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 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. | |||
| 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 |