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: 2016 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 15, 2017) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Revenues: | |||
| Rental | $ 1,734,844 | 1,536,117 | 1,178,609 |
| Rental recoveries | 485,565 | 437,070 | 348,740 |
| Strategic capital | 294,552 | 210,362 | 219,871 |
| Development management and other | 18,174 | 13,525 | 13,567 |
| Total revenues | 2,533,135 | 2,197,074 | 1,760,787 |
| Expenses: | |||
| Rental | 568,870 | 544,182 | 430,289 |
| Strategic capital | 128,506 | 108,422 | 115,430 |
| General and administrative | 222,067 | 217,227 | 229,332 |
| Depreciation and amortization | 930,985 | 880,373 | 642,461 |
| Other | 14,329 | 66,698 | 23,467 |
| Total expenses | 1,864,757 | 1,816,902 | 1,440,979 |
| Operating income | 668,378 | 380,172 | 319,808 |
| Other income (expense): | |||
| Earnings from unconsolidated entities, net | 206,307 | 159,262 | 134,288 |
| Interest expense | (303,146) | (301,363) | (308,885) |
| Interest and other income, net | 8,101 | 25,484 | 25,768 |
| Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net | 757,398 | 758,887 | 725,790 |
| Foreign currency and derivative gains (losses), net | 7,582 | 12,466 | (17,841) |
| Gains (losses) on early extinguishment of debt, net | 2,484 | (86,303) | (165,300) |
| Total other income | 678,726 | 568,433 | 393,820 |
| Earnings before income taxes | 1,347,104 | 948,605 | 713,628 |
| Total income tax expense (benefit) | 54,564 | 23,090 | (25,656) |
| Consolidated net earnings | 1,292,540 | 925,515 | 739,284 |
| Less net earnings attributable to noncontrolling interests | 82,608 | 56,076 | 103,101 |
| Net earnings attributable to controlling interests | 1,209,932 | 869,439 | 636,183 |
| Less preferred stock/unit dividends/distributions | 6,714 | 6,651 | 7,431 |
| Loss on preferred stock/unit repurchase | 0 | 0 | 6,517 |
| Net earnings attributable to common stockholders/unitholders | 1,203,218 | 862,788 | 622,235 |
| Weighted average common shares/units outstanding Basic | 526,103 | 521,241 | 499,583 |
| Weighted average common shares/units outstanding Diluted | 546,666 | 533,944 | 506,391 |
| Net earnings per share attributable to common stockholders/unitholders Basic | 2.29 | 1.66 | 1.25 |
| Net earnings per share attributable to common stockholders/unitholders Diluted | 2.27 | 1.64 | 1.24 |
| Dividends per common share or unit | 1.68 | 1.52 | 1.32 |
| Legal Entity | |||
| Prologis, L.P. | |||
| Rental | 1,734,844 | 1,536,117 | 1,178,609 |
| Rental recoveries | 485,565 | 437,070 | 348,740 |
| Strategic capital | 294,552 | 210,362 | 219,871 |
| Development management and other | 18,174 | 13,525 | 13,567 |
| Total revenues | 2,533,135 | 2,197,074 | 1,760,787 |
| Rental | 568,870 | 544,182 | 430,289 |
| Strategic capital | 128,506 | 108,422 | 115,430 |
| General and administrative | 222,067 | 217,227 | 229,332 |
| Depreciation and amortization | 930,985 | 880,373 | 642,461 |
| Other | 14,329 | 66,698 | 23,467 |
| Total expenses | 1,864,757 | 1,816,902 | 1,440,979 |
| Operating income | 668,378 | 380,172 | 319,808 |
| Earnings from unconsolidated entities, net | 206,307 | 159,262 | 134,288 |
| Interest expense | (303,146) | (301,363) | (308,885) |
| Interest and other income, net | 8,101 | 25,484 | 25,768 |
| Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net | 757,398 | 758,887 | 725,790 |
| Foreign currency and derivative gains (losses), net | 7,582 | 12,466 | (17,841) |
| Gains (losses) on early extinguishment of debt, net | 2,484 | (86,303) | (165,300) |
| Total other income | 678,726 | 568,433 | 393,820 |
| Earnings before income taxes | 1,347,104 | 948,605 | 713,628 |
| Total income tax expense (benefit) | 54,564 | 23,090 | (25,656) |
| Consolidated net earnings | 1,292,540 | 925,515 | 739,284 |
| Less net earnings attributable to noncontrolling interests | 48,307 | 44,950 | 100,900 |
| Net earnings attributable to controlling interests | 1,244,233 | 880,565 | 638,384 |
| Less preferred stock/unit dividends/distributions | 6,714 | 6,651 | 7,431 |
| Loss on preferred stock/unit repurchase | 0 | 0 | 6,517 |
| Net earnings attributable to common stockholders/unitholders | 1,237,519 | 873,914 | 624,436 |
| Weighted average common shares/units outstanding Basic | 532,326 | 525,912 | 501,349 |
| Weighted average common shares/units outstanding Diluted | 546,666 | 533,944 | 506,391 |
| Net earnings per share attributable to common stockholders/unitholders Basic | 2.29 | 1.66 | 1.25 |
| Net earnings per share attributable to common stockholders/unitholders Diluted | 2.27 | 1.64 | 1.24 |
| Dividends per common share or unit | 1.68 | 1.52 | 1.32 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2016 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 15, 2017) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Consolidated net earnings | $ 1,292,540 | 925,515 | 739,284 |
| Other comprehensive income (loss): | |||
| Foreign currency translation losses, net | (135,958) | (208,901) | (171,401) |
| Unrealized losses on derivative contracts, net | (1,349) | (17,457) | (6,498) |
| Comprehensive income | 1,155,233 | 699,157 | 561,385 |
| Net earnings attributable to noncontrolling interests | (82,608) | (56,076) | (103,101) |
| Other comprehensive loss (gain) attributable to noncontrolling interests | (8,737) | 35,266 | 13,237 |
| Comprehensive income attributable to common stockholders / unitholders | 1,063,888 | 678,347 | 471,521 |
| Legal Entity | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 1,292,540 | 925,515 | 739,284 |
| Foreign currency translation losses, net | (135,958) | (208,901) | (171,401) |
| Unrealized losses on derivative contracts, net | (1,349) | (17,457) | (6,498) |
| Comprehensive income | 1,155,233 | 699,157 | 561,385 |
| Net earnings attributable to noncontrolling interests | (48,307) | (44,950) | (100,900) |
| Other comprehensive loss (gain) attributable to noncontrolling interests | (12,601) | 32,862 | 12,666 |
| Comprehensive income attributable to common stockholders / unitholders | 1,094,325 | 687,069 | 473,151 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2016 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 15, 2017) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Operating activities: | |||
| Consolidated net earnings | $ 1,292,540 | 925,515 | 739,284 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Straight-lined rents and amortization of above and below market leases | (93,608) | (59,619) | (14,392) |
| Equity-based compensation awards | 60,341 | 53,665 | 57,478 |
| Depreciation and amortization | 930,985 | 880,373 | 642,461 |
| Earnings from unconsolidated entities, net | (206,307) | (159,262) | (134,288) |
| Distributions from unconsolidated entities | 286,651 | 284,664 | 294,890 |
| Net changes in operating receivables from unconsolidated entities | 14,823 | (38,185) | (7,503) |
| Amortization of debt premiums, net of deferred financing costs | (15,137) | (31,841) | (7,324) |
| Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net | (757,398) | (758,887) | (725,790) |
| Unrealized foreign currency and derivative losses (gains), net | (8,052) | (1,019) | 22,571 |
| Losses (gains) on early extinguishment of debt, net | (2,484) | 86,303 | 165,300 |
| Deferred income tax benefit | (5,525) | (5,057) | (87,240) |
| Increase in accounts receivable and other assets | (106,337) | (64,749) | (93) |
| Increase (decrease) in accounts payable and accrued expenses and other liabilities | 26,513 | 4,426 | (50,881) |
| Net cash provided by operating activities | 1,417,005 | 1,116,327 | 894,473 |
| Investing activities: | |||
| Real estate development | (1,641,560) | (1,339,904) | (1,064,220) |
| Real estate acquisitions | (458,516) | (890,183) | (612,330) |
| Tenant improvements and lease commissions on previously leased space | (165,933) | (154,564) | (133,957) |
| Nondevelopment capital expenditures | (101,677) | (83,351) | (78,610) |
| Proceeds from dispositions and contributions of real estate properties | 2,826,408 | 2,795,249 | 2,285,488 |
| Investments in and advances to unconsolidated entities | (265,951) | (474,420) | (756,416) |
| Acquisition of a controlling interest in unconsolidated co-investment ventures, net of cash received | 0 | 0 | (590,390) |
| Return of investment from unconsolidated entities | 776,550 | 29,406 | 84,135 |
| Proceeds from repayment of notes receivable backed by real estate | 202,950 | 9,866 | 188,000 |
| Proceeds from the settlement of net investment hedges | 79,767 | 129,149 | 31,409 |
| Payments on the settlement of net investment hedges | 0 | (981) | (18,370) |
| Net cash provided by (used in) investing activities | 1,252,038 | (4,789,232) | (665,261) |
| Financing activities: | |||
| Proceeds from issuance of common stock | 39,470 | 90,258 | 378,247 |
| Distributions paid on common and preferred stock | (893,455) | (804,697) | (672,190) |
| Repurchase of preferred stock | 0 | 0 | (27,643) |
| Noncontrolling interests contributions | 2,168 | 2,355,367 | 468,280 |
| Noncontrolling interests distributions | (343,550) | (215,740) | (315,426) |
| Purchase of noncontrolling interests | (3,083) | (2,560) | (2,440) |
| Tax paid for shares withheld | (8,570) | (12,298) | (12,990) |
| Debt and equity issuance costs paid | (20,123) | (32,012) | (23,420) |
| Net proceeds from (payments on) credit facilities | 33,435 | (7,970) | (717,369) |
| Repurchase and payments of debt | (2,301,647) | (3,156,294) | (4,205,806) |
| Proceeds from issuance of debt | 1,369,890 | 5,381,862 | 4,779,950 |
| Net cash provided by (used in) financing activities | (2,125,465) | 3,595,916 | (350,807) |
| Effect of foreign currency exchange rate changes on cash | (342) | (9,623) | (18,842) |
| Net increase (decrease) in cash and cash equivalents | 543,236 | (86,612) | (140,437) |
| Cash and cash equivalents, beginning of year | 264,080 | 350,692 | |
| Cash and cash equivalents, end of year | 807,316 | 264,080 | 350,692 |
| Business Acquisition | |||
| KTR Capital Partners and Affiliates | |||
| KTR transaction, net of cash received | 0 | (4,809,499) | 0 |
| Legal Entity | |||
| Prologis, L.P. | |||
| KTR transaction, net of cash received | 0 | (4,809,499) | 0 |
| Legal Entity | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 1,292,540 | 925,515 | 739,284 |
| Straight-lined rents and amortization of above and below market leases | (93,608) | (59,619) | (14,392) |
| Equity-based compensation awards | 60,341 | 53,665 | 57,478 |
| Depreciation and amortization | 930,985 | 880,373 | 642,461 |
| Earnings from unconsolidated entities, net | (206,307) | (159,262) | (134,288) |
| Distributions from unconsolidated entities | 286,651 | 284,664 | 294,890 |
| Net changes in operating receivables from unconsolidated entities | 14,823 | (38,185) | (7,503) |
| Amortization of debt premiums, net of deferred financing costs | (15,137) | (31,841) | (7,324) |
| Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net | (757,398) | (758,887) | (725,790) |
| Unrealized foreign currency and derivative losses (gains), net | (8,052) | (1,019) | 22,571 |
| Losses (gains) on early extinguishment of debt, net | (2,484) | 86,303 | 165,300 |
| Deferred income tax benefit | (5,525) | (5,057) | (87,240) |
| Increase in accounts receivable and other assets | (106,337) | (64,749) | (93) |
| Increase (decrease) in accounts payable and accrued expenses and other liabilities | 26,513 | 4,426 | (50,881) |
| Net cash provided by operating activities | 1,417,005 | 1,116,327 | 894,473 |
| Real estate development | (1,641,560) | (1,339,904) | (1,064,220) |
| Real estate acquisitions | (458,516) | (890,183) | (612,330) |
| Tenant improvements and lease commissions on previously leased space | (165,933) | (154,564) | (133,957) |
| Nondevelopment capital expenditures | (101,677) | (83,351) | (78,610) |
| Proceeds from dispositions and contributions of real estate properties | 2,826,408 | 2,795,249 | 2,285,488 |
| Investments in and advances to unconsolidated entities | (265,951) | (474,420) | (756,416) |
| Acquisition of a controlling interest in unconsolidated co-investment ventures, net of cash received | 0 | 0 | (590,390) |
| Return of investment from unconsolidated entities | 776,550 | 29,406 | 84,135 |
| Proceeds from repayment of notes receivable backed by real estate | 202,950 | 9,866 | 188,000 |
| Proceeds from the settlement of net investment hedges | 79,767 | 129,149 | 31,409 |
| Payments on the settlement of net investment hedges | 0 | (981) | (18,370) |
| Net cash provided by (used in) investing activities | 1,252,038 | (4,789,232) | (665,261) |
| Proceeds from issuance of common stock | 39,470 | 90,258 | 378,247 |
| Distributions paid on common and preferred stock | (931,559) | (820,989) | (674,344) |
| Repurchase of preferred stock | 0 | 0 | (27,643) |
| Noncontrolling interests contributions | 2,168 | 2,355,367 | 468,280 |
| Noncontrolling interests distributions | (306,297) | (199,845) | (313,272) |
| Purchase of noncontrolling interests | (2,232) | (2,163) | (2,440) |
| Tax paid for shares withheld | (8,570) | (12,298) | (12,990) |
| Debt and equity issuance costs paid | (20,123) | (32,012) | (23,420) |
| Net proceeds from (payments on) credit facilities | 33,435 | (7,970) | (717,369) |
| Repurchase and payments of debt | (2,301,647) | (3,156,294) | (4,205,806) |
| Proceeds from issuance of debt | 1,369,890 | 5,381,862 | 4,779,950 |
| Net cash provided by (used in) financing activities | (2,125,465) | 3,595,916 | (350,807) |
| Effect of foreign currency exchange rate changes on cash | (342) | (9,623) | (18,842) |
| Net increase (decrease) in cash and cash equivalents | 543,236 | (86,612) | (140,437) |
| Cash and cash equivalents, beginning of year | 807,316 | 350,692 | 350,692 |
| Cash and cash equivalents, end of year | 807,316 | 350,692 | 350,692 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROLOGIS, INC. | ||
Ticker: PLD Fiscal Year: 2016 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2016 10-K (Filed: Feb 15, 2017) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2016 | Dec 31, 2015 | |
| ASSETS | ||
| Investments in real estate properties | $ 27,119,330 | 27,521,368 |
| Less accumulated depreciation | 3,758,372 | 3,274,284 |
| Net investments in real estate properties | 23,360,958 | 24,247,084 |
| Investments in and advances to unconsolidated entities | 4,230,429 | 4,755,620 |
| Assets held for sale or contribution | 322,139 | 378,423 |
| Notes receivable backed by real estate | 32,100 | 235,050 |
| Net investments in real estate | 27,945,626 | 29,616,177 |
| Cash and cash equivalents | 807,316 | 264,080 |
| Other assets | 1,496,990 | 1,514,510 |
| Total assets | 30,249,932 | 31,394,767 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Debt | 10,608,294 | 11,626,831 |
| Accounts payable and accrued expenses | 556,179 | 712,725 |
| Other liabilities | 627,319 | 634,375 |
| Total liabilities | 11,791,792 | 12,973,931 |
| 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, 2016, and 2015 | 78,235 | 78,235 |
| Common stock; $0.01 par value; 528,671 shares and 524,512 shares issued and outstanding at December 31, 2016, and 2015, respectively | 5,287 | 5,245 |
| Additional paid-in capital | 19,455,039 | 19,302,367 |
| Accumulated other comprehensive loss | (937,473) | (791,429) |
| Distributions in excess of net earnings | (3,610,007) | (3,926,483) |
| Total Prologis, Inc. stockholders equity | 14,991,081 | 14,667,935 |
| Capital: | ||
| Partners' capital: | ||
| Noncontrolling interests | 3,467,059 | 3,752,901 |
| Total equity | 18,458,140 | 18,420,836 |
| Total liabilities and equity | 30,249,932 | 31,394,767 |
| Legal Entity | ||
| Prologis, L.P. | ||
| Investments in real estate properties | 27,119,330 | 27,521,368 |
| Less accumulated depreciation | 3,758,372 | 3,274,284 |
| Net investments in real estate properties | 23,360,958 | 24,247,084 |
| Investments in and advances to unconsolidated entities | 4,230,429 | 4,755,620 |
| Assets held for sale or contribution | 322,139 | 378,423 |
| Notes receivable backed by real estate | 32,100 | 235,050 |
| Net investments in real estate | 27,945,626 | 29,616,177 |
| Cash and cash equivalents | 807,316 | 264,080 |
| Other assets | 1,496,990 | 1,514,510 |
| Total assets | 30,249,932 | 31,394,767 |
| Debt | 10,608,294 | 11,626,831 |
| Accounts payable and accrued expenses | 556,179 | 712,725 |
| Other liabilities | 627,319 | 634,375 |
| Total liabilities | 11,791,792 | 12,973,931 |
| Total partners capital | 15,385,671 | 15,100,609 |
| Noncontrolling interests | 3,072,469 | 3,320,227 |
| Total capital | 18,458,140 | 18,420,836 |
| Total liabilities and equity | 30,249,932 | 31,394,767 |
| Partner Capital Components | ||
| Common | ||
| General partner | 14,912,846 | 14,589,700 |
| Limited partners | 150,173 | 186,683 |
| Preferred | ||
| General partner | 78,235 | 78,235 |
| Class A Common | ||
| Limited partners | 244,417 | 245,991 |
| External Links | |
| PROLOGIS, INC. (PLD) Fiscal Year 2016 | |
| 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 |