| | |
Per Note
|
| |
Total
|
| ||||||
Price to public(1)
|
| | | | 99.534% | | | | | £ | 348,369,000 | | |
Underwriting discount
|
| | | | 0.500% | | | | | £ | 1,750,000 | | |
Proceeds to us, before expenses
|
| | | | 99.034% | | | | | £ | 346,619,000 | | |
|
BofA Securities
|
| |
Citigroup
|
| |
Goldman Sachs & Co. LLC
|
| |
ING
|
| |
Mizuho
|
|
| Scotiabank | | |
SMBC Nikko
|
| |
TD Securities
|
| |
US Bancorp
|
| |
Wells Fargo Securities
|
|
| Academy Securities | | | BBVA | | |
Loop Capital Markets
|
| |
PNC Capital Markets LLC
|
|
| Regions Securities LLC | | |
Standard Chartered Bank
|
| |
Truist Securities
|
|
| | |
Page
|
| |||
| | | | S-iv | | | |
| | | | S-1 | | | |
| | | | S-9 | | | |
| | | | S-13 | | | |
| | | | S-14 | | | |
| | | | S-15 | | | |
| | | | S-16 | | | |
| | | | S-25 | | | |
| | | | S-31 | | | |
| | | | S-35 | | | |
| | | | S-35 | | | |
| | | | S-35 | | |
| | |
Page
|
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| | | | 25 | | | |
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| | | | 70 | | | |
| | | | 90 | | | |
| | | | 110 | | | |
| | | | 131 | | | |
| | | | 133 | | | |
| | | | 133 | | | |
| | | | 133 | | | |
| | | | 134 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2024
|
| |
2023
|
| ||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Operating Data (in millions, except per share data): | | | | | | | | | | | | | |
Revenues: | | | | | | | | | | | | | |
Rental
|
| | | $ | 1,828 | | | | | $ | 1,634 | | |
Strategic capital
|
| | | | 128 | | | | | | 135 | | |
Development management and other
|
| | | | 1 | | | | | | — | | |
Total revenues
|
| | | | 1,957 | | | | | | 1,769 | | |
Expenses: | | | | | | | | | | | | | |
Rental
|
| | | | 454 | | | | | | 413 | | |
Strategic capital
|
| | | | 79 | | | | | | 72 | | |
General and administrative
|
| | | | 111 | | | | | | 100 | | |
Depreciation and amortization
|
| | | | 638 | | | | | | 602 | | |
Other
|
| | | | 12 | | | | | | 7 | | |
Total expenses
|
| | | | 1,294 | | | | | | 1,194 | | |
Operating income before gains on real estate transactions, net
|
| | | | 663 | | | | | | 575 | | |
Gains on dispositions of development properties and land, net
|
| | | | 40 | | | | | | — | | |
Gains on other dispositions of investments in real estate, net
|
| | | | 17 | | | | | | 4 | | |
Operating income
|
| | | | 720 | | | | | | 579 | | |
Other income (expense):
|
| | | | | | | | | | | | |
Earnings from unconsolidated entities, net
|
| | | | 72 | | | | | | 76 | | |
Interest expense
|
| | | | (193) | | | | | | (136) | | |
Foreign currency, derivative and other gains and other income, net
|
| | | | 64 | | | | | | 9 | | |
Gains on early extinguishment of debt, net
|
| | | | 1 | | | | | | 3 | | |
Total other income (expense)
|
| | | | (56) | | | | | | (48) | | |
Earnings before income taxes
|
| | | | 664 | | | | | | 531 | | |
Income tax expense
|
| | | | (33) | | | | | | (32) | | |
Consolidated net earnings
|
| | | $ | 631 | | | | | $ | 499 | | |
Less net earnings attributable to noncontrolling interests
|
| | | | 31 | | | | | | 23 | | |
Net earnings attributable to controlling interests
|
| | | | 600 | | | | | | 476 | | |
Less preferred unit distributions
|
| | | | 1 | | | | | | 1 | | |
Net earnings attributable to common unitholders
|
| | | $ | 599 | | | | | $ | 475 | | |
Weighted average common units outstanding: | | | | | | | | | | | | | |
Basic
|
| | | | 940.6 | | | | | | 939.1 | | |
Diluted
|
| | | | 953.9 | | | | | | 951.6 | | |
Net earnings per unit attributable to common unitholders – Basic
|
| | | $ | 0.63 | | | | | $ | 0.50 | | |
Net earnings per unit attributable to common unitholders – Diluted
|
| | | $ | 0.63 | | | | | $ | 0.50 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
FFO(1): (in millions)
|
| |
2024
|
| |
2023
|
| ||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
Reconciliation of net earnings to FFO measures: | | | | | | | | | | | | | |
Net earnings attributable to common unitholders
|
| | | $ | 599 | | | | | $ | 475 | | |
Add (deduct) NAREIT defined adjustments: | | | | | | | | | | | | | |
Real estate related depreciation and amortization
|
| | | | 622 | | | | | | 590 | | |
Gains on other dispositions of investments in real estate, net of taxes (excluding
development properties and land) |
| | | | (17) | | | | | | (3) | | |
Adjustments related to noncontrolling interests
|
| | | | (31) | | | | | | (30) | | |
Our proportionate share of adjustments related to unconsolidated co-investment ventures
|
| | | | 106 | | | | | | 99 | | |
Our proportionate share of adjustments related to other unconsolidated ventures
|
| | | | 13 | | | | | | 16 | | |
NAREIT defined FFO attributable to common unitholders(1)
|
| | | $ | 1,292 | | | | | $ | 1,147 | | |
Add (deduct) FFO defined adjustments: | | | | | | | | | | | | | |
Unrealized foreign currency, derivative and other losses (gains), net
|
| | | | (35) | | | | | | 8 | | |
Deferred income tax expense
|
| | | | 1 | | | | | | 4 | | |
FFO, as modified by Prologis attributable to common unitholders(1)
|
| | | $ | 1,258 | | | | | $ | 1,159 | | |
Add (deduct) Core FFO defined adjustments: | | | | | | | | | | | | | |
Gains on dispositions of development properties and land, net
|
| | | | (40) | | | | | | — | | |
Current income tax expense on dispositions
|
| | | | 5 | | | | | | 1 | | |
Gain on early extinguishment of debt, net
|
| | | | (1) | | | | | | (3) | | |
Core FFO attributable to common unitholders(1)
|
| | | $ | 1,222 | | | | | $ | 1,157 | | |
Financial Position (in millions):
|
| |
March 31,
2024 |
| |
December 31,
2023 |
| ||||||
| | |
(unaudited)
|
| |
(audited)
|
| ||||||
Net investments in real estate properties
|
| | | $ | 77,997 | | | | | $ | 77,735 | | |
Investment in and advances to unconsolidated entities
|
| | | $ | 9,691 | | | | | $ | 9,544 | | |
Cash and cash equivalents
|
| | | $ | 501 | | | | | $ | 530 | | |
Total assets
|
| | | $ | 93,310 | | | | | $ | 93,021 | | |
Total debt
|
| | | $ | 29,558 | | | | | $ | 29,001 | | |
Total liabilities
|
| | | $ | 35,513 | | | | | $ | 35,197 | | |
Noncontrolling interest
|
| | | $ | 3,311 | | | | | $ | 3,324 | | |
Total capital
|
| | | $ | 57,797 | | | | | $ | 57,824 | | |
Number of common units outstanding
|
| | | | 941 | | | | | | 939 | | |
Number of Class A common limited partnership units outstanding
|
| | | | 8 | | | | | | 9 | | |
| | |
As of
March 31, 2024 |
| |||||||||
| | |
Actual
|
| |
As Adjusted(1)
|
| ||||||
| | |
(In millions)
|
| |||||||||
Cash and cash equivalents:
|
| | | $ | 501 | | | | | $ | 651 | | |
Debt: | | | | | | | | | | | | | |
Credit facilities(2)
|
| | | $ | 1,031 | | | | | $ | 744 | | |
Senior notes(2)
|
| | | | 26,501 | | | | | | 26,501 | | |
5.625% Notes offered hereby(3)
|
| | | | — | | | | | | 437 | | |
Term loans and other debt
|
| | | | 1,737 | | | | | | 1,737 | | |
Secured mortgage
|
| | | | 289 | | | | | | 289 | | |
Total debt
|
| | | | 29,558 | | | | | | 29,708 | | |
Prologis, L.P. capital: | | | | | | | | | | | | | |
Partners’ capital
|
| | | | 54,486 | | | | | | 54,486 | | |
Noncontrolling interests:
|
| | | | 3,311 | | | | | | 3,311 | | |
Total capital
|
| | | | 57,797 | | | | | | 57,797 | | |
Total capitalization:
|
| | | $ | 87,355 | | | | | $ | 87,505 | | |
Name
|
| |
Principal Amount
of the Notes |
| |||
BNP Paribas
|
| | | £ | 44,590,000 | | |
Crédit Agricole Corporate and Investment Bank
|
| | | | 44,590,000 | | |
HSBC Bank plc
|
| | | | 44,590,000 | | |
J.P. Morgan Securities plc
|
| | | | 44,590,000 | | |
Morgan Stanley & Co. International plc
|
| | | | 44,590,000 | | |
MUFG Securities EMEA plc
|
| | | | 15,750,000 | | |
Merrill Lynch International
|
| | | | 7,350,000 | | |
Citigroup Global Markets Limited
|
| | | | 7,350,000 | | |
Goldman Sachs & Co. LLC
|
| | | | 7,350,000 | | |
ING Bank N.V., Belgian Branch
|
| | | | 7,350,000 | | |
Mizuho International plc
|
| | | | 7,350,000 | | |
The Bank of Nova Scotia, London branch
|
| | | | 7,350,000 | | |
SMBC Nikko Capital Markets Limited
|
| | | | 7,350,000 | | |
The Toronto-Dominion Bank
|
| | | | 7,350,000 | | |
U.S. Bancorp Investments, Inc.
|
| | | | 7,350,000 | | |
Wells Fargo Securities International Limited
|
| | | | 7,350,000 | | |
Academy Securities, Inc.
|
| | | | 9,450,000 | | |
Banco Bilbao Vizcaya Argentaria, S.A.
|
| | | | 4,725,000 | | |
Loop Capital Markets LLC
|
| | | | 4,725,000 | | |
PNC Capital Markets LLC
|
| | | | 4,725,000 | | |
Regions Securities LLC
|
| | | | 4,725,000 | | |
Standard Chartered Bank
|
| | | | 4,725,000 | | |
Truist Securities, Inc.
|
| | | | 4,725,000 | | |
Total
|
| | | £ | 350,000,000 | | |
| | |
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