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: 2017 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 15, 2018) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Revenues: | |||
| Rental | $ 1,737,839 | 1,734,844 | 1,536,117 |
| Rental recoveries | 487,302 | 485,565 | 437,070 |
| Strategic capital | 373,889 | 303,562 | 217,829 |
| Development management and other | 19,104 | 9,164 | 6,058 |
| Total revenues | 2,618,134 | 2,533,135 | 2,197,074 |
| Expenses: | |||
| Rental | 569,523 | 568,870 | 544,182 |
| Strategic capital | 155,141 | 128,506 | 108,422 |
| General and administrative | 231,059 | 222,067 | 217,227 |
| Depreciation and amortization | 879,140 | 930,985 | 880,373 |
| Other | 12,205 | 14,329 | 66,698 |
| Total expenses | 1,847,068 | 1,864,757 | 1,816,902 |
| Operating income | 771,066 | 668,378 | 380,172 |
| Other income (expense): | |||
| Earnings from unconsolidated entities, net | 248,567 | 206,307 | 159,262 |
| Interest expense | (274,486) | (303,146) | (301,363) |
| Interest and other income, net | 13,731 | 8,101 | 25,484 |
| Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net | 1,182,965 | 757,398 | 758,887 |
| Foreign currency and derivative gains (losses), net | (57,896) | 7,582 | 12,466 |
| Gains (losses) on early extinguishment of debt, net | (68,379) | 2,484 | (86,303) |
| Total other income | 1,044,502 | 678,726 | 568,433 |
| Earnings before income taxes | 1,815,568 | 1,347,104 | 948,605 |
| Total income tax expense | 54,609 | 54,564 | 23,090 |
| Consolidated net earnings | 1,760,959 | 1,292,540 | 925,515 |
| Less net earnings attributable to noncontrolling interests | 108,634 | 82,608 | 56,076 |
| Net earnings attributable to controlling interests | 1,652,325 | 1,209,932 | 869,439 |
| Less preferred stock/unit dividends/distributions | 6,499 | 6,714 | 6,651 |
| Loss on preferred stock/unit repurchase | 3,895 | 0 | 0 |
| Net earnings attributable to common stockholders/unitholders | 1,641,931 | 1,203,218 | 862,788 |
| Weighted average common shares/units outstanding Basic | 530,400 | 526,103 | 521,241 |
| Weighted average common shares/units outstanding - Diluted | 552,300 | 546,666 | 533,944 |
| Net earnings per share attributable to common stockholders/unitholders - Basic | 3.10 | 2.29 | 1.66 |
| Net earnings per share attributable to common stockholders/unitholders - Diluted | 3.06 | 2.27 | 1.64 |
| Dividends/distributions per common share/unit | 1.76 | 1.68 | 1.52 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Rental | 1,737,839 | 1,734,844 | 1,536,117 |
| Rental recoveries | 487,302 | 485,565 | 437,070 |
| Strategic capital | 373,889 | 303,562 | 217,829 |
| Development management and other | 19,104 | 9,164 | 6,058 |
| Total revenues | 2,618,134 | 2,533,135 | 2,197,074 |
| Rental | 569,523 | 568,870 | 544,182 |
| Strategic capital | 155,141 | 128,506 | 108,422 |
| General and administrative | 231,059 | 222,067 | 217,227 |
| Depreciation and amortization | 879,140 | 930,985 | 880,373 |
| Other | 12,205 | 14,329 | 66,698 |
| Total expenses | 1,847,068 | 1,864,757 | 1,816,902 |
| Operating income | 771,066 | 668,378 | 380,172 |
| Earnings from unconsolidated entities, net | 248,567 | 206,307 | 159,262 |
| Interest expense | (274,486) | (303,146) | (301,363) |
| Interest and other income, net | 13,731 | 8,101 | 25,484 |
| Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net | 1,182,965 | 757,398 | 758,887 |
| Foreign currency and derivative gains (losses), net | (57,896) | 7,582 | 12,466 |
| Gains (losses) on early extinguishment of debt, net | (68,379) | 2,484 | (86,303) |
| Total other income | 1,044,502 | 678,726 | 568,433 |
| Earnings before income taxes | 1,815,568 | 1,347,104 | 948,605 |
| Total income tax expense | 54,609 | 54,564 | 23,090 |
| Consolidated net earnings | 1,760,959 | 1,292,540 | 925,515 |
| Less net earnings attributable to noncontrolling interests | 63,620 | 48,307 | 44,950 |
| Net earnings attributable to controlling interests | 1,697,339 | 1,244,233 | 880,565 |
| Less preferred stock/unit dividends/distributions | 6,499 | 6,714 | 6,651 |
| Loss on preferred stock/unit repurchase | 3,895 | 0 | 0 |
| Net earnings attributable to common stockholders/unitholders | 1,686,945 | 1,237,519 | 873,914 |
| Weighted average common shares/units outstanding Basic | 536,335 | 532,326 | 525,912 |
| Weighted average common shares/units outstanding - Diluted | 552,300 | 546,666 | 533,944 |
| Net earnings per share attributable to common stockholders/unitholders - Basic | 3.10 | 2.29 | 1.66 |
| Net earnings per share attributable to common stockholders/unitholders - Diluted | 3.06 | 2.27 | 1.64 |
| Dividends/distributions per common share/unit | 1.76 | 1.68 | 1.52 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2017 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 15, 2018) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Consolidated net earnings | $ 1,760,959 | 1,292,540 | 925,515 |
| Other comprehensive income (loss): | |||
| Foreign currency translation gains (losses), net | 63,455 | (135,958) | (208,901) |
| Unrealized gains (losses) on derivative contracts, net | 22,591 | (1,349) | (17,457) |
| Comprehensive income | 1,847,005 | 1,155,233 | 699,157 |
| Net earnings attributable to noncontrolling interests | (108,634) | (82,608) | (56,076) |
| Other comprehensive loss (gain) attributable to noncontrolling interests | (50,231) | (8,737) | 35,266 |
| Comprehensive income attributable to common stockholders / unitholders | 1,688,140 | 1,063,888 | 678,347 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 1,760,959 | 1,292,540 | 925,515 |
| Foreign currency translation gains (losses), net | 63,455 | (135,958) | (208,901) |
| Unrealized gains (losses) on derivative contracts, net | 22,591 | (1,349) | (17,457) |
| Comprehensive income | 1,847,005 | 1,155,233 | 699,157 |
| Net earnings attributable to noncontrolling interests | (63,620) | (48,307) | (44,950) |
| Other comprehensive loss (gain) attributable to noncontrolling interests | (49,278) | (12,601) | 32,862 |
| Comprehensive income attributable to common stockholders / unitholders | 1,734,107 | 1,094,325 | 687,069 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2017 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 15, 2018) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Operating activities: | |||
| Consolidated net earnings | $ 1,760,959 | 1,292,540 | 925,515 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Straight-lined rents and amortization of above and below market leases | (81,021) | (93,608) | (59,619) |
| Equity-based compensation awards | 76,640 | 60,341 | 53,665 |
| Depreciation and amortization | 879,140 | 930,985 | 880,373 |
| Earnings from unconsolidated entities, net | (248,567) | (206,307) | (159,262) |
| Distributions from unconsolidated entities | 307,220 | 286,651 | 284,664 |
| Decrease (increase) in operating receivables from unconsolidated entities | (30,893) | 14,823 | (38,185) |
| Amortization of debt discounts (premiums), net of debt issuance costs | 751 | (15,137) | (31,841) |
| Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net | (1,182,965) | (757,398) | (758,887) |
| Unrealized foreign currency and derivative losses (gains), net | 68,956 | (8,052) | (1,019) |
| Losses (gains) on early extinguishment of debt, net | 68,379 | (2,484) | 86,303 |
| Deferred income tax benefit | (5,005) | (5,525) | (5,057) |
| Decrease (increase) in accounts receivable and other assets | 37,278 | (106,337) | (64,749) |
| Increase in accounts payable and accrued expenses and other liabilities | 36,374 | 26,513 | 4,426 |
| Net cash provided by operating activities | 1,687,246 | 1,417,005 | 1,116,327 |
| Investing activities: | |||
| Real estate development | (1,606,133) | (1,641,560) | (1,339,904) |
| Real estate acquisitions | (442,696) | (458,516) | (890,183) |
| Tenant improvements and lease commissions on previously leased space | (153,255) | (165,933) | (154,564) |
| Nondevelopment capital expenditures | (110,635) | (101,677) | (83,351) |
| Proceeds from dispositions and contributions of real estate properties | 3,236,603 | 2,826,408 | 2,795,249 |
| Investments in and advances to unconsolidated entities | (249,735) | (265,951) | (474,420) |
| Acquisition of a controlling interest in an unconsolidated venture, net of cash received | (374,605) | 0 | 0 |
| Return of investment from unconsolidated entities | 209,151 | 776,550 | 29,406 |
| Proceeds from repayment of notes receivable backed by real estate | 32,100 | 202,950 | 9,866 |
| Proceeds from the settlement of net investment hedges | 7,541 | 79,767 | 129,149 |
| Payments on the settlement of net investment hedges | (5,058) | 0 | (981) |
| Net cash provided by (used in) investing activities | 543,278 | 1,252,038 | (4,789,232) |
| Financing activities: | |||
| Proceeds from issuance of common stock | 32,858 | 39,470 | 90,258 |
| Dividends paid on common and preferred stock | (942,884) | (893,455) | (804,697) |
| Repurchase of preferred stock | (13,182) | 0 | 0 |
| Noncontrolling interests contributions | 240,925 | 2,168 | 2,355,367 |
| Noncontrolling interests distributions | (207,788) | (343,550) | (215,740) |
| Purchase of noncontrolling interests | (813,847) | (3,083) | (2,560) |
| Tax paid for shares withheld | (19,775) | (8,570) | (12,298) |
| Debt and equity issuance costs paid | (7,054) | (20,123) | (32,012) |
| Net proceeds from (payments on) credit facilities | 283,255 | 33,435 | (7,970) |
| Repurchase and payments of debt | (3,578,889) | (2,301,647) | (3,156,294) |
| Proceeds from issuance of debt | 2,419,797 | 1,369,890 | 5,381,862 |
| Net cash provided by (used in) financing activities | (2,606,584) | (2,125,465) | 3,595,916 |
| Effect of foreign currency exchange rate changes on cash | 15,790 | (342) | (9,623) |
| Net increase (decrease) in cash and cash equivalents | (360,270) | 543,236 | (86,612) |
| Cash and cash equivalents, beginning of year | 807,316 | 264,080 | |
| Cash and cash equivalents, end of year | 447,046 | 807,316 | 264,080 |
| Business Acquisition | |||
| KTR Capital Partners and Affiliates | |||
| Consolidated Entities | |||
| Prologis, L.P. | |||
| KTR transaction, net of cash received | 0 | 0 | (4,809,499) |
| KTR transaction, net of cash received | 0 | 0 | (4,809,499) |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 1,760,959 | 1,292,540 | 925,515 |
| Straight-lined rents and amortization of above and below market leases | (81,021) | (93,608) | (59,619) |
| Equity-based compensation awards | 76,640 | 60,341 | 53,665 |
| Depreciation and amortization | 879,140 | 930,985 | 880,373 |
| Earnings from unconsolidated entities, net | (248,567) | (206,307) | (159,262) |
| Distributions from unconsolidated entities | 307,220 | 286,651 | 284,664 |
| Decrease (increase) in operating receivables from unconsolidated entities | (30,893) | 14,823 | (38,185) |
| Amortization of debt discounts (premiums), net of debt issuance costs | 751 | (15,137) | (31,841) |
| Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net | (1,182,965) | (757,398) | (758,887) |
| Unrealized foreign currency and derivative losses (gains), net | 68,956 | (8,052) | (1,019) |
| Losses (gains) on early extinguishment of debt, net | 68,379 | (2,484) | 86,303 |
| Deferred income tax benefit | (5,005) | (5,525) | (5,057) |
| Decrease (increase) in accounts receivable and other assets | 37,278 | (106,337) | (64,749) |
| Increase in accounts payable and accrued expenses and other liabilities | 36,374 | 26,513 | 4,426 |
| Net cash provided by operating activities | 1,687,246 | 1,417,005 | 1,116,327 |
| Real estate development | (1,606,133) | (1,641,560) | (1,339,904) |
| Real estate acquisitions | (442,696) | (458,516) | (890,183) |
| Tenant improvements and lease commissions on previously leased space | (153,255) | (165,933) | (154,564) |
| Nondevelopment capital expenditures | (110,635) | (101,677) | (83,351) |
| Proceeds from dispositions and contributions of real estate properties | 3,236,603 | 2,826,408 | 2,795,249 |
| Investments in and advances to unconsolidated entities | (249,735) | (265,951) | (474,420) |
| Acquisition of a controlling interest in an unconsolidated venture, net of cash received | (374,605) | 0 | 0 |
| Return of investment from unconsolidated entities | 209,151 | 776,550 | 29,406 |
| Proceeds from repayment of notes receivable backed by real estate | 32,100 | 202,950 | 9,866 |
| Proceeds from the settlement of net investment hedges | 7,541 | 79,767 | 129,149 |
| Payments on the settlement of net investment hedges | (5,058) | 0 | (981) |
| Net cash provided by (used in) investing activities | 543,278 | 1,252,038 | (4,789,232) |
| Proceeds from issuance of common stock | 32,858 | 39,470 | 90,258 |
| Dividends paid on common and preferred stock | (980,105) | (931,559) | (820,989) |
| Repurchase of preferred stock | (13,182) | 0 | 0 |
| Noncontrolling interests contributions | 240,925 | 2,168 | 2,355,367 |
| Noncontrolling interests distributions | (170,567) | (306,297) | (199,845) |
| Purchase of noncontrolling interests | (790,016) | (2,232) | (2,163) |
| Redemption of common limited partnership units | (23,831) | 0 | 0 |
| Tax paid for shares withheld | (19,775) | (8,570) | (12,298) |
| Debt and equity issuance costs paid | (7,054) | (20,123) | (32,012) |
| Net proceeds from (payments on) credit facilities | 283,255 | 33,435 | (7,970) |
| Repurchase and payments of debt | (3,578,889) | (2,301,647) | (3,156,294) |
| Proceeds from issuance of debt | 2,419,797 | 1,369,890 | 5,381,862 |
| Net cash provided by (used in) financing activities | (2,606,584) | (2,125,465) | 3,595,916 |
| Effect of foreign currency exchange rate changes on cash | 15,790 | (342) | (9,623) |
| Net increase (decrease) in cash and cash equivalents | (360,270) | 543,236 | (86,612) |
| Cash and cash equivalents, beginning of year | 447,046 | 264,080 | 264,080 |
| Cash and cash equivalents, end of year | 447,046 | 264,080 | 264,080 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROLOGIS, INC. | ||
Ticker: PLD Fiscal Year: 2017 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2017 10-K (Filed: Feb 15, 2018) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2017 | Dec 31, 2016 | |
| ASSETS | ||
| Investments in real estate properties | $ 25,838,644 | 27,119,330 |
| Less accumulated depreciation | 4,059,348 | 3,758,372 |
| Net investments in real estate properties | 21,779,296 | 23,360,958 |
| Investments in and advances to unconsolidated entities | 5,496,450 | 4,230,429 |
| Assets held for sale or contribution | 342,060 | 322,139 |
| Notes receivable backed by real estate | 34,260 | 32,100 |
| Net investments in real estate | 27,652,066 | 27,945,626 |
| Cash and cash equivalents | 447,046 | 807,316 |
| Other assets | 1,381,963 | 1,496,990 |
| Total assets | 29,481,075 | 30,249,932 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Debt | 9,412,631 | 10,608,294 |
| Accounts payable and accrued expenses | 702,804 | 556,179 |
| Other liabilities | 659,899 | 627,319 |
| Total liabilities | 10,775,334 | 11,791,792 |
| Equity: | ||
| Prologis, Inc. stockholders equity: | ||
| Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,379 and 1,565 shares issued and outstanding and 100,000 preferred shares authorized at December 31, 2017, and 2016, respectively | 68,948 | 78,235 |
| Common stock; $0.01 par value; 532,186 shares and 528,671 shares issued and outstanding at December 31, 2017, and 2016, respectively | 5,322 | 5,287 |
| Additional paid-in capital | 19,363,007 | 19,455,039 |
| Accumulated other comprehensive loss | (901,658) | (937,473) |
| Distributions in excess of net earnings | (2,904,461) | (3,610,007) |
| Total Prologis, Inc. stockholders equity | 15,631,158 | 14,991,081 |
| Capital: | ||
| Partners' capital: | ||
| Noncontrolling interests | 3,074,583 | 3,467,059 |
| Total equity | 18,705,741 | 18,458,140 |
| Total liabilities and equity | 29,481,075 | 30,249,932 |
| Consolidated Entities | ||
| Prologis, L.P. | ||
| Partner Capital Components | ||
| Class A Common | ||
| Limited partners | 248,940 | 244,417 |
| Investments in real estate properties | 25,838,644 | 27,119,330 |
| Less accumulated depreciation | 4,059,348 | 3,758,372 |
| Net investments in real estate properties | 21,779,296 | 23,360,958 |
| Investments in and advances to unconsolidated entities | 5,496,450 | 4,230,429 |
| Assets held for sale or contribution | 342,060 | 322,139 |
| Notes receivable backed by real estate | 34,260 | 32,100 |
| Net investments in real estate | 27,652,066 | 27,945,626 |
| Cash and cash equivalents | 447,046 | 807,316 |
| Other assets | 1,381,963 | 1,496,990 |
| Total assets | 29,481,075 | 30,249,932 |
| Debt | 9,412,631 | 10,608,294 |
| Accounts payable and accrued expenses | 702,804 | 556,179 |
| Other liabilities | 659,899 | 627,319 |
| Total liabilities | 10,775,334 | 11,791,792 |
| Total partners' capital | 16,045,499 | 15,385,671 |
| Noncontrolling interests | 2,660,242 | 3,072,469 |
| Total capital | 18,705,741 | 18,458,140 |
| Total liabilities and equity | 29,481,075 | 30,249,932 |
| Common | ||
| General partner | 15,562,210 | 14,912,846 |
| Limited partners | 165,401 | 150,173 |
| Preferred | ||
| General partner | 68,948 | 78,235 |
| External Links | |
| PROLOGIS, INC. (PLD) Fiscal Year 2017 | |
| 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 |