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: 2020 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 11, 2021) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Operating activities: | |||
| Consolidated net earnings | $ 1,616,630 | 1,701,846 | 1,822,960 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Straight-lined rents and amortization of above and below market leases | (126,328) | (98,426) | (66,938) |
| Equity-based compensation awards | 109,831 | 97,557 | 76,093 |
| Depreciation and amortization | 1,561,969 | 1,139,879 | 947,214 |
| Earnings from unconsolidated entities, net | (297,370) | (200,178) | (298,260) |
| Operating distributions from unconsolidated entities | 450,622 | 346,517 | 349,877 |
| Decrease (increase) in operating receivables from unconsolidated entities | 14,670 | 11,557 | (39,890) |
| Amortization of debt discounts and debt issuance costs, net | 7,859 | 17,006 | 12,653 |
| Gains on dispositions of development properties and land, net | (464,942) | (467,577) | (469,817) |
| Gains on other dispositions of investments in real estate, net | (252,195) | (390,241) | (371,179) |
| Unrealized foreign currency and derivative losses (gains), net | 160,739 | 70,693 | (120,358) |
| Losses on early extinguishment of debt, net | 188,290 | 16,126 | 2,586 |
| Deferred income tax expense | 744 | 12,221 | 1,448 |
| Increase in accounts receivable, lease right-of-use assets and other assets | (127,619) | (108,165) | (72,955) |
| Increase in accounts payable and accrued expenses, lease liabilities and other liabilities | 94,105 | 115,219 | 30,125 |
| Net cash provided by operating activities | 2,937,005 | 2,264,034 | 1,803,559 |
| Investing activities: | |||
| Real estate development | (1,920,218) | (1,795,137) | (1,953,144) |
| Real estate acquisitions | (1,239,034) | (1,006,043) | (999,131) |
| Tenant improvements and lease commissions on previously leased space | (221,491) | (179,274) | (134,868) |
| Property improvements | (149,491) | (143,029) | (93,073) |
| Proceeds from dispositions and contributions of real estate properties | 2,281,940 | 2,331,623 | 2,310,388 |
| Investments in and advances to unconsolidated entities | (385,936) | (276,169) | (160,358) |
| Return of investment from unconsolidated entities | 257,065 | 389,463 | 360,278 |
| Proceeds from repayment of notes receivable backed by real estate | 4,312 | 0 | 34,260 |
| Proceeds from the settlement of net investment hedges | 2,352 | 23,640 | 29,425 |
| Payments on the settlement of net investment hedges | (9,034) | (30,424) | (11,703) |
| Net cash used in investing activities | (3,074,330) | (685,350) | (663,796) |
| Financing activities: | |||
| Proceeds from issuance of common stock/units | 2,217 | 6,082 | 6,891 |
| Repurchase and retirement of common stock | (34,829) | 0 | 0 |
| Repurchase of preferred stock | (7,200) | 0 | 0 |
| Dividends/distributions paid on common and preferred stock/units | (1,722,989) | (1,345,660) | (1,123,367) |
| Noncontrolling interests contributions | 917,092 | 11,604 | 170,066 |
| Noncontrolling interests distributions | (361,636) | (164,419) | (224,850) |
| Settlement of noncontrolling interests | (116,978) | (109,811) | (75,920) |
| Tax paid for shares withheld | (24,887) | (22,434) | (26,508) |
| Debt and equity issuance costs paid | (54,204) | (17,656) | (17,446) |
| Net proceeds from (payments on) credit facilities | (10,959) | 127,566 | (674,559) |
| Repurchase of and payments on debt | (6,782,306) | (3,301,827) | (4,166,088) |
| Proceeds from the issuance of debt | 7,824,517 | 3,976,956 | 4,899,680 |
| Net cash used in financing activities | (372,162) | (839,599) | (1,232,101) |
| Effect of foreign currency exchange rate changes on cash | 18,718 | 5,914 | (10,852) |
| Net increase (decrease) in cash and cash equivalents | (490,769) | 744,999 | (103,190) |
| Cash and cash equivalents, beginning of year | 1,088,855 | 343,856 | |
| Cash and cash equivalents, end of year | 598,086 | 1,088,855 | 343,856 |
| Business Acquisition | |||
| Liberty Transaction | |||
| Transaction, net of cash acquired | (29,436) | 0 | 0 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Transaction, net of cash acquired | (29,436) | 0 | 0 |
| IPT Transaction | |||
| Transaction, net of cash acquired | (1,665,359) | 0 | 0 |
| Transaction, net of cash acquired | (1,665,359) | 0 | 0 |
| DCT Transaction | |||
| Transaction, net of cash acquired | 0 | 0 | (45,870) |
| Transaction, net of cash acquired | 0 | 0 | (45,870) |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 1,616,630 | 1,701,846 | 1,822,960 |
| Straight-lined rents and amortization of above and below market leases | (126,328) | (98,426) | (66,938) |
| Equity-based compensation awards | 109,831 | 97,557 | 76,093 |
| Depreciation and amortization | 1,561,969 | 1,139,879 | 947,214 |
| Earnings from unconsolidated entities, net | (297,370) | (200,178) | (298,260) |
| Operating distributions from unconsolidated entities | 450,622 | 346,517 | 349,877 |
| Decrease (increase) in operating receivables from unconsolidated entities | 14,670 | 11,557 | (39,890) |
| Amortization of debt discounts and debt issuance costs, net | 7,859 | 17,006 | 12,653 |
| Gains on dispositions of development properties and land, net | (464,942) | (467,577) | (469,817) |
| Gains on other dispositions of investments in real estate, net | (252,195) | (390,241) | (371,179) |
| Unrealized foreign currency and derivative losses (gains), net | 160,739 | 70,693 | (120,358) |
| Losses on early extinguishment of debt, net | 188,290 | 16,126 | 2,586 |
| Deferred income tax expense | 744 | 12,221 | 1,448 |
| Increase in accounts receivable, lease right-of-use assets and other assets | (127,619) | (108,165) | (72,955) |
| Increase in accounts payable and accrued expenses, lease liabilities and other liabilities | 94,105 | 115,219 | 30,125 |
| Net cash provided by operating activities | 2,937,005 | 2,264,034 | 1,803,559 |
| Real estate development | (1,920,218) | (1,795,137) | (1,953,144) |
| Real estate acquisitions | (1,239,034) | (1,006,043) | (999,131) |
| Tenant improvements and lease commissions on previously leased space | (221,491) | (179,274) | (134,868) |
| Property improvements | (149,491) | (143,029) | (93,073) |
| Proceeds from dispositions and contributions of real estate properties | 2,281,940 | 2,331,623 | 2,310,388 |
| Investments in and advances to unconsolidated entities | (385,936) | (276,169) | (160,358) |
| Return of investment from unconsolidated entities | 257,065 | 389,463 | 360,278 |
| Proceeds from repayment of notes receivable backed by real estate | 4,312 | 0 | 34,260 |
| Proceeds from the settlement of net investment hedges | 2,352 | 23,640 | 29,425 |
| Payments on the settlement of net investment hedges | (9,034) | (30,424) | (11,703) |
| Net cash used in investing activities | (3,074,330) | (685,350) | (663,796) |
| Proceeds from issuance of common stock/units | 2,217 | 6,082 | 6,891 |
| Repurchase and retirement of common stock | (34,829) | 0 | 0 |
| Repurchase of preferred stock | (7,200) | 0 | 0 |
| Dividends/distributions paid on common and preferred stock/units | (1,781,482) | (1,396,051) | (1,168,133) |
| Noncontrolling interests contributions | 917,092 | 11,604 | 170,066 |
| Noncontrolling interests distributions | (303,143) | (114,028) | (180,084) |
| Settlement of noncontrolling interests | 0 | (22,471) | (22,728) |
| Redemption of common limited partnership units | (116,978) | (87,340) | (53,192) |
| Tax paid for shares of the Parent withheld | (24,887) | (22,434) | (26,508) |
| Debt and equity issuance costs paid | (54,204) | (17,656) | (17,446) |
| Net proceeds from (payments on) credit facilities | (10,959) | 127,566 | (674,559) |
| Repurchase of and payments on debt | (6,782,306) | (3,301,827) | (4,166,088) |
| Proceeds from the issuance of debt | 7,824,517 | 3,976,956 | 4,899,680 |
| Net cash used in financing activities | (372,162) | (839,599) | (1,232,101) |
| Effect of foreign currency exchange rate changes on cash | 18,718 | 5,914 | (10,852) |
| Net increase (decrease) in cash and cash equivalents | (490,769) | 744,999 | (103,190) |
| Cash and cash equivalents, beginning of year | 598,086 | 343,856 | 343,856 |
| Cash and cash equivalents, end of year | 598,086 | 343,856 | 343,856 |
| External Links | |
| PROLOGIS, INC. (PLD) Fiscal Year 2020 | |
| 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 |