EX-99.3 5 pld-ex993_12.htm EX-99.3 pld-ex993_12.htm

 

Exhibit 99.3

 

Unaudited Pro Forma Condensed Combined Financial Statements of Prologis, Inc. and Prologis, L.P. as of December 31, 2019 and for the year ended December 31, 2019

 

Table of Contents

 

 

 

 


 

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

Introduction

 

On October 27, 2019, Prologis Inc., Prologis L.P. (“Prologis OP”), Lambda REIT Acquisition LLC (“Prologis Merger Sub”) and Prologis OP Acquisition LLC (“Prologis OP Merger Sub”) (the terms “we,” “our,” or “us” mean Prologis, Inc. and Prologis OP, collectively) entered into a merger agreement with Liberty Property Trust, Liberty Property Limited Partnership (“Liberty OP”) and Leap Holdco Property Trust (“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 Property Trust merged with and into Liberty Property Trust, with Liberty Property Trust continuing as the surviving entity and an indirect wholly owned subsidiary of New Liberty Holdco (the “Company Merger”), (ii) thereafter, New Liberty Holdco merged with and into Prologis Merger Sub, with Prologis Merger Sub continuing as the surviving entity and remaining a wholly owned subsidiary of Prologis, Inc. (the “Topco Merger”), (iii) thereafter, Prologis, Inc. and its applicable subsidiaries and Prologis Merger Sub caused all of the outstanding equity interests of Liberty Property Trust to be contributed to Prologis OP in exchange for the issuance by Prologis OP of Prologis OP common units to other subsidiaries of Prologis, Inc. and (iv) thereafter, Prologis OP Merger Sub merged 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.” The term “Liberty” means Liberty Property Trust and Liberty OP collectively.

 

Under the terms of the merger agreement, at the effective time of the Topco Merger, each issued and outstanding Liberty Property Trust common share as of immediately prior to the Company Merger was converted automatically into the right to receive 0.675 shares (the “Exchange Ratio”) of Prologis, Inc. 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 was converted into 0.675 common units of Prologis OP.

 

On February 4, 2020, the Mergers discussed above were consummated. We acquired Liberty Property Trust and Liberty OP for approximately $13 billion through the issuance of equity based on the value of the Prologis, Inc. common stock issued using the closing price on February 3, 2020 and the assumption of debt.

  

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 be capitalized to the basis of the acquired properties.

 

Description of Presentation

 

Prologis, Inc. is a real estate investment trust (a “REIT”) and the general partner of Prologis OP. We operate Prologis, Inc. and Prologis OP as one enterprise. The management of Prologis, Inc. consists of the same members as the management of Prologis OP. As sole general partner, Prologis, Inc. has control of Prologis OP through complete responsibility and discretion in the day-to-day management and therefore, consolidates Prologis OP for financial reporting purposes. Because the only significant asset of Prologis, Inc. is its investment in Prologis OP, the assets and liabilities of Prologis, Inc. and Prologis OP are the same on their respective financial statements.

 

The presentation of noncontrolling interests, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of Prologis, Inc. and those of Prologis OP. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity and capital issuances in Prologis, Inc. and Prologis OP. Unless otherwise indicated the Notes to the Unaudited Pro Forma Condensed Combined Financial Statements apply to both Prologis, Inc. and Prologis OP. The term “Prologis” means Prologis, Inc. and Prologis OP collectively.

 

Pro forma Information

 

The following Unaudited Pro Forma Condensed Combined Financial Statements combine the historical consolidated financial statements of Prologis and Liberty (“Pro Forma Financial Statements”), including Pro Forma Balance Sheets and Statements of Income. The accompanying Pro Forma Balance Sheets at December 31, 2019 have been prepared as if the Mergers had occurred as of December 31, 2019. The accompanying Pro Forma Statements of Income for the year ended December 31, 2019 have been prepared as if the Mergers had occurred as of January 1, 2019. The unaudited pro forma condensed combined statements of income for the year ended December 31, 2018 of Prologis, Inc. and Prologis OP were included in the unaudited pro forma condensed combined financial statements within Exhibit 99.1 of the Prologis’ Current Report on Form 8-K filed on January 28, 2020.

 

During the period from January 1, 2019 through the filing of this Form 8-K/A, Prologis and Liberty acquired and disposed of various real estate assets. None of the assets acquired and disposed of by the respective companies during this period 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 year ended December 31, 2019 do not include pro forma adjustments to present the impact of these insignificant acquisitions and dispositions as if they occurred on January 1, 2019.

 

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.

2

 


 

 

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 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 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’ and Liberty’s publicly available historical consolidated financial statements and accompanying notes.

 

Merger Consideration

 

For purposes of the Unaudited Pro Forma Condensed Combined Financial Statements, Prologis has assumed a preliminary total purchase price of approximately $10.2 billion for the Mergers, which consists of Prologis, Inc. common stock and Prologis OP common units issued in exchange for the Liberty Property Trust common shares and Liberty OP common units (in millions, except price per share/unit):

 

Number of Liberty shares and units converted to Prologis shares and units on February 4, 2020 (1)

 

109.33

 

Multiplied by closing price of Prologis common stock on February 3, 2020 (2)

$

91.87

 

Estimated fair value of Prologis common shares and units to be issued

$

10,044

 

Estimated transaction costs (3)

 

115

 

Estimated aggregate consideration

$

10,159

 

 

(1)

The Liberty Property Trust shareholders and Liberty OP unitholders received 0.675 of a newly issued share of Prologis, Inc. common stock and Prologis OP common unit, respectively, for each Liberty common share or common unit that they owned on February 4, 2020. The number of Liberty shares and units converted to Prologis shares and units on February 4, 2020, subsequent to the application of the Exchange Ratio, was used to calculate the estimated aggregate consideration for purposes of the pro forma calculation. The use of Liberty shares and units as of February 4, 2020 was not materially different than Liberty shares and units outstanding as of December 31, 2019.

 

(2)

Pursuant to accounting rules, the purchase price is based on the closing price of Prologis, Inc.’s common stock on February 3, 2020, with the consummation of the Mergers before the market opened on February 4, 2020.

 

(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, Inc. 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.

3

 


 

PROLOGIS, INC.

 

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEETS

December 31, 2019

(In thousands)

 

 

Historical (A)

 

 

Pro Forma

 

 

 

 

Pro Forma

 

 

Prologis

 

 

Liberty

 

 

Adjustments

 

 

 

 

Combined

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in real estate properties

$

35,224,414

 

 

$

7,004,493

 

 

$

5,025,609

 

 

(B)

 

$

47,254,516

 

Less accumulated depreciation

 

5,437,662

 

 

 

1,069,197

 

 

 

(1,069,197

)

 

(C)

 

 

5,437,662

 

Net investments in real estate properties

 

29,786,752

 

 

 

5,935,296

 

 

 

6,094,806

 

 

 

 

 

41,816,854

 

Investments in and advances to unconsolidated entities

 

6,237,371

 

 

 

346,868

 

 

 

117,182

 

 

(D)

 

 

6,701,421

 

Assets held for sale or contribution

 

720,685

 

 

 

114,665

 

 

 

36,614

 

 

(E)

 

 

871,964

 

Net investments in real estate

 

36,744,808

 

 

 

6,396,829

 

 

 

6,248,602

 

 

 

 

 

49,390,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease right-of-use assets

 

486,330

 

 

 

18,038

 

 

 

2,912

 

 

(F)

 

 

507,280

 

Cash and cash equivalents

 

1,088,855

 

 

 

184,302

 

 

 

-

 

 

 

 

 

1,273,157

 

Other assets

 

1,711,857

 

 

 

375,580

 

 

 

314,731

 

 

(G)

 

 

2,402,168

 

Total assets

$

40,031,850

 

 

$

6,974,749

 

 

$

6,566,245

 

 

 

 

$

53,572,844

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt

$

11,905,877

 

 

$

2,693,664

 

 

$

218,504

 

 

(H)

 

$

14,818,045

 

Lease liabilities

 

471,634

 

 

 

18,784

 

 

 

2,912

 

 

(F)

 

 

493,330

 

Accounts payable and accrued expenses

 

704,954

 

 

 

119,375

 

 

 

-

 

 

 

 

 

824,329

 

Other liabilities

 

877,601

 

 

 

205,884

 

 

 

122,027

 

 

(I)

 

 

1,205,512

 

Total liabilities

 

13,960,066

 

 

 

3,037,707

 

 

 

343,443

 

 

 

 

 

17,341,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series Q preferred shares

 

68,948

 

 

 

-

 

 

 

-

 

 

 

 

 

68,948

 

Common stock

 

6,318

 

 

 

158

 

 

 

913

 

 

(J)

 

 

7,389

 

Additional paid-in capital

 

25,719,427

 

 

 

4,152,079

 

 

 

5,793,425

 

 

(J)

 

 

35,664,931

 

Accumulated other comprehensive loss

 

(990,398

)

 

 

(47,157

)

 

 

47,157

 

 

(J)

 

 

(990,398

)

Distributions in excess of net earnings

 

(2,151,168

)

 

 

(229,662

)

 

 

229,662

 

 

(J)

 

 

(2,151,168

)

Total stockholders’ equity

 

22,653,127

 

 

 

3,875,418

 

 

 

6,071,157

 

 

 

 

 

32,599,702

 

Noncontrolling interests

 

2,775,394

 

 

 

274

 

 

 

423

 

 

(K)

 

 

2,776,091

 

Limited partnership unitholders

 

643,263

 

 

 

61,350

 

 

 

151,222

 

 

(J)

 

 

855,835

 

Total equity

 

26,071,784

 

 

 

3,937,042

 

 

 

6,222,802

 

 

 

 

 

36,231,628

 

Total liabilities and equity

$

40,031,850

 

 

$

6,974,749

 

 

$

6,566,245

 

 

 

 

$

53,572,844

 

4

 


 

 

PROLOGIS, INC.

 

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF INCOME

For the year ended December 31, 2019

(In thousands, except per share data)

 

 

Historical (A)

 

 

Pro Forma

 

 

 

 

Pro Forma

 

 

 

Prologis

 

 

Liberty *

 

 

Adjustments

 

 

 

 

Combined

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

$

2,831,818

 

 

$

479,644

 

 

$

160,354

 

 

(L)

 

$

3,471,816

 

 

Strategic capital

 

491,886

 

 

 

7,018

 

 

 

2,339

 

 

 

 

 

501,243

 

 

Development management and other

 

6,917

 

 

 

2,099

 

 

 

700

 

 

(M)

 

 

9,716

 

 

Total revenues

 

3,330,621

 

 

 

488,761

 

 

 

163,393

 

 

 

 

 

3,982,775

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

734,266

 

 

 

118,250

 

 

 

39,417

 

 

(M)

 

 

891,933

 

 

Strategic capital

 

184,661

 

 

 

5,983

 

 

 

1,994

 

 

 

 

 

192,638

 

 

General and administrative

 

266,718

 

 

 

42,903

 

 

 

14,301

 

 

(M)

 

 

323,922

 

 

Depreciation and amortization

 

1,139,879

 

 

 

130,501

 

 

 

230,327

 

 

(N)

 

 

1,500,707

 

 

Other

 

13,149

 

 

 

2,712

 

 

 

904

 

 

 

 

 

16,765

 

 

Total expenses

 

2,338,673

 

 

 

300,349

 

 

 

286,943

 

 

 

 

 

2,925,965

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income before gains on real estate transactions, net

 

991,948

 

 

 

188,412

 

 

 

(123,550

)

 

 

 

 

1,056,810

 

 

Gains on real estate transactions, net

 

857,818

 

 

 

21,125

 

 

 

-

 

 

 

 

 

878,943

 

 

Operating income

 

1,849,766

 

 

 

209,537

 

 

 

(123,550

)

 

 

 

 

1,935,753

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from unconsolidated entities, net

 

200,178

 

 

 

10,966

 

 

 

158

 

 

(O)

 

 

211,302

 

 

Interest expense

 

(239,953

)

 

 

(76,644

)

 

 

5,500

 

 

(P)

 

 

(311,097

)

 

Interest and other income, net

 

24,213

 

 

 

12,446

 

 

 

4,149

 

 

 

 

 

40,808

 

 

Foreign currency and derivative losses, net

 

(41,715

)

 

 

-

 

 

 

-

 

 

 

 

 

(41,715

)

 

Losses on early extinguishment of debt, net

 

(16,126

)

 

 

-

 

 

 

-

 

 

 

 

 

(16,126

)

 

Total other income (expense)

 

(73,403

)

 

 

(53,232

)

 

 

9,807

 

 

 

 

 

(116,828

)

 

Earnings before income taxes

 

1,776,363

 

 

 

156,305

 

 

 

(113,743

)

 

 

 

 

1,818,925

 

 

Total income tax expense

 

74,517

 

 

 

1,449

 

 

 

483

 

 

 

 

 

76,449

 

 

Consolidated net earnings

 

1,701,846

 

 

 

154,856

 

 

 

(114,226

)

 

 

 

 

1,742,476

 

 

Less net earnings attributable to noncontrolling interests

 

128,887

 

 

 

3,706

 

 

 

(2,903

)

 

(Q)

 

 

129,690

 

 

Net earnings attributable to controlling interests

 

1,572,959

 

 

 

151,150

 

 

 

(111,323

)

 

 

 

 

1,612,786

 

 

Less preferred stock dividends

 

6,009

 

 

 

-

 

 

 

-

 

 

 

 

 

6,009

 

 

Net earnings attributable to common stockholders

$

1,566,950

 

 

$

151,150

 

 

$

(111,323

)

 

 

 

$

1,606,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

630,580

 

 

 

148,532

 

 

 

 

 

 

 

 

 

737,619

 

(R)

Weighted average common shares outstanding – Diluted

 

654,903

 

 

 

149,383

 

 

 

 

 

 

 

 

 

764,229

 

(R)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common

     stockholders – Basic

$

2.48

 

 

$

1.02

 

 

 

 

 

 

 

 

$

2.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common

     stockholders – Diluted

$

2.46

 

 

$

1.01

 

 

 

 

 

 

 

 

$

2.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Liberty amounts reflect the nine months ended September 30, 2019.

5

 


 

PROLOGIS, L.P.

 

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEETS

December 31, 2019

(In thousands)

 

 

Historical (A)

 

 

Pro Forma

 

 

 

 

Pro Forma

 

 

Prologis

 

 

Liberty

 

 

Adjustments

 

 

 

 

Combined

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in real estate properties

$

35,224,414

 

 

$

7,004,493

 

 

$

5,025,609

 

 

(B)

 

$

47,254,516

 

Less accumulated depreciation

 

5,437,662

 

 

 

1,069,197

 

 

 

(1,069,197

)

 

(C)

 

 

5,437,662

 

Net investments in real estate properties

 

29,786,752

 

 

 

5,935,296

 

 

 

6,094,806

 

 

 

 

 

41,816,854

 

Investments in and advances to unconsolidated entities

 

6,237,371

 

 

 

346,868

 

 

 

117,182

 

 

(D)

 

 

6,701,421

 

Assets held for sale or contribution

 

720,685

 

 

 

114,665

 

 

 

36,614

 

 

(E)

 

 

871,964

 

Net investments in real estate

 

36,744,808

 

 

 

6,396,829

 

 

 

6,248,602

 

 

 

 

 

49,390,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease right-of-use assets

 

486,330

 

 

 

18,038

 

 

 

2,912

 

 

(F)

 

 

507,280

 

Cash and cash equivalents

 

1,088,855

 

 

 

184,302

 

 

 

-

 

 

 

 

 

1,273,157

 

Other assets

 

1,711,857

 

 

 

375,580

 

 

 

314,731

 

 

(G)

 

 

2,402,168

 

Total assets

$

40,031,850

 

 

$

6,974,749

 

 

$

6,566,245

 

 

 

 

$

53,572,844

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND CAPITAL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt

$

11,905,877

 

 

$

2,693,664

 

 

$

218,504

 

 

(H)

 

$

14,818,045

 

Lease liabilities

 

471,634

 

 

 

18,784

 

 

 

2,912

 

 

(F)

 

 

493,330

 

Accounts payable and accrued expenses

 

704,954

 

 

 

119,375

 

 

 

-

 

 

 

 

 

824,329

 

Other liabilities

 

877,601

 

 

 

205,884

 

 

 

122,027

 

 

(I)

 

 

1,205,512

 

Total liabilities

 

13,960,066

 

 

 

3,037,707

 

 

 

343,443

 

 

 

 

 

17,341,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners’ capital

 

23,296,390

 

 

 

3,936,768

 

 

 

6,222,379

 

 

(J)

 

 

33,455,537

 

Noncontrolling interests

 

2,775,394

 

 

 

274

 

 

 

423

 

 

(K)

 

 

2,776,091

 

Total capital

 

26,071,784

 

 

 

3,937,042

 

 

 

6,222,802

 

 

 

 

 

36,231,628

 

Total liabilities and capital

$

40,031,850

 

 

$

6,974,749

 

 

$

6,566,245

 

 

 

 

$

53,572,844

 

 

6

 


 

PROLOGIS, L.P.

 

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF INCOME

For the year ended December 31, 2019

(In thousands, except per share data)

 

 

Historical (A)

 

 

Pro Forma

 

 

 

 

Pro Forma

 

 

 

Prologis

 

 

Liberty *

 

 

Adjustments

 

 

 

 

Combined

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

$

2,831,818

 

 

$

479,644

 

 

$

160,354

 

 

(L)

 

$

3,471,816

 

 

Strategic capital

 

491,886

 

 

 

7,018

 

 

 

2,339

 

 

 

 

 

501,243

 

 

Development management and other

 

6,917

 

 

 

2,099

 

 

 

700

 

 

(M)

 

 

9,716

 

 

Total revenues

 

3,330,621

 

 

 

488,761

 

 

 

163,393

 

 

 

 

 

3,982,775

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

734,266

 

 

 

118,250

 

 

 

39,417

 

 

(M)

 

 

891,933

 

 

Strategic capital

 

184,661

 

 

 

5,983

 

 

 

1,994

 

 

 

 

 

192,638

 

 

General and administrative

 

266,718

 

 

 

42,903

 

 

 

14,301

 

 

(M)

 

 

323,922

 

 

Depreciation and amortization

 

1,139,879

 

 

 

130,501

 

 

 

230,327

 

 

(N)

 

 

1,500,707

 

 

Other

 

13,149

 

 

 

2,712

 

 

 

904

 

 

 

 

 

16,765

 

 

Total expenses

 

2,338,673

 

 

 

300,349

 

 

 

286,943

 

 

 

 

 

2,925,965

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income before gains on real estate transactions, net

 

991,948

 

 

 

188,412

 

 

 

(123,550

)

 

 

 

 

1,056,810

 

 

Gains on real estate transactions, net

 

857,818

 

 

 

21,125

 

 

 

-

 

 

 

 

 

878,943

 

 

Operating income

 

1,849,766

 

 

 

209,537

 

 

 

(123,550

)

 

 

 

 

1,935,753

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from unconsolidated entities, net

 

200,178

 

 

 

10,966

 

 

 

158

 

 

(O)

 

 

211,302

 

 

Interest expense

 

(239,953

)

 

 

(76,644

)

 

 

5,500

 

 

(P)

 

 

(311,097

)

 

Interest and other income, net

 

24,213

 

 

 

12,446

 

 

 

4,149

 

 

 

 

 

40,808

 

 

Foreign currency and derivative losses, net

 

(41,715

)

 

 

-

 

 

 

-

 

 

 

 

 

(41,715

)

 

Losses on early extinguishment of debt, net

 

(16,126

)

 

 

-

 

 

 

-

 

 

 

 

 

(16,126

)

 

Total other income (expense)

 

(73,403

)

 

 

(53,232

)

 

 

9,807

 

 

 

 

 

(116,828

)

 

Earnings before income taxes

 

1,776,363

 

 

 

156,305

 

 

 

(113,743

)

 

 

 

 

1,818,925

 

 

Total income tax expense

 

74,517

 

 

 

1,449

 

 

 

483

 

 

 

 

 

76,449

 

 

Consolidated net earnings

 

1,701,846

 

 

 

154,856

 

 

 

(114,226

)

 

 

 

 

1,742,476

 

 

Less net earnings attributable to noncontrolling interests

 

82,222

 

 

 

235

 

 

 

73

 

 

(Q)

 

 

82,530

 

 

Net earnings attributable to controlling interests

 

1,619,624

 

 

 

154,621

 

 

 

(114,299

)

 

 

 

 

1,659,946

 

 

Less preferred unit distributions

 

6,009

 

 

 

-

 

 

 

-

 

 

 

 

 

6,009

 

 

Net earnings attributable to common unitholders

$

1,613,615

 

 

$

154,621

 

 

$

(114,299

)

 

 

 

$

1,653,937

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common units outstanding – Basic

 

641,128

 

 

 

152,045

 

 

 

 

 

 

 

 

 

750,454

 

(R)

Weighted average common units outstanding – Diluted

 

654,903