10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||||||||||||
| |||||||||||||
|
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2018 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 13, 2019) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Revenues: | |||
| Rental | $ 1,858,889 | 1,737,839 | 1,734,844 |
| Rental recoveries | 529,902 | 487,302 | 485,565 |
| Strategic capital | 406,300 | 373,889 | 303,562 |
| Development management and other | 9,358 | 19,104 | 9,164 |
| Total revenues | 2,804,449 | 2,618,134 | 2,533,135 |
| Expenses: | |||
| Rental | 600,648 | 569,523 | 568,870 |
| Strategic capital | 157,040 | 155,141 | 128,506 |
| General and administrative | 238,985 | 231,059 | 222,067 |
| Depreciation and amortization | 947,214 | 879,140 | 930,985 |
| Other | 13,560 | 12,205 | 14,329 |
| Total expenses | 1,957,447 | 1,847,068 | 1,864,757 |
| Operating income | 847,002 | 771,066 | 668,378 |
| Other income (expense): | |||
| Earnings from unconsolidated entities, net | 298,260 | 248,567 | 206,307 |
| Interest expense | (229,141) | (274,486) | (303,146) |
| Interest and other income, net | 14,663 | 13,731 | 8,101 |
| Gains on real estate transactions, net | 840,996 | 1,182,965 | 757,398 |
| Foreign currency and derivative gains (losses), net | 117,096 | (57,896) | 7,582 |
| Gains (losses) on early extinguishment of debt, net | (2,586) | (68,379) | 2,484 |
| Total other income | 1,039,288 | 1,044,502 | 678,726 |
| Earnings before income taxes | 1,886,290 | 1,815,568 | 1,347,104 |
| Total income tax expense | 63,330 | 54,609 | 54,564 |
| Consolidated net earnings | 1,822,960 | 1,760,959 | 1,292,540 |
| Less net earnings attributable to noncontrolling interests | 173,599 | 108,634 | 82,608 |
| Net earnings attributable to controlling interests | 1,649,361 | 1,652,325 | 1,209,932 |
| Less preferred stock/unit dividends/distributions | 5,935 | 6,499 | 6,714 |
| Loss on preferred stock/unit repurchase | 0 | 3,895 | 0 |
| Net earnings attributable to common stockholders/unitholders | 1,643,426 | 1,641,931 | 1,203,218 |
| Weighted average common shares/units outstanding - Basic | 567,367 | 530,400 | 526,103 |
| Weighted average common shares/units outstanding - Diluted | 590,239 | 552,300 | 546,666 |
| Net earnings per share attributable to common stockholders/unitholders - Basic | 2.90 | 3.10 | 2.29 |
| Net earnings per share attributable to common stockholders/unitholders - Diluted | 2.87 | 3.06 | 2.27 |
| Dividends or distributions per common share or unit | 1.92 | 1.76 | 1.68 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Rental | 1,858,889 | 1,737,839 | 1,734,844 |
| Rental recoveries | 529,902 | 487,302 | 485,565 |
| Strategic capital | 406,300 | 373,889 | 303,562 |
| Development management and other | 9,358 | 19,104 | 9,164 |
| Total revenues | 2,804,449 | 2,618,134 | 2,533,135 |
| Rental | 600,648 | 569,523 | 568,870 |
| Strategic capital | 157,040 | 155,141 | 128,506 |
| General and administrative | 238,985 | 231,059 | 222,067 |
| Depreciation and amortization | 947,214 | 879,140 | 930,985 |
| Other | 13,560 | 12,205 | 14,329 |
| Total expenses | 1,957,447 | 1,847,068 | 1,864,757 |
| Operating income | 847,002 | 771,066 | 668,378 |
| Earnings from unconsolidated entities, net | 298,260 | 248,567 | 206,307 |
| Interest expense | (229,141) | (274,486) | (303,146) |
| Interest and other income, net | 14,663 | 13,731 | 8,101 |
| Gains on real estate transactions, net | 840,996 | 1,182,965 | 757,398 |
| Foreign currency and derivative gains (losses), net | 117,096 | (57,896) | 7,582 |
| Gains (losses) on early extinguishment of debt, net | (2,586) | (68,379) | 2,484 |
| Total other income | 1,039,288 | 1,044,502 | 678,726 |
| Earnings before income taxes | 1,886,290 | 1,815,568 | 1,347,104 |
| Total income tax expense | 63,330 | 54,609 | 54,564 |
| Consolidated net earnings | 1,822,960 | 1,760,959 | 1,292,540 |
| Less net earnings attributable to noncontrolling interests | 124,712 | 63,620 | 48,307 |
| Net earnings attributable to controlling interests | 1,698,248 | 1,697,339 | 1,244,233 |
| Less preferred stock/unit dividends/distributions | 5,935 | 6,499 | 6,714 |
| Loss on preferred stock/unit repurchase | 0 | 3,895 | 0 |
| Net earnings attributable to common stockholders/unitholders | 1,692,313 | 1,686,945 | 1,237,519 |
| Weighted average common shares/units outstanding - Basic | 575,798 | 536,335 | 532,326 |
| Weighted average common shares/units outstanding - Diluted | 590,239 | 552,300 | 546,666 |
| Net earnings per share attributable to common stockholders/unitholders - Basic | 2.90 | 3.10 | 2.29 |
| Net earnings per share attributable to common stockholders/unitholders - Diluted | 2.87 | 3.06 | 2.27 |
| Dividends or distributions per common share or unit | 1.92 | 1.76 | 1.68 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2018 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 13, 2019) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Consolidated net earnings | $ 1,822,960 | 1,760,959 | 1,292,540 |
| Other comprehensive income (loss): | |||
| Foreign currency translation gains (losses), net | (190,590) | 63,455 | (135,958) |
| Unrealized gains (losses) on derivative contracts, net | (1,323) | 22,591 | (1,349) |
| Comprehensive income | 1,631,047 | 1,847,005 | 1,155,233 |
| Net earnings attributable to noncontrolling interests | (173,599) | (108,634) | (82,608) |
| Other comprehensive loss (income) attributable to noncontrolling interests | 8,900 | (50,231) | (8,737) |
| Comprehensive income attributable to common stockholders / unitholders | 1,466,348 | 1,688,140 | 1,063,888 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 1,822,960 | 1,760,959 | 1,292,540 |
| Foreign currency translation gains (losses), net | (190,590) | 63,455 | (135,958) |
| Unrealized gains (losses) on derivative contracts, net | (1,323) | 22,591 | (1,349) |
| Comprehensive income | 1,631,047 | 1,847,005 | 1,155,233 |
| Net earnings attributable to noncontrolling interests | (124,712) | (63,620) | (48,307) |
| Other comprehensive loss (income) attributable to noncontrolling interests | 3,416 | (49,278) | (12,601) |
| Comprehensive income attributable to common stockholders / unitholders | 1,509,751 | 1,734,107 | 1,094,325 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2018 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 13, 2019) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Operating activities: | |||
| Consolidated net earnings | $ 1,822,960 | 1,760,959 | 1,292,540 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Straight-lined rents and amortization of above and below market leases | (66,938) | (81,021) | (93,608) |
| Equity-based compensation awards | 76,093 | 76,640 | 60,341 |
| Depreciation and amortization | 947,214 | 879,140 | 930,985 |
| Earnings from unconsolidated entities, net | (298,260) | (248,567) | (206,307) |
| Operating distributions from unconsolidated entities | 349,877 | 307,220 | 286,651 |
| Decrease (increase) in operating receivables from unconsolidated entities | (39,890) | (30,893) | 14,823 |
| Amortization of debt discounts (premiums), net and debt issuance costs | 12,653 | 751 | (15,137) |
| Gains on real estate transactions, net | (840,996) | (1,182,965) | (757,398) |
| Unrealized foreign currency and derivative losses (gains), net | (120,358) | 68,956 | (8,052) |
| Losses (gains) on early extinguishment of debt, net | 2,586 | 68,379 | (2,484) |
| Deferred income tax expense (benefit) | 1,448 | (5,005) | (5,525) |
| Decrease (increase) in accounts receivable and other assets | (72,955) | 37,278 | (106,337) |
| Increase in accounts payable and accrued expenses and other liabilities | 30,125 | 36,374 | 26,513 |
| Net cash provided by operating activities | 1,803,559 | 1,687,246 | 1,417,005 |
| Investing activities: | |||
| Real estate development | (1,953,144) | (1,606,133) | (1,641,560) |
| DCT Transaction, net of cash acquired | (45,870) | 0 | 0 |
| Real estate acquisitions | (999,131) | (442,696) | (458,516) |
| Tenant improvements and lease commissions on previously leased space | (134,868) | (153,255) | (165,933) |
| Property improvements | (93,073) | (110,635) | (101,677) |
| Proceeds from dispositions and contributions of real estate properties | 2,310,388 | 3,236,603 | 2,826,408 |
| Investments in and advances to unconsolidated entities | (160,358) | (249,735) | (265,951) |
| Acquisition of a controlling interest in unconsolidated entities, net of cash received | 0 | (374,605) | 0 |
| Return of investment from unconsolidated entities | 360,278 | 209,151 | 776,550 |
| Proceeds from repayment of notes receivable backed by real estate | 34,260 | 32,100 | 202,950 |
| Proceeds from the settlement of net investment hedges | 29,425 | 7,541 | 79,767 |
| Payments on the settlement of net investment hedges | (11,703) | (5,058) | 0 |
| Net cash provided by (used in) investing activities | (663,796) | 543,278 | 1,252,038 |
| Financing activities: | |||
| Proceeds from issuance of common stock | 6,891 | 32,858 | 39,470 |
| Dividends paid on common and preferred stock | (1,123,367) | (942,884) | (893,455) |
| Repurchase of preferred stock | 0 | (13,182) | 0 |
| Noncontrolling interests contributions | 170,066 | 240,925 | 2,168 |
| Noncontrolling interests distributions | (224,850) | (207,788) | (343,550) |
| Settlement of noncontrolling interests | (75,920) | (813,847) | (3,083) |
| Tax paid for shares withheld | (26,508) | (19,775) | (8,570) |
| Debt and equity issuance costs paid | (17,446) | (7,054) | (20,123) |
| Net proceeds from (payments on) credit facilities | (674,559) | 283,255 | 33,435 |
| Repurchase of and payments on debt | (4,166,088) | (3,578,889) | (2,301,647) |
| Proceeds from the issuance of debt | 4,899,680 | 2,419,797 | 1,369,890 |
| Net cash used in financing activities | (1,232,101) | (2,606,584) | (2,125,465) |
| Effect of foreign currency exchange rate changes on cash | (10,852) | 15,790 | (342) |
| Net increase (decrease) in cash and cash equivalents | (103,190) | (360,270) | 543,236 |
| Cash and cash equivalents, beginning of year | 447,046 | 807,316 | |
| Cash and cash equivalents, end of year | 343,856 | 447,046 | 807,316 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 1,822,960 | 1,760,959 | 1,292,540 |
| Straight-lined rents and amortization of above and below market leases | (66,938) | (81,021) | (93,608) |
| Equity-based compensation awards | 76,093 | 76,640 | 60,341 |
| Depreciation and amortization | 947,214 | 879,140 | 930,985 |
| Earnings from unconsolidated entities, net | (298,260) | (248,567) | (206,307) |
| Operating distributions from unconsolidated entities | 349,877 | 307,220 | 286,651 |
| Decrease (increase) in operating receivables from unconsolidated entities | (39,890) | (30,893) | 14,823 |
| Amortization of debt discounts (premiums), net and debt issuance costs | 12,653 | 751 | (15,137) |
| Gains on real estate transactions, net | (840,996) | (1,182,965) | (757,398) |
| Unrealized foreign currency and derivative losses (gains), net | (120,358) | 68,956 | (8,052) |
| Losses (gains) on early extinguishment of debt, net | 2,586 | 68,379 | (2,484) |
| Deferred income tax expense (benefit) | 1,448 | (5,005) | (5,525) |
| Decrease (increase) in accounts receivable and other assets | (72,955) | 37,278 | (106,337) |
| Increase in accounts payable and accrued expenses and other liabilities | 30,125 | 36,374 | 26,513 |
| Net cash provided by operating activities | 1,803,559 | 1,687,246 | 1,417,005 |
| Real estate development | (1,953,144) | (1,606,133) | (1,641,560) |
| DCT Transaction, net of cash acquired | (45,870) | 0 | 0 |
| Real estate acquisitions | (999,131) | (442,696) | (458,516) |
| Tenant improvements and lease commissions on previously leased space | (134,868) | (153,255) | (165,933) |
| Property improvements | (93,073) | (110,635) | (101,677) |
| Proceeds from dispositions and contributions of real estate properties | 2,310,388 | 3,236,603 | 2,826,408 |
| Investments in and advances to unconsolidated entities | (160,358) | (249,735) | (265,951) |
| Acquisition of a controlling interest in unconsolidated entities, net of cash received | 0 | (374,605) | 0 |
| Return of investment from unconsolidated entities | 360,278 | 209,151 | 776,550 |
| Proceeds from repayment of notes receivable backed by real estate | 34,260 | 32,100 | 202,950 |
| Proceeds from the settlement of net investment hedges | 29,425 | 7,541 | 79,767 |
| Payments on the settlement of net investment hedges | (11,703) | (5,058) | 0 |
| Net cash provided by (used in) investing activities | (663,796) | 543,278 | 1,252,038 |
| Proceeds from issuance of common stock | 6,891 | 32,858 | 39,470 |
| Dividends paid on common and preferred stock | (1,168,133) | (980,105) | (931,559) |
| Repurchase of preferred stock | 0 | (13,182) | 0 |
| Noncontrolling interests contributions | 170,066 | 240,925 | 2,168 |
| Noncontrolling interests distributions | (180,084) | (170,567) | (306,297) |
| Settlement of noncontrolling interests | (22,728) | (790,016) | (2,232) |
| Redemption of common limited partnership units | (53,192) | (23,831) | 0 |
| Tax paid for shares of the Parent withheld | (26,508) | (19,775) | (8,570) |
| Debt and equity issuance costs paid | (17,446) | (7,054) | (20,123) |
| Net proceeds from (payments on) credit facilities | (674,559) | 283,255 | 33,435 |
| Repurchase of and payments on debt | (4,166,088) | (3,578,889) | (2,301,647) |
| Proceeds from the issuance of debt | 4,899,680 | 2,419,797 | 1,369,890 |
| Net cash used in financing activities | (1,232,101) | (2,606,584) | (2,125,465) |
| Effect of foreign currency exchange rate changes on cash | (10,852) | 15,790 | (342) |
| Net increase (decrease) in cash and cash equivalents | (103,190) | (360,270) | 543,236 |
| Cash and cash equivalents, beginning of year | 343,856 | 807,316 | 807,316 |
| Cash and cash equivalents, end of year | 343,856 | 807,316 | 807,316 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROLOGIS, INC. | ||
Ticker: PLD Fiscal Year: 2018 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 13, 2019) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| ASSETS | ||
| Investments in real estate properties | $ 34,586,987 | 25,838,644 |
| Less accumulated depreciation | 4,656,680 | 4,059,348 |
| Net investments in real estate properties | 29,930,307 | 21,779,296 |
| Investments in and advances to unconsolidated entities | 5,745,294 | 5,496,450 |
| Assets held for sale or contribution | 622,288 | 342,060 |
| Notes receivable backed by real estate | 0 | 34,260 |
| Net investments in real estate | 36,297,889 | 27,652,066 |
| Cash and cash equivalents | 343,856 | 447,046 |
| Other assets | 1,775,919 | 1,381,963 |
| Total assets | 38,417,664 | 29,481,075 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Debt | 11,089,815 | 9,412,631 |
| Accounts payable and accrued expenses | 760,515 | 702,804 |
| Other liabilities | 766,446 | 659,899 |
| Total liabilities | 12,616,776 | 10,775,334 |
| Equity: | ||
| Prologis, Inc. stockholders equity: | ||
| Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,379 shares issued and outstanding and 100,000 preferred shares authorized at December 31, 2018 and 2017 | 68,948 | 68,948 |
| Common stock; $0.01 par value; 629,616 and 532,186 shares issued and outstanding at December 31, 2018 and 2017, respectively | 6,296 | 5,322 |
| Additional paid-in capital | 25,685,987 | 19,363,007 |
| Accumulated other comprehensive loss | (1,084,671) | (901,658) |
| Distributions in excess of net earnings | (2,378,467) | (2,904,461) |
| Total Prologis, Inc. stockholders equity | 22,298,093 | 15,631,158 |
| Capital: | ||
| Partners' capital: | ||
| Noncontrolling interests | 3,502,795 | 3,074,583 |
| Total equity | 25,800,888 | 18,705,741 |
| Total liabilities and equity | 38,417,664 | 29,481,075 |
| Consolidated Entities | ||
| Prologis, L.P. | ||
| Partner Capital Components | ||
| Common | ||
| General partner | 22,229,145 | 15,562,210 |
| Limited partners | 371,281 | 165,401 |
| Class A Common | ||
| Limited partners | 295,045 | 248,940 |
| Preferred | ||
| General partner | 68,948 | 68,948 |
| Investments in real estate properties | 34,586,987 | 25,838,644 |
| Less accumulated depreciation | 4,656,680 | 4,059,348 |
| Net investments in real estate properties | 29,930,307 | 21,779,296 |
| Investments in and advances to unconsolidated entities | 5,745,294 | 5,496,450 |
| Assets held for sale or contribution | 622,288 | 342,060 |
| Notes receivable backed by real estate | 0 | 34,260 |
| Net investments in real estate | 36,297,889 | 27,652,066 |
| Cash and cash equivalents | 343,856 | 447,046 |
| Other assets | 1,775,919 | 1,381,963 |
| Total assets | 38,417,664 | 29,481,075 |
| Debt | 11,089,815 | 9,412,631 |
| Accounts payable and accrued expenses | 760,515 | 702,804 |
| Other liabilities | 766,446 | 659,899 |
| Total liabilities | 12,616,776 | 10,775,334 |
| Total partners' capital | 22,964,419 | 16,045,499 |
| Noncontrolling interests | 2,836,469 | 2,660,242 |
| Total capital | 25,800,888 | 18,705,741 |
| Total liabilities and equity | 38,417,664 | 29,481,075 |
| External Links | |
| PROLOGIS, INC. (PLD) Fiscal Year 2018 | |
| 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 |