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: 2020 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 11, 2021) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Revenues: | |||
| Rental | $ 3,791,131 | 2,831,818 | 2,388,791 |
| Strategic capital | 636,987 | 491,886 | 406,300 |
| Development management and other | 10,617 | 6,917 | 9,358 |
| Total revenues | 4,438,735 | 3,330,621 | 2,804,449 |
| Expenses: | |||
| Rental | 952,063 | 734,266 | 600,648 |
| Strategic capital | 218,041 | 184,661 | 157,040 |
| General and administrative | 274,845 | 266,718 | 238,985 |
| Depreciation and amortization | 1,561,969 | 1,139,879 | 947,214 |
| Other | 30,010 | 13,149 | 13,560 |
| Total expenses | 3,036,928 | 2,338,673 | 1,957,447 |
| Operating income before gains on real estate transactions, net | 1,401,807 | 991,948 | 847,002 |
| Gains on dispositions of development properties and land, net | 464,942 | 467,577 | 469,817 |
| Gains on other dispositions of investments in real estate, net | 252,195 | 390,241 | 371,179 |
| Operating income | 2,118,944 | 1,849,766 | 1,687,998 |
| Other income (expense): | |||
| Earnings from unconsolidated entities, net | 297,370 | 200,178 | 298,260 |
| Interest expense | (314,507) | (239,953) | (229,141) |
| Interest and other income, net | 1,044 | 24,213 | 14,663 |
| Foreign currency and derivative gains (losses), net | (167,473) | (41,715) | 117,096 |
| Losses on early extinguishment of debt, net | (188,290) | (16,126) | (2,586) |
| Total other income (expense) | (371,856) | (73,403) | 198,292 |
| Earnings before income taxes | 1,747,088 | 1,776,363 | 1,886,290 |
| Total income tax expense | 130,458 | 74,517 | 63,330 |
| Consolidated net earnings | 1,616,630 | 1,701,846 | 1,822,960 |
| Less net earnings attributable to noncontrolling interests | 134,816 | 128,887 | 173,599 |
| Net earnings attributable to controlling interests | 1,481,814 | 1,572,959 | 1,649,361 |
| Less preferred stock/unit dividends/distributions | 6,345 | 6,009 | 5,935 |
| Loss on preferred stock/unit repurchase | 2,347 | 0 | 0 |
| Net earnings attributable to common stockholders/unitholders | 1,473,122 | 1,566,950 | 1,643,426 |
| Weighted average common shares/units outstanding - Basic | 728,323 | 630,580 | 567,367 |
| Weighted average common shares/units outstanding - Diluted | 754,414 | 654,903 | 590,239 |
| Net earnings per share/unit attributable to common stockholders/unitholders - Basic | 2.02 | 2.48 | 2.90 |
| Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | 2.01 | 2.46 | 2.87 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Rental | 3,791,131 | 2,831,818 | 2,388,791 |
| Strategic capital | 636,987 | 491,886 | 406,300 |
| Development management and other | 10,617 | 6,917 | 9,358 |
| Total revenues | 4,438,735 | 3,330,621 | 2,804,449 |
| Rental | 952,063 | 734,266 | 600,648 |
| Strategic capital | 218,041 | 184,661 | 157,040 |
| General and administrative | 274,845 | 266,718 | 238,985 |
| Depreciation and amortization | 1,561,969 | 1,139,879 | 947,214 |
| Other | 30,010 | 13,149 | 13,560 |
| Total expenses | 3,036,928 | 2,338,673 | 1,957,447 |
| Operating income before gains on real estate transactions, net | 1,401,807 | 991,948 | 847,002 |
| Gains on dispositions of development properties and land, net | 464,942 | 467,577 | 469,817 |
| Gains on other dispositions of investments in real estate, net | 252,195 | 390,241 | 371,179 |
| Operating income | 2,118,944 | 1,849,766 | 1,687,998 |
| Earnings from unconsolidated entities, net | 297,370 | 200,178 | 298,260 |
| Interest expense | (314,507) | (239,953) | (229,141) |
| Interest and other income, net | 1,044 | 24,213 | 14,663 |
| Foreign currency and derivative gains (losses), net | (167,473) | (41,715) | 117,096 |
| Losses on early extinguishment of debt, net | (188,290) | (16,126) | (2,586) |
| Total other income (expense) | (371,856) | (73,403) | 198,292 |
| Earnings before income taxes | 1,747,088 | 1,776,363 | 1,886,290 |
| Total income tax expense | 130,458 | 74,517 | 63,330 |
| Consolidated net earnings | 1,616,630 | 1,701,846 | 1,822,960 |
| Less net earnings attributable to noncontrolling interests | 93,195 | 82,222 | 124,712 |
| Net earnings attributable to controlling interests | 1,523,435 | 1,619,624 | 1,698,248 |
| Less preferred stock/unit dividends/distributions | 6,345 | 6,009 | 5,935 |
| Loss on preferred stock/unit repurchase | 2,347 | 0 | 0 |
| Net earnings attributable to common stockholders/unitholders | 1,514,743 | 1,613,615 | 1,692,313 |
| Weighted average common shares/units outstanding - Basic | 740,860 | 641,128 | 575,798 |
| Weighted average common shares/units outstanding - Diluted | 754,414 | 654,903 | 590,239 |
| Net earnings per share/unit attributable to common stockholders/unitholders - Basic | 2.02 | 2.48 | 2.90 |
| Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | 2.01 | 2.46 | 2.87 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2020 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 11, 2021) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Consolidated net earnings | $ 1,616,630 | 1,701,846 | 1,822,960 |
| Other comprehensive income (loss): | |||
| Foreign currency translation gains (losses), net | (194,673) | 98,482 | (190,590) |
| Unrealized losses on derivative contracts, net | (14,117) | (1,335) | (1,323) |
| Comprehensive income | 1,407,840 | 1,798,993 | 1,631,047 |
| Net earnings attributable to noncontrolling interests | (134,816) | (128,887) | (173,599) |
| Other comprehensive loss (income) attributable to noncontrolling interests | 5,449 | (2,874) | 8,900 |
| Comprehensive income attributable to common stockholders / unitholders | 1,278,473 | 1,667,232 | 1,466,348 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 1,616,630 | 1,701,846 | 1,822,960 |
| Foreign currency translation gains (losses), net | (194,673) | 98,482 | (190,590) |
| Unrealized losses on derivative contracts, net | (14,117) | (1,335) | (1,323) |
| Comprehensive income | 1,407,840 | 1,798,993 | 1,631,047 |
| Net earnings attributable to noncontrolling interests | (93,195) | (82,222) | (124,712) |
| Other comprehensive loss (income) attributable to noncontrolling interests | (92) | (188) | 3,416 |
| Comprehensive income attributable to common stockholders / unitholders | 1,314,553 | 1,716,583 | 1,509,751 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2020 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 11, 2021) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Operating activities: | |||
| Consolidated net earnings | $ 1,616,630 | 1,701,846 | 1,822,960 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Straight-lined rents and amortization of above and below market leases | (126,328) | (98,426) | (66,938) |
| Equity-based compensation awards | 109,831 | 97,557 | 76,093 |
| Depreciation and amortization | 1,561,969 | 1,139,879 | 947,214 |
| Earnings from unconsolidated entities, net | (297,370) | (200,178) | (298,260) |
| Operating distributions from unconsolidated entities | 450,622 | 346,517 | 349,877 |
| Decrease (increase) in operating receivables from unconsolidated entities | 14,670 | 11,557 | (39,890) |
| Amortization of debt discounts and debt issuance costs, net | 7,859 | 17,006 | 12,653 |
| Gains on dispositions of development properties and land, net | (464,942) | (467,577) | (469,817) |
| Gains on other dispositions of investments in real estate, net | (252,195) | (390,241) | (371,179) |
| Unrealized foreign currency and derivative losses (gains), net | 160,739 | 70,693 | (120,358) |
| Losses on early extinguishment of debt, net | 188,290 | 16,126 | 2,586 |
| Deferred income tax expense | 744 | 12,221 | 1,448 |
| Increase in accounts receivable, lease right-of-use assets and other assets | (127,619) | (108,165) | (72,955) |
| Increase in accounts payable and accrued expenses, lease liabilities and other liabilities | 94,105 | 115,219 | 30,125 |
| Net cash provided by operating activities | 2,937,005 | 2,264,034 | 1,803,559 |
| Investing activities: | |||
| Real estate development | (1,920,218) | (1,795,137) | (1,953,144) |
| Real estate acquisitions | (1,239,034) | (1,006,043) | (999,131) |
| Tenant improvements and lease commissions on previously leased space | (221,491) | (179,274) | (134,868) |
| Property improvements | (149,491) | (143,029) | (93,073) |
| Proceeds from dispositions and contributions of real estate properties | 2,281,940 | 2,331,623 | 2,310,388 |
| Investments in and advances to unconsolidated entities | (385,936) | (276,169) | (160,358) |
| Return of investment from unconsolidated entities | 257,065 | 389,463 | 360,278 |
| Proceeds from repayment of notes receivable backed by real estate | 4,312 | 0 | 34,260 |
| Proceeds from the settlement of net investment hedges | 2,352 | 23,640 | 29,425 |
| Payments on the settlement of net investment hedges | (9,034) | (30,424) | (11,703) |
| Net cash used in investing activities | (3,074,330) | (685,350) | (663,796) |
| Financing activities: | |||
| Proceeds from issuance of common stock/units | 2,217 | 6,082 | 6,891 |
| Repurchase and retirement of common stock | (34,829) | 0 | 0 |
| Repurchase of preferred stock | (7,200) | 0 | 0 |
| Dividends/distributions paid on common and preferred stock/units | (1,722,989) | (1,345,660) | (1,123,367) |
| Noncontrolling interests contributions | 917,092 | 11,604 | 170,066 |
| Noncontrolling interests distributions | (361,636) | (164,419) | (224,850) |
| Settlement of noncontrolling interests | (116,978) | (109,811) | (75,920) |
| Tax paid for shares withheld | (24,887) | (22,434) | (26,508) |
| Debt and equity issuance costs paid | (54,204) | (17,656) | (17,446) |
| Net proceeds from (payments on) credit facilities | (10,959) | 127,566 | (674,559) |
| Repurchase of and payments on debt | (6,782,306) | (3,301,827) | (4,166,088) |
| Proceeds from the issuance of debt | 7,824,517 | 3,976,956 | 4,899,680 |
| Net cash used in financing activities | (372,162) | (839,599) | (1,232,101) |
| Effect of foreign currency exchange rate changes on cash | 18,718 | 5,914 | (10,852) |
| Net increase (decrease) in cash and cash equivalents | (490,769) | 744,999 | (103,190) |
| Cash and cash equivalents, beginning of year | 1,088,855 | 343,856 | |
| Cash and cash equivalents, end of year | 598,086 | 1,088,855 | 343,856 |
| Business Acquisition | |||
| Liberty Transaction | |||
| Transaction, net of cash acquired | (29,436) | 0 | 0 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Transaction, net of cash acquired | (29,436) | 0 | 0 |
| IPT Transaction | |||
| Transaction, net of cash acquired | (1,665,359) | 0 | 0 |
| Transaction, net of cash acquired | (1,665,359) | 0 | 0 |
| DCT Transaction | |||
| Transaction, net of cash acquired | 0 | 0 | (45,870) |
| Transaction, net of cash acquired | 0 | 0 | (45,870) |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 1,616,630 | 1,701,846 | 1,822,960 |
| Straight-lined rents and amortization of above and below market leases | (126,328) | (98,426) | (66,938) |
| Equity-based compensation awards | 109,831 | 97,557 | 76,093 |
| Depreciation and amortization | 1,561,969 | 1,139,879 | 947,214 |
| Earnings from unconsolidated entities, net | (297,370) | (200,178) | (298,260) |
| Operating distributions from unconsolidated entities | 450,622 | 346,517 | 349,877 |
| Decrease (increase) in operating receivables from unconsolidated entities | 14,670 | 11,557 | (39,890) |
| Amortization of debt discounts and debt issuance costs, net | 7,859 | 17,006 | 12,653 |
| Gains on dispositions of development properties and land, net | (464,942) | (467,577) | (469,817) |
| Gains on other dispositions of investments in real estate, net | (252,195) | (390,241) | (371,179) |
| Unrealized foreign currency and derivative losses (gains), net | 160,739 | 70,693 | (120,358) |
| Losses on early extinguishment of debt, net | 188,290 | 16,126 | 2,586 |
| Deferred income tax expense | 744 | 12,221 | 1,448 |
| Increase in accounts receivable, lease right-of-use assets and other assets | (127,619) | (108,165) | (72,955) |
| Increase in accounts payable and accrued expenses, lease liabilities and other liabilities | 94,105 | 115,219 | 30,125 |
| Net cash provided by operating activities | 2,937,005 | 2,264,034 | 1,803,559 |
| Real estate development | (1,920,218) | (1,795,137) | (1,953,144) |
| Real estate acquisitions | (1,239,034) | (1,006,043) | (999,131) |
| Tenant improvements and lease commissions on previously leased space | (221,491) | (179,274) | (134,868) |
| Property improvements | (149,491) | (143,029) | (93,073) |
| Proceeds from dispositions and contributions of real estate properties | 2,281,940 | 2,331,623 | 2,310,388 |
| Investments in and advances to unconsolidated entities | (385,936) | (276,169) | (160,358) |
| Return of investment from unconsolidated entities | 257,065 | 389,463 | 360,278 |
| Proceeds from repayment of notes receivable backed by real estate | 4,312 | 0 | 34,260 |
| Proceeds from the settlement of net investment hedges | 2,352 | 23,640 | 29,425 |
| Payments on the settlement of net investment hedges | (9,034) | (30,424) | (11,703) |
| Net cash used in investing activities | (3,074,330) | (685,350) | (663,796) |
| Proceeds from issuance of common stock/units | 2,217 | 6,082 | 6,891 |
| Repurchase and retirement of common stock | (34,829) | 0 | 0 |
| Repurchase of preferred stock | (7,200) | 0 | 0 |
| Dividends/distributions paid on common and preferred stock/units | (1,781,482) | (1,396,051) | (1,168,133) |
| Noncontrolling interests contributions | 917,092 | 11,604 | 170,066 |
| Noncontrolling interests distributions | (303,143) | (114,028) | (180,084) |
| Settlement of noncontrolling interests | 0 | (22,471) | (22,728) |
| Redemption of common limited partnership units | (116,978) | (87,340) | (53,192) |
| Tax paid for shares of the Parent withheld | (24,887) | (22,434) | (26,508) |
| Debt and equity issuance costs paid | (54,204) | (17,656) | (17,446) |
| Net proceeds from (payments on) credit facilities | (10,959) | 127,566 | (674,559) |
| Repurchase of and payments on debt | (6,782,306) | (3,301,827) | (4,166,088) |
| Proceeds from the issuance of debt | 7,824,517 | 3,976,956 | 4,899,680 |
| Net cash used in financing activities | (372,162) | (839,599) | (1,232,101) |
| Effect of foreign currency exchange rate changes on cash | 18,718 | 5,914 | (10,852) |
| Net increase (decrease) in cash and cash equivalents | (490,769) | 744,999 | (103,190) |
| Cash and cash equivalents, beginning of year | 598,086 | 343,856 | 343,856 |
| Cash and cash equivalents, end of year | 598,086 | 343,856 | 343,856 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROLOGIS, INC. | ||
Ticker: PLD Fiscal Year: 2020 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2020 10-K (Filed: Feb 11, 2021) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2020 | Dec 31, 2019 | |
| ASSETS | ||
| Investments in real estate properties | $ 50,384,328 | 35,224,414 |
| Less accumulated depreciation | 6,539,156 | 5,437,662 |
| Net investments in real estate properties | 43,845,172 | 29,786,752 |
| Investments in and advances to unconsolidated entities | 7,602,014 | 6,237,371 |
| Assets held for sale or contribution | 1,070,724 | 720,685 |
| Net investments in real estate | 52,517,910 | 36,744,808 |
| Lease right-of-use assets | 492,801 | 486,330 |
| Cash and cash equivalents | 598,086 | 1,088,855 |
| Other assets | 2,456,208 | 1,711,857 |
| Total assets | 56,065,005 | 40,031,850 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Debt | 16,849,076 | 11,905,877 |
| Lease liabilities | 486,972 | 471,634 |
| Accounts payable and accrued expenses | 1,143,372 | 704,954 |
| Other liabilities | 1,261,005 | 877,601 |
| Total liabilities | 19,740,425 | 13,960,066 |
| Equity: | ||
| Prologis, Inc. stockholders equity: | ||
| Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,279 and 1,379 shares issued and outstanding and 100,000 preferred shares authorized at December 31, 2020 and 2019, respectively | 63,948 | 68,948 |
| Common stock; $0.01 par value; 739,381 and 631,797 shares issued and outstanding at December 31, 2020 and 2019, respectively | 7,394 | 6,318 |
| Additional paid-in capital | 35,488,634 | 25,719,427 |
| Accumulated other comprehensive loss | (1,193,739) | (990,398) |
| Distributions in excess of net earnings | (2,394,690) | (2,151,168) |
| Total Prologis, Inc. stockholders equity | 31,971,547 | 22,653,127 |
| Capital: | ||
| Partners' capital: | ||
| Noncontrolling interests | 4,353,033 | 3,418,657 |
| Total equity | 36,324,580 | 26,071,784 |
| Total liabilities and equity | 56,065,005 | 40,031,850 |
| Consolidated Entities | ||
| Prologis, L.P. | ||
| Partner Capital Components | ||
| Preferred | ||
| General partner | 63,948 | 68,948 |
| Investments in real estate properties | 50,384,328 | 35,224,414 |
| Less accumulated depreciation | 6,539,156 | 5,437,662 |
| Net investments in real estate properties | 43,845,172 | 29,786,752 |
| Investments in and advances to unconsolidated entities | 7,602,014 | 6,237,371 |
| Assets held for sale or contribution | 1,070,724 | 720,685 |
| Net investments in real estate | 52,517,910 | 36,744,808 |
| Lease right-of-use assets | 492,801 | 486,330 |
| Cash and cash equivalents | 598,086 | 1,088,855 |
| Other assets | 2,456,208 | 1,711,857 |
| Total assets | 56,065,005 | 40,031,850 |
| Debt | 16,849,076 | 11,905,877 |
| Lease liabilities | 486,972 | 471,634 |
| Accounts payable and accrued expenses | 1,143,372 | 704,954 |
| Other liabilities | 1,261,005 | 877,601 |
| Total liabilities | 19,740,425 | 13,960,066 |
| Total partners' capital | 32,841,054 | 23,296,390 |
| Noncontrolling interests | 3,483,526 | 2,775,394 |
| Total capital | 36,324,580 | 26,071,784 |
| Total liabilities and equity | 56,065,005 | 40,031,850 |
| Common | ||
| General partner | 31,907,599 | 22,584,179 |
| Limited partners | 523,954 | 355,076 |
| Class A Common | ||
| Limited partners | 345,553 | 288,187 |
| External Links | |
| PROLOGIS, INC. (PLD) Fiscal Year 2020 | |
| 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 |