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: 2019 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 11, 2020) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Revenues: | |||
| Rental | $ 2,831,818 | 2,388,791 | 2,225,141 |
| Strategic capital | 491,886 | 406,300 | 373,889 |
| Development management and other | 6,917 | 9,358 | 19,104 |
| Total revenues | 3,330,621 | 2,804,449 | 2,618,134 |
| Expenses: | |||
| Rental | 734,266 | 600,648 | 569,523 |
| Strategic capital | 184,661 | 157,040 | 155,141 |
| General and administrative | 266,718 | 238,985 | 231,059 |
| Depreciation and amortization | 1,139,879 | 947,214 | 879,140 |
| Other | 13,149 | 13,560 | 12,205 |
| Total expenses | 2,338,673 | 1,957,447 | 1,847,068 |
| Operating income before gains on real estate transactions, net | 991,948 | 847,002 | 771,066 |
| Gains on dispositions of development properties and land, net | 467,577 | 469,817 | 327,528 |
| Gains on other dispositions of investments in real estate, net | 390,241 | 371,179 | 855,437 |
| Operating income | 1,849,766 | 1,687,998 | 1,954,031 |
| Other income (expense): | |||
| Earnings from unconsolidated entities, net | 200,178 | 298,260 | 248,567 |
| Interest expense | (239,953) | (229,141) | (274,486) |
| Interest and other income, net | 24,213 | 14,663 | 13,731 |
| Foreign currency and derivative gains (losses), net | (41,715) | 117,096 | (57,896) |
| Losses on early extinguishment of debt, net | (16,126) | (2,586) | (68,379) |
| Total other income (expense) | (73,403) | 198,292 | (138,463) |
| Earnings before income taxes | 1,776,363 | 1,886,290 | 1,815,568 |
| Total income tax expense | 74,517 | 63,330 | 54,609 |
| Consolidated net earnings | 1,701,846 | 1,822,960 | 1,760,959 |
| Less net earnings attributable to noncontrolling interests | 128,887 | 173,599 | 108,634 |
| Net earnings attributable to controlling interests | 1,572,959 | 1,649,361 | 1,652,325 |
| Less preferred stock/unit dividends/distributions | 6,009 | 5,935 | 6,499 |
| Loss on preferred stock/unit repurchase | 0 | 0 | 3,895 |
| Net earnings attributable to common stockholders/unitholders | 1,566,950 | 1,643,426 | 1,641,931 |
| Weighted average common shares/units outstanding - Basic | 630,580 | 567,367 | 530,400 |
| Weighted average common shares/units outstanding - Diluted | 654,903 | 590,239 | 552,300 |
| Net earnings per share/unit attributable to common stockholders/unitholders - Basic | 2.48 | 2.90 | 3.10 |
| Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | 2.46 | 2.87 | 3.06 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Rental | 2,831,818 | 2,388,791 | 2,225,141 |
| Strategic capital | 491,886 | 406,300 | 373,889 |
| Development management and other | 6,917 | 9,358 | 19,104 |
| Total revenues | 3,330,621 | 2,804,449 | 2,618,134 |
| Rental | 734,266 | 600,648 | 569,523 |
| Strategic capital | 184,661 | 157,040 | 155,141 |
| General and administrative | 266,718 | 238,985 | 231,059 |
| Depreciation and amortization | 1,139,879 | 947,214 | 879,140 |
| Other | 13,149 | 13,560 | 12,205 |
| Total expenses | 2,338,673 | 1,957,447 | 1,847,068 |
| Operating income before gains on real estate transactions, net | 991,948 | 847,002 | 771,066 |
| Gains on dispositions of development properties and land, net | 467,577 | 469,817 | 327,528 |
| Gains on other dispositions of investments in real estate, net | 390,241 | 371,179 | 855,437 |
| Operating income | 1,849,766 | 1,687,998 | 1,954,031 |
| Earnings from unconsolidated entities, net | 200,178 | 298,260 | 248,567 |
| Interest expense | (239,953) | (229,141) | (274,486) |
| Interest and other income, net | 24,213 | 14,663 | 13,731 |
| Foreign currency and derivative gains (losses), net | (41,715) | 117,096 | (57,896) |
| Losses on early extinguishment of debt, net | (16,126) | (2,586) | (68,379) |
| Total other income (expense) | (73,403) | 198,292 | (138,463) |
| Earnings before income taxes | 1,776,363 | 1,886,290 | 1,815,568 |
| Total income tax expense | 74,517 | 63,330 | 54,609 |
| Consolidated net earnings | 1,701,846 | 1,822,960 | 1,760,959 |
| Less net earnings attributable to noncontrolling interests | 82,222 | 124,712 | 63,620 |
| Net earnings attributable to controlling interests | 1,619,624 | 1,698,248 | 1,697,339 |
| Less preferred stock/unit dividends/distributions | 6,009 | 5,935 | 6,499 |
| Loss on preferred stock/unit repurchase | 0 | 0 | 3,895 |
| Net earnings attributable to common stockholders/unitholders | 1,613,615 | 1,692,313 | 1,686,945 |
| Weighted average common shares/units outstanding - Basic | 641,128 | 575,798 | 536,335 |
| Weighted average common shares/units outstanding - Diluted | 654,903 | 590,239 | 552,300 |
| Net earnings per share/unit attributable to common stockholders/unitholders - Basic | 2.48 | 2.90 | 3.10 |
| Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | 2.46 | 2.87 | 3.06 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2019 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 11, 2020) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Consolidated net earnings | $ 1,701,846 | 1,822,960 | 1,760,959 |
| Other comprehensive income (loss): | |||
| Foreign currency translation gains (losses), net | 98,482 | (190,590) | 63,455 |
| Unrealized gains (losses) on derivative contracts, net | (1,335) | (1,323) | 22,591 |
| Comprehensive income | 1,798,993 | 1,631,047 | 1,847,005 |
| Net earnings attributable to noncontrolling interests | (128,887) | (173,599) | (108,634) |
| Other comprehensive loss (income) attributable to noncontrolling interests | (2,874) | 8,900 | (50,231) |
| Comprehensive income attributable to common stockholders / unitholders | 1,667,232 | 1,466,348 | 1,688,140 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 1,701,846 | 1,822,960 | 1,760,959 |
| Foreign currency translation gains (losses), net | 98,482 | (190,590) | 63,455 |
| Unrealized gains (losses) on derivative contracts, net | (1,335) | (1,323) | 22,591 |
| Comprehensive income | 1,798,993 | 1,631,047 | 1,847,005 |
| Net earnings attributable to noncontrolling interests | (82,222) | (124,712) | (63,620) |
| Other comprehensive loss (income) attributable to noncontrolling interests | (188) | 3,416 | (49,278) |
| Comprehensive income attributable to common stockholders / unitholders | 1,716,583 | 1,509,751 | 1,734,107 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2019 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 11, 2020) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Operating activities: | |||
| Consolidated net earnings | $ 1,701,846 | 1,822,960 | 1,760,959 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Straight-lined rents and amortization of above and below market leases | (98,426) | (66,938) | (81,021) |
| Equity-based compensation awards | 97,557 | 76,093 | 76,640 |
| Depreciation and amortization | 1,139,879 | 947,214 | 879,140 |
| Earnings from unconsolidated entities, net | (200,178) | (298,260) | (248,567) |
| Operating distributions from unconsolidated entities | 346,517 | 349,877 | 307,220 |
| Decrease (increase) in operating receivables from unconsolidated entities | 11,557 | (39,890) | (30,893) |
| Amortization of debt discounts and debt issuance costs, net | 17,006 | 12,653 | 751 |
| Gains on dispositions of development properties and land, net | (467,577) | (469,817) | (327,528) |
| Gains on other dispositions of investments in real estate, net | (390,241) | (371,179) | (855,437) |
| Unrealized foreign currency and derivative losses (gains), net | 70,693 | (120,358) | 68,956 |
| Losses on early extinguishment of debt, net | 16,126 | 2,586 | 68,379 |
| Deferred income tax expense (benefit) | 12,221 | 1,448 | (5,005) |
| Decrease (increase) in accounts receivable, lease right-of-use assets and other assets | (108,165) | (72,955) | 37,278 |
| Increase in accounts payable and accrued expenses, lease liabilities and other liabilities | 115,219 | 30,125 | 36,374 |
| Net cash provided by operating activities | 2,264,034 | 1,803,559 | 1,687,246 |
| Investing activities: | |||
| Real estate development | (1,795,137) | (1,953,144) | (1,606,133) |
| DCT Transaction, net of cash acquired | 0 | (45,870) | 0 |
| Real estate acquisitions | (1,006,043) | (999,131) | (442,696) |
| Tenant improvements and lease commissions on previously leased space | (179,274) | (134,868) | (153,255) |
| Property improvements | (143,029) | (93,073) | (110,635) |
| Proceeds from dispositions and contributions of real estate properties | 2,331,623 | 2,310,388 | 3,236,603 |
| Investments in and advances to unconsolidated entities | (276,169) | (160,358) | (249,735) |
| Acquisition of a controlling interest in unconsolidated entities, net of cash received | 0 | 0 | (374,605) |
| Return of investment from unconsolidated entities | 389,463 | 360,278 | 209,151 |
| Proceeds from repayment of notes receivable backed by real estate | 0 | 34,260 | 32,100 |
| Proceeds from the settlement of net investment hedges | 23,640 | 29,425 | 7,541 |
| Payments on the settlement of net investment hedges | (30,424) | (11,703) | (5,058) |
| Net cash provided by (used in) investing activities | (685,350) | (663,796) | 543,278 |
| Financing activities: | |||
| Proceeds from issuance of common stock/units | 6,082 | 6,891 | 32,858 |
| Dividends/distributions paid on common and preferred stock/units | (1,345,660) | (1,123,367) | (942,884) |
| Repurchase of preferred stock/units | 0 | 0 | (13,182) |
| Noncontrolling interests contributions | 11,604 | 170,066 | 240,925 |
| Noncontrolling interests distributions | (164,419) | (224,850) | (207,788) |
| Settlement of noncontrolling interests | (109,811) | (75,920) | (813,847) |
| Tax paid for shares withheld | (22,434) | (26,508) | (19,775) |
| Debt and equity issuance costs paid | (17,656) | (17,446) | (7,054) |
| Net proceeds from (payments on) credit facilities | 127,566 | (674,559) | 283,255 |
| Repurchase of and payments on debt | (3,301,827) | (4,166,088) | (3,578,889) |
| Proceeds from the issuance of debt | 3,976,956 | 4,899,680 | 2,419,797 |
| Net cash used in financing activities | (839,599) | (1,232,101) | (2,606,584) |
| Effect of foreign currency exchange rate changes on cash | 5,914 | (10,852) | 15,790 |
| Net increase (decrease) in cash and cash equivalents | 744,999 | (103,190) | (360,270) |
| Cash and cash equivalents, beginning of year | 343,856 | 447,046 | |
| Cash and cash equivalents, end of year | 1,088,855 | 343,856 | 447,046 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 1,701,846 | 1,822,960 | 1,760,959 |
| Straight-lined rents and amortization of above and below market leases | (98,426) | (66,938) | (81,021) |
| Equity-based compensation awards | 97,557 | 76,093 | 76,640 |
| Depreciation and amortization | 1,139,879 | 947,214 | 879,140 |
| Earnings from unconsolidated entities, net | (200,178) | (298,260) | (248,567) |
| Operating distributions from unconsolidated entities | 346,517 | 349,877 | 307,220 |
| Decrease (increase) in operating receivables from unconsolidated entities | 11,557 | (39,890) | (30,893) |
| Amortization of debt discounts and debt issuance costs, net | 17,006 | 12,653 | 751 |
| Gains on dispositions of development properties and land, net | (467,577) | (469,817) | (327,528) |
| Gains on other dispositions of investments in real estate, net | (390,241) | (371,179) | (855,437) |
| Unrealized foreign currency and derivative losses (gains), net | 70,693 | (120,358) | 68,956 |
| Losses on early extinguishment of debt, net | 16,126 | 2,586 | 68,379 |
| Deferred income tax expense (benefit) | 12,221 | 1,448 | (5,005) |
| Decrease (increase) in accounts receivable, lease right-of-use assets and other assets | (108,165) | (72,955) | 37,278 |
| Increase in accounts payable and accrued expenses, lease liabilities and other liabilities | 115,219 | 30,125 | 36,374 |
| Net cash provided by operating activities | 2,264,034 | 1,803,559 | 1,687,246 |
| Real estate development | (1,795,137) | (1,953,144) | (1,606,133) |
| DCT Transaction, net of cash acquired | 0 | (45,870) | 0 |
| Real estate acquisitions | (1,006,043) | (999,131) | (442,696) |
| Tenant improvements and lease commissions on previously leased space | (179,274) | (134,868) | (153,255) |
| Property improvements | (143,029) | (93,073) | (110,635) |
| Proceeds from dispositions and contributions of real estate properties | 2,331,623 | 2,310,388 | 3,236,603 |
| Investments in and advances to unconsolidated entities | (276,169) | (160,358) | (249,735) |
| Acquisition of a controlling interest in unconsolidated entities, net of cash received | 0 | 0 | (374,605) |
| Return of investment from unconsolidated entities | 389,463 | 360,278 | 209,151 |
| Proceeds from repayment of notes receivable backed by real estate | 0 | 34,260 | 32,100 |
| Proceeds from the settlement of net investment hedges | 23,640 | 29,425 | 7,541 |
| Payments on the settlement of net investment hedges | (30,424) | (11,703) | (5,058) |
| Net cash provided by (used in) investing activities | (685,350) | (663,796) | 543,278 |
| Proceeds from issuance of common stock/units | 6,082 | 6,891 | 32,858 |
| Dividends/distributions paid on common and preferred stock/units | (1,396,051) | (1,168,133) | (980,105) |
| Repurchase of preferred stock/units | 0 | 0 | (13,182) |
| Noncontrolling interests contributions | 11,604 | 170,066 | 240,925 |
| Noncontrolling interests distributions | (114,028) | (180,084) | (170,567) |
| Settlement of noncontrolling interests | (22,471) | (22,728) | (790,016) |
| Redemption of common limited partnership units | (87,340) | (53,192) | (23,831) |
| Tax paid for shares of the Parent withheld | (22,434) | (26,508) | (19,775) |
| Debt and equity issuance costs paid | (17,656) | (17,446) | (7,054) |
| Net proceeds from (payments on) credit facilities | 127,566 | (674,559) | 283,255 |
| Repurchase of and payments on debt | (3,301,827) | (4,166,088) | (3,578,889) |
| Proceeds from the issuance of debt | 3,976,956 | 4,899,680 | 2,419,797 |
| Net cash used in financing activities | (839,599) | (1,232,101) | (2,606,584) |
| Effect of foreign currency exchange rate changes on cash | 5,914 | (10,852) | 15,790 |
| Net increase (decrease) in cash and cash equivalents | 744,999 | (103,190) | (360,270) |
| Cash and cash equivalents, beginning of year | 1,088,855 | 447,046 | 447,046 |
| Cash and cash equivalents, end of year | 1,088,855 | 447,046 | 447,046 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROLOGIS, INC. | ||
Ticker: PLD Fiscal Year: 2019 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2019 10-K (Filed: Feb 11, 2020) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2019 | Dec 31, 2018 | |
| ASSETS | ||
| Investments in real estate properties | $ 35,224,414 | 34,586,987 |
| Less accumulated depreciation | 5,437,662 | 4,656,680 |
| Net investments in real estate properties | 29,786,752 | 29,930,307 |
| Investments in and advances to unconsolidated entities | 6,237,371 | 5,745,294 |
| Assets held for sale or contribution | 720,685 | 622,288 |
| Net investments in real estate | 36,744,808 | 36,297,889 |
| Lease right-of-use assets | 486,330 | 0 |
| Cash and cash equivalents | 1,088,855 | 343,856 |
| Other assets | 1,711,857 | 1,775,919 |
| Total assets | 40,031,850 | 38,417,664 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Debt | 11,905,877 | 11,089,815 |
| Lease liabilities | 471,634 | 0 |
| Accounts payable and accrued expenses | 704,954 | 760,515 |
| Other liabilities | 877,601 | 766,446 |
| Total liabilities | 13,960,066 | 12,616,776 |
| Equity: | ||
| Prologis, Inc. stockholders equity: | ||
| Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,379 shares issued and outstanding and 100,000 preferred shares authorized at December 31, 2019 and 2018 | 68,948 | 68,948 |
| Common stock; $0.01 par value; 631,797 and 629,616 shares issued and outstanding at December 31, 2019 and 2018, respectively | 6,318 | 6,296 |
| Additional paid-in capital | 25,719,427 | 25,685,987 |
| Accumulated other comprehensive loss | (990,398) | (1,084,671) |
| Distributions in excess of net earnings | (2,151,168) | (2,378,467) |
| Total Prologis, Inc. stockholders equity | 22,653,127 | 22,298,093 |
| Capital: | ||
| Partners' capital: | ||
| Noncontrolling interests | 3,418,657 | 3,502,795 |
| Total equity | 26,071,784 | 25,800,888 |
| Total liabilities and equity | 40,031,850 | 38,417,664 |
| Consolidated Entities | ||
| Prologis, L.P. | ||
| Investments in real estate properties | 35,224,414 | 34,586,987 |
| Less accumulated depreciation | 5,437,662 | 4,656,680 |
| Net investments in real estate properties | 29,786,752 | 29,930,307 |
| Investments in and advances to unconsolidated entities | 6,237,371 | 5,745,294 |
| Assets held for sale or contribution | 720,685 | 622,288 |
| Net investments in real estate | 36,744,808 | 36,297,889 |
| Lease right-of-use assets | 486,330 | 0 |
| Cash and cash equivalents | 1,088,855 | 343,856 |
| Other assets | 1,711,857 | 1,775,919 |
| Total assets | 40,031,850 | 38,417,664 |
| Debt | 11,905,877 | 11,089,815 |
| Lease liabilities | 471,634 | 0 |
| Accounts payable and accrued expenses | 704,954 | 760,515 |
| Other liabilities | 877,601 | 766,446 |
| Total liabilities | 13,960,066 | 12,616,776 |
| Total partners' capital | 23,296,390 | 22,964,419 |
| Noncontrolling interests | 2,775,394 | 2,836,469 |
| Total capital | 26,071,784 | 25,800,888 |
| Total liabilities and equity | 40,031,850 | 38,417,664 |
| Partner Capital Components | ||
| Common | ||
| General partner | 22,584,179 | 22,229,145 |
| Limited partners | 355,076 | 371,281 |
| Class A Common | ||
| Limited partners | 288,187 | 295,045 |
| Preferred | ||
| General partner | 68,948 | 68,948 |
| External Links | |
| PROLOGIS, INC. (PLD) Fiscal Year 2019 | |
| 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 |