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: 2015 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2015 10-K (Filed: Feb 19, 2016) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
| Revenues: | |||
| Rental | $ 1,536,117 | 1,178,609 | 1,227,975 |
| Rental recoveries | 437,070 | 348,740 | 331,518 |
| Strategic capital | 210,362 | 219,871 | 179,472 |
| Development management and other | 13,525 | 13,567 | 11,521 |
| Total revenues | 2,197,074 | 1,760,787 | 1,750,486 |
| Expenses: | |||
| Rental | 543,214 | 430,787 | 451,938 |
| Strategic capital | 88,418 | 96,496 | 89,279 |
| General and administrative | 238,199 | 247,768 | 229,207 |
| Depreciation and amortization | 880,373 | 642,461 | 648,668 |
| Other | 66,698 | 23,467 | 26,982 |
| Total expenses | 1,816,902 | 1,440,979 | 1,446,074 |
| Operating income | 380,172 | 319,808 | 304,412 |
| Other income (expense): | |||
| Earnings from unconsolidated entities, net | 159,262 | 134,288 | 97,220 |
| Interest expense | (301,363) | (308,885) | (379,327) |
| Interest and other income, net | 25,484 | 25,768 | 26,948 |
| Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net | 758,887 | 725,790 | 597,656 |
| Foreign currency and derivative gains (losses) and related amortization, net | 12,466 | (17,841) | (33,633) |
| Losses on early extinguishment of debt, net | (86,303) | (165,300) | (277,014) |
| Total other income | 568,433 | 393,820 | 31,850 |
| Earnings before income taxes | 948,605 | 713,628 | 336,262 |
| Total income tax expense (benefit) | 23,090 | (25,656) | 106,733 |
| Earnings from continuing operations | 925,515 | 739,284 | 229,529 |
| Discontinued operations: | |||
| Income attributable to disposed properties and assets held for sale | 0 | 0 | 6,970 |
| Net gains on dispositions, including taxes | 0 | 0 | 116,550 |
| Total discontinued operations | 0 | 0 | 123,520 |
| Consolidated net earnings | 925,515 | 739,284 | 353,049 |
| Less net earnings attributable to noncontrolling interests | 56,076 | 103,101 | 10,128 |
| Net earnings attributable to controlling interests | 869,439 | 636,183 | 342,921 |
| Less preferred stock/unit dividends/distributions | 6,651 | 7,431 | 18,391 |
| Loss on preferred stock redemption/repurchase | 0 | 6,517 | 9,108 |
| Net earnings attributable to common stockholders/unitholders | 862,788 | 622,235 | 315,422 |
| Weighted average common shares/units outstanding Basic | 521,241 | 499,583 | 486,076 |
| Weighted average common shares/units outstanding Diluted | 533,944 | 506,391 | 491,546 |
| Net earnings per share attributable to common stockholders/unitholders Basic | |||
| Continuing operations | 1.66 | 1.25 | 0.40 |
| Discontinued operations | 0.00 | 0.00 | 0.25 |
| Net earnings per share attributable to common stockholders/unitholders Basic | 1.66 | 1.25 | 0.65 |
| Net earnings per share attributable to common stockholders/unitholders Diluted | |||
| Continuing operations | 1.64 | 1.24 | 0.39 |
| Discontinued operations | 0.00 | 0.00 | 0.25 |
| Net earnings per share attributable to common stockholders/unitholders Diluted | 1.64 | 1.24 | 0.64 |
| Dividends per common share or unit | 1.52 | 1.32 | 1.12 |
| Legal Entity | |||
| Prologis, L.P. | |||
| Rental | 1,536,117 | 1,178,609 | 1,227,975 |
| Rental recoveries | 437,070 | 348,740 | 331,518 |
| Strategic capital | 210,362 | 219,871 | 179,472 |
| Development management and other | 13,525 | 13,567 | 11,521 |
| Total revenues | 2,197,074 | 1,760,787 | 1,750,486 |
| Rental | 543,214 | 430,787 | 451,938 |
| Strategic capital | 88,418 | 96,496 | 89,279 |
| General and administrative | 238,199 | 247,768 | 229,207 |
| Depreciation and amortization | 880,373 | 642,461 | 648,668 |
| Other | 66,698 | 23,467 | 26,982 |
| Total expenses | 1,816,902 | 1,440,979 | 1,446,074 |
| Operating income | 380,172 | 319,808 | 304,412 |
| Earnings from unconsolidated entities, net | 159,262 | 134,288 | 97,220 |
| Interest expense | (301,363) | (308,885) | (379,327) |
| Interest and other income, net | 25,484 | 25,768 | 26,948 |
| Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net | 758,887 | 725,790 | 597,656 |
| Foreign currency and derivative gains (losses) and related amortization, net | 12,466 | (17,841) | (33,633) |
| Losses on early extinguishment of debt, net | (86,303) | (165,300) | (277,014) |
| Total other income | 568,433 | 393,820 | 31,850 |
| Earnings before income taxes | 948,605 | 713,628 | 336,262 |
| Total income tax expense (benefit) | 23,090 | (25,656) | 106,733 |
| Income attributable to disposed properties and assets held for sale | 0 | 0 | 6,970 |
| Net gains on dispositions, including taxes | 0 | 0 | 116,550 |
| Total discontinued operations | 0 | 0 | 123,520 |
| Consolidated net earnings | 925,515 | 739,284 | 353,049 |
| Less net earnings attributable to noncontrolling interests | 44,950 | 100,900 | 8,920 |
| Net earnings attributable to controlling interests | 880,565 | 638,384 | 344,129 |
| Less preferred stock/unit dividends/distributions | 6,651 | 7,431 | 18,391 |
| Loss on preferred stock redemption/repurchase | 0 | 6,517 | 9,108 |
| Net earnings attributable to common stockholders/unitholders | 873,914 | 624,436 | 316,630 |
| Weighted average common shares/units outstanding Basic | 525,912 | 501,349 | 487,936 |
| Weighted average common shares/units outstanding Diluted | 533,944 | 506,391 | 491,546 |
| Continuing operations | 1.66 | 1.25 | 0.40 |
| Discontinued operations | 0.00 | 0.00 | 0.25 |
| Net earnings per share attributable to common stockholders/unitholders Basic | 1.66 | 1.25 | 0.65 |
| Continuing operations | 1.64 | 1.24 | 0.39 |
| Discontinued operations | 0.00 | 0.00 | 0.25 |
| Net earnings per share attributable to common stockholders/unitholders Diluted | 1.64 | 1.24 | 0.64 |
| Dividends per common share or unit | 1.52 | 1.32 | 1.12 |
| Earnings from continuing operations | 925,515 | 739,284 | 229,529 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2015 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2015 10-K (Filed: Feb 19, 2016) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
| Consolidated net earnings | $ 925,515 | 739,284 | 353,049 |
| Other comprehensive income (loss): | |||
| Foreign currency translation losses, net | (208,901) | (171,401) | (234,680) |
| Unrealized gains (losses) and amortization on derivative contracts, net | (17,457) | (6,498) | 19,590 |
| Comprehensive income | 699,157 | 561,385 | 137,959 |
| Net earnings attributable to noncontrolling interests | (56,076) | (103,101) | (10,128) |
| Other comprehensive loss attributable to noncontrolling interest | 35,266 | 13,237 | 12,978 |
| Comprehensive income attributable to common stockholders / unitholders | 678,347 | 471,521 | 140,809 |
| Legal Entity | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 925,515 | 739,284 | 353,049 |
| Foreign currency translation losses, net | (208,901) | (171,401) | (234,680) |
| Unrealized gains (losses) and amortization on derivative contracts, net | (17,457) | (6,498) | 19,590 |
| Comprehensive income | 699,157 | 561,385 | 137,959 |
| Net earnings attributable to noncontrolling interests | (44,950) | (100,900) | (8,920) |
| Other comprehensive loss attributable to noncontrolling interest | 32,862 | 12,666 | 12,261 |
| Comprehensive income attributable to common stockholders / unitholders | 687,069 | 473,151 | 141,300 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2015 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2015 10-K (Filed: Feb 19, 2016) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
| Operating activities: | |||
| Consolidated net earnings | $ 925,515 | 739,284 | 353,049 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Straight-lined rents and amortization of above and below market leases | (59,619) | (14,392) | (12,080) |
| Equity-based compensation awards | 53,665 | 57,478 | 49,239 |
| Depreciation and amortization | 880,373 | 642,461 | 664,007 |
| Earnings from unconsolidated entities, net | (159,262) | (134,288) | (97,220) |
| Distributions from unconsolidated entities | 144,045 | 117,938 | 68,319 |
| Net changes in operating receivables from unconsolidated entities | (38,185) | (7,503) | 7,540 |
| Amortization of debt and deferred financing costs | (31,841) | (7,324) | (24,641) |
| Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net | (758,887) | (725,790) | (715,758) |
| Losses on early extinguishment of debt, net | 86,303 | 165,300 | 277,014 |
| Unrealized foreign currency and derivative losses (gains) and related amortization, net | (1,019) | 22,571 | 28,619 |
| Deferred income tax benefit | (5,057) | (87,240) | (20,067) |
| Increase in accounts receivable and other assets | (64,749) | (93) | (12,912) |
| Increase (decrease) in accounts payable and accrued expenses and other liabilities | (7,872) | (63,871) | (80,120) |
| Net cash provided by operating activities | 963,410 | 704,531 | 484,989 |
| Investing activities: | |||
| Real estate development activity | (1,339,904) | (1,064,220) | (853,082) |
| Real estate acquisitions | (890,183) | (612,330) | (514,611) |
| Tenant improvements and lease commissions on previously leased space | (154,564) | (133,957) | (145,424) |
| Nondevelopment capital expenditures | (83,351) | (78,610) | (82,610) |
| Proceeds from dispositions and contributions of real estate properties | 2,795,249 | 2,285,488 | 5,409,745 |
| Investments in and advances to unconsolidated entities | (474,420) | (739,635) | (1,221,155) |
| Acquisition of a controlling interest in unconsolidated co-investment ventures, net of cash received | 0 | (590,390) | (678,642) |
| Return of investment from unconsolidated entities | 170,025 | 244,306 | 411,853 |
| Proceeds from repayment of notes receivable backed by real estate | 9,866 | 188,000 | 0 |
| Proceeds from the settlement of net investment hedges | 129,149 | 31,409 | 8,842 |
| Payments on the settlement of net investment hedges | (981) | (18,370) | (994) |
| Net cash provided by (used in) investing activities | (4,648,613) | (488,309) | 2,333,922 |
| Financing activities: | |||
| Proceeds from issuance of common stock | 90,258 | 378,247 | 1,505,791 |
| Distributions paid on common and preferred stock | (804,697) | (672,190) | (573,854) |
| Repurchase and redemption of preferred stock | 0 | (27,643) | (482,500) |
| Noncontrolling interests contributions | 2,355,367 | 468,280 | 145,522 |
| Noncontrolling interests distributions | (215,740) | (315,426) | (115,999) |
| Purchase of noncontrolling interests | (2,560) | (2,440) | (250,740) |
| Debt and equity issuance costs paid | (32,012) | (23,420) | (77,017) |
| Net payments on credit facilities | (7,970) | (717,369) | (93,075) |
| Repurchase and payments of debt | (3,156,294) | (4,205,806) | (6,012,433) |
| Proceeds from issuance of debt | 5,381,862 | 4,779,950 | 3,588,683 |
| Net cash provided by (used in) financing activities | 3,608,214 | (337,817) | (2,365,622) |
| Effect of foreign currency exchange rate changes on cash | (9,623) | (18,842) | (62,970) |
| Net increase (decrease) in cash and cash equivalents | (86,612) | (140,437) | 390,319 |
| Cash and cash equivalents, beginning of year | 350,692 | 491,129 | |
| Cash and cash equivalents, end of year | 264,080 | 350,692 | 491,129 |
| Business Acquisition | |||
| KTR Capital Partners and Affiliates | |||
| KTR acquisition, net of cash received | (4,809,499) | 0 | 0 |
| Legal Entity | |||
| Prologis, L.P. | |||
| KTR acquisition, net of cash received | (4,809,499) | 0 | 0 |
| Legal Entity | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 925,515 | 739,284 | 353,049 |
| Straight-lined rents and amortization of above and below market leases | (59,619) | (14,392) | (12,080) |
| Equity-based compensation awards | 53,665 | 57,478 | 49,239 |
| Depreciation and amortization | 880,373 | 642,461 | 664,007 |
| Earnings from unconsolidated entities, net | (159,262) | (134,288) | (97,220) |
| Distributions from unconsolidated entities | 144,045 | 117,938 | 68,319 |
| Net changes in operating receivables from unconsolidated entities | (38,185) | (7,503) | 7,540 |
| Amortization of debt and deferred financing costs | (31,841) | (7,324) | (24,641) |
| Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net | (758,887) | (725,790) | (715,758) |
| Losses on early extinguishment of debt, net | 86,303 | 165,300 | 277,014 |
| Unrealized foreign currency and derivative losses (gains) and related amortization, net | (1,019) | 22,571 | 28,619 |
| Deferred income tax benefit | (5,057) | (87,240) | (20,067) |
| Increase in accounts receivable and other assets | (64,749) | (93) | (12,912) |
| Increase (decrease) in accounts payable and accrued expenses and other liabilities | (7,872) | (63,871) | (80,120) |
| Net cash provided by operating activities | 963,410 | 704,531 | 484,989 |
| Real estate development activity | (1,339,904) | (1,064,220) | (853,082) |
| Real estate acquisitions | (890,183) | (612,330) | (514,611) |
| Tenant improvements and lease commissions on previously leased space | (154,564) | (133,957) | (145,424) |
| Nondevelopment capital expenditures | (83,351) | (78,610) | (82,610) |
| Proceeds from dispositions and contributions of real estate properties | 2,795,249 | 2,285,488 | 5,409,745 |
| Investments in and advances to unconsolidated entities | (474,420) | (739,635) | (1,221,155) |
| Acquisition of a controlling interest in unconsolidated co-investment ventures, net of cash received | 0 | (590,390) | (678,642) |
| Return of investment from unconsolidated entities | 170,025 | 244,306 | 411,853 |
| Proceeds from repayment of notes receivable backed by real estate | 9,866 | 188,000 | 0 |
| Proceeds from the settlement of net investment hedges | 129,149 | 31,409 | 8,842 |
| Payments on the settlement of net investment hedges | (981) | (18,370) | (994) |
| Net cash provided by (used in) investing activities | (4,648,613) | (488,309) | 2,333,922 |
| Proceeds from issuance of common stock | 90,258 | 378,247 | 1,505,791 |
| Distributions paid on common and preferred stock | (820,989) | (674,344) | (580,862) |
| Repurchase and redemption of preferred stock | 0 | (27,643) | (482,500) |
| Noncontrolling interests contributions | 2,355,367 | 468,280 | 145,522 |
| Noncontrolling interests distributions | (199,845) | (313,272) | (113,928) |
| Purchase of noncontrolling interests | (2,163) | (2,440) | (245,803) |
| Debt and equity issuance costs paid | (32,012) | (23,420) | (77,017) |
| Net payments on credit facilities | (7,970) | (717,369) | (93,075) |
| Repurchase and payments of debt | (3,156,294) | (4,205,806) | (6,012,433) |
| Proceeds from issuance of debt | 5,381,862 | 4,779,950 | 3,588,683 |
| Net cash provided by (used in) financing activities | 3,608,214 | (337,817) | (2,365,622) |
| Effect of foreign currency exchange rate changes on cash | (9,623) | (18,842) | (62,970) |
| Net increase (decrease) in cash and cash equivalents | (86,612) | (140,437) | 390,319 |
| Cash and cash equivalents, beginning of year | 264,080 | 491,129 | 491,129 |
| Cash and cash equivalents, end of year | 264,080 | 491,129 | 491,129 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROLOGIS, INC. | ||
Ticker: PLD Fiscal Year: 2015 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2015 10-K (Filed: Feb 19, 2016) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2015 | Dec 31, 2014 | |
| ASSETS | ||
| Investments in real estate properties | $ 27,521,368 | 22,190,145 |
| Less accumulated depreciation | 3,274,284 | 2,790,781 |
| Net investments in real estate properties | 24,247,084 | 19,399,364 |
| Investments in and advances to unconsolidated entities | 4,755,620 | 4,824,724 |
| Assets held for sale or contribution | 378,423 | 43,934 |
| Notes receivable backed by real estate | 235,050 | 0 |
| Net investments in real estate | 29,616,177 | 24,268,022 |
| Cash and cash equivalents | 264,080 | 350,692 |
| Other assets | 1,514,510 | 1,156,287 |
| Total assets | 31,394,767 | 25,775,001 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Debt | 11,626,831 | 9,336,977 |
| Accounts payable and accrued expenses | 712,725 | 627,999 |
| Other liabilities | 634,375 | 626,426 |
| Total liabilities | 12,973,931 | 10,591,402 |
| Equity: | ||
| Prologis, Inc. stockholders equity: | ||
| Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,565 shares issued and outstanding and 100,000 preferred shares authorized at December 31, 2015, and 2014 | 78,235 | 78,235 |
| Common stock; $0.01 par value; 524,512 shares and 509,498 shares issued and outstanding at December 31, 2015, and 2014, respectively | 5,245 | 5,095 |
| Additional paid-in capital | 19,302,367 | 18,467,009 |
| Accumulated other comprehensive loss | (791,429) | (600,337) |
| Distributions in excess of net earnings | (3,926,483) | (3,974,493) |
| Total Prologis, Inc. stockholders equity | 14,667,935 | 13,975,509 |
| Capital: | ||
| Partners' capital: | ||
| Total partners capital | 0 | 0 |
| Noncontrolling interests | 3,752,901 | 1,208,090 |
| Total equity | 18,420,836 | 15,183,599 |
| Total liabilities and equity | 31,394,767 | 25,775,001 |
| Legal Entity | ||
| Prologis, L.P. | ||
| Investments in real estate properties | 27,521,368 | 22,190,145 |
| Less accumulated depreciation | 3,274,284 | 2,790,781 |
| Net investments in real estate properties | 24,247,084 | 19,399,364 |
| Investments in and advances to unconsolidated entities | 4,755,620 | 4,824,724 |
| Assets held for sale or contribution | 378,423 | 43,934 |
| Notes receivable backed by real estate | 235,050 | 0 |
| Net investments in real estate | 29,616,177 | 24,268,022 |
| Cash and cash equivalents | 264,080 | 350,692 |
| Other assets | 1,514,510 | 1,156,287 |
| Total assets | 31,394,767 | 25,775,001 |
| Debt | 11,626,831 | 9,336,977 |
| Accounts payable and accrued expenses | 712,725 | 627,999 |
| Other liabilities | 634,375 | 626,426 |
| Total liabilities | 12,973,931 | 10,591,402 |
| Total partners capital | 15,100,609 | 14,023,698 |
| Noncontrolling interests | 3,320,227 | 1,159,901 |
| Total capital | 18,420,836 | 15,183,599 |
| Total liabilities and equity | 31,394,767 | 25,775,001 |
| Partner Capital Components | ||
| Class A Common | ||
| Limited partners | 245,991 | 0 |
| Common | ||
| General partner | 14,589,700 | 13,897,274 |
| Limited partners | 186,683 | 48,189 |
| Preferred | ||
| General partner | 78,235 | 78,235 |
| External Links | |
| PROLOGIS, INC. (PLD) Fiscal Year 2015 | |
| 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 |