,049 | (30,472) |
| Straight-lined rents | (42,829) | (46,861) | (62,290) |
| Equity-based compensation awards | 57,478 | 49,239 | 32,138 |
| Depreciation and amortization | 642,461 | 664,007 | 767,459 |
| Earnings from unconsolidated entities, net | (134,288) | (97,220) | (31,676) |
| Distributions and net changes in operating receivables from unconsolidated entities | 110,435 | 75,859 | 6,581 |
| Amortization of debt and lease intangibles | 21,113 | 10,140 | 21,008 |
| Non-cash Merger, acquisition and other integration expenses | 17,581 | ||
| Impairment of real estate properties and other assets | 269,049 | ||
| Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net | (725,790) | (715,758) | (348,615) |
| Losses on early extinguishment of debt, net | 165,300 | 277,014 | 14,114 |
| Unrealized foreign currency and derivative losses (gains) and related amortization, net | 22,571 | 28,619 | 14,892 |
| Deferred income tax benefit | (87,240) | (20,067) | (21,967) |
| Increase in accounts receivable and other assets | (93) | (12,912) | (178,387) |
| Decrease in accounts payable and accrued expenses and other liabilities | (63,871) | (80,120) | (5,923) |
| Net cash provided by operating activities | 704,531 | 484,989 | 463,492 |
| Real estate development activity | (1,051,181) | (845,234) | (793,349) |
| Real estate acquisitions | (612,330) | (514,611) | (254,414) |
| Tenant improvements and lease commissions on previously leased space | (133,957) | (145,424) | (133,558) |
| Non-development capital expenditures | (78,610) | (82,610) | (80,612) |
| Investments in and advances to unconsolidated entities | (739,635) | (1,221,155) | (165,011) |
| Return of investment from unconsolidated entities | 244,306 | 411,853 | 291,679 |
| Proceeds from dispositions and contributions of real estate properties | 2,285,488 | 5,409,745 | 1,975,036 |
| Acquisition of unconsolidated co-investment ventures, net of cash received | (590,390) | (678,642) | (365,156) |
| Proceeds from repayment of notes receivable backed by real estate | 188,000 | 55,000 | |
| Net cash provided by (used in) investing activities | (488,309) | 2,333,922 | 529,615 |
| Proceeds from issuance of common stock | 378,247 | 1,505,791 | 30,981 |
| Distributions paid on common and preferred units | (674,344) | (580,862) | (575,807) |
| Redemption of preferred stock | (27,643) | (482,500) | |
| Noncontrolling interest contributions | 468,280 | 145,522 | 70,820 |
| Noncontrolling interest distributions | (313,272) | (113,928) | (41,905) |
| Purchase of noncontrolling interest | (2,440) | (245,803) | (136,256) |
| Debt and capital issuance costs paid | (23,420) | (77,017) | (10,963) |
| Net proceeds from (payments on) credit facilities | (717,369) | (93,075) | 9,064 |
| Repurchase and payment of debt | (4,205,806) | (6,012,433) | (1,850,699) |
| Proceeds from the issuance of debt | 4,779,950 | 3,588,683 | 1,433,254 |
| Net cash used in financing activities | (337,817) | (2,365,622) | (1,071,511) |
| Effect of foreign currency exchange rate changes on cash | (18,842) | (62,970) | 3,142 |
| Net increase (decrease) in cash and cash equivalents | (140,437) | 390,319 | (75,262) |
| Cash and cash equivalents, beginning of year | 350,692 | 100,810 | 100,810 |
| Cash and cash equivalents, end of year | 350,692 | 100,810 | 100,810 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROLOGIS, INC. | ||
Ticker: PLD Fiscal Year: 2014 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2014 10-K (Filed: Feb 25, 2015) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2014 | Dec 31, 2013 | |
| ASSETS | ||
| Investments in real estate properties | $ 22,190,145 | 20,824,477 |
| Less accumulated depreciation | 2,790,781 | 2,568,998 |
| Net investments in real estate properties | 19,399,364 | 18,255,479 |
| Investments in and advances to unconsolidated entities | 4,824,724 | 4,430,239 |
| Assets held for sale | 43,934 | 4,042 |
| Notes receivable backed by real estate | 188,000 | |
| Net investments in real estate | 24,268,022 | 22,877,760 |
| Cash and cash equivalents | 350,692 | 491,129 |
| Accounts receivable | 103,445 | 107,955 |
| Other assets | 1,096,064 | 1,095,463 |
| Total assets | 25,818,223 | 24,572,307 |
| LIABILITIES AND CAPITAL | ||
| Liabilities: | ||
| Debt | 9,380,199 | 9,011,216 |
| Accounts payable and accrued expenses | 627,999 | 563,993 |
| Other liabilities | 626,426 | 820,645 |
| Total liabilities | 10,634,624 | 10,395,854 |
| Equity: | ||
| Prologis, Inc. stockholders' equity: | ||
| Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 100,000 shares authorized; 1,565 shares and 2,000 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively | 78,235 | 100,000 |
| Common stock; $0.01 par value; 509,498 shares and 498,799 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively | 5,095 | 4,988 |
| Additional paid-in capital | 18,467,009 | 17,974,509 |
| Accumulated other comprehensive loss | (600,337) | (435,675) |
| Distributions in excess of net earnings | (3,974,493) | (3,932,664) |
| Total Prologis, Inc. stockholders' equity | 13,975,509 | 13,711,158 |
| Partners' capital: | ||
| Noncontrolling interests | 1,208,090 | 465,295 |
| Total equity | 15,183,599 | 14,176,453 |
| Total liabilities and equity | 25,818,223 | 24,572,307 |
| Partner Type | ||
| Prologis, L.P. | ||
| Investments in real estate properties | 22,190,145 | 20,824,477 |
| Less accumulated depreciation | 2,790,781 | 2,568,998 |
| Net investments in real estate properties | 19,399,364 | 18,255,479 |
| Investments in and advances to unconsolidated entities | 4,824,724 | 4,430,239 |
| Assets held for sale | 43,934 | 4,042 |
| Notes receivable backed by real estate | 188,000 | |
| Net investments in real estate | 24,268,022 | 22,877,760 |
| Cash and cash equivalents | 350,692 | 491,129 |
| Accounts receivable | 103,445 | 107,955 |
| Other assets | 1,096,064 | 1,095,463 |
| Total assets | 25,818,223 | 24,572,307 |
| Debt | 9,380,199 | 9,011,216 |
| Accounts payable and accrued expenses | 627,999 | 563,993 |
| Other liabilities | 626,426 | 820,645 |
| Total liabilities | 10,634,624 | 10,395,854 |
| Limited partners | 48,189 | 48,209 |
| Total partners' capital | 14,023,698 | 13,759,367 |
| Noncontrolling interests | 1,159,901 | 417,086 |
| Total capital | 15,183,599 | 14,176,453 |
| Total liabilities and equity | 25,818,223 | 24,572,307 |
| Partner Capital Components | ||
| Preferred | ||
| Partner Type | ||
| Prologis, L.P. | ||
| General partner | 78,235 | 100,000 |
| Common | ||
| General partner | 13,897,274 | 13,611,158 |
| External Links | |
| PROLOGIS, INC. (PLD) Fiscal Year 2014 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |