0001104659-20-007304.txt : 20200128 0001104659-20-007304.hdr.sgml : 20200128 20200128060423 ACCESSION NUMBER: 0001104659-20-007304 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 18 CONFORMED PERIOD OF REPORT: 20200128 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200128 DATE AS OF CHANGE: 20200128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Prologis, Inc. CENTRAL INDEX KEY: 0001045609 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 943281941 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13545 FILM NUMBER: 20551247 BUSINESS ADDRESS: STREET 1: PIER 1 BAY 1 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 4153949000 MAIL ADDRESS: STREET 1: PIER 1 BAY 1 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 FORMER COMPANY: FORMER CONFORMED NAME: AMB PROPERTY CORP DATE OF NAME CHANGE: 19970916 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Prologis, L.P. CENTRAL INDEX KEY: 0001045610 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 943285362 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14245 FILM NUMBER: 20551246 BUSINESS ADDRESS: STREET 1: PIER 1 BAY 1 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 4153949000 MAIL ADDRESS: STREET 1: PIER 1 BAY 1 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 FORMER COMPANY: FORMER CONFORMED NAME: AMB PROPERTY LP DATE OF NAME CHANGE: 19980421 8-K 1 tm203336-5_8k.htm FORM 8-K
0001045609 false 0001045610 false 8-K 2020-01-28 false false false false false Pier 1 Bay 1 San Francisco California 94111 415 394-9000 0001045609 2020-01-27 2020-01-28 0001045609 pld:PrologisLPMember 2020-01-27 2020-01-28 0001045609 us-gaap:CommonStockMember 2020-01-27 2020-01-28 0001045609 pld:Notes1.375PercentDue2021Member pld:PrologisLPMember 2020-01-27 2020-01-28 0001045609 pld:Notes3.000PercentDue2022Member pld:PrologisLPMember 2020-01-27 2020-01-28 0001045609 pld:Notes3.375PercentDue2024Member pld:PrologisLPMember 2020-01-27 2020-01-28 0001045609 pld:Notes3.000PercentDue2026Member pld:PrologisLPMember 2020-01-27 2020-01-28 0001045609 pld:Notes2.250PercentDue2029Member pld:PrologisLPMember 2020-01-27 2020-01-28 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549  

 

 

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): January 28, 2020

 

PROLOGIS, INC.

 

PROLOGIS, L.P.

(Exact name of registrant as specified in charter) 

 

Maryland (Prologis, Inc.)

Delaware (Prologis, L.P.)

  

001-13545 (Prologis, Inc.)

001-14245 (Prologis, L.P.)

  

94-3281941 (Prologis, Inc.)

94-3285362 (Prologis, L.P.)

(State or other jurisdiction

of Incorporation)

  

(Commission
File Number)

  

(I.R.S. Employer
Identification No.)

 

Pier 1, Bay 1, San Francisco, California   94111
(Address of Principal Executive Offices)   (Zip Code)

 

Registrants’ Telephone Number, including Area Code: (415) 394-9000

 

N/A

(Former name or former address, if changed since last report.) 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

  ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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.   1.375% Notes due 2021   PLD/21   New York Stock Exchange
Prologis, L.P.   3.000% Notes due 2022   PLD/22   New York Stock Exchange
Prologis, L.P.   3.375% Notes due 2024   PLD/24   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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

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. ¨

  

 

 

 

 

 

Introductory Note.

 

This Form 8-K is being filed for the purpose of filing pro forma financial information of Prologis, Inc. (“Prologis”) and Prologis, L.P. (“Prologis OP”) and certain financial statements of Liberty Property Trust (“LPT”) and Liberty Property Limited Partnership (“Liberty OP”). Prologis and Prologis OP have entered into an Agreement and Plan of Merger an Agreement and Plan of Merger by and among Prologis, Prologis OP, Lambda REIT Acquisition LLC, Lambda OP Acquisition LLC, LPT, Leaf Holdco Property Trust and Liberty OP, providing for the proposed merger of LPT and Prologis.

 

This Form 8-K is also being filed for the purpose of filing the financial statements of DCT Industrial Trust Inc. (“DCT”) and DCT Industrial Operating Partnership LP (“DCT OP”). On August 22, 2018, DCT OP merged with and into Prologis OP and DCT merged with and into Prologis.

 

Item 8.01. Other Events.

 

The audited consolidated financial statements of LPT and Liberty OP as of and for the year ended December 31, 2018 are filed as Exhibit 99.2 to this Current Report on Form 8-K. The unaudited consolidated financial statements of LPT and Liberty OP and the notes thereto as of and for the nine months ended September 30, 2019 are hereby filed as Exhibit 99.3 to this Current Report on Form 8-K.

 

The audited consolidated financial statements of DCT and DCT OP as of and for the year ended December 31, 2017 are filed as Exhibit 99.4 to this Current Report on Form 8-K. The unaudited consolidated financial statements of DCT and DCT OP and the notes thereto as of and for the six months ended June 30, 2018 are hereby filed as Exhibit 99.5 to this Current Report on Form 8-K.

 

Item 9.01. Financial Statements and Exhibits.

 

  (a) Pro Forma Financial Information.

 

The unaudited pro forma condensed combined balance sheet as of September 30, 2019 and the unaudited pro forma condensed combined statements of income for the year ended December 31, 2018 and the nine months ended September 30, 2019 of Prologis and Prologis OP are incorporated by reference to Exhibit 99.1 to this Current Report on Form 8-K. Such unaudited pro forma condensed combined financial statements are not necessarily indicative of the financial position that actually would have existed or the operating results that actually would have been achieved if the adjustments set forth therein had been in effect as of the dates and for the periods indicated or that may be achieved in future periods and should be read in conjunction with the historical financial statements of Prologis, Prologis OP, LPT, Liberty OP, DCT and DCT OP.

 

 

 

 

  (d) Exhibits.

 

The following documents have been filed as exhibits to this report and are incorporated by reference herein as described above.

 

Exhibit No. Description
23.1 Consent of Ernst & Young LLP
23.2 Consent of Ernst & Young LLP
23.3 Consent of Ernst & Young LLP
99.1 Unaudited pro forma condensed combined financial information of Prologis, Inc. and Prologis, L.P as of September 30, 2019 and for the year ended December 31, 2018 and the nine months ended September 30, 2019
99.2 Audited consolidated financial statements of Liberty Property Trust and Liberty Property Limited Partnership and the notes thereto as of and for the years ended December 31, 2018, 2017 and 2016 (incorporated by reference to Exhibit 99.1 to the Combined Current Reports of Liberty Property Trust and Liberty Property Limited Partnership on Form 8-K, filed on November 25, 2019)
99.3 Unaudited consolidated financial statements of Liberty Property Trust and Liberty Property Limited Partnership and the notes thereto as of September 30, 2019 and the three and nine-month periods ended September 30, 2019 and 2018
99.4 Audited consolidated financial statements of DCT Industrial Trust Inc. and DCT Industrial Operating Partnership LP and the notes thereto as of and for the year ended December 31, 2017 (incorporated by reference to Exhibit 99.4 to the Combined Current Reports of Prologis, Inc. and Prologis, L.P. on Form 8-K/A, filed on August 24, 2018)
99.5 Unaudited consolidated financial statements of DCT Industrial Trust Inc. and DCT Industrial Operating Partnership LP and the notes thereto as of and for the six months ended June 30, 2018 (incorporated by reference to Exhibit 99.5 to the Combined Current Reports of Prologis, Inc. and Prologis, L.P. on Form 8-K/A, filed on August 24, 2018)
104 Cover Page Interactive Data File (embedded within the iXBRL document)

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  PROLOGIS, INC.
   
Date:  January 28, 2020 By:  /s/ Deborah K. Briones
      Name: Deborah K. Briones
      Title: Senior Vice President, Associate General Counsel
     
  PROLOGIS, L.P.
  By: Prologis, Inc.,
  its General Partner
   
Date:  January 28, 2020 By:  /s/ Deborah K. Briones
      Name: Deborah K. Briones
      Title: Senior Vice President, Associate General Counsel

 

 

 

 

 

Co-Registrant CIK 0001045610
Co-Registrant Amendment Flag false
Co-Registrant Form Type 8-K
Co-Registrant DocumentPeriodEndDate 2020-01-28
Co-Registrant Written Communications false
Co-Registrant Solicitating Materials false
Co-Registrant PreCommencement Tender Offer false
Co-Registrant PreCommencement Issuer Tender Offer false
Co-Registrant Entity Emerging Growth Company false
Co-Registrant AddressLine1 Pier 1
Co-Registrant AddressLine2 Bay 1
Co-Registrant City San Francisco
Co-Registrant State California
Co-Registrant ZipCode 94111
Co-Registrant CityAreaCode 415
Co-Registrant LocalPhoneNumber 394-9000

 

 EX-23.1 2 tm203336d5_ex23-1.htm EXHIBIT 23.1

 

Exhibit 23.1

 

Consent of Independent Registered Public Accounting Firm

 

We consent to the incorporation by reference in:

 

1)the Current Report on Form 8-K to be filed by Prologis, Inc. and Prologis, L.P. on January 28, 2020,
2)the Registration Statement on Form S-3 (No. 333-216491) filed by Prologis, Inc. and Prologis, L.P.,
3)the Registration Statement on Form S-4 (No. 333-235260) filed by Prologis, Inc.,
4)the Registration Statement on Form S-4 (No. 333-235800) filed by Prologis, L.P.,
5)the Registration Statements on Form S-8 (Nos. 333-42015, 333-78779, 333-90042, 333-144489, 333-177378, 333-178955, and 333-181529) filed by Prologis, Inc., and
6)the Registration Statement on Form S-8 (No. 333-100214) filed by Prologis, Inc. and Prologis, L.P.

 

of our report dated February 26, 2019, except Notes 3, 4, 6, 8, 16, 18, 19, 21, 22 and 23 as to which the date is November 25, 2019, with respect to the consolidated financial statements and schedules of Liberty Property Trust, and our report dated February 26, 2019, with respect to the effectiveness of internal control over financial reporting of Liberty Property Trust, included in the Current Report on Form 8-K filed by Liberty Property Trust on November 25, 2019. We also consent to the reference to our firm under the caption “Experts” in the prospectus supplement to the Registration Statement on Form S-3 (No. 333-216491) to be filed with the Securities and Exchange Commission.

 

/s/ Ernst & Young LLP

 

 

Philadelphia, Pennsylvania

January 23, 2020

 

 

 EX-23.2 3 tm203336d5_ex23-2.htm EXHIBIT 23.2

 

Exhibit 23.2

 

Consent of Independent Registered Public Accounting Firm

 

We consent to the incorporation by reference in:

 

1)the Current Report on Form 8-K to be filed by Prologis, Inc. and Prologis, L.P. on January 28, 2020,
2)the Registration Statement on Form S-3 (No. 333-216491) filed by Prologis, Inc. and Prologis, L.P.,
3)the Registration Statement on Form S-4 (No. 333-235260) filed by Prologis, Inc.,
4)the Registration Statement on Form S-4 (No. 333-235800) filed by Prologis, L.P.,
5)the Registration Statements on Form S-8 (Nos. 333-42015, 333-78779, 333-90042, 333-144489, 333-177378, 333-178955, and 333-181529) filed by Prologis, Inc., and
6)the Registration Statement on Form S-8 (No. 333-100214) filed by Prologis, Inc. and Prologis, L.P.

 

of our report dated February 26, 2019, except Notes 3, 4, 6, 8, 16, 18, 19, 21, 22 and 23 as to which the date is November 25, 2019, with respect to the consolidated financial statements and schedules of Liberty Property Limited Partnership, and our report dated February 26, 2019, with respect to the effectiveness of internal control over financial reporting of Liberty Property Limited Partnership, included in the Current Report on Form 8-K filed by Liberty Property Limited Partnership on November 25, 2019. We also consent to the reference to our firm under the caption “Experts” in the prospectus supplement to the Registration Statement on Form S-3 (No. 333-216491) to be filed with the Securities and Exchange Commission.

 

/s/ Ernst & Young LLP

 

 

Philadelphia, Pennsylvania

January 23, 2020

 

 

 

 EX-23.3 4 tm203336d5_ex23-3.htm EXHIBIT 23.3

 

Exhibit 23.3

 

Consent of Independent Registered Public Accounting Firm

 

We consent to the incorporation by reference in:

 

1)the Current Report on Form 8-K to be filed by Prologis, Inc. and Prologis, L.P. on January 28, 2020,
2)the Registration Statement on Form S-3 (No. 333-216491) filed by Prologis, Inc. and Prologis, L.P.,
3)the Registration Statement on Form S-4 (No. 333-235260) filed by Prologis, Inc.,
4)the Registration Statement on Form S-4 (No. 333-235800) filed by Prologis, L.P.,
5)the Registration Statements on Form S-8 (Nos. 333-42015, 333-78779, 333-90042, 333-144489, 333-177378, 333-178955, and 333-181529) filed by Prologis, Inc., and
6)the Registration Statement on Form S-8 (No. 333-100214) filed by Prologis, Inc. and Prologis, L.P.

 

of our reports dated February 16, 2018, with respect to the consolidated financial statements and schedule of DCT Industrial Trust Inc. and DCT Industrial Operating Partnership LP, and the effectiveness of internal control over financial reporting of DCT Industrial Trust Inc. and DCT Industrial Operating Partnership LP, included in the Annual Report (Form 10-K) for the year ended December 31, 2017, filed with the Securities and Exchange Commission. We also consent to the reference to our firm under the caption “Experts” in the prospectus supplement to the Registration Statement on Form S-3 (No. 333-216491) to be filed with the Securities and Exchange Commission.

 

/s/ Ernst and Young LLP

 

Denver, Colorado

January 27, 2020

 

 EX-99.1 5 tm203336d5_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

INDEX TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

 

Pro Forma Condensed Combined Balance Sheets of Prologis, Inc. as of September 30, 2019 (Unaudited) 5
Pro Forma Condensed Combined Statements of Income of Prologis, Inc. for the nine months ended September 30, 2019 (Unaudited) 6
Pro Forma Condensed Combined Statements of Income of Prologis, Inc. for the year ended December 31, 2018 (Unaudited) 7
Pro Forma Condensed Combined Balance Sheets of Prologis, L.P. as of September 30, 2019 (Unaudited) 8
Pro Forma Condensed Combined Statements of Income of Prologis, L.P. for the nine months ended September 30, 2019 (Unaudited) 9
Pro Forma Condensed Combined Statements of Income of Prologis, L.P. for the year ended December 31, 2018 (Unaudited) 10
Notes to the Unaudited Pro Forma Condensed Combined Financial Statements 11

 

1

 

 

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

 

Introduction

 

On October 27, 2019, Prologis, Prologis OP, Prologis Merger Sub and Prologis OP Merger Sub (the terms “we,” “our,” or “us” mean Prologis and Prologis OP collectively) entered into a merger agreement with Liberty, Liberty OP and New Liberty Holdco, pursuant to which, subject to the terms and conditions set forth in the merger agreement: (i) an indirect wholly owned subsidiary of Liberty will merge with and into Liberty, with Liberty continuing as the surviving entity and an indirect wholly owned subsidiary of New Liberty Holdco (the “Company Merger”), (ii) thereafter, New Liberty Holdco will merge with and into Prologis Merger Sub, with Prologis Merger Sub continuing as the surviving entity and remaining a wholly owned subsidiary of Prologis (the “Topco Merger”), (iii) thereafter, Prologis and its applicable subsidiaries and Prologis Merger Sub will cause all of the outstanding equity interests of Liberty to be contributed to Prologis OP in exchange for the issuance by Prologis OP of Prologis OP common units to other subsidiaries of Prologis and (iv) thereafter, Prologis OP Merger Sub will merge with and into Liberty OP, with Liberty OP continuing as the surviving entity and a wholly owned subsidiary of Prologis OP (the “Partnership Merger” and, collectively with the Company Merger and the Topco Merger, the “Mergers”). The combined company after the Mergers is herein referred to as the “Combined Company.”

 

Under the terms of the merger agreement, at the effective time of the Topco Merger, each issued and outstanding Liberty common share as of immediately prior to the Company Merger will be converted automatically into the right to receive 0.675 shares of Prologis common stock. At the effective time of the Partnership Merger, each issued and outstanding common unit of Liberty OP as of immediately prior to the Partnership Merger will be converted into 0.675 common units of Prologis OP. The 0.675 exchange ratio is fixed and will not be adjusted to reflect changes in the stock prices of Prologis common stock or Liberty common shares prior to closing. Changes in the price of Prologis common stock prior to the Mergers will affect the market value of the merger consideration that Liberty shareholders and Liberty OP unitholders will receive on the closing date of the Mergers. Subject to the approval by Liberty’s shareholders and the other closing conditions described in this proxy statement/prospectus, the Mergers are expected to be consummated in early February 2020.

 

Based on current information, it is expected that former Liberty shareholders will own approximately 14% and current Prologis stockholders will own approximately 86% of the issued and outstanding common stock of the Combined Company after consummation of the Mergers. After consideration of all applicable factors pursuant to the business combination accounting rules, we expect to treat the Mergers as an asset acquisition under United States Generally Accepted Accounting Principles and as a result the transaction costs will likely be capitalized to the basis of the acquired properties.

 

Pro forma Information

 

The following Unaudited Pro Forma Condensed Combined Financial Statements combine the historical consolidated financial statements of Prologis, Liberty and DCT Industrial Trust Inc. (“Pro Forma Financial Statements”), including Pro Forma Balance Sheets and Statements of Income.

 

On August 22, 2018, Prologis acquired DCT Industrial Trust Inc. At acquisition, DCT Industrial Trust Inc. and DCT Industrial Operating Partnership LP (collectively, “DCT”) merged with and into Prologis and Prologis OP, respectively, which we refer to as the DCT Transaction. As DCT is not included in Prologis’ consolidated results for the full year ended December 31, 2018, DCT is included in these Pro Forma Financial Statements. The Unaudited Pro Forma Condensed Combined Financial Statements of Prologis and Prologis OP at June 30, 2018 and for the six months ended June 30, 2018 and year ended December 31, 2017 for the DCT Transaction were filed with the Securities and Exchange Commission (“SEC”) on August 24, 2018 within Exhibit 99.3 of Prologis’ Current Report on Form 8-K/A. These Pro Forma Financial Statements include the historical financial statement information and pro forma adjustments as if the DCT Transaction had occurred as of January 1, 2018. Both the DCT historical information and pro forma adjustments for the six months ended June 30, 2018 were used as a basis for calculating the financial statement information for the period from July 1, 2018 through the acquisition date of August 22, 2018, which is included in the DCT Pro Forma Adjustments column. The financial results of DCT are included in the consolidated Prologis financial statements beginning August 22, 2018.

 

2

 

 

The accompanying Pro Forma Balance Sheets at September 30, 2019 have been prepared as if the Mergers had occurred as of September 30, 2019. The accompanying Pro Forma Statements of Income for the nine months ended September 30, 2019 and the year ended December 31, 2018 have been prepared as if the Mergers and the DCT Transaction had occurred as of January 1, 2018.

 

During the period from January 1, 2018 to September 30, 2019, Prologis, Liberty and DCT acquired and disposed of various real estate assets. Other than the DCT Transaction, none of the assets acquired and disposed of by the respective companies during this period, individually or in the aggregate, or acquisitions and dispositions considered probable of closing as of the date of this proxy statement/prospectus, exceeded the significance level that requires the presentation of pro forma financial information pursuant to Regulation S-X, Article 11. As such, the following Pro Forma Statements of Income for the nine months ended September 30, 2019 and the year ended December 31, 2018 do not include pro forma adjustments to present the impact of these insignificant acquisitions and dispositions as if they occurred on January 1, 2018.

 

Pro forma adjustments, and the assumptions on which they are based, are described in the accompanying Notes to Unaudited Pro Forma Condensed Combined Financial Statements, which are referred to in this section as the accompanying notes.

 

The pro forma adjustments and the purchase price allocation as presented are based on estimates and certain information that is currently available. Under acquisition accounting, the total cost or total consideration exchanged is allocated to the net tangible and identifiable intangible assets acquired and liabilities assumed, including an allocation to the individual buildings, land and lease intangibles, on a relative fair value basis. The total consideration and assignment of fair values to Liberty’s assets and liabilities has not been finalized and is subject to change and the actual amounts at the time the Mergers are completed could vary materially from this pro forma information.

 

The pro forma information has been prepared in accordance with the rules and regulations of the SEC. All significant adjustments that can be factually supported, are directly attributable to the Mergers and the DCT Transaction and are expected to have a continuing impact within the SEC regulations covering the preparation of pro forma financial statements, have been made. The pro forma information is presented for illustrative purposes only and is not necessarily indicative of the combined operating results or financial position that would have occurred if such transactions had been consummated on the dates and in accordance with the assumptions described herein, nor is it necessarily indicative of future operating results or financial position.

 

You are urged to read the pro forma information below together with Prologis’, Liberty’s and DCT’s publicly available historical consolidated financial statements and accompanying notes.

 

3

 

 

Merger Consideration

 

For purposes of the Unaudited Pro Forma Condensed Combined Financial Statements, Prologis has assumed a preliminary total purchase price of approximately $9.8 billion for the Mergers, which consists of Prologis common stock and Prologis OP common units issued in exchange for the Liberty common shares and Liberty OP common units (in millions, except price per share/unit):

 

Number of Liberty shares and units to be converted to Prologis shares and units at September 30, 2019(1)   109.31 
Multiplied by price of Prologis common stock on December 16, 2019(2)  $88.36 
Estimated fair value of Prologis common shares and units to be issued  $9,659 
Estimated transaction costs(3)   115 
Estimated aggregate consideration  $9,774 

 

 

 

(1)The Liberty shareholders and Liberty OP unitholders will receive 0.675 of a newly issued share of Prologis common stock and Prologis OP common unit, respectively, for each Liberty common share or common unit that they owned.

 

(2)The estimated purchase price is based on the closing price of Prologis common stock on December 16, 2019, the latest practicable date prior to the date of this proxy statement/prospectus. Pursuant to accounting rules, the final purchase price will be based on the price of the Prologis common stock as of the closing date, and therefore, will be different from the amount shown above. Based on a sensitivity analysis, a change in the Prologis common stock price of 10% would result in an approximate $966 million change in the estimated aggregate consideration.

 

(3)For purposes of the pro forma information, estimated transaction costs for the Mergers were included in the estimated aggregate consideration. These estimated transaction costs are expected to be approximately $115 million and include costs associated with investment banker advisory fees, legal fees, termination and severance and other costs. These costs will be capitalized by Prologis. Termination and severance costs for the acceleration of unvested Liberty common shares under Liberty’s equity incentive plan that become fully vested at closing are included in the estimated fair value of Prologis common stock to be issued.

 

The Unaudited Pro Forma Condensed Combined Financial Statements included herein do not give effect to any potential cost reductions or other operating efficiencies that we expect to result from the Mergers. Additionally, they do not include management’s plans or intent after the Mergers.

 

4

 

 

PROLOGIS, INC.

 

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEETS

 

September 30, 2019

 

(In thousands)

 

   Historical (A)   Pro Forma   Pro Forma 
   Prologis   Liberty   Adjustments   Combined 
ASSETS                    
Investments in real estate properties  $34,911,650   $6,805,875   $4,658,579(B)  $46,376,104 
Less accumulated depreciation   5,287,640    1,040,249    (1,040,249)(C)   5,287,640 
Net investments in real estate properties   29,624,010    5,765,626    5,698,828    41,088,464 
Investments in and advances to unconsolidated entities   5,886,820    347,880    115,421(D)   6,350,121 
Assets held for sale or contribution   799,017    226,504    80,768(E)   1,106,289 
Net investments in real estate   36,309,847    6,340,010    5,895,017    48,544,874 
Lease right-of-use assets   437,038    17,664    2,597(F)   457,299 
Cash and cash equivalents   1,024,994    605,465    —    1,630,459 
Other assets   1,676,306    375,593    300,882(G)   2,352,781 
Total assets  $39,448,185   $7,338,732   $6,198,496   $52,985,413 
LIABILITIES AND EQUITY                    
Liabilities:                    
Debt  $11,459,223   $3,031,267   $204,392(H)  $14,694,882 
Lease liabilities   432,122    18,379    2,616(F)   453,117 
Accounts payable and accrued expenses   808,898    157,404    —    966,302 
Other liabilities   812,365    226,239    122,620(I)   1,161,224 
Total liabilities   13,512,608    3,433,289    329,628    17,275,525 
Equity:                    
Stockholders’ equity:                    
Series Q preferred shares   68,948    —    —    68,948 
Common stock   6,317    158    912(J)   7,387 
Additional paid-in capital   25,693,652    4,145,822    5,415,861(J)   35,255,335 
Accumulated other comprehensive loss   (1,050,246)   (64,496)   64,496(J)   (1,050,246)
Distributions in excess of net earnings   (2,201,461)   (238,629)   238,629(J)   (2,201,461)
Total stockholders’ equity   22,517,210    3,842,855    5,719,898    32,079,963 
Noncontrolling interests   2,777,024    280    400(K)   2,777,704 
Limited partnership unitholders   641,343    62,308    148,570(J)   852,221 
Total equity   25,935,577    3,905,443    5,868,868    35,709,888 
Total liabilities and equity  $39,448,185   $7,338,732   $6,198,496   $52,985,413 

 

5

 

 

PROLOGIS, INC.

 

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF INCOME

 

For the nine months ended September 30, 2019

 

(In thousands, except per share data)

 

  

Historical (A) 

   Pro Forma   Pro Forma 
  

Prologis 

  

Liberty 

  

Adjustments 

  

Combined 

 
Revenues:                    
Rental   $2,107,961   $479,644   $1,588(L)  $2,589,193 
Strategic capital    393,416    7,018    —    400,434 
Development management and other    3,228    2,099    —(M)   5,327 
Total revenues    2,504,605    488,761    1,588    2,994,954 
Expenses:                    
Rental    550,070    118,250    —(M)   668,320 
Strategic capital    138,668    5,983    —    144,651 
General and administrative    201,176    42,903    —(M)   244,079 
Depreciation and amortization    850,639    130,501    127,814(N)   1,108,954 
Other    9,643    2,712    —(M)   12,355 
Total expenses    1,750,196    300,349    127,814    2,178,359 
Operating income before gains on real estate transactions, net    754,409    188,412    (126,226)   816,595 
Gains on real estate transactions, net    535,717    21,125    —    556,842 
Operating income    1,290,126    209,537    (126,226)   1,373,437 
Other income (expense):                    
Earnings from unconsolidated entities, net    151,524    10,966    (2,395)(O)   160,095 
Interest expense    (179,873)   (76,644)   28,373(P)   (228,144)
Interest and other income, net    12,876    12,446    —    25,322 
Foreign currency and derivative gains, net    70,267    —    —    70,267 
Losses on early extinguishment of debt, net    (16,086)   —    —    (16,086)
Total other income (expense)    38,708    (53,232)   25,978    11,454 
Earnings before income taxes    1,328,834    156,305    (100,248)   1,384,891 
Total income tax expense    53,230    1,449    —    54,679 
Consolidated net earnings    1,275,604    154,856    (100,248)   1,330,212 
Less net earnings attributable to noncontrolling interests    89,636    3,706    (2,167)(Q)   91,175 
Net earnings attributable to controlling interests    1,185,968    151,150    (98,081)   1,239,037 
Less preferred stock dividends    4,498    —    —    4,498 
Net earnings attributable to common stockholders   $1,181,470   $151,150   $(98,081)  $1,234,539 
Weighted average common shares outstanding—Basic    630,356    148,532         737,305(W)
Weighted average common shares outstanding—Diluted    654,818    149,383         764,125(W)
Net earnings per share attributable to common stockholders—Basic   $1.87   $1.02        $1.67 
Net earnings per share attributable to common stockholders—Diluted   $1.86   $1.01        $1.66 

 

 

6

 

 

PROLOGIS, INC.

 

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF INCOME

 

For the year ended December 31, 2018

 

(In thousands, except per share data)

 

   Historical (A)   Liberty
Pro Forma		   DCT
Pro Forma		   Pro Forma  
   Prologis   Liberty   DCT*   Adjustments   Adjustments   Combined 
Revenues:                              
Rental   $2,388,791   $596,736   $219,204   $17,172(L)  $63,218(R)  $3,285,121 
Strategic capital    406,300    8,844    672    —    193    416,009 
Development management and other    9,358    73,224    —    —(M)   —    82,582 
Total revenues    2,804,449    678,804    219,876    17,172    63,411    3,783,712 
Expenses:                              
Rental    600,648    146,590    53,270    —(M)   15,304    815,812 
Strategic capital    157,040    8,130    —    —    —    165,170 
General and administrative    238,985    59,194    20,288    —(M)   5,829    324,296 
Depreciation and amortization    947,214    194,312    83,499    182,408(N)   75,513(S)   1,482,946 
Other    13,560    136,620    245    —(M)   70    150,495 
Total expenses    1,957,447    544,846    157,302    182,408    96,716    2,938,719 
Operating income before gains on real estate transactions, net    847,002    133,958    62,574    (165,236)   (33,305)   844,993 
Gains on real estate transactions, net    840,996    81,514    43,974    —    —    966,484 
Operating income    1,687,998    215,472    106,548    (165,236)   (33,305)   1,811,477 
Other income (expense):                              
Earnings from unconsolidated entities, net    298,260    21,382    2,166    (3,004)(O)   (959)(T)   317,845 
Interest expense    (229,141)   (87,642)   (32,183)   39,075(P)   5,070(U)   (304,821)
Interest and other income (expense), net    14,663    6,832    (80)   —    (23)   21,392 
Foreign currency and derivative gains, net    117,096         —    —    —    117,096 
Losses on early extinguishment of debt, net    (2,586)   —    —    —    —    (2,586)
Total other income (expense)    198,292    (59,428)   (30,097)   36,071    4,088    148,926 
Earnings before income taxes    1,886,290    156,044    76,451    (129,165)   (29,217)   1,960,403 
Total income tax expense    63,330    7,258    221    —    64    70,873 
Consolidated net earnings    1,822,960    148,786    76,230    (129,165)   (29,281)   1,889,530 
Less net earnings attributable to noncontrolling interests    173,599    4,490    3,291    (2,792)(Q)   (474)(V)   178,114 
Net earnings attributable to controlling interests    1,649,361    144,296    72,939    (126,373)   (28,807)   1,711,416 
Less preferred stock dividends    5,935    —    —    —    —    5,935 
Net earnings attributable to common stockholders   $1,643,426   $144,296   $72,939   $(126,373)  $(28,807)  $1,705,481 
Weighted average common shares outstanding—Basic    567,367    147,275    93,956              735,712(W)
Weighted average common shares outstanding—Diluted    590,239    148,221    93,981              763,209(W)
Net earnings per share attributable to common stockholders—Basic   $2.90   $0.98   $0.77             $2.32 
Net earnings per share attributable to common stockholders—Diluted   $2.87   $0.97   $0.77             $2.30 

 

 

•DCT amounts reflect the six months ended June 30, 2018.

 

7

 

 

PROLOGIS, L.P.

 

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEETS

 

September 30, 2019

 

(In thousands)

 

   Historical (A)   Pro Forma   Pro Forma 
   Prologis   Liberty   Adjustments   Combined 
ASSETS                    
Investments in real estate properties   $34,911,650   $6,805,875   $4,658,579(B)  $46,376,104 
Less accumulated depreciation    5,287,640    1,040,249    (1,040,249)(C)   5,287,640 
Net investments in real estate properties    29,624,010    5,765,626    5,698,828    41,088,464 
Investments in and advances to unconsolidated entities    5,886,820    347,880    115,421(D)   6,350,121 
Assets held for sale or contribution    799,017    226,504    80,768(E)   1,106,289 
Net investments in real estate    36,309,847    6,340,010    5,895,017    48,544,874 
Lease right-of-use assets    437,038    17,664    2,597(F)   457,299 
Cash and cash equivalents    1,024,994    605,465    —    1,630,459 
Other assets    1,676,306    375,593    300,882(G)   2,352,781 
Total assets   $39,448,185   $7,338,732   $6,198,496   $52,985,413 
LIABILITIES AND CAPITAL                    
Liabilities:                    
Debt   $11,459,223   $3,031,267   $204,392(H)  $14,694,882 
Lease liabilities    432,122    18,379    2,616(F)   453,117 
Accounts payable and accrued expenses    808,898    157,404    —    966,302 
Other liabilities    812,365    226,239    122,620(I)   1,161,224 
Total liabilities    13,512,608    3,433,289    329,628    17,275,525 
Capital:                    
Partners’ capital    23,158,553    3,905,163    5,868,468(J)   32,932,184 
Noncontrolling interests    2,777,024    280    400(K)   2,777,704 
Total capital    25,935,577    3,905,443    5,868,868    35,709,888 
Total liabilities and capital   $39,448,185   $7,338,732   $6,198,496   $52,985,413 

 

8

 

 

PROLOGIS, L.P.

 

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF INCOME

 

For the nine months ended September 30, 2019

 

(In thousands, except per share data)

 

   Historical (A)   Pro Forma   Pro Forma 
   Prologis   Liberty   Adjustments   Combined 
Revenues:                    
Rental   $2,107,961   $479,644   $1,588(L)  $2,589,193 
Strategic capital    393,416    7,018    —    400,434 
Development management and other    3,228    2,099    —(M)   5,327 
Total revenues    2,504,605    488,761    1,588    2,994,954 
Expenses:                    
Rental    550,070    118,250    —(M)   668,320 
Strategic capital    138,668    5,983    —    144,651 
General and administrative    201,176    42,903    —(M)   244,079 
Depreciation and amortization    850,639    130,501    127,814(N)   1,108,954 
Other    9,643    2,712    —(M)   12,355 
Total expenses    1,750,196    300,349    127,814    2,178,359 
Operating income before gains on real estate transactions, net    754,409    188,412    (126,226)   816,595 
Gains on real estate transactions, net    535,717    21,125    —    556,842 
Operating income    1,290,126    209,537    (126,226)   1,373,437 
Other income (expense):                    
Earnings from unconsolidated entities, net    151,524    10,966    (2,395)(O)   160,095 
Interest expense    (179,873)   (76,644)   28,373(P)   (228,144)
Interest and other income, net    12,876    12,446    —    25,322 
Foreign currency and derivative gains, net    70,267    —    —    70,267 
Losses on early extinguishment of debt, net    (16,086)   —    —    (16,086)
Total other income (expense)    38,708    (53,232)   25,978    11,454 
Earnings before income taxes    1,328,834    156,305    (100,248)   1,384,891 
Total income tax expense    53,230    1,449    —    54,679 
Consolidated net earnings    1,275,604    154,856    (100,248)   1,330,212 
Less net earnings attributable to noncontrolling interests    54,018    235    (4)(Q)   54,249 
Net earnings attributable to controlling interests    1,221,586    154,621    (100,244)   1,275,963 
Less preferred unit distributions    4,498    —    —    4,498 
Net earnings attributable to common unitholders   $1,217,088   $154,621   $(100,244)  $1,271,465 
Weighted average common units outstanding—Basic    641,077    152,045         750,384(W)
Weighted average common units outstanding—Diluted    654,818    152,896         764,125(W)
Net earnings per unit attributable to common unitholders—Basic   $1.87   $1.02        $1.67 
Net earnings per unit attributable to common unitholders—Diluted   $1.86   $1.01        $1.66 

 

9

 

 

PROLOGIS, L.P.

 

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF INCOME

 

For the year ended December 31, 2018

 

(In thousands, except per share data)

 

   Historical (A)   Liberty
Pro Forma		   DCT
Pro Forma		   Pro Forma 
   Prologis   Liberty   DCT*   Adjustments   Adjustments   Combined 
Revenues:                              
Rental  $2,388,791   $596,736   $219,204   $17,172(L)  $63,218(R)  $3,285,121 
Strategic capital   406,300    8,844    672    —    193    416,009 
Development management and other   9,358    73,224    —    —(M)   —    82,582 
Total revenues   2,804,449    678,804    219,876    17,172    63,411    3,783,712 
Expenses:                              
Rental   600,648    146,590    53,270    —(M)   15,304    815,812 
Strategic capital   157,040    8,130    —    —    —    165,170 
General and administrative   238,985    59,194    20,288    —(M)   5,829    324,296 
Depreciation and amortization   947,214    194,312    83,499    182,408(N)   75,513(S)   1,482,946 
Other   13,560    136,620    245    —(M)   70    150,495 
Total expenses   1,957,447    544,846    157,302    182,408    96,716    2,938,719 
Operating income before gains on real estate transactions, net   847,002    133,958    62,574    (165,236)   (33,305)   844,993 
Gains on real estate transactions, net   840,996    81,514    43,974    —    —    966,484 
Operating income   1,687,998    215,472    106,548    (165,236)   (33,305)   1,811,477 
Other income (expense):                              
Earnings from unconsolidated entities, net   298,260    21,382    2,166    (3,004)(O)   (959)(T)   317,845 
Interest expense   (229,141)   (87,642)   (32,183)   39,075(P)   5,070(U)   (304,821)
Interest and other income (expense), net   14,663    6,832    (80)   —    (23)   21,392 
Foreign currency and derivative gains, net   117,096    —    —    —    —    117,096 
Losses on early extinguishment of debt, net   (2,586)   —    —    —    —    (2,586)
Total other income (expense)   198,292    (59,428)   (30,097)   36,071    4,088    148,926 
Earnings before income taxes   1,886,290    156,044    76,451    (129,165)   (29,217)   1,960,403 
Total income tax expense   63,330    7,258    221    —    64    70,873 
Consolidated net earnings   1,822,960    148,786    76,230    (129,165)   (29,281)   1,889,530 
Less net earnings attributable to noncontrolling interests   124,712    1,087    754    (5)(Q)   186(V)   126,734 
Net earnings attributable to controlling interests   1,698,248    147,699    75,476    (129,160)   (29,467)   1,762,796 
Less preferred unit distributions   5,935    —    —    —    —    5,935 
Net earnings attributable to common unitholders  $1,692,313   $147,699   $75,476   $(129,160)  $(29,467)  $1,756,861 
Weighted average common units outstanding—Basic   575,798    150,795    97,223              748,768(W)
Weighted average common units outstanding—Diluted   590,239    151,741    97,248              763,209(W)
Net earnings per unit attributable to common unitholders—Basic  $2.90   $0.98   $0.77             $2.32 
Net earnings per units attributable to common unitholders—Diluted  $2.87   $0.97   $0.77             $2.30 

 

 

 

*DCT amounts reflect the six months ended June 30, 2018.

 

10

 

 

Notes to the Unaudited Pro Forma Condensed Combined Financial Statements

 

(1) Preliminary Purchase Price Allocation

 

The following preliminary allocation of the Liberty purchase price is based on the preliminary estimate of the fair value of the tangible and intangible assets and liabilities of Liberty at September 30, 2019. The final determination of the allocation of the purchase price will be based on the relative fair value of such assets and liabilities as of the actual consummation date of the Mergers and will be completed after the Mergers are consummated. Such final determination of the purchase price may be significantly different from the preliminary estimates used in the pro forma financial statements.

 

The estimated purchase price of Liberty of $9.8 billion (as calculated in the manner described above) is allocated to the tangible and intangible assets acquired and assumed liabilities based on the following preliminary basis at September 30, 2019 (dollar amounts in thousands):

 

Investments in real estate properties, net  $11,464,454 
Investments in and advances to unconsolidated entities   463,301 
Assets held for sale or contribution   307,272 
Cash, lease right-of-use assets and other assets, including lease intangible assets   1,302,201 
Debt   (3,235,659)
Accounts payable, accrued expenses, lease liabilities and other liabilities, including lease intangible liabilities   (527,258)
Noncontrolling interests   (680)
Total estimated purchase price, including transaction costs  $9,773,631 

 

(2) Historical Financial Statements

 

(A)       In order to conform to the current Prologis presentation, we condensed and reclassified certain amounts presented in the historical financial statements of Prologis, Liberty and DCT.

 

(3) Liberty Pro Forma Adjustments

 

Adjustments for Pro Forma Condensed Combined Balance Sheets:

 

Unless otherwise indicated, the pro forma adjustments apply to both Prologis and Prologis OP.

 

(B)       Liberty’s real estate assets have been adjusted to their estimated fair value at September 30, 2019. We estimated the fair value of each property generally by applying a capitalization rate to the estimated net operating income and adding a portfolio premium to the property based on the relative fair value of the property in comparison to the total portfolio, excluding real estate assets classified as Assets Held for Sale or Contribution. We determined the capitalization rates that were appropriate by market, based on recent appraisals, transactions or other market data. The fair value of land is generally based on relevant market data, such as a comparison of the subject site to similar parcels that have recently been sold or are currently being offered on the market for sale.

 

(C)       Liberty’s historical accumulated depreciation balance is eliminated.

 

(D)       Liberty’s investments in and advances to unconsolidated entities have been adjusted to their estimated fair value at September 30, 2019. The fair values for the investments were calculated using similar valuation methods as those used for consolidated real estate assets and debt.

 

11

 

 

Notes to the Unaudited Pro Forma Condensed Combined Financial Statements (Continued)

 

(3) Liberty Pro Forma Adjustments (Continued)

 

(E)       At September 30, 2019, Liberty had ten operating properties and three land parcels that were classified as held for sale and carried at the lesser of cost or fair value less costs to sell. Adjustments to Liberty’s historical balances associated with these properties reflect the real estate assets at their sales value less costs to sell. Additionally, Prologis intends to dispose of a portion of the acquired real estate assets from Liberty, including both non-strategic logistics and non-industrial properties over the next 12 months. There was no pro forma adjustment made to reflect Prologis’ future intent to sell these properties.

 

(F)       Liberty’s lease right-of-use assets and lease liabilities for ground and office space leases, in which Liberty is the lessee, were adjusted to their estimated value at September 30, 2019. We estimated the value of each lease by calculating the present value of the future minimum rental payments at September 30, 2019 using Prologis’ weighted average incremental borrowing rate of 3.8%. The weighted average remaining lease term for these operating leases was 47 years at September 30, 2019.

 

(G)       Adjustments to Liberty’s historical balance of other assets are as follows (in thousands):

 

Elimination of straight-line rent receivable  $(124,509)
Elimination of previously acquired lease intangible assets   (159,716)
Elimination of deferred financing costs   (2,520)
Recognition of value of acquired lease intangible assets   587,627 
Total  $300,882 

 

The fair value of acquired lease intangible assets includes leasing commissions, foregone rent and above market leases. We recognize an asset for leasing commissions based on our estimate of the cost to lease space in the applicable markets. Foregone rents include the value of the revenue and recovery of costs foregone during a reasonable lease-up period, as if the space was vacant, in each of the applicable markets. An asset was recognized for acquired leases with favorable rents based on our best estimate of current market rents in each of the applicable markets.

 

(H)       Liberty’s debt balances have been adjusted to their estimated fair value at September 30, 2019. Fair value was estimated based on contractual future cash flows discounted using borrowing spreads and market interest rates that would have been available to us for the issuance of debt with similar terms and remaining maturities.

 

(I)        Adjustments to Liberty’s historical balance of other liabilities are as follows (in thousands):

 

Elimination of previously acquired lease intangible liabilities  $(12,577)
Recognition of value of acquired lease intangible liabilities   135,197 
Total  $122,620 

 

The fair value of acquired lease intangible liabilities includes a liability for acquired leases with unfavorable rents based on our best estimate of current market rents in each of the applicable markets.

 

(J)       Adjustments represent the elimination of historical Liberty balances and the issuance of Prologis common stock and Prologis OP common units in exchange for Liberty common shares and Liberty OP common units in the Mergers. The adjustment for the limited partnership unitholders at September 30, 2019 is based on the limited partnership unitholders’ ownership percentage in the fair value adjustments described above.

 

12

 

 

Notes to the Unaudited Pro Forma Condensed Combined Financial Statements (Continued)

 

(3) Liberty Pro Forma Adjustments (Continued)

 

(K)       The adjustment for noncontrolling interests in the consolidated entities at September 30, 2019 is based on the noncontrolling interests’ share in the fair value adjustments described above.

 

Adjustments for Pro Forma Condensed Combined Statements of Income:

 

The pro forma adjustments to the Condensed Combined Statements of Income assume that a purchase price allocation done as of January 1, 2018 was equivalent to amounts assigned based on the estimated purchase price allocation done at September 30, 2019 and reflected in the Pro Forma Condensed Combined Balance Sheets.

 

(L)       Rental revenue is adjusted to remove $16.0 million and $19.8 million of Liberty’s historical straight-line rent and amortization of the asset or liability from acquired leases with favorable or unfavorable market rents for the nine months ended September 30, 2019 and the year ended December 31, 2018, respectively. Rental revenue is further adjusted to recognize $17.6 million and $37.0 million attributed to acquired leases on a straight-line basis and the amortization of the asset or liability from the acquired leases with favorable or unfavorable rents for the nine months ended September 30, 2019 and the year ended December 31, 2018, respectively. For purposes of the favorable and unfavorable rent adjustments, we estimated a weighted average remaining lease term associated with these leases of five years.

 

(M)       We expect that the Mergers will create significant corporate general and administrative as well as property operating cost savings. There can be no assurance that we will be successful in achieving these anticipated cost savings. As these adjustments cannot be factually supported, we have not included any estimate of the expected future cost savings. Additionally, certain development activities that Prologis does not plan to continue were included in Development Management and Other Revenues and Other Expenses. However, we have not included any estimate of the expected adjustment to revenues and expenses for these activities.

 

(N)       Depreciation and amortization expense is adjusted to remove $130.4 million and $161.9 million of Liberty’s historical depreciation and amortization expense, excluding impairment charges recognized by Liberty, and recognize $258.2 million and $344.3 million of depreciation and amortization expense for the nine months ended September 30, 2019 and the year ended December 31, 2018, respectively. For purposes of this adjustment, we estimated the various components of the real estate acquired and used an estimated average useful life of 30 years for operating properties and an estimated weighted average remaining lease term associated with in-place leases at September 30, 2019 that approximated four years.

 

(O)       We adjusted Liberty’s investment in unconsolidated entities to fair value. As a result, we adjusted the equity in earnings that Liberty recognized from these entities to reflect the impact the amortization of these fair value adjustments would have had on earnings from these unconsolidated entities.

 

(P)       We adjusted Liberty’s interest expense based on the fair value of debt. The adjustment to interest expense includes the removal of Liberty’s historical interest expense, including amortization of deferred financing costs and debt premiums and discounts, and calculation of interest expense based on the estimated fair value of acquired debt, net of amounts capitalized. The weighted average interest rate associated with the debt at fair value was 2.3% at September 30, 2019 (see note H).

 

(Q)       An adjustment was made to reflect the income allocated to noncontrolling interests in the co-investment entities that Liberty consolidates to reflect the impact the amortization of these fair value adjustments would have had on the earnings of the noncontrolling interests or third parties. In addition, an adjustment was made to reflect the limited partnership unitholders’ ownership percentage of 2.2% in all of the pro forma adjustments described above.

 

13

 

 

Notes to the Unaudited Pro Forma Condensed Combined Financial Statements (Continued)

 

(4) DCT Pro Forma Adjustments

 

Adjustments for Pro Forma Condensed Combined Statements of Income:

 

Unless otherwise indicated, the pro forma adjustments described below apply to both Prologis and Prologis OP.

 

The historical results for DCT represent the period from January 1, 2018 through June 30, 2018. The historical results of Prologis include the results of DCT from the DCT Transaction date of August 22, 2018 through December 31, 2018. Therefore, the pro forma adjustment column includes the financial results from July 1, 2018 through August 21, 2018 and pro forma adjustments from January 1, 2018 through August 21, 2018.

 

(R)       Rental revenue is adjusted to remove DCT’s historical straight-line rent and amortization of the asset or liability from acquired leases with favorable or unfavorable market rents. Rental revenue is further adjusted to recognize acquired leases on a straight-line basis and the amortization of the asset or liability from the acquired leases with favorable or unfavorable rents. For purposes of the favorable and unfavorable rent adjustments, we estimated a weighted average remaining lease term associated with these leases of four years.

 

(S)       Depreciation and amortization expense is adjusted to remove DCT’s historical depreciation and amortization expense and recognize the pro forma new expense. For purposes of this adjustment, we estimated the various components of the real estate acquired and used an estimated average useful life of 30 years for operating properties and an estimated weighted average remaining lease term associated with the in-place leases of six years.

 

(T)       We adjusted DCT’s investment in unconsolidated entities to fair value. As a result, we adjusted the equity in earnings that DCT recognized from these entities to reflect the impact the amortization of these fair value adjustments would have had on earnings from these unconsolidated entities.

 

(U)       The adjustment to interest expense includes the removal of DCT’s historical interest expense, including amortization of deferred financing costs and debt premiums and discounts, and calculation of interest expense based on the estimated fair value of acquired debt, net of amounts capitalized. The weighted average interest rate associated with the debt at fair value was 3.5% at June 30, 2018.

 

(V)       An adjustment was made to reflect the income allocated to noncontrolling interests in the co-investment entities that DCT consolidated to reflect the impact the amortization of these fair value adjustments would have had on the earnings of the noncontrolling interests or third parties. In addition, an adjustment was made to reflect the limited partnership unitholders’ ownership percentage of 3.6% in all of the pro forma adjustments described above.

 

14

 

 

Notes to the Unaudited Pro Forma Condensed Combined Financial Statements (Continued)

 

(5) Combined Pro Forma Adjustments

 

(W)       The unaudited pro forma adjustments to shares or units outstanding used in the calculation of basic earnings per share or unit attributable to common stockholders or unitholders and diluted earnings per share attributable to common stockholders or unitholders, after giving effect to the exchange ratios for the Mergers and the DCT Transaction, were as follows (in thousands):

 

   Nine Months
Ended
September 30,
2019		   Year Ended
December 31,
2018		 
Prologis, Inc.          
Prologis weighted average common shares outstanding—Basic   630,356    567,367 
Shares issued to Liberty shareholders—pro forma basis(1)   106,949    106,949 
Shares issued to DCT stockholders—pro forma basis(2)   —    61,396 
Weighted average common shares outstanding—Basic   737,305    735,712 
Prologis weighted average common shares outstanding—Diluted   654,818    590,239 
Shares issued to Liberty shareholders—pro forma basis(1)   109,307    109,307 
Shares issued to DCT stockholders—pro forma basis(2)   —    63,663 
Weighted average common shares outstanding—Diluted   764,125    763,209 
Prologis, L.P.          
Prologis weighted average common units outstanding—Basic   641,077    575,798 
Units issued to Liberty unitholders—pro forma basis(1)   109,307    109,307 
Units issued to DCT unitholders—pro forma basis(2)   —    63,663 
Weighted average common units outstanding—Basic   750,384    748,768 
Prologis weighted average common units outstanding—Diluted   654,818    590,239 
Units issued to Liberty unitholders—pro forma basis(1)   109,307    109,307 
Units issued to DCT unitholders—pro forma basis(2)   —    63,663 
Weighted average common units outstanding—Diluted   764,125    763,209 

 

 

(1)The pro forma weighted average shares or units outstanding assumes the issuance of shares and units of Prologis common stock and Prologis OP common units in connection with the Mergers throughout all periods presented.

 

(2)The pro forma weighted average shares or units outstanding assumes each issued and outstanding share or unit of DCT common stock and common units was converted automatically into 1.02 shares or units of Prologis common stock and Prologis OP common units in connection with the DCT Transaction. Shares and units issued to DCT stockholders and DCT unitholders is for the period from January 1, 2018 through August 21, 2018, prior to the consummation of the DCT Transaction on August 22, 2018. Actual Prologis common shares and Prologis OP common units issued in the DCT Transaction are included in Prologis’ weighted average common shares and common units outstanding subsequent to August 22, 2018.

 

15

 

 EX-99.3 6 tm203336d5_ex99-3.htm EXHIBIT 99.3

 

Exhibit 99.3

 

CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY TRUST

(Unaudited and in thousands, except share and unit amounts)

 

   September 30,
2019		   December 31,
2018		 
ASSETS          
Real estate:          
Land and land improvements  $1,393,474   $1,236,514 
Building and improvements   4,785,171    4,397,049 
Less accumulated depreciation   (1,040,249)   (941,299)
Operating real estate   5,138,396    4,692,264 
Development in progress   323,790    462,572 
Land held for development   303,440    296,244 
Net real estate   5,765,626    5,451,080 
Cash and cash equivalents   514,882    84,923 
Restricted cash   14,006    10,899 
Accounts receivable   16,975    14,109 
Deferred rent receivable   124,509    111,372 
Deferred financing and leasing costs, net of accumulated amortization (September 30, 2019, $192,325; December 31, 2018, $165,553)   162,235    157,823 
Investments in and advances to unconsolidated joint ventures   347,880    350,981 
Assets held for sale   226,504    502,207 
Right of use asset   17,664    — 
Prepaid expenses and other assets   148,451    251,000 
Total assets  $7,338,732   $6,934,394 
LIABILITIES          
Mortgage loans, net  $297,326   $395,202 
Unsecured notes, net   2,633,941    2,285,698 
Credit facilities   100,000    411,846 
Accounts payable   54,953    62,943 
Accrued interest   36,530    22,309 
Dividend and distributions payable   65,921    60,560 
Lease liabilities   18,379    — 
Other liabilities   204,963    270,396 
Liabilities held for sale   15,939    21,131 
Total liabilities   3,427,952    3,530,085 
Noncontrolling interest - operating partnership - 213,483 and 301,483 preferred units outstanding as of September 30, 2019 and December 31, 2018, respectively   5,337    7,537 
EQUITY          
Liberty Property Trust shareholders’ equity          
Common shares of beneficial interest, $.001 par value, 283,987,000 shares authorized; 157,755,598 and 147,899,354 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively   158    148 
Additional paid-in capital   4,145,822    3,691,778 
Accumulated other comprehensive loss   (64,496)   (55,243)
Distributions in excess of net income   (238,629)   (306,822)
Total Liberty Property Trust shareholders’ equity   3,842,855    3,329,861 
Noncontrolling interest – operating partnership - 3,494,049 and 3,520,205 common units outstanding as of September 30, 2019 and December 31, 2018, respectively   62,308    61,471 
Noncontrolling interest – consolidated joint ventures   280    5,440 
Total equity   3,905,443    3,396,772 
Total liabilities, noncontrolling interest - operating partnership and equity  $7,338,732   $6,934,394

 

 

See accompanying notes.

 

1

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF LIBERTY PROPERTY TRUST

(Unaudited and in thousands, except per share amounts)

 

   Three Months Ended 
   September 30,
2019		   September 30,
2018		 
REVENUE          
Rental revenue  $162,912   $148,330 
Development service fee income   257    12,956 
Total revenue   163,169    161,286 
EXPENSES          
Rental property   12,012    12,871 
Real estate taxes   23,001    22,693 
General and administrative   10,186    9,807 
Leasing expense   3,082    2,610 
Other operating expense   3,166    3,169 
Interest expense   25,791    23,133 
Depreciation and amortization   43,972    41,004 
Development service fee expense   168    12,924 
Total expenses   121,378    128,211 
           
Interest and other income   2,630    3,474 
Gain on property dispositions   15,168    2,002 
Equity in earnings of unconsolidated joint ventures   1,776    6,766 
Income from continuing operations before income taxes   61,365    45,317 
Income taxes   (878)   (444)
Income from continuing operations   60,487    44,873 
Discontinued operations (including gain on asset sales, net of impairments, of $37.2 million and $94.9 million for the three months ended September 30, 2019 and 2018, respectively)   42,189    109,198 
Net income   102,676    154,071 
Noncontrolling interest – operating partnership   (2,309)   (3,696)
Noncontrolling interest – consolidated joint ventures   (3)   (232)
Net income available to common shareholders  $100,364   $150,143 
           
Net income  $102,676   $154,071 
Other comprehensive loss - foreign currency translation   (7,056)   (3,015)
Other comprehensive income - derivative instruments   83    6 
Other comprehensive loss   (6,973)   (3,009)
Total comprehensive income   95,703    151,062 
Less: comprehensive income attributable to noncontrolling interest   (2,463)   (3,858)
Comprehensive income attributable to common shareholders  $93,240   $147,204 
Earnings per common share          
Basic:          
Income from continuing operations  $0.39   $0.30 
Income from discontinued operations   0.28    0.72 
Income per common share – basic  $0.67   $1.02 
Diluted:          
Income from continuing operations  $0.39   $0.29 
Income from discontinued operations   0.27    0.72 
Income per common share – diluted  $0.66   $1.01 
Weighted average number of common shares outstanding          
Basic   150,140    147,324 
Diluted   150,979    148,271 
Amounts attributable to common shareholders          
Income from continuing operations  $59,091   $43,713 
Discontinued operations   41,273    106,430 
Net income available to common shareholders  $100,364   $150,143 

  

See accompanying notes.

 

2

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF LIBERTY PROPERTY TRUST

(Unaudited and in thousands, except per share amounts)

 

   Nine Months Ended 
   September 30,
2019		   September 30,
2018		 
REVENUE          
Rental revenue  $479,644   $439,812 
Development service fee income   2,099    59,132 
Total revenue   481,743    498,944 
EXPENSES          
Rental property   39,780    39,340 
Real estate taxes   68,862    65,988 
General and administrative   35,483    32,747 
Leasing expense   9,608    8,189 
Other operating expense   8,690    7,467 
Interest expense   76,644    66,189 
Depreciation and amortization   130,402    120,586 
Development service fee expense   1,848    120,799 
Impairment charges - real estate assets   99    26,000 
Total expenses   371,416    487,305 
           
Interest and other income   13,887    8,737 
Gain on property dispositions   21,125    54,705 
Equity in earnings of unconsolidated joint ventures   10,966    20,958 
Income from continuing operations before income taxes   156,305    96,039 
Income taxes   (1,449)   (1,884)
Income from continuing operations   154,856    94,155 
Discontinued operations (including gain on asset sales, net of impairments and debt extinguishment loss, of $87.4 million and $184.7 million for the nine months ended September 30, 2019 and 2018, respectively)   105,905    224,531 
Net income   260,761    318,686 
Noncontrolling interest – operating partnership   (6,126)   (7,738)
Noncontrolling interest – consolidated joint ventures   (170)   (1,010)
Net income available to common shareholders  $254,465   $309,938 
           
Net income  $260,761   $318,686 
Other comprehensive loss - foreign currency translation   (7,574)   (9,221)
Other comprehensive (loss) income - derivative instruments   (1,887)   493 
Other comprehensive loss   (9,461)   (8,728)
Total comprehensive income   251,300    309,958 
Less: comprehensive income attributable to noncontrolling interest   (6,390)   (8,545)
Comprehensive income attributable to common shareholders  $244,910   $301,413 
Earnings per common share          
Basic:          
Income from continuing operations  $1.02   $0.62 
Income from discontinued operations   0.69    1.48 
Income per common share – basic  $1.71   $2.10 
Diluted:          
Income from continuing operations  $1.01   $0.61 
Income from discontinued operations   0.69    1.48 
Income per common share – diluted  $1.70   $2.09 
Weighted average number of common shares outstanding          
Basic   148,532    147,241 
Diluted   149,383    148,160 
Amounts attributable to common shareholders          
Income from continuing operations  $151,150   $91,051 
Discontinued operations   103,315    218,887 
Net income available to common shareholders  $254,465   $309,938 

 

See accompanying notes.

 

3

 

 

 

CONSOLIDATED STATEMENTS OF EQUITY OF LIBERTY PROPERTY TRUST

(Unaudited and in thousands)

 

   Three Months Ended September 30, 2019 
   NUMBER
OF
COMMON
SHARES		   COMMON
SHARES OF
BENEFICIAL
INTEREST		   ADDITIONAL
PAID-IN
CAPITAL		   ACCUMULATED
OTHER
COMPREHENSIVE
LOSS		   DISTRIBUTIONS
IN EXCESS OF
NET INCOME		   TOTAL LIBERTY
PROPERTY TRUST
SHAREHOLDERS’
EQUITY		   NONCONTROLLING
INTEREST -
OPERATING
PARTNERSHIP		   NONCONTROLLING
INTEREST -
CONSOLIDATED
JOINT VENTURES		   TOTAL
EQUITY		   NONCONTROLLING
INTEREST -
OPERATING
PARTNERSHIP
(MEZZANINE)		 
Balance at July 1, 2019   148,258,042   $                 148   $3,687,085   $                   (57,674)  $            (274,311)  $3,355,248   $              61,839   $                          277   $3,417,364   $                        5,337 
Net proceeds from the issuance of common shares   9,478,556    10    457,108    —    —    457,118    —    —    457,118    — 
Net income   —    —    —    —    100,364    100,364    2,226    3    102,593    83 
Distributions   —    —    —    —    (64,682)   (64,682)   (1,272)   —    (65,954)   (83)
Share-based compensation net of shares related to tax withholdings   —    —    1,295    —    —    1,295    —    —    1,295    — 
Other comprehensive loss - foreign currency translation   —    —    —    (6,903)   —    (6,903)   (153)   —    (7,056)   — 
Other comprehensive income - derivative instruments   —    —    —    81    —    81    2    —    83    — 
Redemption of noncontrolling interests – common units   19,000    —    334    —    —    334    (334)   —    —    — 
Balance at September 30, 2019   157,755,598   $158   $4,145,822   $(64,496)  $(238,629)  $3,842,855   $62,308   $280   $3,905,443   $5,337 

 

   Three Months Ended September 30, 2018 
   NUMBER
OF
COMMON
SHARES		   COMMON
SHARES OF
BENEFICIAL
INTEREST		   ADDITIONAL
PAID-IN
CAPITAL		   ACCUMULATED
OTHER
COMPREHENSIVE
LOSS		   DISTRIBUTIONS
IN EXCESS OF
NET INCOME		   TOTAL LIBERTY
PROPERTY TRUST
SHAREHOLDERS’
EQUITY		   NONCONTROLLING
INTEREST -
OPERATING
PARTNERSHIP		   NONCONTROLLING
INTEREST -
CONSOLIDATED
JOINT VENTURES		   TOTAL
EQUITY		   NONCONTROLLING
INTEREST -
OPERATING
PARTNERSHIP
(MEZZANINE)		 
Balance at July 1, 2018   147,796,618   $                148   $3,686,505   $(43,383)  $(508,386)  $3,134,884   $56,918   $5,423   $3,197,225   $7,537 
Net proceeds from the issuance of common shares   15,703    —    728    —    —    728    —    —    728    — 
Net income   —    —    —    —    150,143    150,143    3,578    232    153,953    118 
Distributions   —    —    —    —    (59,114)   (59,114)   (1,369)   (228)   (60,711)   (118)
Share-based compensation net of shares related to tax withholdings   —    —    1,398    —    —    1,398    —    —    1,398    — 
Other comprehensive loss - foreign currency translation   —    —    —    (2,945)   —    (2,945)   (70)   —    (3,015)   — 
Other comprehensive income - derivative instruments   —    —    —    6    —    6    —    —    6    — 
Balance at September 30, 2018   147,812,321   $148   $3,688,631   $(46,322)  $(417,357)  $3,225,100   $59,057   $5,427   $3,289,584   $7,537 

 

See accompanying notes.

 

4

 

 

CONSOLIDATED STATEMENTS OF EQUITY OF LIBERTY PROPERTY TRUST

(Unaudited and in thousands)

 

   Nine Months Ended September 30, 2019 
   NUMBER
OF
COMMON
SHARES		   COMMON
SHARES OF
BENEFICIAL
INTEREST		   ADDITIONAL
PAID-IN
CAPITAL		   ACCUMULATED
OTHER
COMPREHENSIVE
LOSS		   DISTRIBUTIONS
IN EXCESS OF
NET INCOME		   TOTAL LIBERTY
PROPERTY TRUST
SHAREHOLDERS’
EQUITY		   NONCONTROLLING
INTEREST -
OPERATING
PARTNERSHIP		   NONCONTROLLING
INTEREST -
CONSOLIDATED
JOINT VENTURES		   TOTAL
EQUITY		   NONCONTROLLING
INTEREST -
OPERATING
PARTNERSHIP
(MEZZANINE)		 
Balance at January 1, 2019   147,899,354   $148   $3,691,778   $(55,243)  $(306,822)  $3,329,861   $61,471   $5,440   $3,396,772   $7,537 
Net proceeds from the issuance of common shares   9,830,088    10    462,107    —    —    462,117    —    —    462,117    — 
Net income   —    —    —    —    254,465    254,465    5,875    170    260,510    251 
Distributions   —    —    —    —    (186,272)   (186,272)   (4,371)   (167)   (190,810)   (251)
Share-based compensation net of shares related to tax withholdings   —    —    4,828    —    —    4,828    —    —    4,828    — 
Other comprehensive loss - foreign currency translation   —    —    —    (7,410)   —    (7,410)   (164)   —    (7,574)   — 
Other comprehensive loss - derivative instruments   —    —    —    (1,843)   —    (1,843)   (44)   —    (1,887)   — 
Acquisition of noncontrolling interest   —    —    (13,350)   —    —    (13,350)   —    (5,163)   (18,513)   — 
Redemption of noncontrolling interests – common units   26,156    —    459    —    —    459    (459)   —    —    — 
Redemption of noncontrolling interest - preferred units   —    —    —    —    —    —    —    —    —    (2,200)
Balance at September 30, 2019   157,755,598   $158   $4,145,822   $(64,496)  $(238,629)  $3,842,855   $62,308   $280   $3,905,443   $5,337 

 

   Nine Months Ended September 30, 2018 
   NUMBER
OF
COMMON
SHARES		   COMMON
SHARES OF
BENEFICIAL
INTEREST		   ADDITIONAL
PAID-IN
CAPITAL		   ACCUMULATED
OTHER
COMPREHENSIVE
LOSS		   DISTRIBUTIONS
IN EXCESS OF
NET INCOME		   TOTAL LIBERTY
PROPERTY TRUST
SHAREHOLDERS’
EQUITY		   NONCONTROLLING
INTEREST -
OPERATING
PARTNERSHIP		   NONCONTROLLING
INTEREST -
CONSOLIDATED
JOINT VENTURES		   TOTAL
EQUITY		   NONCONTROLLING
INTEREST -
OPERATING
PARTNERSHIP
(MEZZANINE)		 
Balance at January 1, 2018   147,450,691   $147   $3,674,978   $(37,797)  $(549,970)  $3,087,358   $56,159   $4,849   $3,148,366   $7,537 
Net proceeds from the issuance of common shares   361,630    1    5,254    —    —    5,255    —    —    5,255    — 
Net income   —    —    —    —    309,938    309,938    7,384    1,010    318,332    354 
Distributions   —    —    —    —    (177,325)   (177,325)   (4,283)   (432)   (182,040)   (354)
Share-based compensation net of shares related to tax withholdings   —    —    8,399    —    —    8,399    —    —    8,399    — 
Other comprehensive loss - foreign currency translation   —    —    —    (9,007)   —    (9,007)   (214)   —    (9,221)   — 
Other comprehensive income - derivative instruments   —    —    —    482    —    482    11    —    493    — 
Balance at September 30, 2018   147,812,321   $148   $3,688,631   $(46,322)  $(417,357)  $3,225,100   $59,057   $5,427   $3,289,584   $7,537 

 

See accompanying notes.

 

5

 

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS OF LIBERTY PROPERTY TRUST

(Unaudited and in thousands)

 

   Nine Months Ended 
   September 30,
2019		   September 30,
2018		 
OPERATING ACTIVITIES          
Net income  $260,761   $318,686 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   132,511    132,276 
Amortization of deferred financing costs   3,498    2,876 
Expensed pursuit costs   864    1,675 
Impairment charges - real estate assets   21,581    26,000 
Loss on debt extinguishment   7,618    — 
Equity in earnings of unconsolidated joint ventures   (10,966)   (20,958)
Distributions from unconsolidated joint ventures   1,500    — 
Gain on property dispositions   (137,577)   (239,394)
Share-based compensation   12,405    12,310 
Development service fee accrual   —    61,705 
Other   (8,875)   (3,612)
Changes in operating assets and liabilities:          
Accounts receivable   (3,069)   (1,543)
Deferred rent receivable   (14,366)   (14,782)
Prepaid expenses and other assets   2,102    29,981 
Accounts payable   (4,729)   (6,435)
Accrued interest   14,221    13,695 
Other liabilities   (50,874)   (16,035)
Net cash provided by operating activities   226,605    296,445 
INVESTING ACTIVITIES          
Investment in properties – acquisitions   (208,786)   (293,049)
Investment in properties – other   (31,856)   (34,331)
Investments in and advances to unconsolidated joint ventures   (8,567)   (79,036)
Distributions from unconsolidated joint ventures   20,739    30,055 
Net proceeds from disposition of properties/land   412,474    574,542 
Investment in development in progress   (165,820)   (165,197)
Investment in land held for development   (60,573)   (171,221)
Payment of deferred leasing costs   (25,173)   (18,452)
Release (deposit) of escrows and other   90,660    (128,910)
Net cash provided by (used in) investing activities   23,098    (285,599)
FINANCING ACTIVITIES          
Net proceeds from issuance of common shares   462,117    5,255 
Share repurchases, including shares related to tax withholdings   (8,847)   (4,638)
Redemption of preferred units   (2,200)   — 
Proceeds from unsecured notes   349,097    — 
Repayments of mortgage loans including prepayment penalty   (98,467)   (31,954)
Proceeds from credit facility   250,130    1,187,357 
Repayments on credit facility   (561,976)   (975,456)
Payment of deferred financing costs   (2,789)   (15)
Acquisition of noncontrolling interests   (18,513)   — 
Distribution paid on common shares   (180,735)   (177,210)
Distribution to partners/noncontrolling interests   (4,960)   (5,130)
Net cash provided by (used in) financing activities   182,857    (1,791)
Net increase in cash, cash equivalents and restricted cash   432,560    9,055 
Increase (decrease) in cash, cash equivalents and restricted cash related to foreign currency translation   506    (3,599)
Cash, cash equivalents and restricted cash at beginning of period   95,822    25,685 
Cash, cash equivalents and restricted cash at end of period  $528,888   $31,141 

 

See accompanying notes.

 

6

 

 

CONSOLIDATED BALANCE SHEETS OF

LIBERTY PROPERTY LIMITED PARTNERSHIP

(Unaudited and in thousands, except unit amounts)

 

   September 30,
2019		   December 31,
2018		 
ASSETS          
Real estate:          
Land and land improvements  $1,393,474   $1,236,514 
Building and improvements   4,785,171    4,397,049 
Less accumulated depreciation   (1,040,249)   (941,299)
Operating real estate   5,138,396    4,692,264 
Development in progress   323,790    462,572 
Land held for development   303,440    296,244 
Net real estate   5,765,626    5,451,080 
Cash and cash equivalents   514,882    84,923 
Restricted cash   14,006    10,899 
Accounts receivable   16,975    14,109 
Deferred rent receivable   124,509    111,372 
Deferred financing and leasing costs, net of accumulated amortization (September 30, 2019, $192,325; December 31, 2018, $165,553)   162,235    157,823 
Investments in and advances to unconsolidated joint ventures   347,880    350,981 
Assets held for sale   226,504    502,207 
Right of use asset   17,664    — 
Prepaid expenses and other assets   148,451    251,000 
Total assets  $7,338,732   $6,934,394 
LIABILITIES          
Mortgage loans, net  $297,326   $395,202 
Unsecured notes, net   2,633,941    2,285,698 
Credit facilities   100,000    411,846 
Accounts payable   54,953    62,943 
Accrued interest   36,530    22,309 
Distributions payable   65,921    60,560 
Lease liabilities   18,379    — 
Other liabilities   204,963    270,396 
Liabilities held for sale   15,939    21,131 
Total liabilities   3,427,952    3,530,085 
Limited partners’ equity - 213,483 and 301,483 preferred units outstanding as of September 30, 2019 and December 31, 2018, respectively   5,337    7,537 
OWNERS’ EQUITY          
General partner’s equity - 157,755,598 and 147,899,354 common units outstanding as of September 30, 2019 and December 31, 2018, respectively   3,842,855    3,329,861 
Limited partners’ equity – 3,494,049 and 3,520,205 common units outstanding as of September 30, 2019 and December 31, 2018, respectively   62,308    61,471 
Noncontrolling interest – consolidated joint ventures   280    5,440 
Total owners’ equity   3,905,443    3,396,772 
Total liabilities, limited partners’ equity and owners’ equity  $7,338,732   $6,934,394 

 

See accompanying notes.

 

7

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF

LIBERTY PROPERTY LIMITED PARTNERSHIP

(Unaudited and in thousands, except per unit amounts)

 

   Three Months Ended 
   September 30,
2019		   September 30,
2018		 
REVENUE          
Rental revenue  $162,912   $148,330 
Development service fee income   257    12,956 
Total revenue   163,169    161,286 
EXPENSES          
Rental property   12,012    12,871 
Real estate taxes   23,001    22,693 
General and administrative   10,186    9,807 
Leasing expense   3,082    2,610 
Other operating expense   3,166    3,169 
Interest expense   25,791    23,133 
Depreciation and amortization   43,972    41,004 
Development service fee expense   168    12,924 
Total expenses   121,378    128,211 
           
Interest and other income   2,630    3,474 
Gain on property dispositions   15,168    2,002 
Equity in earnings of unconsolidated joint ventures   1,776    6,766 
Income from continuing operations before income taxes   61,365    45,317 
Income taxes   (878)   (444)
Income from continuing operations   60,487    44,873 
Discontinued operations (including gain on asset sales, net of impairments, of $37.2 million and $94.9 million for the three months ended September 30, 2019 and 2018, respectively)   42,189    109,198 
Net income   102,676    154,071 
Noncontrolling interest – consolidated joint ventures   (3)   (232)
Preferred unit distributions   (83)   (118)
Net income available to common unitholders  $102,590   $153,721 
Net income  $102,676   $154,071 
Other comprehensive loss - foreign currency translation   (7,056)   (3,015)
Other comprehensive income - derivative instruments   83    6 
Other comprehensive loss   (6,973)   (3,009)
Total comprehensive income  $95,703   $151,062 
Earnings per common unit          
Basic:          
Income from continuing operations  $0.39   $0.30 
Income from discontinued operations   0.28    0.72 
Income per common unit - basic  $0.67   $1.02 
Diluted:          
Income from continuing operations  $0.39   $0.29 
Income from discontinued operations   0.27    0.72 
Income per common unit - diluted  $0.66   $1.01 
Weighted average number of common units outstanding          
Basic   153,646    150,844 
Diluted   154,485    151,791 
Net income allocated to general partners  $100,364   $150,143 
Net income allocated to limited partners  $2,309   $3,696 

 

See accompanying notes.

 

8

 

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF

LIBERTY PROPERTY LIMITED PARTNERSHIP

(Unaudited and in thousands, except per unit amounts)

 

   Nine Months Ended 
   September 30, 2019   September 30, 2018 
REVENUE          
Rental revenue  $479,644   $439,812 
Development service fee income   2,099    59,132 
Total revenue   481,743    498,944 
EXPENSES          
Rental property   39,780    39,340 
Real estate taxes   68,862    65,988 
General and administrative   35,483    32,747 
Leasing expense   9,608    8,189 
Other operating expense   8,690    7,467 
Interest expense   76,644    66,189 
Depreciation and amortization   130,402    120,586 
Development service fee expense   1,848    120,799 
Impairment charges - real estate assets   99    26,000 
Total expenses   371,416    487,305 
           
Interest and other income   13,887    8,737 
Gain on property dispositions   21,125    54,705 
Equity in earnings of unconsolidated joint ventures   10,966    20,958 
Income from continuing operations before income taxes   156,305    96,039 
Income taxes   (1,449)   (1,884)
Income from continuing operations   154,856    94,155 
Discontinued operations (including gain on asset sales, net of impairments and debt extinguishment loss, of $87.4 million and $184.7 million for the nine months ended September 30, 2019 and 2018, respectively)   105,905    224,531 
Net income   260,761    318,686 
Noncontrolling interest – consolidated joint ventures   (170)   (1,010)
Preferred unit distributions   (251)   (354)
Income available to common unitholders  $260,340   $317,322 
Net income  $260,761   $318,686 
Other comprehensive loss - foreign currency translation   (7,574)   (9,221)
Other comprehensive (loss) income - derivative instruments   (1,887)   493 
Other comprehensive loss   (9,461)   (8,728)
Total comprehensive income  $251,300   $309,958 
Earnings per common unit          
Basic:          
Income from continuing operations  $1.02   $0.62 
Income from discontinued operations   0.69    1.48 
Income per common unit - basic  $1.71   $2.10 
Diluted:          
Income from continuing operations  $1.01   $0.61 
Income from discontinued operations   0.69    1.48 
Income per common unit - diluted  $1.70   $2.09 
Weighted average number of common units outstanding          
Basic   152,045    150,761 
Diluted   152,896    151,680 
Net income allocated to general partners  $254,465   $309,938 
Net income allocated to limited partners  $6,126   $7,738 

 

See accompanying notes.

 

 9

 

 

CONSOLIDATED STATEMENTS OF OWNERS’ EQUITY OF LIBERTY PROPERTY LIMITED

PARTNERSHIP

(Unaudited and in thousands)

 

    Three Months Ended September 30, 2019
  

GENERAL PARTNER'S

COMMON UNITS

   LIMITED PARTNERS' COMMON UNITS   GENERAL PARTNER’S EQUITY  

LIMITED

PARTNERS’

EQUITY  – COMMON

UNITS

   NONCONTROLLING INTEREST – CONSOLIDATED JOINT VENTURES  

TOTAL

OWNERS’ EQUITY

   LIMITED PARTNERS' EQUITY - PREFERRED 
Balance at July 1, 2019   148,258,042    3,513,049   $3,355,248   $61,839   $277   $3,417,364   $5,337 
Contributions from partners   9,478,556    —    458,413    —    —    458,413    — 
Distributions to partners   —    —    (64,682)   (1,272)   —    (65,954)   (83)
Other comprehensive loss - foreign currency translation   —    —    (6,903)   (153)   —    (7,056)   — 
Other comprehensive income - derivative instruments   —    —    81    2    —    83    — 
Net income   —    —    100,364    2,226    3    102,593    83 
Redemption of limited partners common units for common shares   19,000    (19,000)   334    (334)   —    —    — 
Balance at September 30, 2019   157,755,598    3,494,049   $3,842,855   $62,308   $280   $3,905,443   $5,337 

 

 

   Three Months Ended September 30, 2018 
   GENERAL PARTNER'S COMMON UNITS   LIMITED PARTNERS' COMMON UNITS   GENERAL PARTNER’S EQUITY  

LIMITED

PARTNERS’

EQUITY  – COMMON

UNITS

   NONCONTROLLING INTEREST – CONSOLIDATED JOINT VENTURES  

TOTAL

OWNERS’ EQUITY

   LIMITED PARTNERS' EQUITY - PREFERRED 
Balance at July 1, 2018   147,796,618    3,520,205   $3,134,884   $56,918   $5,423   $3,197,225   $7,537 
Contributions from partners   15,703    —    2,126    —    —    2,126    — 
Distributions to partners   —    —    (59,114)   (1,369)   (228)   (60,711)   (118)
Other comprehensive loss - foreign currency translation   —    —    (2,945)   (70)   —    (3,015)   — 
Other comprehensive income - derivative instruments   —    —    6    —    —    6    — 
Net income   —    —    150,143    3,578    232    153,953    118 
Balance at September 30, 2018   147,812,321    3,520,205   $3,225,100   $59,057   $5,427   $3,289,584   $7,537 

 

See accompanying notes.

 

 10

 

 

CONSOLIDATED STATEMENTS OF OWNERS’ EQUITY OF LIBERTY PROPERTY LIMITED

PARTNERSHIP

(Unaudited and in thousands)

 

   Nine Months Ended September 30, 2019 
   GENERAL PARTNER'S COMMON UNITS   LIMITED PARTNERS' COMMON UNITS   GENERAL PARTNER’S EQUITY  

LIMITED

PARTNERS’

EQUITY  – COMMON

UNITS

   NONCONTROLLING INTEREST – CONSOLIDATED JOINT VENTURES  

TOTAL

OWNERS’ EQUITY

   LIMITED PARTNERS' EQUITY - PREFERRED 
Balance at January 1, 2019   147,899,354    3,520,205   $3,329,861   $61,471   $5,440   $3,396,772   $7,537 
Contributions from partners   9,830,088    —    466,945    —    —    466,945    — 
Distributions to partners   —    —    (186,271)   (4,371)   (167)   (190,809)   (251)
Other comprehensive loss - foreign currency translation   —    —    (7,410)   (164)   —    (7,574)   — 
Other comprehensive loss - derivative instruments   —    —    (1,843)   (44)   —    (1,887)   — 
Net income   —    —    254,464    5,875    170    260,509    251 
Redemption of limited partners common units for common shares   26,156    (26,156)   459    (459)   —    —    — 
Acquisition of noncontrolling interest   —    —    (13,350)   —    (5,163)   (18,513)   — 
Redemption of noncontrolling interest preferred units   —    —    —    —    —    —    (2,200)
Balance at September 30, 2019   157,755,598    3,494,049   $3,842,855   $62,308   $280   $3,905,443   $5,337 

 

   Nine Months Ended September 30, 2018  
   GENERAL PARTNER'S COMMON UNITS   LIMITED PARTNERS' COMMON UNITS   GENERAL PARTNER’S EQUITY  

LIMITED

PARTNERS’

EQUITY  – COMMON

UNITS

   NONCONTROLLING INTEREST – CONSOLIDATED JOINT VENTURES  

TOTAL

OWNERS’ EQUITY

   LIMITED PARTNERS' EQUITY - PREFERRED 
Balance at January 1, 2018   147,450,691    3,520,205   $3,087,358   $56,159   $4,849   $3,148,366   $7,537 
Contributions from partners   361,630    —    13,654    —    —    13,654    — 
Distributions to partners   —    —    (177,325)   (4,283)   (432)   (182,040)   (354)
Other comprehensive loss - foreign currency translation   —    —    (9,007)   (214)   —    (9,221)   — 
Other comprehensive income - derivative instruments   —    —    482    11    —    493    — 
Net income   —    —    309,938    7,384    1,010    318,332    354 
Balance at September 30, 2018   147,812,321    3,520,205   $3,225,100   $59,057   $5,427   $3,289,584   $7,537 

 

 

See accompanying notes.

 

 11

 

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS OF 

LIBERTY PROPERTY LIMITED PARTNERSHIP 

(Unaudited and in thousands)

 

   Nine Months Ended 
   September 30,
2019		   September 30,
2018		 
OPERATING ACTIVITIES          
Net income  $260,761   $318,686 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   132,511    132,276 
Amortization of deferred financing costs   3,498    2,876 
Expensed pursuit costs   864    1,675 
Impairment charges - real estate assets   21,581    26,000 
Loss on debt extinguishment   7,618    — 
Equity in earnings of unconsolidated joint ventures   (10,966)   (20,958)
Distributions from unconsolidated joint ventures   1,500    — 
Gain on property dispositions   (137,577)   (239,394)
Noncash compensation   12,405    12,310 
Development service fee accrual   —    61,705 
Other   (8,875)   (3,612)
Changes in operating assets and liabilities:          
Accounts receivable   (3,069)   (1,543)
Deferred rent receivable   (14,366)   (14,782)
Prepaid expenses and other assets   2,102    29,981 
Accounts payable   (4,729)   (6,435)
Accrued interest   14,221    13,695 
Other liabilities   (50,874)   (16,035)
Net cash provided by operating activities   226,605    296,445 
INVESTING ACTIVITIES          
Investment in properties – acquisitions   (208,786)   (293,049)
Investment in properties – other   (31,856)   (34,331)
Investments in and advances to unconsolidated joint ventures   (8,567)   (79,036)
Distributions from unconsolidated joint ventures   20,739    30,055 
Net proceeds from disposition of properties/land   412,474    574,542 
Investment in development in progress   (165,820)   (165,197)
Investment in land held for development   (60,573)   (171,221)
Payment of deferred leasing costs   (25,173)   (18,452)
Release (deposit) of escrows and other   90,660    (128,910)
Net cash provided by (used in) investing activities   23,098    (285,599)
FINANCING ACTIVITIES          
Redemption of preferred units   (2,200)   — 
Proceeds from unsecured notes   349,097    — 
Repayments of mortgage loans including prepayment penalty   (98,467)   (31,954)
Proceeds from credit facility   250,130    1,187,357 
Repayments on credit facility   (561,976)   (975,456)
Payment of deferred financing costs   (2,789)   (15)
Acquisition of noncontrolling interests   (18,513)   — 
Capital contributions   462,117    5,255 
Distributions to partners/noncontrolling interests   (194,542)   (186,978)
Net cash provided by (used in) financing activities   182,857    (1,791)
Net increase in cash, cash equivalents and restricted cash   432,560    9,055 
Increase (decrease) in cash, cash equivalents and restricted cash related to foreign currency translation   506    (3,599)
Cash, cash equivalents and restricted cash at beginning of period   95,822    25,685 
Cash, cash equivalents and restricted cash at end of period  $528,888   $31,141 

 

See accompanying notes

 

12

 

 

Liberty Property Trust and Liberty Property Limited Partnership 

Notes to Consolidated Financial Statements (Unaudited) 

September 30, 2019

 

Note 1: Organization and Basis of Presentation

 

Organization

 

Liberty Property Trust (the “Trust”) is a self-administered and self-managed Maryland real estate investment trust (a “REIT”). Substantially all of the Trust’s assets are owned directly or indirectly, and substantially all of the Trust’s operations are conducted directly or indirectly, by its subsidiary, Liberty Property Limited Partnership, a Pennsylvania limited partnership (the “Operating Partnership” and, together with the Trust and their consolidated subsidiaries, the “Company”). The Trust is the sole general partner and also a limited partner of the Operating Partnership, owning 97.8% of the common equity of the Operating Partnership at September 30, 2019. The Company owns and operates industrial properties in the United States nationally, as well as in the United Kingdom. Prior to the Company's proposed merger with Prologis, Inc. described in Note 17, the Company had intended to divest its remaining office properties (other than its headquarters) over the next few years and focus its efforts and capital solely on its industrial platform. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the Trust and the Operating Partnership. The terms the “Company,” “we,” “our” and “us” mean the Trust and Operating Partnership collectively.

 

The Operating Partnership is a variable interest entity (“VIE”) of the Trust as the limited partners do not have substantive kick-out or participating rights. The Trust is the primary beneficiary of the Operating Partnership as it has the power to direct the activities of the Operating Partnership and the rights to absorb 97.8% of the net income of the Operating Partnership. The Trust has no significant assets or liabilities other than its investment in the Operating Partnership. As the Operating Partnership is already consolidated in the balance sheets of the Trust, the identification of this entity as a VIE has no impact on the consolidated financial statements of the Trust. In addition, the Company holds a 20% interest in Liberty/Comcast 1701 JFK Boulevard, LP which was determined to be a VIE. The Company determined that it is not the primary beneficiary as the Company and its third party partner share control of the joint venture. The Company's maximum exposure to loss is equal to its equity investment in the joint venture which was $73.9 million and $75.1 million as of September 30, 2019 and December 31, 2018, respectively.

 

Basis of Presentation

 

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K of the Company for the year ended December 31, 2018. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the financial statements for these interim periods have been included. The results of interim periods are not necessarily indicative of the results to be obtained for a full fiscal year.

 

Revenue Recognition

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance (except revenue in the scope of other accounting standards, including standards related to leasing). Subsequently, the FASB issued supplementary standards providing additional guidance and targeted improvements to ASU 2014-09 (collectively, the “Revenue Standards”). The Revenue Standards provide a unified model to determine how revenue is recognized. In accordance with the Revenue Standards, the Company performs the following steps: (i) identify the contract with the customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) a performance obligation is satisfied.

 

Upon adoption of the Revenue Standards, the Company evaluated each of its revenue streams: lease agreement revenue, development service fee revenue, deferred land sale revenue and gain or loss on sale of nonfinancial assets. The Company concluded that there are no revenue streams from its lease agreements that are covered by the Revenue Standards with the possible exception of non-lease components as further discussed below.

 

13

 

 

The Revenue Standards did not have an impact on the amount and timing of recognizing the Company's development service fee income. The Company recognizes development service fee income on a variable basis as a percentage of costs incurred on third party development contracts. Property development services, which are a single performance obligation, continue to be satisfied and recognized over time. The Company measures its progress toward completing the performance obligations under each arrangement. The measurement of the transfer of value to the customer for these services utilizes the input method (actual costs incurred against anticipated project costs) since this method best depicts the actual transfer of value promised to the customer. Estimated expected losses on such contracts are accrued in the period in which they are determinable. The total amount of consideration to be received from these projects is assessed on a quarterly basis. Based on existing contracts, substantial completion is anticipated during 2020.

 

The Company recognizes revenues from improving land sites and selling the underlying land on behalf of its development partner to home builders in the United Kingdom. These agreements typically contain a pre-emption clause and a seller's call option. The Company recognizes revenue as the pre-emption period or seller's call option lapses utilizing the output method. There was $4.5 million and $10.4 million in revenue recognized for such contracts during the three and nine months ended September 30, 2019, respectively.

 

The Revenue Standards did not have an impact on the gain or loss on sale of nonfinancial assets. The Revenue Standards require the Company to derecognize nonfinancial assets once it transfers control of a distinct nonfinancial asset or distinct in-substance nonfinancial asset. Additionally, when the Company transfers its controlling interest in a nonfinancial asset, but retains a noncontrolling ownership interest, the Company is required to measure any noncontrolling interest it receives or retains at fair value. The guidance requires companies to recognize a full gain or loss on the transaction. See Notes 5 and 7 for further discussion of sales of nonfinancial assets during the nine months ended September 30, 2019.

 

Estimated gross revenue related to the remaining performance obligations under existing contracts (before allocation of related costs and expenses) as of September 30, 2019 that will be recognized as revenue in future periods was approximately $28.1 million, which is expected to be recognized in 2019 through 2022.

 

Recently Issued Accounting Standards

 

Leases

 

In February 2016, the FASB issued Accounting Standard Update 2016-02, Leases (“ASU 2016-02”). Additional guidance and targeted improvements to ASU 2016-02 were made through the issuances of supplementary ASUs in July 2018, December 2018 and March 2019 (collectively, the "New Lease Standard"). The New Lease Standard sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). It requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. The New Lease Standard requires lessors to account for leases using an approach that is substantially equivalent to prior guidance for sales type leases, direct financing leases and operating leases.

 

The New Lease Standards limit capitalization of certain initial direct costs which were capitalizable under previous lease standards. Such costs, which were expensed during the three and nine months ended September 30, 2019, were $0.1 million and $0.7 million, respectively.

 

The Company adopted the New Lease Standard on January 1, 2019 and applied it using a modified retrospective approach whereby the cumulative effect of the adoption was recognized on the adoption date and prior periods were not restated. There was no net cumulative effect adjustment to retained earnings as of January 1, 2019 as a result of this adoption.

 

14

 

 

The following practical expedients available for implementation were elected:

 

a. whether an expired or existing contract meets the definition of a lease

 

b. the lease classification at the adoption date for existing or expired leases

 

c. whether costs previously capitalized as initial direct costs would continue to be amortized

 

Additionally, the Company has elected the practical expedient not to recognize right of use assets and lease liabilities with a term of one year or less.

 

The Company's leases met the criteria in the New Lease Standard to not separate non-lease components from the related lease component; therefore, the accounting for these leases remained largely unchanged from the previous standard. The Company has elected to exclude sales and other similar taxes from the measurement of lease revenue and expense and the Company has excluded those costs paid directly by lessees to third parties.

 

Lessee Disclosure

 

As of September 30, 2019, the Company had a total of five properties subject to operating ground leases in Florida, New Jersey, Kentucky and the United Kingdom with a weighted average remaining term of 47 years. These leases have remaining terms of 11 to 110 years, expiration dates of June 2030 to June 2129, and renewal options of 25 to 48 years. The Company has included in the lease terms renewal options up to the useful life of the asset constructed on the land. Payments for certain properties are subject to increases at five year intervals based upon the agreed or appraised fair market value of the leased premises on the adjustment date or the Consumer Price Index percentage increase since the base rent date. These future changes in payments are considered variable payments and do not impact the assessment of the asset or liability unless there is a significant event that triggers reassessment, such as an amendment with a change in the terms of the lease. The Company used discount rates in a range of 4.1% to 5.0% for a weighted average discount rate of 4.6%, which was derived from the Company's assessment of credit quality of the Company adjusted to reflect secured borrowing, estimated yield curves and long-term spread adjustments over appropriate tenures. The Company also leases office space from unrelated third-parties. The Company recognized lease expense of $0.5 million and $1.5 million during the three and nine months ended September 30, 2019, respectively, of which $0.5 million and $1.4 million, respectively, was paid in cash. The following schedule indicates the approximate future minimum lease payments for the ground and office leases as of September 30, 2019:

 

Year  Amount 
   (in thousands) 
2019 (remainder of year)  $373 
2020   1,370 
2021   1,234 
2022   1,136 
2023   1,035 
Thereafter   40,684 
Total minimum payments  $45,832 
Imputed interest   (26,941)
Amortization   (512)
Lease liabilities  $18,379 
Deferred rent   (715)
Right of use asset  $17,664 

 

As noted above, the Company adopted the New Lease Standard effective January 1, 2019. Since the Company has applied the provisions on a modified retrospective basis, the following represents approximate future minimum lease payments by year as of December 31, 2018, as applicable under ASC 840, Leases, prior to the adoption of the New Lease Standard.

 

15

 

 

Year  Amount 
   (in thousands) 
2019  $1,512 
2020   1,356 
2021   1,205 
2022   1,082 
2023   981 
Thereafter   40,799 
   $46,935 

 

The Company recorded ground lease expense of $1.5 million for the year ended December 31, 2018.

 

Lessor Disclosures

 

The Company leases its operating properties to customers under agreements that are classified as operating leases. It manages residual risk through investing in properties that it believes will appreciate in value over time.

 

Substantially all of the Company's operating leases contain provisions for specified annual increases over the rents of the prior year. Rental income from operating leases is generally recognized on a straight-line basis over the lease term when the Company has determined that the collectibility of substantially all the lease payments is probable. If the Company determines that it is not probable that substantially all of the lease payments will be collected, the Company accounts for the revenue under the lease on a cash basis. Changes in the assessment of probability are accounted for on a cumulative basis as if the lease had always been accounted for based on the current determination of the likelihood of collection potentially resulting in increased volatility of rental revenue. Some of the Company's leases have options to extend, terminate or purchase the facilities, which are considered when determining the lease term. Tenant rights to purchase an underlying asset are typically at prevailing market rates at the time of purchase. The Company does not include in the measurement of lease receivables certain variable payments, including changes in an index, until the specific events that trigger the variable payments have occurred.

 

Generally operating leases require the tenants to reimburse the Company for property tax and other expenditures that are not considered components of the lease and therefore no consideration is allocated to them as they do not result in the transfer of a good or service to the tenants. The Company has determined that all of its leases qualify for the practical expedient to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as the lease components. The Company applies the New Lease Standard to the combined component. Income derived from the Company's leases is recorded in rental revenue in the Company's consolidated statements of comprehensive income. Certain tenants are obligated to pay directly their obligations under their leases for real estate taxes, insurance and certain other expenses. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in the Company's consolidated financial statements. To the extent any tenant responsible for these obligations under the respective lease defaults on its lease or if it is deemed probable that the tenant will fail to pay for such costs, the Company would record a liability for such obligation.

 

16

 

 

The following details the rental income and variable lease income for the three and nine months ended September 30, 2019 (in thousands):

 

   Three Months Ended
September 30, 2019		   Nine Months Ended
September 30, 2019		 
Rental income - operating leases - continuing operations  $127,125   $371,744 
Rental income - operating leases - discontinued operations   6,233    25,481 
Variable lease income - operating leases - continuing operations   35,787    107,900 
Variable lease income - operating leases - discontinued operations   2,265    8,112 

 

The following amounts reflect the estimated contractual rents due to the Company for the remainder of terms of the Company's operating leases as of September 30, 2019:

 

   (in thousands) 
Remainder of 2019  $220,242 
2020   500,908 
2021   452,679 
2022   382,294 
2023   314,211 
2024   259,139 
Thereafter   977,267 
Total  $3,106,740 

 

Other

 

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"). ASU 2017-12 is designed to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The Company adopted ASU 2017-12 on January 1, 2019 and it did not have a material impact on the Company's consolidated financial statements.

 

In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract ("ASU 2018-15"). ASU 2018-15 amends the definition of a hosting arrangement and requires a customer in a hosting arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project. ASU 2018-15 is effective for the Company beginning January 1, 2020. The Company does not anticipate the impact of ASU 2018-15 will have a material impact on the consolidated financial statements.

 

17

 

 

Note 2: Income per Common Share of the Trust

 

The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts):

 

   Three Months Ended    Three Months Ended 
   September 30, 2019    September 30, 2018 
   Income (Numerator)   Weighted Average Shares (Denominator)   Per Share   Income (Numerator)   Weighted Average Shares (Denominator)   Per Share 
Income from continuing operations net of noncontrolling interest - basic  $59,091    150,140   $0.39   $43,713    147,324   $0.30 
Dilutive shares for long-term compensation plans   —    839        —    947       
Income from continuing operations net of noncontrolling interest - diluted  $59,091    150,979   $0.39   $43,713    148,271   $0.29 
Discontinued operations net of noncontrolling interests - basic  $41,273    150,140   $0.28   $106,430    147,324   $0.72 
Dilutive shares for long-term compensation plans   —    839        —    947       
Discontinued operations net of noncontrolling interests - diluted  $41,273    150,979   $0.27   $106,430    148,271   $0.72 
Net income available to common shareholders - basic  $100,364    150,140   $0.67   $150,143    147,324   $1.02 
Dilutive shares for long-term compensation plans   —    839        —    947      
Net income available to common shareholders - diluted  $100,364    150,979   $0.66   $150,143    148,271   $1.01 

 

   Nine Months Ended    Nine Months Ended 
   September 30, 2019    September 30, 2018 
   Income (Numerator)   Weighted Average Shares (Denominator)   Per Share   Income (Numerator)   Weighted Average Shares (Denominator)   Per Share 
Income from continuing operations net of noncontrolling interest - basic  $151,150    148,532   $1.02   $91,051    147,241   $0.62 
Dilutive shares for long-term compensation plans   —    851        —    919      
Income from continuing operations net of noncontrolling interest - diluted  $151,150    149,383   $1.01   $91,051    148,160   $0.61 
Discontinued operations net of noncontrolling interests - basic  $103,315    148,532   $0.69   $218,887    147,241   $1.48 
Dilutive shares for long-term compensation plans   —    851        —    919      
Discontinued operations net of noncontrolling interests - diluted  $103,315    149,383   $0.69   $218,887    148,160   $1.48 
Net income available to common shareholders - basic  $254,465    148,532   $1.71   $309,938    147,241   $2.10 
Dilutive shares for long-term compensation plans   —    851        —    919       
Net income available to common shareholders - diluted  $254,465    149,383   $1.70   $309,938    148,160   $2.09 

 

Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the periods as well as the dilutive effect of outstanding options. There were no anti-dilutive options excluded from the computation of diluted income per common share for the three and nine months ended September 30, 2019 or 2018.

 

17

 

 

During the three and nine months ended September 30, 2019, 251,000 and 374,000 common shares, respectively, were issued upon the exercise of options. During the year ended December 31, 2018, 151,000 common shares were issued upon the exercise of options.

 

Equity Offering

 

In September 2019, the Company completed the sale of 9.2 million common shares, at a price of $50.50 per share, for net proceeds of $447.9 million. The net proceeds from this issuance were used to fund the early redemption on October 12, 2019 of the Operating Partnership's $350 million 4.75% senior notes due October 2020, repay outstanding balances on the Company's revolving credit facilities and for general corporate purposes. In conjunction with such early redemption, the Company incurred charges of approximately $9.0 million.

 

Share Repurchase

 

The Company’s Board of Trustees had authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common shares through September 28, 2019. Purchases made pursuant to the program may be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. There were no purchases under the plan during the three and nine months ended September 30, 2019 or for the year ended December 31, 2018.

 

Note 3: Income per Common Unit of the Operating Partnership

 

The following table sets forth the computation of basic and diluted income per common unit of the Operating Partnership (in thousands, except per unit amounts):

 

   Three Months Ended   Three Months Ended 
   September 30, 2019   September 30, 2018 
   Income (Numerator)   Weighted Average Units (Denominator)   Per Unit   Income (Numerator)   Weighted Average Units (Denominator)   Per Unit 
Income from continuing operations - net of noncontrolling interest - consolidated joint ventures  $60,484              $44,865           
Less: Preferred unit distributions   (83)             (118)          
Income from continuing operations available to common unitholders - basic  $60,401    153,646   $0.39   $44,747    150,844   $0.30 
Dilutive units for long-term compensation plans   —    839         —    947      
Income from continuing operations available to common unitholders - diluted  $60,401    154,485   $0.39   $44,747    151,791   $0.29 
Income from discontinued operations net of noncontrolling interest consolidated joint venture - basic  $42,189    153,646   $0.28   $108,974    150,844   $0.72 
Dilutive units for long-term compensation plans   —    839        —    947      
Income from discontinued operations net of noncontrolling interest consolidated joint venture - basic  $42,189    154,485   $0.27   $108,974    151,791   $0.72 
Income available to common unitholders - basic  $102,590    153,646   $0.67   $153,721    150,844   $1.02 
Dilutive units for long-term compensation plans   —    839        —    947      
Income available to common unitholders - diluted  $102,590    154,485   $0.66   $153,721    151,791   $1.01 

 

18

 

 

   Nine Months Ended   Nine Months Ended 
   September 30, 2019   September 30, 2018 
   Income (Numerator)   Weighted Average Units (Denominator)   Per Unit   Income (Numerator)   Weighted Average Units (Denominator)   Per Unit 
Net income - net of noncontrolling interest - consolidated joint ventures  $154,872              $93,557           
Less: Preferred unit distributions   (251)             (354)           
Income from continuing operations available to common unitholders - basic   154,621    152,045   $1.02    93,203    150,761   $0.62 
Dilutive units for long-term compensation plans   —    851        —    919      
Income from continuing operations available to common unitholders - diluted  $154,621    152,896   $1.01   $93,203    151,680   $0.61 
Income from discontinued operations net of noncontrolling interest consolidated joint venture - basic  $105,719    152,045   $0.69   $224,119    150,761   $1.48 
Dilutive units for long-term compensation plans   —    851        —    919      
Income from discontinued operations net of noncontrolling interest consolidated joint venture - basic  $105,719    152,896   $0.69   $224,119    151,680   $1.48 
Net income available to common unitholders - basic  $260,340    152,045   $1.71   $317,322    150,761   $2.10 
Dilutive units for long-term compensation plans   —    851        —    919      
Net income available to common unitholders - diluted  $260,340    152,896   $1.70   $317,322    151,680   $2.09 

 

Dilutive units for long-term compensation plans represent the unvested common units outstanding during the periods as well as the dilutive effect of outstanding options. There were no anti-dilutive options excluded from the computation of diluted income per common unit for the three and nine months ended September 30, 2019 or 2018.

 

During the three and nine months ended September 30, 2019, 251,000 and 374,000 common units, respectively, were issued upon exercise of options. During the year ended December 31, 2018, 151,000 common units were issued upon the exercise of options.

 

Equity Offering

 

In September 2019, the Company completed the sale of 9.2 million common units, at a price of $50.50 per share, for net proceeds of $447.9 million. The net proceeds from this issuance were used to fund the early redemption on October 12, 2019 of the Operating Partnership's $350 million 4.75% senior notes due October 2020, repay outstanding balances on the Company's revolving credit facilities and for general corporate purposes. In conjunction with such early redemption, the Company incurred charges of approximately $9.0 million.

 

Unit Repurchase

 

The Company’s Board of Trustees had authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common units through September 28, 2019. Purchases made pursuant to the program may be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. There were no purchases under the plan during the three and nine months ended September 30, 2019 or for the year ended December 31, 2018.

 

19

 

 

 

Note 4: Accumulated Other Comprehensive Loss

 

The following table sets forth the components of Accumulated Other Comprehensive Loss (in thousands):

 

   As of and for the nine months ended September 30, 
   2019   2018 
Foreign Currency Translation:          
Beginning balance  $(52,862)  $(38,701)
Translation adjustment   (7,574)   (9,221)
Ending balance   (60,436)   (47,922)
           
Derivative Instruments:          
Beginning balance   (3,550)   150 
Unrealized gain   (1,820)   620 
Reclassification adjustment (1)   (67)   (127)
Ending balance   (5,437)   643 
Total accumulated other comprehensive loss   (65,873)   (47,279)
Less: portion included in noncontrolling interest – operating partnership   1,377    957 
Total accumulated other comprehensive loss included in shareholders' equity/owners' equity  $(64,496)  $(46,322)

 

(1) Amounts reclassified out of Accumulated Other Comprehensive Loss/General & Limited Partner's Equity into contractual interest expense.

 

Note 5: Real Estate

 

Information on the Operating Properties and land parcels the Company acquired during the three months and nine months ended September 30, 2019 is as follows:

 

   Three Months Ended September 30, 2019   Nine Months Ended September 30, 2019 
   Number of
Buildings		   Acres of
Developable
Land		   Leaseable
Square
Feet		   Purchase
Price (in
thousands)		   Number of
Buildings		   Acres of
Developable
Land		   Leaseable
Square
Feet		   Purchase
Price (in
thousands)		 
Chicago/Minneapolis   —    23.5    —   $13,200    —    23.5    —   $13,200 
Dallas   —    —    —    —    2    —    509,733    44,400 
Southern California   1    —    203,280    55,500    2    —    492,963    86,785 
United Kingdom   —    —    —    —    —    25.0    —    2,658 
Other:                                        
Atlanta   —    —    —    —    —    154.7    —    5,000 
New Jersey   —    —    —    —    3    —    488,254    78,275 
    1    23.5    203,280   $68,700    7    203.2    1,490,950   $230,318 

 

In the nine months ended September 30, 2019, the Company purchased the noncontrolling interest of three consolidated joint ventures in the following reportable segments: four buildings in Philadelphia, one building in New Jersey, one building in Dallas and one building in Southern California as well as 21.7 acres of land in Arizona, for $18.5 million.

 

20

 

 

Information on the Operating Properties and land parcels the Company sold during the three and nine months ended September 30, 2019 is as follows:

 

   Three Months Ended September 30, 2019   Nine Months Ended September 30, 2019 
   Number of
Buildings		   Acres of
Developable
Land		   Leaseable
Square
Feet		   Gross
Proceeds (in
thousands)		   Number of
Buildings		   Acres of
Developable
Land		   Leaseable
Square
Feet		   Gross
Proceeds (in
thousands)		 
Carolinas/Richmond   1    —    136,000   $14,100    1    —    136,000   $14,100 
Chicago/Minneapolis   —    —    —    —    —    11.3    —    2,865 
Florida   —    —    —    —    3    —    150,751    23,400 
Houston   —    7.6    —    1,700    —    11.6    —    3,205 
Philadelphia   2    —    156,411    60,650    3    —    309,653    159,900 
Other:                                        
Arizona   —    —    —    —    —    8.8    —    11,500 
New Jersey (1)   —    67.6    —    4,070    —    68.4    —    8,070 
DC Metro   1    —    290,762    92,500    2    —    437,234    154,250 
Southeastern PA   2    —    180,151    30,000    5    18.0    254,331    40,200 
    6    75.2    763,324   $203,020    14    118.1    1,287,969   $417,490 

 

(1) Includes land that the Company sold for $4.1 million to an unconsolidated joint venture in which the Company holds a 25% interest.

 

In connection with the sale of a building in the Philadelphia reportable segment in June 2019 the Company repaid a $35.9 million 4.84% mortgage loan due 2033 encumbering the property and, consequently, recognized a loss of $7.6 million on early extinguishment of debt, which is reported in discontinued operations.

 

In addition to the sale of land parcels described above, the Company also received gross proceeds of $5.5 million from the sale of non-depreciable assets in Tempe, Arizona included in Company’s Other reportable segment in the third quarter of 2019, as well as $4.0 million from the sale of non-depreciable assets in Camden, New Jersey included in the Company’s Philadelphia reportable segment during the nine months ended September 30, 2019.  Including the above-described sales of land and other non-depreciable assets, the Company recognized gains on sales of non-depreciable assets of $7.0 million and $12.9 million during the three and nine months ended September 30, 2019, respectively.

 

In addition to the transactions described above, during the three and nine months ended September 30, 2019, a subsidiary of the Company entered into an agreement with an entity affiliated with an employee of the Company, pursuant to which the Company waived its rights to purchase and develop a particular land parcel in Company’s Philadelphia reportable segment in consideration for reimbursement of a portion of the infrastructure costs totaling $3.2 million previously incurred by the Company. 

 

21

 

 

Note 6: Segment Information

 

The Company owns and operates industrial properties nationally and owns and operates certain non-core office properties in a focused group of office markets. Additionally, the Company owns certain assets in the United Kingdom. At September 30, 2019, the Company's reportable segments were based on the Company's method of internal reporting and were as follows:

 

Ÿ Carolinas/Richmond;

 

Ÿ Chicago/Minneapolis;

 

Ÿ Cincinnati/Columbus/Indianapolis;

 

Ÿ Dallas

 

Ÿ Florida;

 

Ÿ Houston;

 

Ÿ Lehigh/Central PA;

 

Ÿ Philadelphia;

 

Ÿ Southern California; and

 

Ÿ United Kingdom.

  

Certain other segments are aggregated into an "Other" category which includes the reportable segments: Arizona; Atlanta; DC Metro; New Jersey; and Southeastern Pennsylvania.

 

Comparative prior periods have been restated to reflect current segment disclosures.

 

The Company evaluates the performance of its reportable segments based on net operating income. Net operating income includes operating revenue from external customers, real estate taxes, amortization of lease transaction costs and other operating expenses which relate directly to the management and operation of the assets within each reportable segment.

 

The Company's accounting policies for the segments are the same as those used in the Company's consolidated financial statements. There are no material inter-segment transactions.

 

22

 

 

The operating information by reportable segment is as follows (in thousands):

 

   Three Months Ended   Nine Months Ended 
   September 30, 2019   September 30, 2018   September 30, 2019   September 30, 2018 
Revenue                    
Carolinas/Richmond  $20,377   $19,417   $61,129   $58,723 
Chicago/Minneapolis   17,479    17,274    52,299    50,414 
Cincinnati/Columbus/Indianapolis   4,792    4,245    13,822    13,613 
Dallas   5,953    5,537    17,252    14,300 
Florida   15,871    15,847    48,218    47,117 
Houston   19,103    16,561    51,831    48,514 
Lehigh/Central PA   38,878    39,188    118,588    115,799 
Philadelphia   9,779    10,598    32,043    33,659 
Southern California   10,510    7,914    30,660    22,226 
United Kingdom   5,900    3,523    17,857    11,579 
Other   22,768    32,119    69,717    97,853 
Segment-level revenue   171,410    172,223    513,416    513,797 
                     
Reconciliation to total revenue                    
Development service fee income   257    12,956    2,099    59,132 
Discontinued operations   (8,498)   (23,911)   (33,593)   (73,613)
Other   —    18    (179)   (372)
 Total revenue  $163,169   $161,286   $481,743   $498,944 
                     
Net operating income                    
Carolinas/Richmond  $15,638   $14,620   $47,020   $43,795 
Chicago/Minneapolis   10,902    10,564    33,294    31,271 
Cincinnati/Columbus/Indianapolis   3,262    2,749    9,186    9,099 
Dallas   4,035    3,666    11,848    9,274 
Florida   11,628    11,461    35,097    33,717 
Houston   12,377    9,676    32,159    28,714 
Lehigh/Central PA   29,902    29,406    89,639    86,085 
Philadelphia   7,876    7,947    25,583    28,211 
Southern California   8,200    6,496    23,524    17,675 
United Kingdom   5,421    3,234    16,131    10,662 
Other   15,507    23,213    47,727    69,620 
Net operating income   124,748    123,032    371,208    368,123 
                     
Reconciliation to income from continuing operations                    
Interest expense (1)   (26,220)   (24,670)   (78,297)   (71,331)
Development service fee income   257    12,956    2,099    59,132 
Development service fee expense   (168)   (12,924)   (1,848)   (120,799)
Depreciation/amortization expense (1) (2)   (32,279)   (32,243)   (97,642)   (97,576)
Impairment charges - real estate assets   —    —    (99)   (26,000)
Gain on property dispositions   15,168    2,002    21,125    54,705 
Equity in earnings of unconsolidated joint ventures   1,776    6,766    10,966    20,958 
General and administrative expense (1)   (10,193)   (9,814)   (35,559)   (32,758)
Leasing cost   (3,082)   (2,610)   (9,608)   (8,189)
Other operating expenses   (3,166)   (3,169)   (8,690)   (7,467)
Discontinued operations excluding losses on impairment and debt extinguishment and gain on property dispositions   (4,951)   (14,320)   (18,553)   (39,842)
Income taxes (1) (2)   (811)   (329)   (1,635)   (1,539)
Other   (592)   196    1,389    (3,262)
Income from continuing operations  $60,487   $44,873   $154,856   $94,155 

 

(1) Includes activity in discontinued operations.

 

(2) Excludes costs that are included in determining net operating income.

 

23

 

 

The Company's total assets by reportable segment as of September 30, 2019 and December 31, 2018 is as follows (in thousands):

 

   September 30, 2019   December 31, 2018 
Carolinas/Richmond  $516,811   $525,041 
Chicago/Minnesota   597,557    591,792 
Cincinnati/Columbus/Indianapolis   134,111    131,400 
Dallas   306,463    261,538 
Florida   550,623    547,232 
Houston   608,761    568,756 
Lehigh/Central PA   1,225,016    1,210,220 
Philadelphia   540,972    624,373 
Southern California   766,578    660,688 
United Kingdom   392,091    463,162 
Other   1,062,447    1,153,518 
Segment-level total assets   6,701,430    6,737,720 
Corporate Other   637,302    196,674 
Total assets  $7,338,732   $6,934,394 

 

Note 7: Impairment or Disposal of Long-Lived Assets

 

In 2017, the Company initiated a strategic shift whereby it adopted a plan to divest of its remaining suburban office properties. In the third quarter of 2018, the Company updated its strategy whereby it adopted a plan to divest of all of its remaining office properties. The Company determined that the strategic shift would have a major effect on its operations and financial results. As such, properties sold or those that meet the criteria to be classified as held for sale within the corporate strategy were classified within discontinued operations. Consistent with the held for sale criteria these properties are expected to be sold within one year. As a result of the classification within discontinued operations, the in-service assets and liabilities of this portfolio are required to be presented as held for sale for all prior periods presented in our Consolidated Balance Sheets. Operating results pertaining to these properties were reclassified to discontinued operations for all prior periods presented in our Consolidated Statements of Comprehensive Income.

 

The following table illustrates the number of sold or held for sale properties included in, or excluded from, discontinued operations:

 

   Held for sale as of
September 30, 2019		   Sold during the nine
months ended
September 30, 2019		   Sold during the year
ended December 31,
2018		   Total 
Properties included in discontinued operations   9    13    37    59 
Properties included in continuing operations   1    1    2    4 
Properties sold or classified as held for sale   10    14    39    63 

 

In addition, there were three land parcels comprising 74.4 acres included as held for sale as of September 30, 2019.

 

24

 

 

 

The properties held for sale with operating results in discontinued operations as of September 30, 2019 were located in the following reportable segments: one property in Chicago/Minneapolis, six properties in Philadelphia and two properties in the United Kingdom.

 

A summary of the results of operations for the properties classified as discontinued operations is as follows (in thousands):

 

   Three Months Ended   Nine Months Ended 
   September 30,
2019		   September 30,
2018		   September 30,
2019		   September 30,
2018		 
Revenues  $8,498   $23,911   $33,593   $73,613 
Operating expenses   (3,117)   (5,329)   (10,903)   (17,276)
Depreciation and amortization   —    (2,666)   (2,129)   (11,138)
Impairment charges - real estate assets   (7,190)   —    (21,482)   — 
Interest and other income (expense)   4    (31)   (57)   (132)
Income taxes   (5)   (28)   (298)   (83)
Loss on debt extinguishment   —    —    (7,618)   — 
Interest expense   (429)   (1,537)   (1,653)   (5,142)
Gain on property dispositions   44,428    94,878    116,452    184,689 
Income from discontinued operations   42,189    109,198    105,905    224,531 
Noncontrolling interest - operating partnership   (916)   (2,544)   (2,404)   (5,232)
Noncontrolling interest - consolidated joint venture   —    (224)   (186)   (412)
Income from discontinued operations available to common shareholders  $41,273   $106,430   $103,315   $218,887 

 

Interest expense has been allocated to discontinued operations. The allocation of interest expense to discontinued operations was based on the ratio of net assets sold and held for sale included in discontinued operations to the sum of total net assets plus consolidated debt.

 

Capital expenditures on a cash basis related to properties within discontinued operations were $0.1 million and $3.6 million, respectively, for the three and nine months ended September 30, 2019, and $10.8 million and $38.3 million, respectively, for the three and nine months ended September 30, 2018.

 

Assets Held for Sale

 

As of September 30, 2019, 10 properties were classified as held for sale, of which nine properties met the criteria to be classified within discontinued operations and one property was classified within continuing operations. In addition, there were three land parcels comprising 74.4 acres included as held for sale as of September 30, 2019.

 

The following table illustrates aggregate balance sheet information for all held for sale properties (in thousands):

 

   September 30, 2019   December 31, 2018 
   Included in
Continuing
Operations		   Included in
Discontinued
Operations		   Total   Included in
Continuing
Operations		   Included in
Discontinued
Operations		   Total 
Land and land improvements  $613   $19,210   $19,823   $1,301   $113,080   $114,381 
Buildings and improvements   8,541    174,595    183,136    5,638    384,737    390,375 
Development in progress   —    10,108    10,108    —    9,597    9,597 
Land held for development   19,420    —    19,420    26,253    —    26,253 
Accumulated depreciation   (3,745)   (21,592)   (25,337)   (1,546)   (70,242)   (71,788)
Deferred financing and leasing costs, net   717    7,910    8,627    58    13,697    13,755 
Other assets   756    9,971    10,727    164    19,470    19,634 
Total assets held for sale  $26,302   $200,202   $226,504   $31,868   $470,339   $502,207 
                               
Total liabilities held for sale  $419   $15,520   $15,939   $141   $20,990   $21,131 

 

25

 

 

Impairment Charges - Real Estate Assets

 

The Company recorded $7.2 million and $21.6 million of impairment charges during the three and nine months ended September 30, 2019, respectively. These impairment charges were primarily related to an office building in the Company's DC Metro segment that was sold in the three months ended September 30, 2019 and is primarily included in discontinued operations in the Company's Consolidated Statements of Comprehensive Income.

 

The Company determined these impairments based on third party offer prices which are Level 2 according to the fair value hierarchy established in ASC 820.

 

The Company recorded a $26.0 million impairment charge during the nine months ended September 30, 2018. This charge related to the Camden Waterfront project located in Camden, New Jersey and reported in the Company's Philadelphia reportable segment. The Company determined this impairment based on quoted offer prices on comparable properties, which is a Level 3 fair value calculation.

 

The Company has applied reasonable estimates and judgments in evaluating each of its properties and land held for development and has determined that there are no additional valuation adjustments necessary at September 30, 2019. Should external or internal circumstances change requiring the need to shorten the holding periods or adjust the estimated future cash flows of the Company’s assets, the Company could be required to record additional impairment charges in the future.

 

Note 8: Noncontrolling Interests of the Trust

 

Noncontrolling interests in the accompanying financial statements represent the interests of the common and preferred units in the Operating Partnership not held by the Trust. In addition, noncontrolling interests include third-party ownership interests in consolidated joint venture investments.

 

Common units

 

The common units of the Operating Partnership not held by the Trust outstanding as of September 30, 2019 have the same economic characteristics as common shares of the Trust. The 3.5 million outstanding common units of the Operating Partnership not held by the Trust share proportionately in the net income or loss and in any distributions of the Operating Partnership. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3.5 million outstanding common units based on the closing price of the common shares of the Trust at September 30, 2019 was $179.3 million.

 

Note 9: Limited Partners' Equity and Noncontrolling Interest of the Operating Partnership

 

Limited partners' equity in the accompanying financial statements represents the interests of the common and preferred units in the Operating Partnership not held by the Trust. The Operating Partnership's noncontrolling interest includes third-party ownership interests in consolidated joint venture investments.

 

Common units

 

The common units outstanding have the same economic characteristics as common shares of the Trust. The 3.5 million outstanding common units as of September 30, 2019 not held by the Trust are the limited partners' equity - common units held by persons and entities other than the Trust. The common units of the Operating Partnership not held by the Trust are redeemable at any time at the option of the holder. The Trust, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with unregistered common shares of the Trust. The market value of the 3.5 million outstanding common units based on the closing price of the common shares of the Trust at September 30, 2019 was $179.3 million.

 

26

 

 

Note 10: Noncontrolling Interest - Operating Partnership/Limited Partners' Equity - Preferred Units

 

As of September 30, 2019, the Company had outstanding the following cumulative preferred units of the Operating Partnership:

 

ISSUE  AMOUNT   UNITS  

LIQUIDATION

PREFERENCE

  

DIVIDEND

RATE

 
   (in 000’s)         
Series I-2  $5,337    213   $25    6.25%

 

The preferred units are putable at the holder's option at any time and are callable at the Operating Partnership's option after a stated period of time for cash. During the nine months ended September 30, 2019, 88,000 preferred units were redeemed for $2.2 million.

 

Note 11: Indebtedness

 

In January 2019, the Company issued $350 million of 4.375% senior unsecured notes due 2029. The net proceeds from this issuance were used to repay borrowings under the Company's unsecured credit facilities and for general corporate purposes.

 

Note 12: Fair Value of Financial Instruments

 

ASC 820, Fair Value Measurements and Disclosures, provides guidance on the fair value measurement of a financial asset or liability. Inputs used to develop fair value are classified in one of three categories: Level 1 inputs (quoted prices (unadjusted) in active markets for identical assets or liabilities), Level 2 inputs (inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly) and Level 3 inputs (unobservable inputs for the asset or liability).

 

The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the following estimates are not necessarily indicative of the amounts the Company could have realized on disposition of the financial instruments at December 31, 2018 and September 30, 2019. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

 

The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued interest, dividend and distributions payable and other liabilities are reasonable estimates of fair value because of the short-term nature of these instruments. The carrying value of the outstanding amounts under the Company's credit facilities is a reasonable estimate of fair value because interest rates float at a rate based on LIBOR.

 

The Company determines the fair value of its interest rate swaps by using the standard methodology of netting discounted future fixed cash payments with the discounted expected variable cash receipts. These variable cash receipts of interest rate swaps are based on expectations of future LIBOR interest rates (forward curves) estimated by observing market LIBOR interest rate curves. This is a Level 2 fair value calculation. Also, credit valuation adjustments are factored into the fair value calculations to account for potential nonperformance risk. These credit valuation adjustments were concluded to not be significant inputs for the fair value calculations for the periods presented. See Note 14 - Derivative Instruments.

 

The Company used a discounted cash flow model to determine the estimated fair value of its debt as of December 31, 2018 and September 30, 2019. This is a Level 3 fair value calculation. The inputs used in preparing the discounted cash flow model include actual maturity dates and scheduled cash flows as well as estimates for market value discount rates. The Company updates the discounted cash flow model on a quarterly basis to reflect any changes in the Company's debt holdings and changes to discount rate assumptions.

 

The following summarizes the fair value of the Company's mortgage loans and unsecured notes as of December 31, 2018 and September 30, 2019 (in thousands):

 

   Mortgage Loans   Unsecured Notes 
   Carrying Value   Fair Value   Carrying Value   Fair Value 
As of December 31, 2018  $395,202   $397,167   $2,285,698   $2,295,699 
As of September 30, 2019  $297,326   $304,689   $2,633,941   $2,821,931 

 

27

 

 

Note 13: Unconsolidated Joint Ventures

 

Liberty Property 18th & Arch LP and Liberty Property 18th & Arch Hotel, LP

 

On June 30, 2014, the Company entered into two joint ventures for the purpose of developing and owning the Comcast Technology Center (the “Project”) located in Philadelphia, Pennsylvania as part of a mixed-use development. The 60-story building includes 1.3 million square feet of leasable office space (the “Office”), which is substantially complete and fully occupied by Comcast Corporation, and a 219-room Four Seasons Hotel (the “Hotel”), which is substantially complete and opened to the public in August 2019. Costs for the development of the Project, exclusive of tenant-funded interior improvements, are anticipated to be approximately $968 million. As of September 30, 2019, the Company's investment in the project was $193.7 million and is reflected in investments in and advances to unconsolidated joint ventures in the Company's consolidated balance sheet. These joint ventures are part of the Company's Philadelphia reportable segment.

 

The two joint ventures engaged the Company as the developer of the Project pursuant to a Development Agreement by which the Company agreed, in consideration for a development fee, to be responsible for all aspects of the development of the Project and to guarantee the timely lien-free completion of construction of the Project as well as the payment, subject to certain exceptions, of any cost overruns incurred in the development of the Project. To mitigate its risk, the Company entered into guaranteed maximum price contracts (the "GMP Contracts") with a third party contractor (the "General Contractor") to construct the Project. The Company has been notified by the General Contractor that the General Contractor has incurred cost overruns comprised of amounts owed to third-party subcontractors and internal general condition costs of the General Contractor in connection with completing the Project in excess of the guaranteed maximum price payable to the General Contractor under the GMP Contracts, which guaranteed maximum price has been previously adjusted pursuant to accepted change orders. Notwithstanding the GMP Contracts, the General Contractor has generally refused to fund the cost overruns owed to third-party subcontractors, and the Company has funded, and may continue to fund, subcontractor cost overruns in compliance with its obligations under its development cost guarantee to the joint ventures. Accordingly, in periods prior to 2019, the Company accrued $69.3 million relating primarily to cost overruns that it estimated were probable of being funded to third-party subcontractors under its development cost guarantees to the joint ventures. As of September 30, 2019 and December 31, 2018, the Company's remaining accrual was $29.6 million and $67.3 million, respectively (including, in each case, estimated retainage of approximately $24 million payable to subcontractors), which accruals are included in other liabilities in the accompanying consolidated balance sheets and are reflective of amounts cumulatively funded by the Company as of those dates. The Company is accounting for the development of the Project on a variable basis as a percentage of costs incurred under the development contract. The Company recognized a loss of $61.8 million for the nine months ended September 30, 2018 in development service fee income, net of development service fee expense and other related expenses. There was no loss or gain recognized related to the Project during the three months ended September 30, 2018 or the three and nine months ended September 30, 2019. The Company intends to pursue all remedies to recover from the General Contractor any amounts expended by the Company or the joint ventures in excess of their contractual obligations.

 

In addition to the costs to comply with the Company's obligations under its development cost guarantee, other claims related to the development of the Project have been asserted by the General Contractor and certain subcontractors. Should disputes with respect to these asserted claims proceed, the Company expects that it would assert claims against the General Contractor, both with respect to the claims as to which the above-described accrual has been made, as well as with respect to the additional claims described in this paragraph. There can be no assurances that amounts incurred, including as a result of such claims, will not exceed the above estimates. The Company is not able to reasonably estimate the amount of additional costs, if any, that it may incur as a result of such claims, and accordingly any potential exposure of the Company for such claims is not included within the accrual described above. Similarly, the Company is not able to reasonably estimate the amount, if any, that the Company may recover with respect to any claims it may assert against the General Contractor. If the Company were to incur additional expenses in connection with its development cost guarantee or in connection with such claims, such amounts would be accrued when they are determined to be probable of being incurred and are reasonably estimable, and could be material to the Company's results of operations in future periods. If the Company were to subsequently recover any of the cost overruns initially funded by the Company, whether pursuant to any such claims asserted by the Company or otherwise, such recoveries would be recorded when and if realized in future periods.

 

Liberty Washington, LP

 

During the three months ended September 30, 2019, the Company concluded that a property owned by this joint venture and held for sale had an indicator of impairment resulting from a decline in the Washington, DC market fundamentals. The joint venture recognized impairment charges of $10.3 million and $26.7 million for the three and nine months ended September 30, 2019, respectively. The Company's share of these impairment charges were $2.6 million and $6.7 million, respectively, for the same periods. The impairment charges are related to the Company's DC Metro reportable segment and the Company's share is included in equity in earnings of unconsolidated joint ventures in the accompanying consolidated statements of comprehensive income.

 

28

 

 

The Company determined these impairments based on estimated future discounted cash flows. This is a Level 3 fair value calculation.

 

Cambridge Medipark Ltd

 

During the three and nine months ended September 30, 2019, Cambridge Medipark, Ltd (a joint venture in which the Company holds a 50% interest) recognized gains on the sale of land leasehold interests. The Company's share of these gains was $112,000 and $1.1 million for the three and nine months ended September 30, 2019, respectively, compared to $1.2 million and $5.0 million, respectively, for the same periods in 2018.

 

Note 14: Derivative Instruments

 

The Company borrows funds at a combination of fixed and variable rates. Borrowings under the Company's revolving credit facility and certain bank mortgage loans bear interest at variable rates. Other long-term debt typically bears interest at fixed rates. The Company's interest rate risk management objectives are to limit generally the impact of interest rate changes on earnings and cash flows and to lower the Company's overall borrowing costs. To achieve these objectives, from time to time, the Company enters into interest rate hedge contracts such as collars, swaps, caps and treasury lock agreements in order to mitigate our interest rate risk with respect to various debt instruments. The Company generally does not hold or issue these derivative contracts for trading or speculative purposes.

 

Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss and noncontrolling interest (for the Trust) and general partner's equity and limited partners’ equity - common units (for the Operating Partnership) and is subsequently reclassified into interest expense in the period that the hedged forecasted transaction affects earnings.

 

The Company determines the fair value of its interest rate swaps by netting discounted future fixed cash payments with the discounted expected variable cash receipts. These variable cash receipts of interest rate swaps are based on expectations of future LIBOR interest rates (forward curves) estimated by observing market LIBOR interest rate curves. This is a Level 2 fair value calculation. Also, credit valuation adjustments are factored into the fair value calculations to account for potential nonperformance risk. These credit valuation adjustments were concluded to be not significant inputs for the fair value calculations for the periods presented.

 

The Company holds an interest in two interest rate swap contracts (“Swaps”) that eliminate the impact of changes in interest rates on the payments required under variable rate mortgages. The Swaps had aggregate notional amounts of $65.1 million and $66.8 million at September 30, 2019 and December 31, 2018, respectively, and expire in 2020.

 

In addition, in late 2018, in anticipation of conducting the offering of senior notes described in Note 11, the Operating Partnership entered into two interest rate lock agreements tied to the U.S. treasury rate for an aggregate notional amount of $200 million. An interest rate lock is a tool used to manage interest-rate risk by effectively securing interest rates on federal government securities as of the agreement date. One agreement had a notional amount of $100 million and was settled in 2018 for $2.4 million. The second agreement had a notional amount of $100 million and was settled in 2019 for $3.3 million. The interest rate lock agreements qualified as cash flow hedges with respect to the senior notes offering and, as such, the settlements of $5.7 million are being amortized into interest expense over the respective term of the notes.

 

The Company accounts for the changes in the fair value of a derivative in accumulated other comprehensive loss and subsequently reclassifies amounts to earnings over the term that the hedged transaction affects earnings.

 

The following table presents the location in the financial statements of the gains or losses recognized related to the Company’s cash flow hedges for the three and nine months ended September 30, 2019 and 2018 (in thousands):

 

   Three Months Ended   Nine Months Ended 
   September 30,
2019		   September 30,
2018		   September 30,
2019		   September 30,
2018		 
Amount of gain related to the effective portion recognized in other
comprehensive (loss) income		  $13   $69   $424   $619 
Total Amount of Interest Expense Presented in the Consolidated
Statements of Comprehensive Income		   25,791    23,133    76,644    66,189 

 

29

 

 

The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the accompanying consolidated balance sheets as of September 30, 2019 and December 31, 2018 (amounts in thousands):

 

   Derivatives
      Fair Value at: 
   Balance Sheet
Location		  September 30, 2019   December 31, 2018 
Derivatives designated as hedging
instruments:		           
Interest Rate Swaps  Other Liabilities  $345   $677 
Interest Rate Treasury Locks  Other Liabilities   —    3,972 
Total     $345   $4,649 

 

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. The Company estimates that $0.5 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the next 12 months.

 

The Company has agreements with its derivative counterparties that contain a provision whereby if the Company defaults on any of its indebtedness, including defaults where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. If the Company were to breach any of the contractual provisions of the derivative contracts, it would be required to settle its obligations under the agreements at their termination value including accrued interest, which totaled approximately $0.3 million as of September 30, 2019.

 

Note 15: Commitments and Contingencies

 

Environmental Matters

 

Substantially all of the Company's properties and land were subject to Phase I Environmental Assessments and when appropriate Phase II Environmental Assessments (collectively, the “Environmental Assessments”) obtained in contemplation of their acquisition by the Company or obtained by predecessor owners prior to the sale of the property or land to the Company. The Environmental Assessments did not reveal, nor is the Company aware of, any non-compliance with environmental laws, environmental liability or other environmental claim that the Company believes would likely have a material adverse effect on the Company.

 

Legal Matters

 

From time to time, the Company is a party to a variety of legal proceedings, claims and assessments arising in the normal course of business. As of September 30, 2019 there were no legal proceedings, claims or assessments that the Company expects to have a material adverse effect on the Company. However, see Note 13 for discussion of Comcast Technology Center.

 

Other

 

As of September 30, 2019, the Company had letter of credit obligations of $8.9 million.

 

As of September 30, 2019, the Company had 22 buildings under development. These buildings are expected to contain, when completed, a total of 4.7 million square feet of leasable space and represent an anticipated aggregate investment of $463.9 million. At September 30, 2019, development in progress totaled $323.8 million. In addition, as of September 30, 2019, the Company had invested $3.2 million in deferred leasing costs related to these development buildings.

 

The Company is also currently developing three properties for its unconsolidated joint ventures which represent an anticipated aggregate investment by the joint ventures of $35.6 million.

 

As of September 30, 2019, the Company was committed to the following:

 

• $20.3 million in improvements on certain buildings and land parcels;

 

• $53.1 million in future land acquisitions which it expects to complete during the year ending December 31, 2019;

 

• up to $19.5 million of tenant improvements not yet completed; and

 

• infrastructure improvements of approximately $1.0 million.

 

30

 

 

The Company maintains cash and cash equivalents at financial institutions. The combined account balances at each institution typically exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes the risk is not significant.

 

Two unconsolidated joint ventures in which the Company holds an interest have engaged the Company as the developer of the Comcast Technology Center (the “Project") pursuant to a Development Agreement by which the Company agrees, in consideration for a development fee, to be responsible for all aspects of the development of the Project and to guarantee the timely lien-free completion of construction of the Project as well as the payment, subject to certain exceptions, of any cost overruns incurred in the development of the Project. See Note 13 for details on the commitments and contingencies associated with the Project.

 

Note 16: Supplemental Disclosure to Consolidated Statements of Cash Flows

 

The following are supplemental disclosures to the consolidated statements of cash flows for the nine months ended September 30, 2019 and 2018 (amounts in thousands):

 

   2019   2018 
Write-off of fully depreciated/amortized property and deferred costs - properties included in continuing operations  $2,218   $7,197 
Write-off of fully depreciated/amortized property and deferred costs - properties included in discontinued operations  $—   $11,789 
Write-off of depreciated property and deferred costs due to sale/demolition - properties included in continuing operations  $1,642   $20,273 
Write-off of depreciated property and deferred costs due to sale and related debt repayment - properties included in discontinued operations  $51,455   $99,072 
Changes in accrued development capital expenditures - properties included in continuing operations  $(4,436)  $12,361 
Changes in accrued development capital expenditures - properties included in discontinued operations  $—   $(4,628)
Unrealized (loss) gain on cash flow hedge  $(1,887)  $493 
Capitalized equity-based compensation  $915   $727 

 

Amounts paid in cash for deferred leasing costs incurred in connection with signed leases with tenants are paid in conjunction with improving (acquiring) property, plant and equipment. Such costs are not contained within net real estate. However, they are integral to the completion of a tenant lease and ultimately are related to the improvement and thus the value of the Company’s property, plant and equipment. They are therefore included in investing activities in the Company’s consolidated statements of cash flows.

 

The following is a reconciliation of the Company's cash and cash equivalents and restricted cash at the beginning and end of the nine months ended September 30, 2019 and 2018 (amounts in thousands):

 

   2019   2018 
Cash and cash equivalents at beginning of period  $84,923   $11,882 
Restricted cash at beginning of period   10,899    13,803 
Cash and cash equivalents and restricted cash at beginning of period  $95,822   $25,685 
           
Cash and cash equivalents at end of period  $514,882   $17,770 
Restricted cash at end of period   14,006    13,371 
Cash and cash equivalents and restricted cash at end of period  $528,888   $31,141 

 

Restricted cash includes tenant security deposits and escrow funds that the Company maintains pursuant to certain mortgage loans. Restricted cash also includes the undistributed proceeds from the sale of land in Kent County, United Kingdom.

 

31

 

 

Note 17: Subsequent Events

 

Prepayment of Senior Notes

 

On October 12, 2019, the Company prepaid the Operating Partnership's $350 million 4.75% unsecured notes due in October 2020. The Company incurred a loss on early extinguishment of debt of approximately $9.0 million.

 

Proposed Merger with Prologis, Inc.

 

On October 27, 2019, the Trust, Leaf Holdco Company Trust, a Maryland real estate investment trust and wholly owned subsidiary of the Trust (“New Liberty Holdco”), and the Operating Partnership (collectively with the Trust and New Liberty Holdco, the “Company Parties”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Prologis, Inc., a Maryland corporation (“Prologis”), Lambda REIT Acquisition LLC, a Maryland limited liability company and wholly owned subsidiary of Prologis (“Prologis Merger Sub”), Prologis, L.P., a Delaware limited partnership (“Prologis OP”), and Lambda OP Acquisition LLC, a Delaware limited liability company and wholly owned subsidiary of Prologis OP (“Prologis OP Merger Sub” and, together with Prologis, Prologis Merger Sub and Prologis OP, the “Prologis Parties”).

 

The Merger Agreement provides that upon the terms and subject to the conditions set forth in the Merger Agreement, (i) a newly created indirect wholly owned subsidiary of New Liberty Holdco will merge with and into the Trust (the “Company Merger”) with the Trust continuing as the surviving entity and as an indirect wholly owned subsidiary of New Liberty Holdco; (ii) thereafter, New Liberty Holdco will merge with and into Prologis Merger Sub (the “Topco Merger” and together with the Company Merger, the “Company Mergers”), with Prologis Merger Sub continuing as the surviving corporation and a wholly owned subsidiary of Prologis; (iii) immediately after the Topco Merger, Prologis will cause all of the outstanding equity interests in the Prologis Merger Sub to be contributed to Prologis OP in exchange for the issuance by Prologis OP of partnership interests in Prologis OP to other subsidiaries of Prologis; and (iv) thereafter, Prologis OP Merger Sub will merge with and into the Operating Partnership, with the Operating Partnership continuing as the surviving entity and a wholly owned subsidiary of Prologis OP (the “Partnership Merger” and together with the Company Merger and the Topco Merger, the “Mergers”).

 

Under the terms of the Merger Agreement, shareholders of the Trust and holders of common units in the Operating Partnership will receive 0.675 shares of Prologis common stock and limited partnership interests in Prologis OP, respectively, for each common share of the Trust or common unit in the Operating Partnership that they own.

 

The board of trustees of the Trust and the board of directors of Prologis have both unanimously approved the Merger Agreement, the Mergers and the other transactions contemplated by the Merger Agreement. The transaction, which is currently expected to close in the first quarter of 2020, is subject to the approval of the Trust’s shareholders and other customary closing conditions.

 

32

 

 EX-101.SCH 7 pld-20200128.xsd XBRL TAXONOMY EXTENSION SCHEMA 00000001 - Document - Cover link:presentationLink link:calculationLink link:definitionLink EX-101.DEF 8 pld-20200128_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 9 pld-20200128_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Legal Entity [Axis] Prologis LP Class of Stock [Axis] Common Stock [Member] Notes 1.375 Percent Due 2021 Notes 3.000 Percent Due 2022 Notes 3.375 Percent Due 2024 Notes 3.000 Percent Due 2026 Notes 2.250 Percent Due 2029 Entities [Table] Document Information [Line Items] Document Type Amendment Flag Amendment Description Document Registration Statement Document Annual Report Document Quarterly Report Document Transition Report Document Shell Company Report Document Shell Company Event Date Document Period Start Date Document Period End Date Document Fiscal Period Focus Document Fiscal Year Focus Current Fiscal Year End Date Entity File Number Entity Registrant Name Entity Central Index Key Entity Primary SIC Number Entity Tax Identification Number Entity Incorporation, State or Country Code Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Entity Address, City or Town Entity Address, State or Province Entity Address, Country Entity Address, Postal Zip Code Country Region City Area Code Local Phone Number Extension Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security No Trading Symbol Flag Trading Symbol Security Exchange Name Title of 12(g) Security Security Reporting Obligation Annual Information Form Audited Annual Financial Statements Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Entity Emerging Growth Company Elected Not To Use the Extended Transition Period Document Accounting Standard Other Reporting Standard Item Number Entity Shell Company Entity Public Float Entity Bankruptcy Proceedings, Reporting Current Entity Common Stock, Shares Outstanding Documents Incorporated by Reference [Text Block] EX-101.PRE 10 pld-20200128_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 tm203336-5_8k_htm.xml IDEA: XBRL DOCUMENT 0001045609 2020-01-27 2020-01-28 0001045609 pld:PrologisLPMember 2020-01-27 2020-01-28 0001045609 us-gaap:CommonStockMember 2020-01-27 2020-01-28 0001045609 pld:Notes1.375PercentDue2021Member pld:PrologisLPMember 2020-01-27 2020-01-28 0001045609 pld:Notes3.000PercentDue2022Member pld:PrologisLPMember 2020-01-27 2020-01-28 0001045609 pld:Notes3.375PercentDue2024Member pld:PrologisLPMember 2020-01-27 2020-01-28 0001045609 pld:Notes3.000PercentDue2026Member pld:PrologisLPMember 2020-01-27 2020-01-28 0001045609 pld:Notes2.250PercentDue2029Member pld:PrologisLPMember 2020-01-27 2020-01-28 iso4217:USD shares iso4217:USD shares 0001045609 false 0001045610 false 8-K 2020-01-28 false false false false false Pier 1 Bay 1 San Francisco CA 94111 415 394-9000 8-K 2020-01-28 PROLOGIS, INC. PROLOGIS, L.P. MD DE 001-13545 001-14245 94-3281941 94-3285362 Pier 1 Bay 1 San Francisco CA 94111 415 394-9000 false false false false Common Stock, $0.01 par value PLD NYSE 1.375% Notes due 2021 PLD/21 NYSE 3.000% Notes due 2022 PLD/22 NYSE 3.375% Notes due 2024 PLD/24 NYSE 3.000% Notes due 2026 PLD/26 NYSE 2.250% Notes due 2029 PLD/29 NYSE false XML 12 FilingSummary.xml IDEA: XBRL DOCUMENT 3.19.3.a.u2 html 8 95 1 false 7 0 false 3 false false R1.htm 00000001 - Document - Cover Sheet http://prologis.com/role/Cover Cover Cover 1 false false All Reports Book All Reports tm203336-5_8k.htm pld-20200128.xsd pld-20200128_def.xml pld-20200128_lab.xml pld-20200128_pre.xml tm203336d5_ex23-1.htm tm203336d5_ex23-2.htm tm203336d5_ex23-3.htm tm203336d5_ex99-1.htm tm203336d5_ex99-3.htm http://fasb.org/us-gaap/2019-01-31 http://xbrl.sec.gov/dei/2019-01-31 true false XML 13 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} ZIP 14 0001104659-20-007304-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001104659-20-007304-xbrl.zip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htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Cover
Jan. 28, 2020
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jan. 28, 2020
Entity File Number 001-13545
Entity Registrant Name PROLOGIS, INC.
Entity Central Index Key 0001045609
Entity Tax Identification Number 94-3281941
Entity Incorporation, State or Country Code MD
Entity Address, Address Line One Pier 1
Entity Address, Address Line Two Bay 1
Entity Address, City or Town San Francisco
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94111
City Area Code 415
Local Phone Number 394-9000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol PLD
Security Exchange Name NYSE
Prologis LP  
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jan. 28, 2020
Entity File Number 001-14245
Entity Registrant Name PROLOGIS, L.P.
Entity Central Index Key 0001045610
Entity Tax Identification Number 94-3285362
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One Pier 1
Entity Address, Address Line Two Bay 1
Entity Address, City or Town San Francisco
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94111
City Area Code 415
Local Phone Number 394-9000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Prologis LP | Notes 1.375 Percent Due 2021  
Document Information [Line Items]  
Title of 12(b) Security 1.375% Notes due 2021
Trading Symbol PLD/21
Security Exchange Name NYSE
Prologis LP | Notes 3.000 Percent Due 2022  
Document Information [Line Items]  
Title of 12(b) Security 3.000% Notes due 2022
Trading Symbol PLD/22
Security Exchange Name NYSE
Prologis LP | Notes 3.375 Percent Due 2024  
Document Information [Line Items]  
Title of 12(b) Security 3.375% Notes due 2024
Trading Symbol PLD/24
Security Exchange Name NYSE
Prologis LP | Notes 3.000 Percent Due 2026  
Document Information [Line Items]  
Title of 12(b) Security 3.000% Notes due 2026
Trading Symbol PLD/26
Security Exchange Name NYSE
Prologis LP | Notes 2.250 Percent Due 2029  
Document Information [Line Items]  
Title of 12(b) Security 2.250% Notes due 2029
Trading Symbol PLD/29
Security Exchange Name NYSE

XML 16 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } EXCEL 17 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end JSON 19 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "tm203336-5_8k.htm": { "axisCustom": 0, "axisStandard": 2, "contextCount": 8, "dts": { "definitionLink": { "local": [ "pld-20200128_def.xml" ], "remote": [ "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-eedm-def-2019-01-31.xml", "http://xbrl.fasb.org/srt/2019/elts/srt-eedm1-def-2019-01-31.xml" ] }, "inline": { "local": [ "tm203336-5_8k.htm" ] }, "labelLink": { "local": [ "pld-20200128_lab.xml" ], "remote": [ "https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml" ] }, "presentationLink": { "local": [ "pld-20200128_pre.xml" ] }, "referenceLink": { "remote": [ "https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml" ] }, "schema": { "local": [ "pld-20200128.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd", "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-roles-2019-01-31.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-types-2019-01-31.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-roles-2019-01-31.xsd", "https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-types-2019-01-31.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd" ] } }, "elementCount": 72, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2019-01-31": 18, "total": 18 }, "keyCustom": 0, "keyStandard": 95, "memberCustom": 6, "memberStandard": 1, "nsprefix": "pld", "nsuri": "http://prologis.com/20200128", "report": { "R1": { "firstAnchor": { "ancestors": [ "span", "b", "p", "body", "html" ], "baseRef": "tm203336-5_8k.htm", "contextRef": "From2020-01-27to2020-01-28", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "00000001 - Document - Cover", "role": "http://prologis.com/role/Cover", "shortName": "Cover", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "span", "b", "p", "body", "html" ], "baseRef": "tm203336-5_8k.htm", "contextRef": "From2020-01-27to2020-01-28", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 7, "tag": { "dei_AmendmentDescription": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Description of changes contained within amended document.", "label": "Amendment Description" } } }, "localname": "AmendmentDescription", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "stringItemType" }, "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_AnnualInformationForm": { "auth_ref": [ "r11" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag with value true on a form if it is an annual report containing an annual information form.", "label": "Annual Information Form" } } }, "localname": "AnnualInformationForm", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_AuditedAnnualFinancialStatements": { "auth_ref": [ "r11" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag with value true on a form if it is an annual report containing audited financial statements.", "label": "Audited Annual Financial Statements" } } }, "localname": "AuditedAnnualFinancialStatements", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Area code of city", "label": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_CountryRegion": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Region code of country", "label": "Country Region" } } }, "localname": "CountryRegion", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Cover page." } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "xbrltype": "stringItemType" }, "dei_CurrentFiscalYearEndDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "End date of current fiscal year in the format --MM-DD.", "label": "Current Fiscal Year End Date" } } }, "localname": "CurrentFiscalYearEndDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "gMonthDayItemType" }, "dei_DocumentAccountingStandard": { "auth_ref": [ "r10" ], "lang": { "en-US": { "role": { "documentation": "The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.", "label": "Document Accounting Standard" } } }, "localname": "DocumentAccountingStandard", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "accountingStandardItemType" }, "dei_DocumentAnnualReport": { "auth_ref": [ "r13" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true only for a form used as an annual report.", "label": "Document Annual Report" } } }, "localname": "DocumentAnnualReport", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentFiscalPeriodFocus": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.", "label": "Document Fiscal Period Focus" } } }, "localname": "DocumentFiscalPeriodFocus", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "fiscalPeriodItemType" }, "dei_DocumentFiscalYearFocus": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.", "label": "Document Fiscal Year Focus" } } }, "localname": "DocumentFiscalYearFocus", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "gYearItemType" }, "dei_DocumentInformationLineItems": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Document Information [Line Items]" } } }, "localname": "DocumentInformationLineItems", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.", "label": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "dateItemType" }, "dei_DocumentPeriodStartDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The start date of the period covered in the document, in CCYY-MM-DD format.", "label": "Document Period Start Date" } } }, "localname": "DocumentPeriodStartDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "dateItemType" }, "dei_DocumentQuarterlyReport": { "auth_ref": [ "r9" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true only for a form used as an quarterly report.", "label": "Document Quarterly Report" } } }, "localname": "DocumentQuarterlyReport", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentRegistrationStatement": { "auth_ref": [ "r14" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true only for a form used as a registration statement.", "label": "Document Registration Statement" } } }, "localname": "DocumentRegistrationStatement", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentShellCompanyEventDate": { "auth_ref": [ "r10" ], "lang": { "en-US": { "role": { "documentation": "Date of event requiring a shell company report.", "label": "Document Shell Company Event Date" } } }, "localname": "DocumentShellCompanyEventDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "dateItemType" }, "dei_DocumentShellCompanyReport": { "auth_ref": [ "r10" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.", "label": "Document Shell Company Report" } } }, "localname": "DocumentShellCompanyReport", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentTransitionReport": { "auth_ref": [ "r12" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true only for a form used as a transition report.", "label": "Document Transition Report" } } }, "localname": "DocumentTransitionReport", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "submissionTypeItemType" }, "dei_DocumentsIncorporatedByReferenceTextBlock": { "auth_ref": [ "r1" ], "lang": { "en-US": { "role": { "documentation": "Documents incorporated by reference.", "label": "Documents Incorporated by Reference [Text Block]" } } }, "localname": "DocumentsIncorporatedByReferenceTextBlock", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "textBlockItemType" }, "dei_EntitiesTable": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Container to assemble all relevant information about each entity associated with the document instance", "label": "Entities [Table]" } } }, "localname": "EntitiesTable", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "stringItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine3": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 3 such as an Office Park", "label": "Entity Address, Address Line Three" } } }, "localname": "EntityAddressAddressLine3", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCountry": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "ISO 3166-1 alpha-2 country code.", "label": "Entity Address, Country" } } }, "localname": "EntityAddressCountry", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "countryCodeItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityBankruptcyProceedingsReportingCurrent": { "auth_ref": [ "r4" ], "lang": { "en-US": { "role": { "documentation": "For registrants involved in bankruptcy proceedings during the preceding five years, the value Yes indicates that the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court; the value No indicates the registrant has not. Registrants not involved in bankruptcy proceedings during the preceding five years should not report this element.", "label": "Entity Bankruptcy Proceedings, Reporting Current" } } }, "localname": "EntityBankruptcyProceedingsReportingCurrent", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r15" ], "lang": { "en-US": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityCommonStockSharesOutstanding": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.", "label": "Entity Common Stock, Shares Outstanding" } } }, "localname": "EntityCommonStockSharesOutstanding", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "sharesItemType" }, "dei_EntityCurrentReportingStatus": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Indicate 'Yes' or 'No' whether registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.", "label": "Entity Current Reporting Status" } } }, "localname": "EntityCurrentReportingStatus", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_EntityDomain": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "All the names of the entities being reported upon in a document. Any legal structure used to conduct activities or to hold assets. Some examples of such structures are corporations, partnerships, limited liability companies, grantor trusts, and other trusts. This item does not include business and geographical segments which are included in the geographical or business segments domains." } } }, "localname": "EntityDomain", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "domainItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r15" ], "lang": { "en-US": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityExTransitionPeriod": { "auth_ref": [ "r18" ], "lang": { "en-US": { "role": { "documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.", "label": "Elected Not To Use the Extended Transition Period" } } }, "localname": "EntityExTransitionPeriod", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "fileNumberItemType" }, "dei_EntityFilerCategory": { "auth_ref": [ "r15" ], "lang": { "en-US": { "role": { "documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.", "label": "Entity Filer Category" } } }, "localname": "EntityFilerCategory", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "filerCategoryItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityInteractiveDataCurrent": { "auth_ref": [ "r16" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).", "label": "Entity Interactive Data Current" } } }, "localname": "EntityInteractiveDataCurrent", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_EntityPrimarySicNumber": { "auth_ref": [ "r11" ], "lang": { "en-US": { "role": { "documentation": "Primary Standard Industrial Classification (SIC) Number for the Entity.", "label": "Entity Primary SIC Number" } } }, "localname": "EntityPrimarySicNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "sicNumberItemType" }, "dei_EntityPublicFloat": { "auth_ref": [], "crdr": "credit", "lang": { "en-US": { "role": { "documentation": "The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.", "label": "Entity Public Float" } } }, "localname": "EntityPublicFloat", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "monetaryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r15" ], "lang": { "en-US": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityShellCompany": { "auth_ref": [ "r15" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.", "label": "Entity Shell Company" } } }, "localname": "EntityShellCompany", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntitySmallBusiness": { "auth_ref": [ "r15" ], "lang": { "en-US": { "role": { "documentation": "Indicates that the company is a Smaller Reporting Company (SRC).", "label": "Entity Small Business" } } }, "localname": "EntitySmallBusiness", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r15" ], "lang": { "en-US": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "employerIdItemType" }, "dei_EntityVoluntaryFilers": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.", "label": "Entity Voluntary Filers" } } }, "localname": "EntityVoluntaryFilers", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_EntityWellKnownSeasonedIssuer": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.", "label": "Entity Well-known Seasoned Issuer" } } }, "localname": "EntityWellKnownSeasonedIssuer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_Extension": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Extension number for local phone number.", "label": "Extension" } } }, "localname": "Extension", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_LegalEntityAxis": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The set of legal entities associated with a report.", "label": "Legal Entity [Axis]" } } }, "localname": "LegalEntityAxis", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "stringItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_NoTradingSymbolFlag": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true only for a security having no trading symbol.", "label": "No Trading Symbol Flag" } } }, "localname": "NoTradingSymbolFlag", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_OtherReportingStandardItemNumber": { "auth_ref": [ "r10" ], "lang": { "en-US": { "role": { "documentation": "\"Item 17\" or \"Item 18\" specified when the basis of accounting is neither US GAAP nor IFRS.", "label": "Other Reporting Standard Item Number" } } }, "localname": "OtherReportingStandardItemNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "otherReportingStandardItemNumberItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r6" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-US": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "securityTitleItemType" }, "dei_Security12gTitle": { "auth_ref": [ "r3" ], "lang": { "en-US": { "role": { "documentation": "Title of a 12(g) registered security.", "label": "Title of 12(g) Security" } } }, "localname": "Security12gTitle", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r2" ], "lang": { "en-US": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SecurityReportingObligation": { "auth_ref": [ "r7" ], "lang": { "en-US": { "role": { "documentation": "15(d), indicating whether the security has a reporting obligation under that section of the Exchange Act.", "label": "Security Reporting Obligation" } } }, "localname": "SecurityReportingObligation", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "securityReportingObligationItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r8" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r17" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "booleanItemType" }, "pld_Notes1.375PercentDue2021Member": { "auth_ref": [], "lang": { "en-US": { "role": { "label": "Notes 1.375 Percent Due 2021" } } }, "localname": "Notes1.375PercentDue2021Member", "nsuri": "http://prologis.com/20200128", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "domainItemType" }, "pld_Notes2.250PercentDue2029Member": { "auth_ref": [], "lang": { "en-US": { "role": { "label": "Notes 2.250 Percent Due 2029" } } }, "localname": "Notes2.250PercentDue2029Member", "nsuri": "http://prologis.com/20200128", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "domainItemType" }, "pld_Notes3.000PercentDue2022Member": { "auth_ref": [], "lang": { "en-US": { "role": { "label": "Notes 3.000 Percent Due 2022" } } }, "localname": "Notes3.000PercentDue2022Member", "nsuri": "http://prologis.com/20200128", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "domainItemType" }, "pld_Notes3.000PercentDue2026Member": { "auth_ref": [], "lang": { "en-US": { "role": { "label": "Notes 3.000 Percent Due 2026" } } }, "localname": "Notes3.000PercentDue2026Member", "nsuri": "http://prologis.com/20200128", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "domainItemType" }, "pld_Notes3.375PercentDue2024Member": { "auth_ref": [], "lang": { "en-US": { "role": { "label": "Notes 3.375 Percent Due 2024" } } }, "localname": "Notes3.375PercentDue2024Member", "nsuri": "http://prologis.com/20200128", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "domainItemType" }, "pld_PrologisLPMember": { "auth_ref": [], "lang": { "en-US": { "role": { "label": "Prologis LP" } } }, "localname": "PrologisLPMember", "nsuri": "http://prologis.com/20200128", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "domainItemType" }, "us-gaap_ClassOfStockDomain": { "auth_ref": [], "localname": "ClassOfStockDomain", "nsuri": "http://fasb.org/us-gaap/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "domainItemType" }, "us-gaap_CommonStockMember": { "auth_ref": [], "lang": { "en-US": { "role": { "label": "Common Stock [Member]" } } }, "localname": "CommonStockMember", "nsuri": "http://fasb.org/us-gaap/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "domainItemType" }, "us-gaap_StatementClassOfStockAxis": { "auth_ref": [], "lang": { "en-US": { "role": { "label": "Class of Stock [Axis]" } } }, "localname": "StatementClassOfStockAxis", "nsuri": "http://fasb.org/us-gaap/2019-01-31", "presentation": [ "http://prologis.com/role/Cover" ], "xbrltype": "stringItemType" } }, "unitCount": 3 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-23" }, "r10": { "Name": "Form 20-F", "Number": "249", "Publisher": "SEC", "Section": "220", "Subsection": "f" }, "r11": { "Name": "Form 40-F", "Number": "249", "Publisher": "SEC", "Section": "240", "Subsection": "f" }, "r12": { "Name": "Forms 10-K, 10-Q, 20-F", "Number": "240", "Publisher": "SEC", "Section": "13", "Subsection": "a-1-" }, "r13": { "Name": "Forms 10-K, 20-F, 40-F", "Number": "240", "Publisher": "SEC", "Section": "15", "Subsection": "d-1" }, "r14": { "Name": "Forms 20-F, 40-F", "Number": "249", "Publisher": "SEC", "Section": "220 and 240", "Subsection": "f" }, "r15": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r16": { "Name": "Regulation S-T", "Number": "232", "Publisher": "SEC", "Section": "405" }, "r17": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" }, "r18": { "Name": "Securities Act", "Number": "7A", "Publisher": "SEC", "Section": "B", "Subsection": "2" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "g" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12, 13, 15d" }, "r5": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r6": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r7": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "15", "Subsection": "d" }, "r8": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r9": { "Name": "Form 10-Q", "Number": "240", "Publisher": "SEC", "Section": "13", "Subsection": "a-13" } }, "version": "2.1" }