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: 2022 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 14, 2023) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Revenues: | |||
| Rental | $ 4,913,171 | 4,147,994 | 3,791,131 |
| Strategic capital | 1,039,585 | 590,750 | 636,987 |
| Development management and other | 20,936 | 20,696 | 10,617 |
| Total revenues | 5,973,692 | 4,759,440 | 4,438,735 |
| Expenses: | |||
| Rental | 1,205,738 | 1,041,316 | 952,063 |
| Strategic capital | 303,356 | 207,171 | 218,041 |
| General and administrative | 331,083 | 293,167 | 274,845 |
| Depreciation and amortization | 1,812,777 | 1,577,942 | 1,561,969 |
| Other | 40,336 | 22,435 | 30,010 |
| Total expenses | 3,693,290 | 3,142,031 | 3,036,928 |
| Operating income before gains on real estate transactions, net | 2,280,402 | 1,617,409 | 1,401,807 |
| Gains on dispositions of development properties and land, net | 597,745 | 817,017 | 464,942 |
| Gains on other dispositions of investments in real estate, net | 589,391 | 772,570 | 252,195 [1] |
| Operating income | 3,467,538 | 3,206,996 | 2,118,944 |
| Other income (expense): | |||
| Earnings from unconsolidated entities, net | 310,872 | 404,255 | 297,370 |
| Interest expense | (309,037) | (266,228) | (314,507) |
| Foreign currency and derivative gains (losses) and other income (expense), net | 241,621 | 165,278 | (166,429) |
| Losses on early extinguishment of debt, net | (20,184) | (187,453) | (188,290) |
| Total other income (expense) | 223,272 | 115,852 | (371,856) |
| Earnings before income taxes | 3,690,810 | 3,322,848 | 1,747,088 |
| Total income tax expense | (135,412) | (174,258) | (130,458) |
| Consolidated net earnings | 3,555,398 | 3,148,590 | 1,616,630 |
| Less net earnings attributable to noncontrolling interests | 190,542 | 208,867 | 134,816 |
| Net earnings attributable to controlling interests | 3,364,856 | 2,939,723 | 1,481,814 |
| Less preferred stock/unit dividends/distributions | 6,060 | 6,152 | 6,345 |
| Loss on preferred stock/unit repurchase | 0 | 0 | 2,347 |
| Net earnings attributable to common stockholders/unitholders | 3,358,796 | 2,933,571 | 1,473,122 |
| Weighted average common shares/units outstanding - Basic | 785,675 | 739,363 | 728,323 |
| Weighted average common shares/units outstanding - Diluted | 811,608 | 764,762 | 754,414 [2] |
| Net earnings per share/unit attributable to common stockholders/unitholders - Basic | 4.28 | 3.97 | 2.02 |
| Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | 4.25 | 3.94 | 2.01 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Rental | 4,913,171 | 4,147,994 | 3,791,131 |
| Strategic capital | 1,039,585 | 590,750 | 636,987 |
| Development management and other | 20,936 | 20,696 | 10,617 |
| Total revenues | 5,973,692 | 4,759,440 | 4,438,735 |
| Rental | 1,205,738 | 1,041,316 | 952,063 |
| Strategic capital | 303,356 | 207,171 | 218,041 |
| General and administrative | 331,083 | 293,167 | 274,845 |
| Depreciation and amortization | 1,812,777 | 1,577,942 | 1,561,969 |
| Other | 40,336 | 22,435 | 30,010 |
| Total expenses | 3,693,290 | 3,142,031 | 3,036,928 |
| Operating income before gains on real estate transactions, net | 2,280,402 | 1,617,409 | 1,401,807 |
| Gains on dispositions of development properties and land, net | 597,745 | 817,017 | 464,942 |
| Gains on other dispositions of investments in real estate, net | 589,391 | 772,570 | 252,195 |
| Operating income | 3,467,538 | 3,206,996 | 2,118,944 |
| Earnings from unconsolidated entities, net | 310,872 | 404,255 | 297,370 |
| Interest expense | (309,037) | (266,228) | (314,507) |
| Foreign currency and derivative gains (losses) and other income (expense), net | 241,621 | 165,278 | (166,429) |
| Losses on early extinguishment of debt, net | (20,184) | (187,453) | (188,290) |
| Total other income (expense) | 223,272 | 115,852 | (371,856) |
| Earnings before income taxes | 3,690,810 | 3,322,848 | 1,747,088 |
| Total income tax expense | (135,412) | (174,258) | (130,458) |
| Consolidated net earnings | 3,555,398 | 3,148,590 | 1,616,630 |
| Less net earnings attributable to noncontrolling interests | 98,611 | 127,075 | 93,195 |
| Net earnings attributable to controlling interests | 3,456,787 | 3,021,515 | 1,523,435 |
| Less preferred stock/unit dividends/distributions | 6,060 | 6,152 | 6,345 |
| Loss on preferred stock/unit repurchase | 0 | 0 | 2,347 |
| Net earnings attributable to common stockholders/unitholders | 3,450,727 | 3,015,363 | 1,514,743 |
| Weighted average common shares/units outstanding - Basic | 799,153 | 751,973 | 740,860 |
| Weighted average common shares/units outstanding - Diluted | 811,608 | 764,762 | 754,414 |
| Net earnings per share/unit attributable to common stockholders/unitholders - Basic | 4.28 | 3.97 | 2.02 |
| Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | 4.25 | 3.94 | 2.01 |
| [1] In 2021, we sold our ownership interest in an unconsolidated other venture. | |||
| [2] Our total weighted average potentially dilutive shares and units outstanding for the years ended December 31 consisted of the following | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2022 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 14, 2023) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Consolidated net earnings | $ 3,555,398 | 3,148,590 | 1,616,630 |
| Other comprehensive income (loss): | |||
| Foreign currency translation gains (losses), net | 373,405 | 305,929 | (194,673) |
| Unrealized gains (losses) on derivative contracts, net | 71,639 | 17,542 | (14,117) |
| Comprehensive income | 4,000,442 | 3,472,061 | 1,407,840 |
| Net earnings attributable to noncontrolling interests | (190,542) | (208,867) | (134,816) |
| Other comprehensive loss (income) attributable to noncontrolling interests | (10,400) | (7,985) | 5,449 |
| Comprehensive income attributable to common stockholders/unitholders | 3,799,500 | 3,255,209 | 1,278,473 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 3,555,398 | 3,148,590 | 1,616,630 |
| Foreign currency translation gains (losses), net | 373,405 | 305,929 | (194,673) |
| Unrealized gains (losses) on derivative contracts, net | 71,639 | 17,542 | (14,117) |
| Comprehensive income | 4,000,442 | 3,472,061 | 1,407,840 |
| Net earnings attributable to noncontrolling interests | (98,611) | (127,075) | (93,195) |
| Other comprehensive loss (income) attributable to noncontrolling interests | 292 | 692 | (92) |
| Comprehensive income attributable to common stockholders/unitholders | 3,902,123 | 3,345,678 | 1,314,553 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PROLOGIS, INC. | |||
Ticker: PLD Fiscal Year: 2022 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 14, 2023) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Operating activities: | |||
| Consolidated net earnings | $ 3,555,398 | 3,148,590 | 1,616,630 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Straight-lined rents and amortization of above and below market leases | (267,709) | (148,239) | (126,328) |
| Equity-based compensation awards | 175,356 | 113,028 | 109,831 |
| Depreciation and amortization | 1,812,777 | 1,577,942 | 1,561,969 |
| Earnings from unconsolidated entities, net | (310,872) | (404,255) | (297,370) |
| Operating distributions from unconsolidated entities | 410,483 | 440,034 | 450,622 |
| Decrease (increase) in operating receivables from unconsolidated entities | (63,947) | (14,223) | 14,670 |
| Amortization of debt discounts and debt issuance costs, net | 23,736 | 8,656 | 7,859 |
| Gains on dispositions of development properties and land, net | (597,745) | (817,017) | (464,942) |
| Gains on other dispositions of investments in real estate, net | (589,391) | (772,570) | (252,195) [1] |
| Unrealized foreign currency and derivative losses (gains), net | (92,201) | (173,026) | 160,739 |
| Losses on early extinguishment of debt, net | 20,184 | 187,453 | 188,290 |
| Deferred income tax expense | 12,638 | 1,322 | 744 |
| Increase in accounts receivable and other assets | (71,307) | (328,511) | (127,619) |
| Increase in accounts payable and accrued expenses and other liabilities | 109,030 | 176,858 | 94,105 |
| Net cash provided by operating activities | 4,126,430 | 2,996,042 | 2,937,005 |
| Investing activities: | |||
| Real estate development | (3,118,379) | (2,639,872) | (1,920,218) |
| Real estate acquisitions | (2,492,108) | (2,320,448) | (1,239,034) |
| Tenant improvements and lease commissions on previously leased space | (339,234) | (329,059) | (221,491) |
| Property improvements | (211,358) | (169,933) | (149,491) |
| Proceeds from dispositions and contributions of real estate | 2,063,623 | 4,222,290 | 2,281,940 |
| Investments in and advances to unconsolidated entities | (442,366) | (798,103) | (385,936) |
| Return of investment from unconsolidated entities | 76,994 | 58,275 | 257,065 |
| Proceeds from repayment of notes receivable backed by real estate | 0 | 0 | 4,312 |
| Proceeds from the settlement of net investment hedges | 59,281 | 3,305 | 2,352 |
| Payments on the settlement of net investment hedges | (3,458) | (16,513) | (9,034) |
| Net cash used in investing activities | (4,499,057) | (1,990,058) | (3,074,330) |
| Financing activities: | |||
| Proceeds from issuance of common stock/units | 0 | 743 | 2,217 |
| Repurchase and retirement of common stock | 0 | 0 | (34,829) |
| Repurchase of preferred stock | 0 | 0 | (7,200) |
| Dividends/distributions paid on common and preferred stock/units | (2,494,723) | (1,872,861) | (1,722,989) |
| Noncontrolling interests contributions | 13,295 | 74,404 | 917,092 |
| Noncontrolling interests distributions | (270,109) | (375,054) | (361,636) |
| Settlement of noncontrolling interests | (88,980) | (153,236) | (116,978) |
| Tax paid with shares withheld | (27,688) | (19,855) | (24,887) |
| Debt and equity issuance costs paid | (45,654) | (23,318) | (54,204) |
| Net proceeds from (payments on) credit facilities | 294,164 | 323,336 | (10,959) |
| Repurchase of and payments on debt | (1,381,005) | (2,560,174) | (6,782,306) |
| Proceeds from the issuance of debt | 4,116,489 | 3,597,690 | 7,824,517 |
| Net cash provided by (used in) financing activities | 115,789 | (1,008,325) | (372,162) |
| Effect of foreign currency exchange rate changes on cash | (20,796) | (39,628) | 18,718 |
| Net decrease in cash and cash equivalents | (277,634) | (41,969) | (490,769) |
| Cash and cash equivalents, beginning of year | 556,117 | 598,086 | |
| Cash and cash equivalents, end of year | 278,483 | 556,117 | 598,086 |
| Business Acquisition | |||
| Duke Transaction | |||
| Transaction, net of cash acquired | (92,052) | 0 | 0 |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Transaction, net of cash acquired | (92,052) | 0 | 0 |
| Liberty Transaction | |||
| Transaction, net of cash acquired | 0 | 0 | (29,436) |
| Transaction, net of cash acquired | 0 | 0 | (29,436) |
| IPT Transaction | |||
| Transaction, net of cash acquired | 0 | 0 | (1,665,359) |
| Transaction, net of cash acquired | 0 | 0 | (1,665,359) |
| Consolidated Entities | |||
| Prologis, L.P. | |||
| Consolidated net earnings | 3,555,398 | 3,148,590 | 1,616,630 |
| Straight-lined rents and amortization of above and below market leases | (267,709) | (148,239) | (126,328) |
| Equity-based compensation awards | 175,356 | 113,028 | 109,831 |
| Depreciation and amortization | 1,812,777 | 1,577,942 | 1,561,969 |
| Earnings from unconsolidated entities, net | (310,872) | (404,255) | (297,370) |
| Operating distributions from unconsolidated entities | 410,483 | 440,034 | 450,622 |
| Decrease (increase) in operating receivables from unconsolidated entities | (63,947) | (14,223) | 14,670 |
| Amortization of debt discounts and debt issuance costs, net | 23,736 | 8,656 | 7,859 |
| Gains on dispositions of development properties and land, net | (597,745) | (817,017) | (464,942) |
| Gains on other dispositions of investments in real estate, net | (589,391) | (772,570) | (252,195) |
| Unrealized foreign currency and derivative losses (gains), net | (92,201) | (173,026) | 160,739 |
| Losses on early extinguishment of debt, net | 20,184 | 187,453 | 188,290 |
| Deferred income tax expense | 12,638 | 1,322 | 744 |
| Increase in accounts receivable and other assets | (71,307) | (328,511) | (127,619) |
| Increase in accounts payable and accrued expenses and other liabilities | 109,030 | 176,858 | 94,105 |
| Net cash provided by operating activities | 4,126,430 | 2,996,042 | 2,937,005 |
| Real estate development | (3,118,379) | (2,639,872) | (1,920,218) |
| Real estate acquisitions | (2,492,108) | (2,320,448) | (1,239,034) |
| Tenant improvements and lease commissions on previously leased space | (339,234) | (329,059) | (221,491) |
| Property improvements | (211,358) | (169,933) | (149,491) |
| Proceeds from dispositions and contributions of real estate | 2,063,623 | 4,222,290 | 2,281,940 |
| Investments in and advances to unconsolidated entities | (442,366) | (798,103) | (385,936) |
| Return of investment from unconsolidated entities | 76,994 | 58,275 | 257,065 |
| Proceeds from repayment of notes receivable backed by real estate | 0 | 0 | 4,312 |
| Proceeds from the settlement of net investment hedges | 59,281 | 3,305 | 2,352 |
| Payments on the settlement of net investment hedges | (3,458) | (16,513) | (9,034) |
| Net cash used in investing activities | (4,499,057) | (1,990,058) | (3,074,330) |
| Proceeds from issuance of common stock/units | 0 | 743 | 2,217 |
| Repurchase and retirement of common stock | 0 | 0 | (34,829) |
| Repurchase of preferred stock | 0 | 0 | (7,200) |
| Dividends/distributions paid on common and preferred stock/units | (2,571,267) | (1,935,381) | (1,781,482) |
| Noncontrolling interests contributions | 13,295 | 74,404 | 917,092 |
| Noncontrolling interests distributions | (193,565) | (312,534) | (303,143) |
| Redemption of common limited partnership units | (88,980) | (153,236) | (116,978) |
| Tax paid for shares of the Parent withheld | (27,688) | (19,855) | (24,887) |
| Debt and equity issuance costs paid | (45,654) | (23,318) | (54,204) |
| Net proceeds from (payments on) credit facilities | 294,164 | 323,336 | (10,959) |
| Repurchase of and payments on debt | (1,381,005) | (2,560,174) | (6,782,306) |
| Proceeds from the issuance of debt | 4,116,489 | 3,597,690 | 7,824,517 |
| Net cash provided by (used in) financing activities | 115,789 | (1,008,325) | (372,162) |
| Effect of foreign currency exchange rate changes on cash | (20,796) | (39,628) | 18,718 |
| Net decrease in cash and cash equivalents | (277,634) | (41,969) | (490,769) |
| Cash and cash equivalents, beginning of year | 278,483 | 598,086 | 598,086 |
| Cash and cash equivalents, end of year | 278,483 | 598,086 | 598,086 |
| [1] In 2021, we sold our ownership interest in an unconsolidated other venture. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PROLOGIS, INC. | ||
Ticker: PLD Fiscal Year: 2022 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2022 10-K (Filed: Feb 14, 2023) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2022 | Dec 31, 2021 | |
| ASSETS | ||
| Investments in real estate properties | $ 81,623,396 | 53,005,190 |
| Less accumulated depreciation | 9,036,085 | 7,668,187 |
| Net investments in real estate properties | 72,587,311 | 45,337,003 |
| Investments in and advances to unconsolidated entities | 9,698,898 | 8,610,958 |
| Assets held for sale or contribution | 531,257 | 669,688 |
| Net investments in real estate | 82,817,466 | 54,617,649 |
| Cash and cash equivalents | 278,483 | 556,117 |
| Other assets | 4,801,499 | 3,312,454 |
| Total assets | 87,897,448 | 58,486,220 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Debt | 23,875,961 | 17,715,054 |
| Accounts payable and accrued expenses | 1,711,885 | 1,252,767 |
| Other liabilities | 4,446,509 | 1,776,189 |
| Total liabilities | 30,034,355 | 20,744,010 |
| 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, 2022 and 2021 | 63,948 | 63,948 |
| Common stock; $0.01 par value; 923,142 and 739,827 shares issued and outstanding at December 31, 2022 and 2021, respectively | 9,231 | 7,398 |
| Additional paid-in capital | 54,065,407 | 35,561,608 |
| Accumulated other comprehensive loss | (443,609) | (878,253) |
| Distributions in excess of net earnings | (457,695) | (1,327,828) |
| Total Prologis, Inc. stockholders equity | 53,237,282 | 33,426,873 |
| Noncontrolling interests | 4,625,811 | 4,315,337 |
| Total equity | 57,863,093 | 37,742,210 |
| Total liabilities and equity | 87,897,448 | 58,486,220 |
| Capital: | ||
| Partners capital: | ||
| Noncontrolling interests | 4,625,811 | 4,315,337 |
| Total equity | 57,863,093 | 37,742,210 |
| Consolidated Entities | ||
| Prologis, L.P. | ||
| Investments in real estate properties | 81,623,396 | 53,005,190 |
| Less accumulated depreciation | 9,036,085 | 7,668,187 |
| Net investments in real estate properties | 72,587,311 | 45,337,003 |
| Investments in and advances to unconsolidated entities | 9,698,898 | 8,610,958 |
| Assets held for sale or contribution | 531,257 | 669,688 |
| Net investments in real estate | 82,817,466 | 54,617,649 |
| Cash and cash equivalents | 278,483 | 556,117 |
| Other assets | 4,801,499 | 3,312,454 |
| Total assets | 87,897,448 | 58,486,220 |
| Debt | 23,875,961 | 17,715,054 |
| Accounts payable and accrued expenses | 1,711,885 | 1,252,767 |
| Other liabilities | 4,446,509 | 1,776,189 |
| Total liabilities | 30,034,355 | 20,744,010 |
| Noncontrolling interests | 3,317,767 | 3,397,538 |
| Total partners capital | 54,545,326 | 34,344,672 |
| Noncontrolling interests | 3,317,767 | 3,397,538 |
| Total capital | 57,863,093 | 37,742,210 |
| Total liabilities and equity | 87,897,448 | 58,486,220 |
| Capital Units by Class | ||
| Preferred | ||
| Consolidated Entities | ||
| Prologis, L.P. | ||
| General partner | 63,948 | 63,948 |
| Common | ||
| General partner | 53,173,334 | 33,362,925 |
| Limited partners | 843,263 | 557,097 |
| Class A Common | ||
| Limited partners | 464,781 | 360,702 |
| External Links | |
| PROLOGIS, INC. (PLD) Fiscal Year 2022 | |
| 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 |