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: 2021 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 9, 2022) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Revenues: | |||
| Rental | $ 4,147,994 | 3,791,131 | 2,831,818 |
| Strategic capital | 590,750 | 636,987 | 491,886 |
| Development management and other | 20,696 | 10,617 | 6,917 |
| Total revenues | 4,759,440 | 4,438,735 | 3,330,621 |
| Expenses: | |||
| Rental | 1,041,316 | 952,063 | 734,266 |
| Strategic capital | 207,171 | 218,041 | 184,661 |
| General and administrative | 293,167 | 274,845 | 266,718 |
| Depreciation and amortization | 1,577,942 | 1,561,969 | 1,139,879 |
| Other | 22,435 | 30,010 | 13,149 |
| Total expenses | 3,142,031 | 3,036,928 | 2,338,673 |
| Operating income before gains on real estate transactions, net | 1,617,409 | 1,401,807 | 991,948 |
| Gains on dispositions of development properties and land, net | 817,017 | 464,942 | 467,577 |
| Gains on other dispositions of investments in real estate, net | 772,570 | 252,195 | 390,241 |
| Operating income | 3,206,996 | 2,118,944 | 1,849,766 |
| Other income (expense): | |||
| Earnings from unconsolidated entities, net | 404,255 | 297,370 | 200,178 |
| Interest expense | (266,228) | (314,507) | (239,953) |
| Interest and other income, net | 871 | 1,044 | 24,213 |
| Foreign currency and derivative gains (losses), net | 164,407 | (167,473) | (41,715) |
| Losses on early extinguishment of debt, net | (187,453) | (188,290) | (16,126) |
| Total other income (expense) | 115,852 | (371,856) | (73,403) |
| Earnings before income taxes | 3,322,848 | 1,747,088 | 1,776,363 |
| Total income tax expense | (174,258) | (130,458) | (74,517) |
| Consolidated net earnings | 3,148,590 | 1,616,630 | 1,701,846 |
| Less net earnings attributable to noncontrolling interests | 208,867 | 134,816 | 128,887 |
| Net earnings attributable to controlling interests | 2,939,723 | 1,481,814 | 1,572,959 |
| Less preferred stock/unit dividends/distributions | 6,152 | 6,345 | 6,009 |
| Loss on preferred stock/unit repurchase | 0 | 2,347 | 0 |
| Net earnings attributable to common stockholders/unitholders | 2,933,571 | 1,473,122 | 1,566,950 |
| Weighted average common shares/units outstanding - Basic | 739,363 | 728,323 | 630,580 |
| Weighted average common shares/units outstanding - Diluted | 764,762 | 754,414 | 654,903 |
| Net earnings per share/unit attributable to common stockholders/unitholders - Basic | 3.97 | 2.02 | 2.48 |
| Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | 3.94 | 2.01 | 2.46 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Rental | 4,147,994 | 3,791,131 | 2,831,818 |
| Strategic capital | 590,750 | 636,987 | 491,886 |
| Development management and other | 20,696 | 10,617 | 6,917 |
| Total revenues | 4,759,440 | 4,438,735 | 3,330,621 |
| Rental | 1,041,316 | 952,063 | 734,266 |
| Strategic capital | 207,171 | 218,041 | 184,661 |
| General and administrative | 293,167 | 274,845 | 266,718 |
| Depreciation and amortization | 1,577,942 | 1,561,969 | 1,139,879 |
| Other | 22,435 | 30,010 | 13,149 |
| Total expenses | 3,142,031 | 3,036,928 | 2,338,673 |
| Operating income before gains on real estate transactions, net | 1,617,409 | 1,401,807 | 991,948 |
| Gains on dispositions of development properties and land, net | 817,017 | 464,942 | 467,577 |
| Gains on other dispositions of investments in real estate, net | 772,570 | 252,195 | 390,241 |
| Operating income | 3,206,996 | 2,118,944 | 1,849,766 |
| Earnings from unconsolidated entities, net | 404,255 | 297,370 | 200,178 |
| Interest expense | (266,228) | (314,507) | (239,953) |
| Interest and other income, net | 871 | 1,044 | 24,213 |
| Foreign currency and derivative gains (losses), net | 164,407 | (167,473) | (41,715) |
| Losses on early extinguishment of debt, net | (187,453) | (188,290) | (16,126) |
| Total other income (expense) | 115,852 | (371,856) | (73,403) |
| Earnings before income taxes | 3,322,848 | 1,747,088 | 1,776,363 |
| Total income tax expense | (174,258) | (130,458) | (74,517) |
| Consolidated net earnings | 3,148,590 | 1,616,630 | 1,701,846 |
| Less net earnings attributable to noncontrolling interests | 127,075 | 93,195 | 82,222 |
| Net earnings attributable to controlling interests | 3,021,515 | 1,523,435 | 1,619,624 |
| Less preferred stock/unit dividends/distributions | 6,152 | 6,345 | 6,009 |
| Loss on preferred stock/unit repurchase | 0 | 2,347 | 0 |
| Net earnings attributable to common stockholders/unitholders | 3,015,363 | 1,514,743 | 1,613,615 |
| Weighted average common shares/units outstanding - Basic | 751,973 | 740,860 | 641,128 |
| Weighted average common shares/units outstanding - Diluted | 764,762 | 754,414 | 654,903 |
| Net earnings per share/unit attributable to common stockholders/unitholders - Basic | 3.97 | 2.02 | 2.48 |
| Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | 3.94 | 2.01 | 2.46 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2021 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 9, 2022) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Consolidated net earnings | $ 3,148,590 | 1,616,630 | 1,701,846 |
| Other comprehensive income (loss): | |||
| Foreign currency translation gains (losses), net | 305,929 | (194,673) | 98,482 |
| Unrealized gains (losses) on derivative contracts, net | 17,542 | (14,117) | (1,335) |
| Comprehensive income | 3,472,061 | 1,407,840 | 1,798,993 |
| Net earnings attributable to noncontrolling interests | (208,867) | (134,816) | (128,887) |
| Other comprehensive loss (income) attributable to noncontrolling interests | (7,985) | 5,449 | (2,874) |
| Comprehensive income attributable to common stockholders/unitholders | 3,255,209 | 1,278,473 | 1,667,232 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 3,148,590 | 1,616,630 | 1,701,846 |
| Foreign currency translation gains (losses), net | 305,929 | (194,673) | 98,482 |
| Unrealized gains (losses) on derivative contracts, net | 17,542 | (14,117) | (1,335) |
| Comprehensive income | 3,472,061 | 1,407,840 | 1,798,993 |
| Net earnings attributable to noncontrolling interests | (127,075) | (93,195) | (82,222) |
| Other comprehensive loss (income) attributable to noncontrolling interests | 692 | (92) | (188) |
| Comprehensive income attributable to common stockholders/unitholders | 3,345,678 | 1,314,553 | 1,716,583 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2021 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 9, 2022) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Operating activities: | |||
| Consolidated net earnings | $ 3,148,590 | 1,616,630 | 1,701,846 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Straight-lined rents and amortization of above and below market leases | (148,239) | (126,328) | (98,426) |
| Equity-based compensation awards | 113,028 | 109,831 | 97,557 |
| Depreciation and amortization | 1,577,942 | 1,561,969 | 1,139,879 |
| Earnings from unconsolidated entities, net | (404,255) | (297,370) | (200,178) |
| Operating distributions from unconsolidated entities | 440,034 | 450,622 | 346,517 |
| Decrease (increase) in operating receivables from unconsolidated entities | (14,223) | 14,670 | 11,557 |
| Amortization of debt discounts and debt issuance costs, net | 8,656 | 7,859 | 17,006 |
| Gains on dispositions of development properties and land, net | (817,017) | (464,942) | (467,577) |
| Gains on other dispositions of investments in real estate, net | (772,570) | (252,195) | (390,241) |
| Unrealized foreign currency and derivative losses (gains), net | (173,026) | 160,739 | 70,693 |
| Losses on early extinguishment of debt, net | 187,453 | 188,290 | 16,126 |
| Deferred income tax expense | 1,322 | 744 | 12,221 |
| Increase in accounts receivable and other assets | (328,511) | (127,619) | (108,165) |
| Increase in accounts payable and accrued expenses and other liabilities | 176,858 | 94,105 | 115,219 |
| Net cash provided by operating activities | 2,996,042 | 2,937,005 | 2,264,034 |
| Investing activities: | |||
| Real estate development | (2,639,872) | (1,920,218) | (1,795,137) |
| Real estate acquisitions | (2,320,448) | (1,239,034) | (1,006,043) |
| Tenant improvements and lease commissions on previously leased space | (329,059) | (221,491) | (179,274) |
| Property improvements | (169,933) | (149,491) | (143,029) |
| Proceeds from dispositions and contributions of real estate | 4,222,290 | 2,281,940 | 2,331,623 |
| Investments in and advances to unconsolidated entities | (798,103) | (385,936) | (276,169) |
| Return of investment from unconsolidated entities | 58,275 | 257,065 | 389,463 |
| Proceeds from repayment of notes receivable backed by real estate | 0 | 4,312 | 0 |
| Proceeds from the settlement of net investment hedges | 3,305 | 2,352 | 23,640 |
| Payments on the settlement of net investment hedges | (16,513) | (9,034) | (30,424) |
| Net cash used in investing activities | (1,990,058) | (3,074,330) | (685,350) |
| Financing activities: | |||
| Proceeds from issuance of common stock/units | 743 | 2,217 | 6,082 |
| Repurchase and retirement of common stock | 0 | (34,829) | 0 |
| Repurchase of preferred stock | 0 | (7,200) | 0 |
| Dividends/distributions paid on common and preferred stock/units | (1,872,861) | (1,722,989) | (1,345,660) |
| Noncontrolling interests contributions | 74,404 | 917,092 | 11,604 |
| Noncontrolling interests distributions | (375,054) | (361,636) | (164,419) |
| Settlement of noncontrolling interests | (153,236) | (116,978) | (109,811) |
| Tax paid with shares withheld | (19,855) | (24,887) | (22,434) |
| Debt and equity issuance costs paid | (23,318) | (54,204) | (17,656) |
| Net proceeds from (payments on) credit facilities | 323,336 | (10,959) | 127,566 |
| Repurchase of and payments on debt | (2,560,174) | (6,782,306) | (3,301,827) |
| Proceeds from the issuance of debt | 3,597,690 | 7,824,517 | 3,976,956 |
| Net cash used in financing activities | (1,008,325) | (372,162) | (839,599) |
| Net cash used in financing activities | (1,008,325) | (372,162) | (839,599) |
| Effect of foreign currency exchange rate changes on cash | (39,628) | 18,718 | 5,914 |
| Net increase (decrease) in cash and cash equivalents | (41,969) | (490,769) | 744,999 |
| Cash and cash equivalents, beginning of year | 598,086 | 1,088,855 | |
| Cash and cash equivalents, end of year | 556,117 | 598,086 | 1,088,855 |
| Business Acquisition | |||
| Liberty Transaction | |||
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Transaction, net of cash acquired | 0 | (29,436) | 0 |
| Transaction, net of cash acquired | 0 | (29,436) | 0 |
| IPT Transaction | |||
| Transaction, net of cash acquired | 0 | (1,665,359) | 0 |
| Transaction, net of cash acquired | 0 | (1,665,359) | 0 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 3,148,590 | 1,616,630 | 1,701,846 |
| Straight-lined rents and amortization of above and below market leases | (148,239) | (126,328) | (98,426) |
| Equity-based compensation awards | 113,028 | 109,831 | 97,557 |
| Depreciation and amortization | 1,577,942 | 1,561,969 | 1,139,879 |
| Earnings from unconsolidated entities, net | (404,255) | (297,370) | (200,178) |
| Operating distributions from unconsolidated entities | 440,034 | 450,622 | 346,517 |
| Decrease (increase) in operating receivables from unconsolidated entities | (14,223) | 14,670 | 11,557 |
| Amortization of debt discounts and debt issuance costs, net | 8,656 | 7,859 | 17,006 |
| Gains on dispositions of development properties and land, net | (817,017) | (464,942) | (467,577) |
| Gains on other dispositions of investments in real estate, net | (772,570) | (252,195) | (390,241) |
| Unrealized foreign currency and derivative losses (gains), net | (173,026) | 160,739 | 70,693 |
| Losses on early extinguishment of debt, net | 187,453 | 188,290 | 16,126 |
| Deferred income tax expense | 1,322 | 744 | 12,221 |
| Increase in accounts receivable and other assets | (328,511) | (127,619) | (108,165) |
| Increase in accounts payable and accrued expenses and other liabilities | 176,858 | 94,105 | 115,219 |
| Net cash provided by operating activities | 2,996,042 | 2,937,005 | 2,264,034 |
| Real estate development | (2,639,872) | (1,920,218) | (1,795,137) |
| Real estate acquisitions | (2,320,448) | (1,239,034) | (1,006,043) |
| Tenant improvements and lease commissions on previously leased space | (329,059) | (221,491) | (179,274) |
| Property improvements | (169,933) | (149,491) | (143,029) |
| Proceeds from dispositions and contributions of real estate | 4,222,290 | 2,281,940 | 2,331,623 |
| Investments in and advances to unconsolidated entities | (798,103) | (385,936) | (276,169) |
| Return of investment from unconsolidated entities | 58,275 | 257,065 | 389,463 |
| Proceeds from repayment of notes receivable backed by real estate | 0 | 4,312 | 0 |
| Proceeds from the settlement of net investment hedges | 3,305 | 2,352 | 23,640 |
| Payments on the settlement of net investment hedges | (16,513) | (9,034) | (30,424) |
| Net cash used in investing activities | (1,990,058) | (3,074,330) | (685,350) |
| Proceeds from issuance of common stock/units | 743 | 2,217 | 6,082 |
| Repurchase and retirement of common stock | 0 | (34,829) | 0 |
| Repurchase of preferred stock | 0 | (7,200) | 0 |
| Dividends/distributions paid on common and preferred stock/units | (1,935,381) | (1,781,482) | (1,396,051) |
| Noncontrolling interests contributions | 74,404 | 917,092 | 11,604 |
| Noncontrolling interests distributions | (312,534) | (303,143) | (114,028) |
| Settlement of noncontrolling interests | 0 | 0 | (22,471) |
| Redemption of common limited partnership units | 153,236 | 116,978 | 87,340 |
| Tax paid for shares of the Parent withheld | (19,855) | (24,887) | (22,434) |
| Debt and equity issuance costs paid | (23,318) | (54,204) | (17,656) |
| Net proceeds from (payments on) credit facilities | 323,336 | (10,959) | 127,566 |
| Repurchase of and payments on debt | (2,560,174) | (6,782,306) | (3,301,827) |
| Proceeds from the issuance of debt | 3,597,690 | 7,824,517 | 3,976,956 |
| Redemption of common limited partnership units | (153,236) | (116,978) | (87,340) |
| Net cash used in financing activities | (1,008,325) | (372,162) | (839,599) |
| Net cash used in financing activities | (1,008,325) | (372,162) | (839,599) |
| Effect of foreign currency exchange rate changes on cash | (39,628) | 18,718 | 5,914 |
| Net increase (decrease) in cash and cash equivalents | (41,969) | (490,769) | 744,999 |
| Cash and cash equivalents, beginning of year | 556,117 | 1,088,855 | 1,088,855 |
| Cash and cash equivalents, end of year | 556,117 | 1,088,855 | 1,088,855 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROLOGIS, INC. | ||
Ticker: PLD Fiscal Year: 2021 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2021 10-K (Filed: Feb 9, 2022) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2021 | Dec 31, 2020 | |
| ASSETS | ||
| Investments in real estate properties | $ 53,005,190 | 50,384,328 |
| Less accumulated depreciation | 7,668,187 | 6,539,156 |
| Net investments in real estate properties | 45,337,003 | 43,845,172 |
| Investments in and advances to unconsolidated entities | 8,610,958 | 7,602,014 |
| Assets held for sale or contribution | 669,688 | 1,070,724 [1] |
| Net investments in real estate | 54,617,649 | 52,517,910 |
| Cash and cash equivalents | 556,117 | 598,086 |
| Other assets | 3,312,454 | 2,949,009 |
| Total assets | 58,486,220 | 56,065,005 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Debt | 17,715,054 | 16,849,076 |
| Accounts payable and accrued expenses | 1,252,767 | 1,143,372 |
| Other liabilities | 1,776,189 | 1,747,977 |
| Total liabilities | 20,744,010 | 19,740,425 |
| Equity: | ||
| Prologis, Inc. stockholders equity: | ||
| Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,279 shares issued and outstanding and 100,000 preferred shares authorized at December 31, 2021 and 2020 | 63,948 | 63,948 |
| Common stock; $0.01 par value; 739,827 and 739,381 shares issued and outstanding at December 31, 2021 and 2020, respectively | 7,398 | 7,394 |
| Additional paid-in capital | 35,561,608 | 35,488,634 |
| Accumulated other comprehensive loss | (878,253) | (1,193,739) |
| Distributions in excess of net earnings | (1,327,828) | (2,394,690) |
| Total Prologis, Inc. stockholders equity | 33,426,873 | 31,971,547 |
| Noncontrolling interests | 4,315,337 | 4,353,033 |
| Total equity | 37,742,210 | 36,324,580 |
| Total liabilities and equity | 58,486,220 | 56,065,005 |
| Capital: | ||
| Partners capital: | ||
| Noncontrolling interests | 4,315,337 | 4,353,033 |
| Total equity | 37,742,210 | 36,324,580 |
| Consolidated Entities | ||
| Prologis, L.P. | ||
| Investments in real estate properties | 53,005,190 | 50,384,328 |
| Less accumulated depreciation | 7,668,187 | 6,539,156 |
| Net investments in real estate properties | 45,337,003 | 43,845,172 |
| Investments in and advances to unconsolidated entities | 8,610,958 | 7,602,014 |
| Assets held for sale or contribution | 669,688 | 1,070,724 |
| Net investments in real estate | 54,617,649 | 52,517,910 |
| Cash and cash equivalents | 556,117 | 598,086 |
| Other assets | 3,312,454 | 2,949,009 |
| Total assets | 58,486,220 | 56,065,005 |
| Debt | 17,715,054 | 16,849,076 |
| Accounts payable and accrued expenses | 1,252,767 | 1,143,372 |
| Other liabilities | 1,776,189 | 1,747,977 |
| Total liabilities | 20,744,010 | 19,740,425 |
| Noncontrolling interests | 3,397,538 | 3,483,526 |
| Total liabilities and equity | 58,486,220 | 56,065,005 |
| Total partners capital | 34,344,672 | 32,841,054 |
| Noncontrolling interests | 3,397,538 | 3,483,526 |
| Total capital | 37,742,210 | 36,324,580 |
| Capital Units by Class | ||
| Preferred | ||
| Consolidated Entities | ||
| Prologis, L.P. | ||
| General partner | 63,948 | 63,948 |
| Common | ||
| General partner | 33,362,925 | 31,907,599 |
| Limited partners | 557,097 | 523,954 |
| Class A Common | ||
| Limited partners | 360,702 | 345,553 |
| [1] At December 31, 2020, Assets Held for Sale or Contribution included certain properties acquired through the Liberty Transaction and the IPT Transaction that were subsequently sold during 2021. | ||
| External Links | |
| PROLOGIS, INC. (PLD) Fiscal Year 2021 | |
| 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 |