| | ||||||||||||||||||||||||||||
Title of Each Class of Securities
to be Registered |
| | |
Amount to be
Registered |
| | |
Proposed Maximum
Aggregate Offering Price Per Note |
| | |
Proposed Maximum
Aggregate Offering Price |
| | |
Amount of
Registration Fee(3) |
| ||||||||||||
0.500% Notes due 2032
|
| | | | $ | 1,031,475,000(1) | | | | | | | 99.606% | | | | | | $ | 1,027,410,989 | | | | | | $ | 112,090.54 | | |
1.000% Notes due 2041
|
| | | | $ | 606,750,000(2) | | | | | | | 99.496% | | | | | | $ | 603,691,980 | | | | | | $ | 65,862.80 | | |
| | |||||||||||||||||||||
| | | |
Per 2032 Note
|
| | |
Per 2041 Note
|
| | |
Total
|
| |||||||||
Price to public(1)
|
| | | | | 99.606% | | | | | | | 99.496% | | | | | | € | 1,344,131,000 | | |
Underwriting discount
|
| | | | | 0.450% | | | | | | | 0.550% | | | | | | € | 6,575,000 | | |
Proceeds to us, before expenses
|
| | | | | 99.156% | | | | | | | 98.946% | | | | | | € | 1,337,556,000 | | |
|
Scotiabank
|
| |
TD Securities
|
|
| | |
Page
|
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| | | | S-iv | | | |
| | | | S-1 | | | |
| | | | S-11 | | | |
| | | | S-16 | | | |
| | | | S-17 | | | |
| | | | S-18 | | | |
| | | | S-19 | | | |
| | | | S-28 | | | |
| | | | S-34 | | | |
| | | | S-39 | | | |
| | | | S-39 | | |
| | |
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| | | | 130 | | | |
| | | | 132 | | | |
| | | | 132 | | | |
| | | | 132 | | | |
| | | | 133 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(unaudited)
|
| |
(audited)
|
| ||||||
Operating Data (in millions, except per share data): | | | | | | | | | | | | | |
Revenues: | | | | | | | | | | | | | |
Rental
|
| | | $ | 3,791 | | | | | $ | 2,832 | | |
Strategic capital
|
| | | | 637 | | | | | | 492 | | |
Development management and other
|
| | | | 11 | | | | | | 7 | | |
Total revenues
|
| | | | 4,439 | | | | | | 3,331 | | |
Expenses: | | | | | | | | | | | | | |
Rental
|
| | | | 952 | | | | | | 734 | | |
Strategic capital
|
| | | | 218 | | | | | | 185 | | |
General and administrative
|
| | | | 275 | | | | | | 267 | | |
Depreciation and amortization
|
| | | | 1,562 | | | | | | 1,140 | | |
Other
|
| | | | 30 | | | | | | 13 | | |
Total expenses
|
| | | | 3,037 | | | | | | 2,339 | | |
Operating income before gains on real estate transactions, net
|
| | | | 1,402 | | | | | | 992 | | |
Gains on dispositions of development properties and land, net
|
| | | | 465 | | | | | | 468 | | |
Gains on other dispositions of investments in real estate, net
|
| | | | 252 | | | | | | 390 | | |
Operating income
|
| | | | 2,119 | | | | | | 1,850 | | |
Other income (expense):
|
| | | | | | | | | | | | |
Earnings from unconsolidated entities, net
|
| | | | 297 | | | | | | 200 | | |
Interest expense
|
| | | | (315) | | | | | | (240) | | |
Interest and other income, net
|
| | | | 1 | | | | | | 24 | | |
Foreign currency and derivative losses, net
|
| | | | (167) | | | | | | (42) | | |
Losses on early extinguishment of debt, net
|
| | | | (188) | | | | | | (16) | | |
Total other expense
|
| | | | (372) | | | | | | (74) | | |
Earnings before income taxes
|
| | | | 1,747 | | | | | | 1,776 | | |
Total income tax expense
|
| | | | (130) | | | | | | (74) | | |
Consolidated net earnings
|
| | | $ | 1,617 | | | | | $ | 1,702 | | |
Less net earnings attributable to noncontrolling interests
|
| | | | 94 | | | | | | 82 | | |
Net earnings attributable to controlling interests
|
| | | | 1,523 | | | | | | 1,620 | | |
Less preferred unit dividends
|
| | | | 6 | | | | | | 6 | | |
Loss on preferred unit repurchase
|
| | | | 2 | | | | | | — | | |
Net earnings available for common unitholders
|
| | | $ | 1,515 | | | | | $ | 1,614 | | |
Weighted average common units outstanding: | | | | | | | | | | | | | |
Basic
|
| | | | 740.9 | | | | | | 641.1 | | |
Diluted
|
| | | | 754.4 | | | | | | 654.9 | | |
Net earnings per unit attributable to common unitholders – Basic
|
| | | $ | 2.02 | | | | | $ | 2.48 | | |
Net earnings per unit attributable to common unitholders – Diluted
|
| | | $ | 2.01 | | | | | $ | 2.46 | | |
| | |
Years Ended
December 31, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(unaudited)
|
| |
(unaudited)
|
| ||||||
FFO(1): (in millions) | | | | | | | | | | | | | |
Reconciliation of net earnings to FFO measures: | | | | | | | | | | | | | |
Net earnings available for common unitholders
|
| | | $ | 1,515 | | | | | $ | 1,614 | | |
Add (deduct) NAREIT defined adjustments: | | | | | | | | | | | | | |
Real estate related depreciation and amortization
|
| | | | 1,523 | | | | | | 1,102 | | |
Gains on real estate transactions, net (excluding development properties and land)
|
| | | | (252) | | | | | | (390) | | |
Reconciling items related to noncontrolling interests
|
| | | | (99) | | | | | | (55) | | |
Our share of reconciling items included in earnings related to unconsolidated
entities |
| | | | 268 | | | | | | 246 | | |
NAREIT defined FFO(1)
|
| | | $ | 2,955 | | | | | $ | 2,517 | | |
Add (deduct) our modified adjustments: | | | | | | | | | | | | | |
Unrealized foreign currency and derivative losses, net
|
| | | | 159 | | | | | | 70 | | |
Deferred income tax benefit
|
| | | | 1 | | | | | | 12 | | |
Current income tax expense on dispositions related to acquired tax liabilities
|
| | | | 6 | | | | | | — | | |
Reconciling items related to noncontrolling interests
|
| | | | (1) | | | | | | — | | |
Our share of reconciling items included in earnings related to unconsolidated
entities |
| | | | — | | | | | | (8) | | |
FFO, as modified by Prologis(1)
|
| | | $ | 3,120 | | | | | $ | 2,591 | | |
Adjustments to arrive at Core FFO: | | | | | | | | | | | | | |
Gains on dispositions of development properties and land, net
|
| | | | (466) | | | | | | (467) | | |
Current income tax expense on dispositions
|
| | | | 41 | | | | | | 15 | | |
Losses on early extinguishment of debt, net
|
| | | | 199 | | | | | | 16 | | |
Reconciling items related to noncontrolling interests
|
| | | | (2) | | | | | | — | | |
Our share of reconciling items included in earnings related to unconsolidated
entities |
| | | | (28) | | | | | | 9 | | |
Core FFO(1)
|
| | | $ | 2,864 | | | | | $ | 2,164 | | |
|
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(unaudited)
|
| |
(audited)
|
| ||||||
Financial Position (in millions): | | | | | | | | | | | | | |
Net investments in real estate properties
|
| | | $ | 43,845 | | | | | $ | 29,787 | | |
Investment in and advances to unconsolidated entities
|
| | | $ | 7,602 | | | | | $ | 6,237 | | |
Cash and cash equivalents
|
| | | $ | 598 | | | | | $ | 1,089 | | |
Total assets
|
| | | $ | 56,065 | | | | | $ | 40,032 | | |
Total debt
|
| | | $ | 16,849 | | | | | $ | 11,906 | | |
Total liabilities
|
| | | $ | 19,740 | | | | | $ | 13,960 | | |
Noncontrolling interest
|
| | | $ | 3,484 | | | | | $ | 2,775 | | |
Total capital
|
| | | $ | 36,325 | | | | | $ | 26,072 | | |
Number of common units outstanding
|
| | | | 752 | | | | | | 642 | | |
Number of Class A common limited partnership units outstanding
|
| | | | 9 | | | | | | 9 | | |
| | |
As of
December 31, 2020 |
| |||||||||
| | |
Actual
|
| |
As Adjusted(1)
|
| ||||||
| | |
(In millions)
|
| |||||||||
Cash and cash equivalents:
|
| | | $ | 598 | | | | | $ | 1,328 | | |
Debt: | | | | | | | | | | | | | |
Credit facilities
|
| | | $ | 172 | | | | | $ | — | | |
Senior notes
|
| | | | 14,276 | | | | | | 13,540 | | |
2032 Notes offered hereby(2)
|
| | | | — | | | | | | 1,032 | | |
2041 Notes offered hereby(2)
|
| | | | — | | | | | | 606 | | |
Term loans and other debt
|
| | | | 1,764 | | | | | | 1,764 | | |
Secured mortgage
|
| | | | 637 | | | | | | 637 | | |
Total debt
|
| | | | 16,849 | | | | | | 17,579 | | |
Prologis, L.P. capital: | | | | | | | | | | | | | |
Partners’ capital
|
| | | | 32,841 | | | | | | 32,841 | | |
Noncontrolling interests:
|
| | | | 3,484 | | | | | | 3,484 | | |
Total capital
|
| | | | 36,325 | | | | | | 36,325 | | |
Total capitalization:
|
| | | $ | 53,174 | | | | | $ | 53,904 | | |
Name
|
| |
Principal Amount
of 2032 Notes |
| |
Principal Amount
of 2041 Notes |
| ||||||
Goldman Sachs & Co. LLC
|
| | | € | 131,750,000 | | | | | € | 77,500,000 | | |
HSBC Bank plc
|
| | | | 131,750,000 | | | | | | 77,500,000 | | |
ING Bank N.V.
|
| | | | 131,750,000 | | | | | | 77,500,000 | | |
J.P. Morgan Securities plc
|
| | | | 131,750,000 | | | | | | 77,500,000 | | |
Scotiabank Europe plc
|
| | | | 51,000,000 | | | | | | 30,000,000 | | |
The Toronto-Dominion Bank
|
| | | | 51,000,000 | | | | | | 30,000,000 | | |
Citigroup Global Markets Limited
|
| | | | 25,500,000 | | | | | | 15,000,000 | | |
MUFG Securities EMEA plc
|
| | | | 25,500,000 | | | | | | 15,000,000 | | |
PNC Capital Markets LLC
|
| | | | 25,500,000 | | | | | | 15,000,000 | | |
Regions Securities LLC
|
| | | | 25,500,000 | | | | | | 15,000,000 | | |
Banco Bilbao Vizcaya Argentaria, S.A.
|
| | | | 18,700,000 | | | | | | 11,000,000 | | |
BNP Paribas
|
| | | | 18,700,000 | | | | | | 11,000,000 | | |
Mizuho International plc
|
| | | | 18,700,000 | | | | | | 11,000,000 | | |
SMBC Nikko Capital Markets Limited
|
| | | | 18,700,000 | | | | | | 11,000,000 | | |
Truist Securities, Inc.
|
| | | | 18,700,000 | | | | | | 11,000,000 | | |
BNY Mellon Capital Markets, LLC
|
| | | | 8,500,000 | | | | | | 5,000,000 | | |
Crédit Agricole Corporate and Investment Bank
|
| | | | 8,500,000 | | | | | | 5,000,000 | | |
Standard Chartered Bank
|
| | | | 8,500,000 | | | | | | 5,000,000 | | |
Total
|
| | | € | 850,000,000 | | | | | € | 500,000,000 | | |
| | |
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