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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 June 30, 2021

 

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.)

 

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

 

 

 

 

 

 

 

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 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 July 23, 2021, was approximately 739,251,000.

 

 

 

 


 

 

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2021, 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 June 30, 2021, the Parent owned 97.34% common general partnership interest in the OP and 100% of the preferred units in the OP. The remaining 2.66% 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 – June 30, 2021 and December 31, 2020

 

1

 

 

 

 

Consolidated Statements of Income – Three and Six Months Ended June 30, 2021 and 2020

 

2

 

 

 

 

Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2021 and 2020

 

3

 

 

 

 

Consolidated Statements of Equity – Three and Six Months Ended June 30, 2021 and 2020

 

4

 

 

 

 

Consolidated Statements of Cash Flows – Six Months Ended June 30, 2021 and 2020

 

5

 

 

 

            Prologis, L.P.:

 

 

 

 

 

 

Consolidated Balance Sheets – June 30, 2021 and December 31, 2020

 

6

 

 

 

 

Consolidated Statements of Income – Three and Six Months Ended June 30, 2021 and 2020

 

7

 

 

 

 

Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2021 and 2020

 

8

 

 

 

 

Consolidated Statements of Capital – Three and Six Months Ended June 30, 2021 and 2020

 

9

 

 

 

 

Consolidated Statements of Cash Flows – Six Months Ended June 30, 2021 and 2020

 

10

 

 

 

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

 

 

 

 

 

 

Notes to the Consolidated Financial Statements

 

11

 

 

 

 

Note 1. General

 

11

 

 

 

 

Note 2. Liberty Transaction

 

11

 

 

 

 

Note 3. Real Estate

 

12

 

 

 

 

Note 4. Unconsolidated Entities

 

13

 

 

 

 

Note 5. Assets Held for Sale or Contribution

 

15

 

 

 

 

Note 6. Debt

 

16

 

 

 

 

Note 7. Noncontrolling Interests

 

18

 

 

 

 

Note 8. Long-Term Compensation

 

19

 

 

 

 

Note 9. Earnings Per Common Share or Unit

 

20

 

 

 

 

Note 10. Financial Instruments and Fair Value Measurements

 

22

 

 

 

 

Note 11. Business Segments

 

25

 

 

 

 

Note 12. 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

 

48

 

 

 

Item 4.

Controls and Procedures

 

49

 

PART II.

 

Other Information

 

 

 

 

 

Item 1.

Legal Proceedings

 

50

 

 

 

Item 1A.

Risk Factors

 

50

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

50

 

 

 

Item 3.

Defaults Upon Senior Securities

 

50

 

 

 

Item 4.

Mine Safety Disclosures

 

50

 

 

 

Item 5.

Other Information

 

50

 

 

 

Item 6.

Exhibits

 

50

 

 

 

 

 

 


Index

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

 

PROLOGIS, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

June 30, 2021

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

 

 

Investments in real estate properties

$

51,522,563

 

 

$

50,384,328

 

Less accumulated depreciation

 

7,108,954

 

 

 

6,539,156

 

Net investments in real estate properties

 

44,413,609

 

 

 

43,845,172

 

Investments in and advances to unconsolidated entities

 

7,811,448

 

 

 

7,602,014

 

Assets held for sale or contribution

 

692,072

 

 

 

1,070,724

 

Net investments in real estate

 

52,917,129

 

 

 

52,517,910

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

601,446

 

 

 

598,086

 

Other assets

 

2,922,810

 

 

 

2,949,009

 

Total assets

$

56,441,385

 

 

$

56,065,005

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Debt

$

16,985,305

 

 

$

16,849,076

 

Accounts payable and accrued expenses

 

1,304,539

 

 

 

1,143,372

 

Other liabilities

 

1,670,737

 

 

 

1,747,977

 

Total liabilities

 

19,960,581

 

 

 

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

         June 30, 2021 and December 31, 2020

 

63,948

 

 

 

63,948

 

Common stock; $0.01 par value; 739,020 shares and 739,381 shares issued and outstanding at

     June 30, 2021 and December 31, 2020, respectively

 

7,390

 

 

 

7,394

 

Additional paid-in capital

 

35,432,843

 

 

 

35,488,634

 

Accumulated other comprehensive loss

 

(1,035,120

)

 

 

(1,193,739

)

Distributions in excess of net earnings

 

(2,363,348

)

 

 

(2,394,690

)

Total Prologis, Inc. stockholders’ equity

 

32,105,713

 

 

 

31,971,547

 

Noncontrolling interests

 

4,375,091

 

 

 

4,353,033

 

Total equity

 

36,480,804

 

 

 

36,324,580

 

Total liabilities and equity

$

56,441,385

 

 

$

56,065,005

 

 

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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

1,014,763

 

 

$

944,366

 

 

$

2,036,419

 

 

$

1,823,173

 

Strategic capital

 

 

129,387

 

 

 

320,658

 

 

 

249,348

 

 

 

417,249

 

Development management and other

 

 

6,692

 

 

 

1,100

 

 

 

13,391

 

 

 

3,943

 

Total revenues

 

 

1,150,842

 

 

 

1,266,124

 

 

 

2,299,158

 

 

 

2,244,365

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

245,133

 

 

 

232,109

 

 

 

523,017

 

 

 

459,727

 

Strategic capital

 

 

45,099

 

 

 

81,545

 

 

 

94,549

 

 

 

128,119

 

General and administrative

 

 

74,342

 

 

 

64,664

 

 

 

152,374

 

 

 

134,353

 

Depreciation and amortization

 

 

392,736

 

 

 

398,195

 

 

 

790,311

 

 

 

744,165

 

Other

 

 

7,194

 

 

 

7,979

 

 

 

10,638

 

 

 

22,553

 

Total expenses

 

 

764,504

 

 

 

784,492

 

 

 

1,570,889

 

 

 

1,488,917

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income before gains on real estate transactions, net

 

 

386,338

 

 

 

481,632

 

 

 

728,269

 

 

 

755,448

 

Gains on dispositions of development properties and land, net

 

 

187,361

 

 

 

86,416

 

 

 

361,004

 

 

 

249,166

 

Gains on other dispositions of investments in real estate, net

 

 

127,167

 

 

 

43,939

 

 

 

143,790

 

 

 

75,430

 

Operating income

 

 

700,866

 

 

 

611,987

 

 

 

1,233,063

 

 

 

1,080,044

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from unconsolidated entities, net

 

 

72,419

 

 

 

54,142

 

 

 

139,468

 

 

 

142,872

 

Interest expense

 

 

(68,412

)

 

 

(81,298

)

 

 

(139,693

)

 

 

(156,940

)

Interest and other income, net

 

 

715

 

 

 

1,027

 

 

 

5,461

 

 

 

1,397

 

Foreign currency and derivative gains (losses), net

 

 

(6,080

)

 

 

(60,836

)

 

 

74,072

 

 

 

52,493

 

Losses on early extinguishment of debt, net

 

 

-

 

 

 

(23,573

)

 

 

(187,453

)

 

 

(66,340

)

Total other expense

 

 

(1,358

)

 

 

(110,538

)

 

 

(108,145

)

 

 

(26,518

)

Earnings before income taxes

 

 

699,508

 

 

 

501,449

 

 

 

1,124,918

 

 

 

1,053,526

 

Total income tax expense

 

 

(49,195

)

 

 

(46,511

)

 

 

(74,912

)

 

 

(77,424

)

Consolidated net earnings

 

 

650,313

 

 

 

454,938

 

 

 

1,050,006

 

 

 

976,102

 

Less net earnings attributable to noncontrolling interests

 

 

50,137

 

 

 

48,765

 

 

 

82,483

 

 

 

78,876

 

Net earnings attributable to controlling interests

 

 

600,176

 

 

 

406,173

 

 

 

967,523

 

 

 

897,226

 

Less preferred stock dividends

 

 

1,551

 

 

 

1,634

 

 

 

3,083

 

 

 

3,269

 

Net earnings attributable to common stockholders

 

$

598,625

 

 

$

404,539

 

 

$

964,440

 

 

$

893,957

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

739,190

 

 

 

737,992

 

 

 

739,105

 

 

 

718,278

 

Weighted average common shares outstanding – Diluted

 

 

764,652

 

 

 

765,830

 

 

 

764,724

 

 

 

746,027

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders – Basic

 

$

0.81

 

 

$

0.55

 

 

$

1.30

 

 

$

1.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders – Diluted

 

$

0.81

 

 

$

0.54

 

 

$

1.30

 

 

$

1.23

 

 

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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Consolidated net earnings

 

$

650,313

 

 

$

454,938

 

 

$

1,050,006

 

 

$

976,102

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gains (losses), net

 

 

(18,586

)

 

 

(1,053

)

 

 

153,173

 

 

 

(134,586

)

Unrealized gains (losses) on derivative contracts, net

 

 

4,810

 

 

 

1,373

 

 

 

9,631

 

 

 

(22,075

)

Comprehensive income

 

 

636,537

 

 

 

455,258

 

 

 

1,212,810

 

 

 

819,441

 

Net earnings attributable to noncontrolling interests

 

 

(50,137

)

 

 

(48,765

)

 

 

(82,483

)

 

 

(78,876

)

Other comprehensive loss (income) attributable to noncontrolling interests

 

 

207

 

 

 

(97

)

 

 

(4,185

)