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: 2013 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 26, 2014) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Revenues: | |||
| Rental income | $ 1,227,975 | 1,459,461 | 1,007,989 |
| Rental recoveries | 331,518 | 364,320 | 257,327 |
| Investment management income | 179,472 | 126,779 | 137,619 |
| Development management and other income | 11,521 | 9,958 | 18,836 |
| Total revenues | 1,750,486 | 1,960,518 | 1,421,771 |
| Expenses: | |||
| Rental expenses | 451,938 | 491,239 | 348,688 |
| Investment management expenses | 89,279 | 63,820 | 54,962 |
| General and administrative expenses | 229,207 | 228,068 | 195,161 |
| Depreciation and amortization | 648,668 | 724,262 | 542,419 |
| Other expenses | 26,982 | 26,556 | 24,031 |
| Merger, acquisition and other integration expenses | 80,676 | 140,495 | |
| Impairment of real estate properties | 252,914 | 21,237 | |
| Total expenses | 1,446,074 | 1,867,535 | 1,326,993 |
| Operating income | 304,412 | 92,983 | 94,778 |
| Other income (expense): | |||
| Earnings from unconsolidated entities, net | 97,220 | 31,676 | 59,935 |
| Interest expense | (379,327) | (505,215) | (466,571) |
| Interest and other income, net | 26,948 | 22,878 | 12,008 |
| Gains on acquisitions and dispositions of investments in real estate, net | 597,656 | 305,607 | 111,684 |
| Foreign currency and derivative gains (losses), net | (33,633) | (20,497) | 41,172 |
| Gain (loss) on early extinguishment of debt, net | (277,014) | (14,114) | 258 |
| Impairment of goodwill and other assets | (16,135) | (126,432) | |
| Total other income (expense) | 31,850 | (195,800) | (367,946) |
| Earnings (loss) before income taxes | 336,262 | (102,817) | (273,168) |
| Current income tax expense | 126,180 | 17,870 | 21,579 |
| Deferred income tax benefit | (19,447) | (14,290) | (19,803) |
| Total income tax expense (benefit) | 106,733 | 3,580 | 1,776 |
| Earnings (loss) from continuing operations | 229,529 | (106,397) | (274,944) |
| Discontinued operations: | |||
| Income attributable to disposed properties and assets held for sale | 6,970 | 40,827 | 58,392 |
| Net gains on dispositions, including related impairment charges and taxes | 116,550 | 35,098 | 58,614 |
| Total discontinued operations | 123,520 | 75,925 | 117,006 |
| Consolidated net earnings (loss) | 353,049 | (30,472) | (157,938) |
| Net loss (earnings) attributable to noncontrolling interests | (10,128) | (9,248) | 4,524 |
| Net earnings (loss) attributable to controlling interests | 342,921 | (39,720) | (153,414) |
| Less preferred stock dividend | 18,391 | 41,226 | 34,696 |
| Loss on preferred stock redemption | 9,108 | ||
| Net earnings (loss) attributable to common stockholders | 315,422 | (80,946) | (188,110) |
| Weighted average common shares outstanding-Basic | 486,076 | 459,895 | 370,534 |
| Weighted average common shares outstanding-Diluted | 491,546 | 461,848 | 371,730 |
| Net earnings (loss) per share attributable to common stockholders-Basic: | |||
| Continuing operations | 0.40 | (0.35) | (0.83) |
| Discontinued operations | 0.25 | 0.17 | 0.32 |
| Net earning (loss) per share attributable to common stockholders-Basic | 0.65 | (0.18) | (0.51) |
| Net earnings (loss) per share attributable to common stockholders-Diluted: | |||
| Continuing operations | 0.39 | (0.34) | (0.82) |
| Discontinued operations | 0.25 | 0.16 | 0.31 |
| Net eanrings (loss) per share attributable to common stockholders-Diluted | 0.64 | (0.18) | (0.51) |
| Dividends per common share | 1.12 | 1.12 | 1.06 |
| Legal Entity | |||
| Prologis, L.P. | |||
| Rental income | 1,227,975 | 1,459,461 | 1,007,989 |
| Rental recoveries | 331,518 | 364,320 | 257,327 |
| Investment management income | 179,472 | 126,779 | 137,619 |
| Development management and other income | 11,521 | 9,958 | 18,836 |
| Total revenues | 1,750,486 | 1,960,518 | 1,421,771 |
| Rental expenses | 451,938 | 491,239 | 348,688 |
| Investment management expenses | 89,279 | 63,820 | 54,962 |
| General and administrative expenses | 229,207 | 228,068 | 195,161 |
| Depreciation and amortization | 648,668 | 724,262 | 542,419 |
| Other expenses | 26,982 | 26,556 | 24,031 |
| Merger, acquisition and other integration expenses | 80,676 | 140,495 | |
| Impairment of real estate properties | 252,914 | 21,237 | |
| Total expenses | 1,446,074 | 1,867,535 | 1,326,993 |
| Operating income | 304,412 | 92,983 | 94,778 |
| Earnings from unconsolidated entities, net | 97,220 | 31,676 | 59,935 |
| Interest expense | (379,327) | (505,215) | (466,571) |
| Interest and other income, net | 26,948 | 22,878 | 12,008 |
| Gains on acquisitions and dispositions of investments in real estate, net | 597,656 | 305,607 | 111,684 |
| Foreign currency and derivative gains (losses), net | (33,633) | (20,497) | 41,172 |
| Gain (loss) on early extinguishment of debt, net | (277,014) | (14,114) | 258 |
| Impairment of goodwill and other assets | (16,135) | (126,432) | |
| Total other income (expense) | 31,850 | (195,800) | (367,946) |
| Earnings (loss) before income taxes | 336,262 | (102,817) | (273,168) |
| Current income tax expense | 126,180 | 17,870 | 21,579 |
| Deferred income tax benefit | (19,447) | (14,290) | (19,803) |
| Total income tax expense (benefit) | 106,733 | 3,580 | 1,776 |
| Earnings (loss) from continuing operations | 229,529 | (106,397) | (274,944) |
| Income attributable to disposed properties and assets held for sale | 6,970 | 40,827 | 58,392 |
| Net gains on dispositions, including related impairment charges and taxes | 116,550 | 35,098 | 58,614 |
| Total discontinued operations | 123,520 | 75,925 | 117,006 |
| Consolidated net earnings (loss) | 353,049 | (30,472) | (157,938) |
| Net loss (earnings) attributable to noncontrolling interests | (8,920) | (9,410) | 4,175 |
| Net earnings (loss) attributable to controlling interests | 344,129 | (39,882) | (153,763) |
| Less preferred stock dividend | 18,391 | 41,226 | 34,696 |
| Loss on preferred stock redemption | 9,108 | ||
| Net earnings (loss) attributable to common stockholders | 316,630 | (81,108) | (188,459) |
| Weighted average common shares outstanding-Basic | 487,936 | 461,848 | 371,730 |
| Weighted average common shares outstanding-Diluted | 491,546 | 461,848 | 371,730 |
| Continuing operations | 0.40 | (0.34) | (0.82) |
| Discontinued operations | 0.25 | 0.16 | 0.31 |
| Net earning (loss) per share attributable to common stockholders-Basic | 0.65 | (0.18) | (0.51) |
| Continuing operations | 0.39 | (0.34) | (0.82) |
| Discontinued operations | 0.25 | 0.16 | 0.31 |
| Net eanrings (loss) per share attributable to common stockholders-Diluted | 0.64 | (0.18) | (0.51) |
| Dividends per common share | 1.12 | 1.12 | 1.06 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2013 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 26, 2014) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Consolidated net earnings (loss) | $ 353,049 | (30,472) | (157,938) |
| Other comprehensive income (loss): | |||
| Foreign currency translation losses, net | (234,680) | (79,014) | (192,591) |
| Unrealized gain (loss) and amortization on derivative contracts, net | 19,590 | 17,986 | (8,166) |
| Comprehensive income (loss) | 137,959 | (91,500) | (358,695) |
| Net loss (earnings) attributable to noncontrolling interests | (10,128) | (9,248) | 4,524 |
| Other comprehensive loss attributable to noncontrolling interest | 12,978 | 9,786 | 21,596 |
| Comprehensive income (loss) attributable to common stockholders/unitholders | 140,809 | (90,962) | (332,575) |
| Legal Entity | |||
| Prologis, L.P. | |||
| Consolidated net earnings (loss) | 353,049 | (30,472) | (157,938) |
| Foreign currency translation losses, net | (234,680) | (79,014) | (192,591) |
| Unrealized gain (loss) and amortization on derivative contracts, net | 19,590 | 17,986 | (8,166) |
| Comprehensive income (loss) | 137,959 | (91,500) | (358,695) |
| Net loss (earnings) attributable to noncontrolling interests | (8,920) | (9,410) | 4,175 |
| Other comprehensive loss attributable to noncontrolling interest | 12,261 | 9,573 | 21,596 |
| Comprehensive income (loss) attributable to common stockholders/unitholders | 141,300 | (91,337) | (332,924) |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2013 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 26, 2014) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Operating activities: | |||
| Consolidated net earnings (loss) | $ 353,049 | (30,472) | (157,938) |
| Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
| Straight-lined rents | (46,861) | (62,290) | (59,384) |
| Stock-based compensation awards, net | 49,239 | 32,138 | 28,920 |
| Depreciation and amortization | 664,007 | 767,459 | 603,884 |
| Earnings from unconsolidated entities, net | (97,220) | (31,676) | (59,935) |
| Distributions and changes in operating receivables from unconsolidated entities | 75,859 | 6,581 | 58,981 |
| Amortization of debt and lease intangibles | 10,140 | 21,008 | 43,556 |
| Non-cash merger, acquisition and other integration expenses | 17,581 | 20,290 | |
| Impairment of real estate properties and other assets | 269,049 | 147,669 | |
| Net gains on dispositions, net of related impairment charges, in discontinued operations | (118,102) | (43,008) | (61,830) |
| Gains on acquisitions and dispositions of investments in real estate, net | (597,656) | (305,607) | (111,684) |
| Losses (gains) on early extinguishment of debt, net | 277,014 | 14,114 | (258) |
| Unrealized foreign currency and derivative losses (gains), net | 28,619 | 14,892 | (38,398) |
| Deferred income tax benefit | (20,067) | (21,967) | (19,803) |
| Increase in restricted cash, accounts receivable and other assets | (12,912) | (178,387) | (40,095) |
| Decrease in accounts payable and accrued expenses and other liabilities | (80,120) | (5,923) | (146,911) |
| Net cash provided by operating activities | 484,989 | 463,492 | 207,064 |
| Investing activities: | |||
| Real estate development activity | (845,234) | (793,349) | (811,035) |
| Real estate acquisitions, net of cash received | (514,611) | (254,414) | (214,759) |
| Tenant improvements and lease commissions on previously leased space | (145,424) | (133,558) | (88,368) |
| Non-development capital expenditures | (82,610) | (80,612) | (55,702) |
| Investments in and advances to unconsolidated entities, net | (1,221,155) | (165,011) | (37,755) |
| Return of investment from unconsolidated entities | 411,853 | 291,679 | 170,158 |
| Proceeds from dispositions and contributions of real estate properties | 5,409,745 | 1,975,036 | 1,644,152 |
| Proceeds from repayment of notes receivable backed by real estate and other notes receivable | 55,000 | 6,450 | |
| Acquisition, net of cash received | (678,642) | (365,156) | |
| Investments in notes receivable backed by real estate and advances on other notes receivable | (55,000) | ||
| Cash acquired in connection with the Merger | 234,045 | ||
| Net cash provided by (used in) investing activities | 2,333,922 | 529,615 | (233,065) |
| Financing activities: | |||
| Proceeds from issuance of common stock, net | 1,505,791 | 30,981 | 1,156,493 |
| Dividends paid on common stock | (552,170) | (520,253) | (387,133) |
| Dividends paid on preferred stock | (21,684) | (47,581) | (26,965) |
| Redemption of preferred stock | (482,500) | ||
| Noncontrolling interest contributions | 145,522 | 70,820 | 123,924 |
| Noncontrolling interest distributions | (115,999) | (44,070) | (17,378) |
| Purchase of noncontrolling interest | (250,740) | (142,064) | |
| Debt and equity issuance costs paid | (77,017) | (10,963) | (77,241) |
| Net proceeds from (payments on) credit facilities | (93,075) | 9,064 | (37,558) |
| Repurchase and early extinguishment of debt | (3,985,673) | (1,653,989) | (894,249) |
| Proceeds from the issuance of debt | 3,588,683 | 1,433,254 | 1,298,891 |
| Payments on debt | (2,026,760) | (196,710) | (975,466) |
| Net cash provided by (used in) financing activities | (2,365,622) | (1,071,511) | 163,318 |
| Effect of foreign currency exchange rate changes on cash | (62,970) | 3,142 | 1,121 |
| Net increase (decrease) in cash and cash equivalents | 390,319 | (75,262) | 138,438 |
| Cash and cash equivalents, beginning of year | 100,810 | 176,072 | |
| Cash and cash equivalents, end of year | 491,129 | 100,810 | 176,072 |
| Business Acquisition | |||
| PEPR | |||
| Acquisition, net of cash received | (1,025,251) | ||
| Legal Entity | |||
| Prologis, L.P. | |||
| Acquisition, net of cash received | (1,025,251) | ||
| Legal Entity | |||
| Prologis, L.P. | |||
| Consolidated net earnings (loss) | 353,049 | (30,472) | (157,938) |
| Straight-lined rents | (46,861) | (62,290) | (59,384) |
| Stock-based compensation awards, net | 49,239 | 32,138 | 28,920 |
| Depreciation and amortization | 664,007 | 767,459 | 603,884 |
| Earnings from unconsolidated entities, net | (97,220) | (31,676) | (59,935) |
| Distributions and changes in operating receivables from unconsolidated entities | 75,859 | 6,581 | 58,981 |
| Amortization of debt and lease intangibles | 10,140 | 21,008 | 43,556 |
| Non-cash merger, acquisition and other integration expenses | 17,581 | 20,290 | |
| Impairment of real estate properties and other assets | 269,049 | 147,669 | |
| Net gains on dispositions, net of related impairment charges, in discontinued operations | (118,102) | (43,008) | (61,830) |
| Gains on acquisitions and dispositions of investments in real estate, net | (597,656) | (305,607) | (111,684) |
| Losses (gains) on early extinguishment of debt, net | 277,014 | 14,114 | (258) |
| Unrealized foreign currency and derivative losses (gains), net | 28,619 | 14,892 | (38,398) |
| Deferred income tax benefit | (20,067) | (21,967) | (19,803) |
| Increase in restricted cash, accounts receivable and other assets | (12,912) | (178,387) | (40,095) |
| Decrease in accounts payable and accrued expenses and other liabilities | (80,120) | (5,923) | (146,911) |
| Net cash provided by operating activities | 484,989 | 463,492 | 207,064 |
| Real estate development activity | (845,234) | (793,349) | (811,035) |
| Real estate acquisitions, net of cash received | (514,611) | (254,414) | (214,759) |
| Tenant improvements and lease commissions on previously leased space | (145,424) | (133,558) | (88,368) |
| Non-development capital expenditures | (82,610) | (80,612) | (55,702) |
| Investments in and advances to unconsolidated entities, net | (1,221,155) | (165,011) | (37,755) |
| Return of investment from unconsolidated entities | 411,853 | 291,679 | 170,158 |
| Proceeds from dispositions and contributions of real estate properties | 5,409,745 | 1,975,036 | 1,644,152 |
| Proceeds from repayment of notes receivable backed by real estate and other notes receivable | 55,000 | 6,450 | |
| Acquisition, net of cash received | (678,642) | (365,156) | |
| Investments in notes receivable backed by real estate and advances on other notes receivable | (55,000) | ||
| Cash acquired in connection with the Merger | 234,045 | ||
| Net cash provided by (used in) investing activities | 2,333,922 | 529,615 | (233,065) |
| Proceeds from issuance of common stock, net | 1,505,791 | 30,981 | 1,156,493 |
| Distributions paid on common partnership units | (559,178) | (528,226) | (388,333) |
| Distributions paid on preferred units | (21,684) | (47,581) | (26,965) |
| Redemption of preferred stock | (482,500) | ||
| Noncontrolling interest contributions | 145,522 | 70,820 | 123,924 |
| Noncontrolling interest distributions | (113,928) | (41,905) | (16,178) |
| Purchase of noncontrolling interest | (245,803) | (136,256) | |
| Debt and equity issuance costs paid | (77,017) | (10,963) | (77,241) |
| Net proceeds from (payments on) credit facilities | (93,075) | 9,064 | (37,558) |
| Repurchase and early extinguishment of debt | (3,985,673) | (1,653,989) | (894,249) |
| Proceeds from the issuance of debt | 3,588,683 | 1,433,254 | 1,298,891 |
| Payments on debt | (2,026,760) | (196,710) | (975,466) |
| Net cash provided by (used in) financing activities | (2,365,622) | (1,071,511) | 163,318 |
| Effect of foreign currency exchange rate changes on cash | (62,970) | 3,142 | 1,121 |
| Net increase (decrease) in cash and cash equivalents | 390,319 | (75,262) | 138,438 |
| Cash and cash equivalents, beginning of year | 491,129 | 176,072 | 176,072 |
| Cash and cash equivalents, end of year | 491,129 | 176,072 | 176,072 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROLOGIS, INC. | ||
Ticker: PLD Fiscal Year: 2013 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Dec 31, 2013 10-K (Filed: Feb 26, 2014) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2013 | Dec 31, 2012 | |
| ASSETS | ||
| Investments in real estate properties | $ 20,824,477 | 25,809,123 |
| Less accumulated depreciation | 2,568,998 | 2,480,660 |
| Net investments in real estate properties | 18,255,479 | 23,328,463 |
| Investments in and advances to unconsolidated entities | 4,430,239 | 2,195,782 |
| Notes receivable backed by real estate | 188,000 | 188,000 |
| Assets held for sale | 4,042 | 26,027 |
| Net investments in real estate | 22,877,760 | 25,738,272 |
| Cash and cash equivalents | 491,129 | 100,810 |
| Restricted cash | 14,210 | 176,926 |
| Accounts receivable | 128,196 | 171,084 |
| Other assets | 1,061,012 | 1,123,053 |
| Total assets | 24,572,307 | 27,310,145 |
| LIABILITIES AND CAPITAL | ||
| Liabilities: | ||
| Debt | 9,011,216 | 11,790,794 |
| Accounts payable and accrued expenses | 641,011 | 611,770 |
| Other liabilities | 742,191 | 1,115,911 |
| Liabilities related to assets held for sale | 1,436 | 18,334 |
| Total liabilities | 10,395,854 | 13,536,809 |
| Equity: | ||
| Partners' capital: | ||
| Prologis, Inc. stockholders' equity: | ||
| Preferred stock | 100,000 | 582,200 |
| Common stock; $0.01 par value; 498,799 shares and 461,770 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | 4,988 | 4,618 |
| Additional paid-in capital | 17,974,509 | 16,411,855 |
| Accumulated other comprehensive loss | (435,675) | (233,563) |
| Distributions in excess of net earnings | (3,932,664) | (3,696,093) |
| Total Prologis, Inc. stockholders' equity | 13,711,158 | 13,069,017 |
| Noncontrolling interests | 465,295 | 704,319 |
| Total equity | 14,176,453 | 13,773,336 |
| Total liabilities and equity/capital | 24,572,307 | 27,310,145 |
| Legal Entity | ||
| Prologis, L.P. | ||
| Partner Capital Components | ||
| Common | ||
| General partner | 13,611,158 | 12,486,817 |
| Preferred | ||
| General partner | 100,000 | 582,200 |
| Investments in real estate properties | 20,824,477 | 25,809,123 |
| Less accumulated depreciation | 2,568,998 | 2,480,660 |
| Net investments in real estate properties | 18,255,479 | 23,328,463 |
| Investments in and advances to unconsolidated entities | 4,430,239 | 2,195,782 |
| Notes receivable backed by real estate | 188,000 | 188,000 |
| Assets held for sale | 4,042 | 26,027 |
| Net investments in real estate | 22,877,760 | 25,738,272 |
| Cash and cash equivalents | 491,129 | 100,810 |
| Restricted cash | 14,210 | 176,926 |
| Accounts receivable | 128,196 | 171,084 |
| Other assets | 1,061,012 | 1,123,053 |
| Total assets | 24,572,307 | 27,310,145 |
| Debt | 9,011,216 | 11,790,794 |
| Accounts payable and accrued expenses | 641,011 | 611,770 |
| Other liabilities | 742,191 | 1,115,911 |
| Liabilities related to assets held for sale | 1,436 | 18,334 |
| Total liabilities | 10,395,854 | 13,536,809 |
| Limited partners | 48,209 | 51,194 |
| Total partners' capital | 13,759,367 | 13,120,211 |
| Noncontrolling interests | 417,086 | 653,125 |
| Total capital | 14,176,453 | 13,773,336 |
| Total liabilities and equity/capital | 24,572,307 | 27,310,145 |
| External Links | |
| PROLOGIS, INC. (PLD) Fiscal Year 2013 | |
| 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 |