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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, 2023

 

☐ 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.)

 

img139002346_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

 

 

 

 

 

 

 

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 October 25, 2023, was approximately 923,971,000.

 

 

 

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2023, 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, 2023, the Parent owned a 97.58% common general partnership interest in the OP and substantially all of the preferred units in the OP. The remaining 2.42% 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, 2023 and December 31, 2022

1

 

Consolidated Statements of Income – Three and Nine Months Ended September 30, 2023 and 2022

2

Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2023 and 2022

3

Consolidated Statements of Equity – Three and Nine Months Ended September 30, 2023 and 2022

4

Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2023 and 2022

5

            Prologis, L.P.:

 

Consolidated Balance Sheets – September 30, 2023 and December 31, 2022

6

Consolidated Statements of Income – Three and Nine Months Ended September 30, 2023 and 2022

7

Consolidated Statements of Comprehensive Income – Three and Nine Months Ended September 30, 2023 and 2022

8

Consolidated Statements of Capital – Three and Nine Months Ended September 30, 2023 and 2022

9

Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2023 and 2022

10

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

 

Notes to the Consolidated Financial Statements

11

 

 

 

Note 1. General

11

 

 

 

 

Note 2. Duke Transaction

 

11

 

 

 

 

Note 3. Real Estate

12

 

 

 

 

Note 4. Unconsolidated Entities

13

 

 

 

 

Note 5. Assets Held for Sale or Contribution

15

 

 

 

 

Note 6. Debt

15

 

 

 

 

Note 7. Noncontrolling Interests

17

 

 

 

 

Note 8. Long-Term Compensation

18

 

 

 

 

Note 9. Earnings Per Common Share or Unit

19

 

 

 

 

Note 10. Financial Instruments and Fair Value Measurements

21

 

 

 

 

Note 11. Business Segments

24

 

 

 

 

Note 12. Supplemental Cash Flow Information

26

Reports of Independent Registered Public Accounting Firm

27

 

 

Item 2.

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

 

29

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

49

 

 

 

Item 4.

Controls and Procedures

 

50

 

PART II.

 

Other Information

 

Item 1.

Legal Proceedings

51

Item 1A.

Risk Factors

51

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

51

Item 3.

Defaults Upon Senior Securities

51

Item 4.

Mine Safety Disclosures

51

Item 5.

Other Information

51

Item 6.

Exhibits

51

 

 

 

 

 

 

Index

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

 

PROLOGIS, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except per share data)

 

 

 

 

 

 

 

September 30, 2023

 

 

December 31, 2022

 

ASSETS

 

 

 

 

 

Investments in real estate properties

$

87,021,585

 

 

$

81,623,396

 

Less accumulated depreciation

 

10,439,374

 

 

 

9,036,085

 

Net investments in real estate properties

 

76,582,211

 

 

 

72,587,311

 

Investments in and advances to unconsolidated entities

 

9,091,824

 

 

 

9,698,898

 

Assets held for sale or contribution

 

797,758

 

 

 

531,257

 

Net investments in real estate

 

86,471,793

 

 

 

82,817,466

 

 

 

 

 

 

 

Cash and cash equivalents

 

740,841

 

 

 

278,483

 

Other assets

 

4,736,775

 

 

 

4,801,499

 

Total assets

$

91,949,409

 

 

$

87,897,448

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Liabilities:

 

 

 

 

 

Debt

$

27,578,197

 

 

$

23,875,961

 

Accounts payable and accrued expenses

 

1,721,108

 

 

 

1,711,885

 

Other liabilities

 

4,389,242

 

 

 

4,446,509

 

Total liabilities

 

33,688,547

 

 

 

30,034,355

 

 

 

 

 

 

 

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, 2023 and December 31, 2022

 

63,948

 

 

 

63,948

 

Common stock; $0.01 par value; 923,974 shares and 923,142 shares issued and outstanding at
     September 30, 2023 and December 31, 2022, respectively

 

9,240

 

 

 

9,231

 

Additional paid-in capital

 

54,197,865

 

 

 

54,065,407

 

Accumulated other comprehensive loss

 

(185,783

)

 

 

(443,609

)

Distributions in excess of net earnings

 

(449,439

)

 

 

(457,695

)

Total Prologis, Inc. stockholders’ equity

 

53,635,831

 

 

 

53,237,282

 

Noncontrolling interests

 

4,625,031

 

 

 

4,625,811

 

Total equity

 

58,260,862

 

 

 

57,863,093

 

Total liabilities and equity

$

91,949,409

 

 

$

87,897,448

 

 

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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

1,777,359

 

 

$

1,151,846

 

 

$

5,062,583

 

 

$

3,322,159

 

Strategic capital

 

 

136,848

 

 

 

594,752

 

 

 

1,070,584

 

 

 

884,916

 

Development management and other

 

 

457

 

 

 

4,294

 

 

 

1,055

 

 

 

15,025

 

Total revenues

 

 

1,914,664

 

 

 

1,750,892

 

 

 

6,134,222

 

 

 

4,222,100

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

416,076

 

 

 

284,707

 

 

 

1,216,568

 

 

 

830,846

 

Strategic capital

 

 

84,069

 

 

 

130,555

 

 

 

306,684

 

 

 

239,418

 

General and administrative

 

 

96,673

 

 

 

87,903

 

 

 

292,097

 

 

 

245,663

 

Depreciation and amortization

 

 

642,010

 

 

 

401,450

 

 

 

1,846,545

 

 

 

1,200,410

 

Other

 

 

12,342

 

 

 

7,004

 

 

 

31,686

 

 

 

28,214

 

Total expenses

 

 

1,251,170

 

 

 

911,619

 

 

 

3,693,580

 

 

 

2,544,551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income before gains on real estate transactions, net

 

 

663,494

 

 

 

839,273

 

 

 

2,440,642

 

 

 

1,677,549

 

Gains on dispositions of development properties and land, net

 

 

89,030

 

 

 

74,678

 

 

 

273,907

 

 

 

390,686

 

Gains on other dispositions of investments in real estate, net

 

 

129,584

 

 

 

1,019

 

 

 

158,392

 

 

 

585,854

 

Operating income

 

 

882,108

 

 

 

914,970

 

 

 

2,872,941

 

 

 

2,654,089

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from unconsolidated entities, net

 

 

71,365

 

 

 

84,925

 

 

 

217,786

 

 

 

241,481

 

Interest expense

 

 

(181,053

)

 

 

(63,884

)

 

 

(466,882

)

 

 

(188,241

)

Foreign currency and derivative gains and other income, net

 

 

67,964

 

 

 

171,832

 

 

 

102,682

 

 

 

364,623

 

Gains (losses) on early extinguishment of debt, net

 

 

-

 

 

 

-

 

 

 

3,275

 

 

 

(18,895

)

Total other income (expense)

 

 

(41,724

)

 

 

192,873

 

 

 

(143,139

)

 

 

398,968

 

Earnings before income taxes

 

 

840,384

 

 

 

1,107,843

 

 

 

2,729,802

 

 

 

3,053,057

 

Income tax expense

 

 

(41,243

)

 

 

(38,669

)

 

 

(152,541

)

 

 

(117,725

)

Consolidated net earnings

 

 

799,141

 

 

 

1,069,174

 

 

 

2,577,261

 

 

 

2,935,332

 

Less net earnings attributable to noncontrolling interests

 

 

51,514

 

 

 

53,710

 

 

 

148,983

 

 

 

157,690

 

Net earnings attributable to controlling interests

 

 

747,627

 

 

 

1,015,464

 

 

 

2,428,278

 

 

 

2,777,642

 

Less preferred stock dividends

 

 

1,453

 

 

 

1,531

 

 

 

4,381

 

 

 

4,600

 

Net earnings attributable to common stockholders

 

$

746,174

 

 

$

1,013,933

 

 

$

2,423,897

 

 

$

2,773,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

924,395

 

 

 

740,719

 

 

 

924,228

 

 

 

740,585

 

Weighted average common shares outstanding – Diluted

 

 

951,908

 

 

 

766,372

 

 

 

951,643

 

 

 

766,019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders – Basic

 

$

0.81

 

 

$

1.37

 

 

$

2.62

 

 

$

3.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders – Diluted

 

$

0.80

 

 

$

1.36

 

 

$

2.61

 

 

$

3.72

 

 

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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Consolidated net earnings

 

$

799,141

 

 

$

1,069,174

 

 

$

2,577,261

 

 

$

2,935,332

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gains, net

 

 

146,281

 

 

 

239,062

 

 

 

284,229

 

 

 

761,102

 

Unrealized gains (losses) on derivative contracts, net

 

 

3,702

 

 

 

24,902

 

 

 

(19,998

)

 

 

67,230

 

Comprehensive income

 

 

949,124

 

 

 

1,333,138

 

 

 

2,841,492

 

 

 

3,763,664

 

Net earnings attributable to noncontrolling interests

 

 

(51,514

)

 

 

(53,710

)

 

 

(148,983

)

 

 

(157,690

)

Other comprehensive income attributable to noncontrolling interests

 

 

(3,396

)

 

 

(6,829

)

 

 

(6,405

)

 

 

(21,705

)

Comprehensive income attributable to common stockholders

 

$

894,214

 

 

$

1,272,599

 

 

$

2,686,104

 

 

$

3,584,269

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2023 and 2022

 

 

 

 

 

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

 

-

 

 

 

-

 

 

 

-