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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2024

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______________ to ______________

 

Commission File Number: 001-13545 (Prologis, Inc.) 001-14245 (Prologis, L.P.)

 

img139925867_0.jpg

Prologis, Inc.

Prologis, L.P.

(Exact name of registrant as specified in its charter)

 

Maryland (Prologis, Inc.)

Delaware (Prologis, L.P.)

94-3281941 (Prologis, Inc.)

94-3285362 (Prologis, L.P.)

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

 

Pier 1, Bay 1, San Francisco, California

 

94111

(Address or principal executive offices)

 

(Zip Code)

 

(415) 394-9000

(Registrants’ telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange on Which Registered

Prologis, Inc.

 

Common Stock, $0.01 par value

 

PLD

 

New York Stock Exchange

Prologis, L.P.

 

3.000% Notes due 2026

 

PLD/26

 

New York Stock Exchange

Prologis, L.P.

 

2.250% Notes due 2029

 

PLD/29

 

New York Stock Exchange

Prologis, L.P.

 

5.625% Notes due 2040

 

PLD/40

 

New York Stock Exchange

 

 

 

 

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter periods that the registrant was required to submit such files).

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Prologis, Inc.:

 

 

 

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

Prologis, L.P.:

 

 

 

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

The number of shares of Prologis, Inc.’s common stock outstanding at October 23, 2024, was approximately 926,175,000.

 

 


EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2024, of Prologis, Inc. and Prologis, L.P. Unless stated otherwise or the context otherwise requires, references to “Prologis, Inc.” or the “Parent” mean Prologis, Inc. and its consolidated subsidiaries; and references to “Prologis, L.P.” or the “Operating Partnership” or the “OP” mean Prologis, L.P., and its consolidated subsidiaries. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and the OP collectively.

 

The Parent is a real estate investment trust (a “REIT”) and the general partner of the OP. At September 30, 2024, the Parent owned a 97.59% common general partnership interest in the OP and substantially all of the preferred units in the OP. The remaining 2.41% common limited partnership interests are owned by unaffiliated investors and certain current and former directors and officers of the Parent.

 

We operate the Parent and the OP as one enterprise. The management of the Parent consists of the same members as the management of the OP. These members are officers of the Parent and employees of the OP or one of its subsidiaries. As sole general partner, the Parent has control of the OP through complete responsibility and discretion in the day-to-day management and therefore, consolidates the OP for financial reporting purposes. Because the only significant asset of the Parent is its investment in the OP, the assets and liabilities of the Parent and the OP are the same on their respective financial statements.

We believe combining the quarterly reports on Form 10-Q of the Parent and the OP into this single report results in the following benefits:

enhances investors’ understanding of the Parent and the OP by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation as a substantial portion of the Company’s disclosure applies to both the Parent and the OP; and
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

 

It is important to understand the few differences between the Parent and the OP in the context of how we operate the Company. The Parent does not conduct business itself, other than acting as the sole general partner of the OP and issuing public equity from time to time. The OP holds substantially all the assets of the business, directly or indirectly. The OP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent, which are contributed to the OP in exchange for partnership units, the OP generates capital required by the business through the OP’s operations, incurrence of indebtedness and issuance of partnership units to third parties.

 

The presentation of noncontrolling interests, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Parent and those of the OP. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity and capital issuances in the Parent and in the OP.

The preferred stock, common stock, additional paid-in capital, accumulated other comprehensive income (loss) and distributions in excess of net earnings of the Parent are presented as stockholders’ equity in the Parent’s consolidated financial statements. These items represent the common and preferred general partnership interests held by the Parent in the OP and are presented as general partner’s capital within partners’ capital in the OP’s consolidated financial statements. The common limited partnership interests held by the limited partners in the OP are presented as noncontrolling interest within equity in the Parent’s consolidated financial statements and as limited partners’ capital within partners’ capital in the OP’s consolidated financial statements.

To highlight the differences between the Parent and the OP, separate sections in this report, as applicable, individually discuss the Parent and the OP, including separate financial statements and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure of the Parent and the OP, this report refers to actions or holdings as being actions or holdings of Prologis.

 

 

 


PROLOGIS

INDEX

 

Page

Number

PART I.

Financial Information

 

Item 1.

Financial Statements

1

            Prologis, Inc.:

Consolidated Balance Sheets – September 30, 2024 and December 31, 2023

1

 

Consolidated Statements of Income – Three and Nine Months Ended September 30, 2024 and 2023

2

Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2024 and 2023

3

Consolidated Statements of Equity – Three and Nine Months Ended September 30, 2024 and 2023

4

Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2024 and 2023

5

            Prologis, L.P.:

 

Consolidated Balance Sheets – September 30, 2024 and December 31, 2023

6

Consolidated Statements of Income – Three and Nine Months Ended September 30, 2024 and 2023

7

Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2024 and 2023

8

Consolidated Statements of Capital – Three and Nine Months Ended September 30, 2024 and 2023

9

Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2024 and 2023

10

            Prologis, Inc. and Prologis, L.P.:

 

Notes to the Consolidated Financial Statements

11

 

 

 

Note 1. General

11

 

 

 

 

Note 2. Real Estate

12

 

 

 

 

Note 3. Unconsolidated Entities

13

 

 

 

 

Note 4. Assets Held for Sale or Contribution

15

 

 

 

 

Note 5. Debt

15

 

 

 

 

Note 6. Noncontrolling Interests

18

 

 

 

 

Note 7. Long-Term Compensation

18

 

 

 

 

Note 8. Earnings Per Common Share or Unit

20

 

 

 

 

Note 9. Financial Instruments and Fair Value Measurements

21

 

 

 

 

Note 10. Business Segments

25

 

 

 

 

Note 11. Supplemental Cash Flow Information

27

Reports of Independent Registered Public Accounting Firm

28

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

30

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

50

 

 

 

Item 4.

Controls and Procedures

 

51

 

PART II.

 

Other Information

 

Item 1.

Legal Proceedings

52

Item 1A.

Risk Factors

52

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

52

Item 3.

Defaults Upon Senior Securities

52

Item 4.

Mine Safety Disclosures

52

Item 5.

Other Information

52

Item 6.

Exhibits

52

 

 

 

 

 

 


Index

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

 

PROLOGIS, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except per share data)

 

 

 

 

 

 

 

 

September 30, 2024

 

 

December 31, 2023

 

ASSETS

 

 

 

 

 

Investments in real estate properties

$

92,093,573

 

 

$

88,666,575

 

Less accumulated depreciation

 

12,332,799

 

 

 

10,931,485

 

Net investments in real estate properties

 

79,760,774

 

 

 

77,735,090

 

Investments in and advances to unconsolidated entities

 

10,092,765

 

 

 

9,543,970

 

Assets held for sale or contribution

 

325,987

 

 

 

461,657

 

Net investments in real estate

 

90,179,526

 

 

 

87,740,717

 

 

 

 

 

 

 

Cash and cash equivalents

 

780,871

 

 

 

530,388

 

Other assets

 

4,944,799

 

 

 

4,749,735

 

Total assets

$

95,905,196

 

 

$

93,020,840

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Liabilities:

 

 

 

 

 

Debt

$

32,289,832

 

 

$

29,000,501

 

Accounts payable and accrued expenses

 

1,808,142

 

 

 

1,766,018

 

Other liabilities

 

4,143,130

 

 

 

4,430,601

 

Total liabilities

 

38,241,104

 

 

 

35,197,120

 

 

 

 

 

 

 

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
         September 30, 2024 and December 31, 2023

 

63,948

 

 

 

63,948

 

Common stock; $0.01 par value; 926,146 and 924,391 shares issued and outstanding at
          September 30, 2024 and December 31, 2023, respectively

 

9,261

 

 

 

9,244

 

Additional paid-in capital

 

54,422,574

 

 

 

54,249,801

 

Accumulated other comprehensive loss

 

(572,251

)

 

 

(514,201

)

Distributions in excess of net earnings

 

(851,763

)

 

 

(627,068

)

Total Prologis, Inc. stockholders’ equity

 

53,071,769

 

 

 

53,181,724

 

Noncontrolling interests

 

4,592,323

 

 

 

4,641,996

 

Total equity

 

57,664,092

 

 

 

57,823,720

 

Total liabilities and equity

$

95,905,196

 

 

$

93,020,840

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

1

 


Index

 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

1,897,164

 

 

$

1,777,359

 

 

$

5,577,198

 

 

$

5,062,583

 

Strategic capital

 

 

135,367

 

 

 

136,848

 

 

 

418,521

 

 

 

1,070,584

 

Development management and other

 

 

3,858

 

 

 

457

 

 

 

5,245

 

 

 

1,055

 

Total revenues

 

 

2,036,389

 

 

 

1,914,664

 

 

 

6,000,964

 

 

 

6,134,222

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

427,425

 

 

 

416,076

 

 

 

1,326,917

 

 

 

1,216,568

 

Strategic capital

 

 

61,342

 

 

 

84,069

 

 

 

210,689

 

 

 

306,684

 

General and administrative

 

 

98,154

 

 

 

96,673

 

 

 

316,041

 

 

 

292,097

 

Depreciation and amortization

 

 

649,265

 

 

 

642,010

 

 

 

1,924,075

 

 

 

1,846,545

 

Other

 

 

15,683

 

 

 

12,342

 

 

 

39,371

 

 

 

31,686

 

Total expenses

 

 

1,251,869

 

 

 

1,251,170

 

 

 

3,817,093

 

 

 

3,693,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income before gains on real estate transactions, net

 

 

784,520

 

 

 

663,494

 

 

 

2,183,871

 

 

 

2,440,642

 

Gains on dispositions of development properties and land, net

 

 

32,005

 

 

 

89,030

 

 

 

159,487

 

 

 

273,907

 

Gains on other dispositions of investments in real estate, net

 

 

434,446

 

 

 

129,584

 

 

 

651,306

 

 

 

158,392

 

Operating income

 

 

1,250,971

 

 

 

882,108

 

 

 

2,994,664

 

 

 

2,872,941

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from unconsolidated entities, net

 

 

84,749

 

 

 

71,365

 

 

 

259,558

 

 

 

217,786

 

Interest expense

 

 

(230,113

)

 

 

(181,053

)

 

 

(631,700

)

 

 

(466,882

)

Foreign currency, derivative and other gains (losses) and other
      income (expense), net

 

 

(37,942

)

 

 

67,964

 

 

 

62,774

 

 

 

102,682

 

Gains on early extinguishment of debt, net

 

 

-

 

 

 

-

 

 

 

536

 

 

 

3,275

 

Total other expense

 

 

(183,306

)

 

 

(41,724

)

 

 

(308,832

)

 

 

(143,139

)

Earnings before income taxes

 

 

1,067,665

 

 

 

840,384

 

 

 

2,685,832

 

 

 

2,729,802

 

Income tax expense

 

 

(4,214

)

 

 

(41,243

)

 

 

(80,073

)

 

 

(152,541

)

Consolidated net earnings

 

 

1,063,451

 

 

 

799,141

 

 

 

2,605,759

 

 

 

2,577,261

 

Less net earnings attributable to noncontrolling interests

 

 

57,732

 

 

 

51,514

 

 

 

152,977

 

 

 

148,983

 

Net earnings attributable to controlling interests

 

 

1,005,719

 

 

 

747,627

 

 

 

2,452,782

 

 

 

2,428,278

 

Less preferred stock dividends

 

 

1,452

 

 

 

1,453

 

 

 

4,407

 

 

 

4,381

 

Net earnings attributable to common stockholders

 

$

1,004,267

 

 

$

746,174

 

 

$

2,448,375

 

 

$

2,423,897

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

926,427

 

 

 

924,395

 

 

 

926,017

 

 

 

924,228

 

Weighted average common shares outstanding – Diluted

 

 

953,813

 

 

 

951,908

 

 

 

953,530

 

 

 

951,643

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders – Basic

 

$

1.08

 

 

$

0.81

 

 

$

2.64

 

 

$

2.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders – Diluted

 

$

1.08

 

 

$

0.80

 

 

$

2.63

 

 

$

2.61

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

2

 


Index

 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Consolidated net earnings

 

$

1,063,451

 

 

$

799,141

 

 

$

2,605,759

 

 

$

2,577,261

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gains (losses), net

 

 

(417,102

)

 

 

146,281

 

 

 

(87,659

)

 

 

284,229

 

Unrealized gains (losses) on derivative contracts, net

 

 

(8,669

)

 

 

3,702

 

 

 

26,854

 

 

 

(19,998

)

Comprehensive income

 

 

637,680

 

 

 

949,124

 

 

 

2,544,954

 

 

 

2,841,492

 

Net earnings attributable to noncontrolling interests

 

 

(57,732

)

 

 

(51,514

)

 

 

(152,977

)

 

 

(148,983

)

Other comprehensive loss (income) attributable to noncontrolling interests

 

 

9,573

 

 

 

(3,396

)

 

 

2,755

 

 

 

(6,405

)

Comprehensive income attributable to common stockholders

 

$

589,521

 

 

$

894,214

 

 

$

2,394,732

 

 

$

2,686,104

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

3

 


Index

 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands)

 

Three Months Ended September 30, 2024 and 2023

 

 

 

 

 

Common Stock

 

 

 

 

 

Accumulated

 

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

Additional

 

 

Other

 

 

in Excess of

 

 

Non-

 

 

 

 

 

Preferred

 

 

of

 

 

Par

 

 

Paid-in

 

 

Comprehensive

 

 

Net

 

 

controlling

 

 

Total

 

 

Stock

 

 

Shares

 

 

Value

 

 

Capital

 

 

Loss

 

 

Earnings

 

 

Interests

 

 

Equity

 

Balance at July 1, 2024

$

63,948

 

 

 

925,880

 

 

$

9,259

 

 

$

54,392,526

 

 

$

(156,053

)

 

$

(964,620

)

 

$

4,578,261

 

 

$

57,923,321

 

Consolidated net earnings

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,005,719

 

 

 

57,732

 

 

 

1,063,451

 

Effect of equity compensation plans

 

-

 

 

 

112

 

 

 

1

 

 

 

16,167

 

 

 

-

 

 

 

-

 

 

 

30,565

 

 

 

46,733

 

Capital contributions

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

15,214

 

 

 

15,214

 

Redemption of noncontrolling interests

 

-

 

 

 

154

 

 

 

1

 

 

 

8,814

 

 

 

-

 

 

 

-

 

 

 

(8,815

)

 

 

-

 

Foreign currency translation losses, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(407,729

)

 

 

-

 

 

 

(9,373

)

 

 

(417,102

)

Unrealized losses on
     derivative contracts, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(8,469

)

 

 

-

 

 

 

(200

)

 

 

(8,669

)

Reallocation of equity

 

-

 

 

 

-

 

 

 

-

 

 

 

5,071

 

 

 

-

 

 

 

-

 

 

 

(5,071

)

 

 

-

 

Dividends ($0.96 per common share)
     and other distributions

 

-

 

 

 

-

 

 

 

-

 

 

 

(4

)

 

 

-

 

 

 

(892,862

)

 

 

(65,990

)

 

 

(958,856

)

Balance at September 30, 2024

$

63,948

 

 

 

926,146

 

 

$

9,261

 

 

$

54,422,574

 

 

$

(572,251

)

 

$

(851,763

)

 

$

4,592,323

 

 

$

57,664,092

 

 

 

 

 

 

Common Stock

 

 

 

 

 

Accumulated

 

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

Additional

 

 

Other

 

 

in Excess of

 

 

Non-

 

 

 

 

 

Preferred

 

 

of

 

 

Par

 

 

Paid-in

 

 

Comprehensive

 

 

Net

 

 

controlling

 

 

Total

 

 

Stock

 

 

Shares

 

 

Value

 

 

Capital

 

 

Income (Loss)

 

 

Earnings

 

 

Interests

 

 

Equity

 

Balance at July 1, 2023

$

63,948

 

 

 

923,861

 

 

$

9,239

 

 

$

54,115,592

 

 

$

(332,370

)

 

$

(390,779

)

 

$

4,612,194

 

 

$

58,077,824

 

Consolidated net earnings

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

747,627

 

 

 

51,514

 

 

 

799,141

 

Effect of equity compensation plans

 

-

 

 

 

6

 

 

 

-

 

 

 

35,021

 

 

 

-

 

 

 

-

 

 

 

68,350

 

 

 

103,371

 

Capital contributions

 

-

 

 

 

-