2013 Q2 Form 10-Q Financial Statement

#000119312513326840 Filed on August 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $410.7M $492.0M
YoY Change -16.53% 58.55%
Cost Of Revenue $134.8M $257.9M
YoY Change -47.73%
Gross Profit $275.9M $238.4M
YoY Change 15.73%
Gross Profit Margin 67.18% 48.45%
Selling, General & Admin $54.90M -$66.80M
YoY Change -182.19% -148.62%
% of Gross Profit 19.9% -28.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $159.4M $187.8M
YoY Change -15.12% 50.96%
% of Gross Profit 57.77% 78.78%
Operating Expenses $352.2M $399.6M
YoY Change -11.86% 54.99%
Operating Profit $58.51M $97.48M
YoY Change -39.97% -291.77%
Interest Expense $92.21M $127.6M
YoY Change -27.72% -219.8%
% of Operating Profit 157.59% 130.88%
Other Income/Expense, Net -$58.62M -$105.0M
YoY Change -44.18%
Pretax Income -$104.0K -$3.404M
YoY Change -96.94% -97.85%
Income Tax $20.49M $8.075M
% Of Pretax Income
Net Earnings $2.299M $1.929M
YoY Change 19.18% -101.35%
Net Earnings / Revenue 0.56% 0.39%
Basic Earnings Per Share $0.00 -$0.02
Diluted Earnings Per Share $0.00 -$0.02
COMMON SHARES
Basic Shares Outstanding 486.0M shares 459.9M shares
Diluted Shares Outstanding 487.9M shares 459.9M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $385.0M $294.0M
YoY Change 30.95% 12.64%
Cash & Equivalents $385.4M $293.6M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $125.0M $168.0M
Other Receivables $190.0M $246.0M
Total Short-Term Assets $700.0M $708.0M
YoY Change -1.13% -23.54%
LONG-TERM ASSETS
Property, Plant & Equipment $18.48B $24.17B
YoY Change -23.55% 0.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.708B $2.013B
YoY Change 84.2% -36.11%
Other Assets $52.00M $202.0M
YoY Change -74.26% -15.83%
Total Long-Term Assets $23.34B $27.71B
YoY Change -15.77% -1.78%
TOTAL ASSETS
Total Short-Term Assets $700.0M $708.0M
Total Long-Term Assets $23.34B $27.71B
Total Assets $24.04B $28.42B
YoY Change -15.41% -2.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $651.0M $600.0M
YoY Change 8.5% -14.53%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $983.0M $1.400B
YoY Change -29.79% -10.54%
LONG-TERM LIABILITIES
Long-Term Debt $8.417B $12.43B
YoY Change -32.31% 2.59%
Other Long-Term Liabilities $315.0M $413.0M
YoY Change -23.73% 8.97%
Total Long-Term Liabilities $8.732B $12.85B
YoY Change -32.03% 2.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $983.0M $1.400B
Total Long-Term Liabilities $8.732B $12.85B
Total Liabilities $9.715B $14.95B
YoY Change -35.01% 1.14%
SHAREHOLDERS EQUITY
Retained Earnings -$3.704B
YoY Change
Common Stock $4.986M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.80B $13.47B
YoY Change
Total Liabilities & Shareholders Equity $24.04B $28.42B
YoY Change -15.41% -2.47%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $2.299M $1.929M
YoY Change 19.18% -101.35%
Depreciation, Depletion And Amortization $159.4M $187.8M
YoY Change -15.12% 50.96%
Cash From Operating Activities $74.50M $88.70M
YoY Change -16.01% -579.46%
INVESTING ACTIVITIES
Capital Expenditures -$450.2M -$287.1M
YoY Change 56.81% 11.84%
Acquisitions
YoY Change
Other Investing Activities $53.50M $300.9M
YoY Change -82.22% -152.84%
Cash From Investing Activities -$396.7M $13.80M
YoY Change -2974.64% -101.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.90M -159.7M
YoY Change -85.03% -114.78%
NET CHANGE
Cash From Operating Activities 74.50M 88.70M
Cash From Investing Activities -396.7M 13.80M
Cash From Financing Activities -23.90M -159.7M
Net Change In Cash -346.1M -57.20M
YoY Change 505.07% -124.25%
FREE CASH FLOW
Cash From Operating Activities $74.50M $88.70M
Capital Expenditures -$450.2M -$287.1M
Free Cash Flow $524.7M $375.8M
YoY Change 39.62% 57.77%

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<div> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Business.</i></b> Prologis, Inc. (the &#x201C;REIT&#x201D;) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, and believes the current organization and method of operation will enable the REIT to maintain its status as a real estate investment trust. The REIT is the general partner of Prologis, L.P. (the &#x201C;Operating Partnership&#x201D;). Through our controlling interest in the Operating Partnership, we are engaged in the ownership, acquisition, development and operation of industrial properties primarily in global and regional markets throughout the Americas, Europe and Asia. Our current business strategy includes two reportable business segments: Real Estate Operations and Investment Management. Our Real Estate Operations segment represents the long-term ownership of industrial properties. Our Investment Management segment (previously referred to as Private Capital) represents the long-term management of co-investment ventures and other unconsolidated entities. See Note 13 for further discussion of our business segments. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the REIT and the Operating Partnership. The terms &#x201C;the Company,&#x201D; &#x201C;Prologis,&#x201D; &#x201C;we,&#x201D; &#x201C;our&#x201D; or &#x201C;us&#x201D; means the REIT and Operating Partnership collectively.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">As of June&#xA0;30, 2013, the REIT owned an approximate 99.62% common general partnership interest in the Operating Partnership, and 100% of the preferred units. The remaining approximate 0.38% common limited partnership interests are owned by non-affiliated investors and certain current and former directors and officers of the REIT. As the sole general partner of the Operating Partnership, the REIT has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. We operate the REIT and the Operating Partnership as one enterprise. The management of the REIT consists of the same members as the management of the Operating Partnership. These members are officers of the REIT and employees of the Operating Partnership or one of its direct or indirect subsidiaries. As general partner with control of the Operating Partnership, the REIT consolidates the Operating Partnership for financial reporting purposes, and the REIT does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the REIT and the Operating Partnership are the same on their respective financial statements.</font></p> </div>
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OtherNonoperatingIncomeExpense
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us-gaap Repayments Of Long Term Debt
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us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
32359000
us-gaap Noncontrolling Interest Increase From Sale Of Parent Equity Interest
NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest
77823000
us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.047 pure
us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
1 Investment
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NetCashProvidedByUsedInOperatingActivities
203568000
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IncomeLossFromContinuingOperationsPerBasicShare
0.52
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
278517 shares
us-gaap Maximum Length Of Time Hedged In Cash Flow Hedge1
MaximumLengthOfTimeHedgedInCashFlowHedge1
P10Y
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WeightedAverageNumberOfSharesOutstandingBasic
473892000 shares
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
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IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.04
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StockIssuedDuringPeriodSharesStockOptionsExercised
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.04
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.51
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CommonStockDividendsPerShareCashPaid
0.56
us-gaap Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest
0.0038 pure
us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
0.9962 pure
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
55339000
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InterestPaidNet
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TenantReimbursements
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ComprehensiveIncomeNetOfTax
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-49000
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
345049000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
57000000
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PaymentsOfDividendsCommonStock
270776000
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NetIncomeLossAvailableToCommonStockholdersBasic
263899000
us-gaap Management Fees Revenue
ManagementFeesRevenue
77243000
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IncomeLossFromDiscontinuedOperationsNetOfTax
19252000
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2671000
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EquityMethodInvestmentSummarizedFinancialInformationRevenue
819600000
us-gaap Profit Loss
ProfitLoss
291947000
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399880000
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StraightLineRent
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ForeignCurrencyTransactionGainLossRealized
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NonoperatingIncomeExpense
184871000
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NetIncomeLoss
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PaymentsOfDividendsPreferredStockAndPreferenceStock
17414000
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PaymentOfFinancingAndStockIssuanceCosts
45352000
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OperatingLeasesIncomeStatementLeaseRevenue
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OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
19201000
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IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
272695000
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
243046000
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PaymentsToAcquireInterestInSubsidiariesAndAffiliates
598371000
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PaymentsForCapitalImprovements
30109000
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IncomeLossFromEquityMethodInvestments
33189000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1438045000
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RealEstateRevenueNet
908684000
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NetIncomeLossAttributableToNoncontrollingInterest
4819000
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ProceedsFromIssuanceOrSaleOfEquity
1502342000
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1300000000
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GeneralAndAdministrativeExpense
111106000
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4399000
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NetCashProvidedByUsedInFinancingActivities
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DividendsPreferredStock
14121000
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147661000
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OtherCostAndExpenseOperating
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DeferredIncomeTaxExpenseBenefit
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EquityMethodInvestmentDividendsOrDistributions
51312000
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DisposalGroupIncludingDiscontinuedOperationInterestExpense
87000
us-gaap Service Management Costs
ServiceManagementCosts
44915000
pld Incremental Common Shares Attributable To Conversion Of Limited Partnership Units
IncrementalCommonSharesAttributableToConversionOfLimitedPartnershipUnits
3039000 shares
pld Net Gain Loss On Dispositions Net Of Related Impairment Charges And Taxes
NetGainLossOnDispositionsNetOfRelatedImpairmentChargesAndTaxes
19301000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
336843000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-194028000
us-gaap Depreciation And Amortization Discontinued Operations
DepreciationAndAmortizationDiscontinuedOperations
1388000
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ProceedsFromIssuanceOfLongTermDebt
256825000
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GainsLossesOnExtinguishmentOfDebt
4919000
us-gaap Share Based Compensation
ShareBasedCompensation
21990000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
335454000
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CashAndCashEquivalentsPeriodIncreaseDecrease
284614000
us-gaap Interest Expense
InterestExpense
207498000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
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NetCashProvidedByUsedInInvestingActivities
2417852000
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NoncontrollingInterestInNetIncomeLossLimitedPartnershipsNonredeemable
-1599000
us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
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us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
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3620074000
us-gaap Dividends
Dividends
293725000
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
245907000
us-gaap Preferred Stock Redemption Premium
PreferredStockRedemptionPremium
9108000
us-gaap Impairment Of Real Estate
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76984000
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OperatingExpenses
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EffectOfExchangeRateOnCashAndCashEquivalents
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PercentageOfInterestInPreferredUnits
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WeightedAveragePotentiallyDilutiveLimitedPartnershipUnitsOutstanding
3053000 shares
pld Net Gain Loss On Dispositions Net Of Related Impairment Charges Included In Discontinued Operations
NetGainLossOnDispositionsNetOfRelatedImpairmentChargesIncludedInDiscontinuedOperations
19301000
pld Adjusted Net Earnings Loss Attributable To Common Shares
AdjustedNetEarningsLossAttributableToCommonShares
265498000
pld Number Of Interest Rate Swap Contracts Settled
NumberOfInterestRateSwapContractsSettled
12 Contract
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ProceedsFromPaymentsToMinorityShareholdersExcludingLimitedPartnerDistributions
-8824000
pld Percentage Of Common Limited Partnership Interest
PercentageOfCommonLimitedPartnershipInterest
0.0038 pure
pld Matured Or Expired Derivative Contracts
MaturedOrExpiredDerivativeContracts
319900000
pld Discontinued Operation Rental Expense
DiscontinuedOperationRentalExpense
1245000
pld Percentage Of Ownership In General Partnership
PercentageOfOwnershipInGeneralPartnership
0.9962 pure
pld Net Gains On Dispositions Properties
NetGainsOnDispositionsProperties
19301000
pld Incremental Common Shares Attributable To Stock Awards And Warrants
IncrementalCommonSharesAttributableToStockAwardsAndWarrants
3078000 shares
pld Weighted Average Potentially Dilutive Stock Awards And Warrants Outstanding
WeightedAveragePotentiallyDilutiveStockAwardsAndWarrantsOutstanding
14032000 shares
pld Description Of Conversion Rate
DescriptionOfConversionRate
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DeferredIncomeTaxExpenseBenefitNetOfDiscontinuedOperations
-7991000
pld Repurchase Of Senior And Other Notes And Extinguishment Of Secured Mortgage Debt
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1776913000
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1100000
pld Proceeds From Contribution Of Properties For New Ventures
ProceedsFromContributionOfPropertiesForNewVentures
4900000000
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900000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.42
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0.42
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160105000
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IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.09
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0.09
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0.33
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267800000
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182961000
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63419000
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19051000
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53784000
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OperatingIncomeLoss
186392000
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PaymentsToAcquireRealEstate
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268291000
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StraightLineRent
35205000
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NetIncomeLoss
214909000
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26964000
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1400000
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ForeignCurrencyTransactionGainLossRealized
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NonoperatingIncomeExpense
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4702000
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177592000
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PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
127523000
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PaymentsForCapitalImprovements
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17884000
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979049000
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2857000
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23064000
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111574000
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20616000
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208834000
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11562000
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14461000
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ShareBasedCompensation
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BusinessCombinationAcquisitionRelatedCosts
31914000
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190359000
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16135000
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891266000
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5379000
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DirectCostsOfLeasedAndRentedPropertyOrEquipment
244151000
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3185000
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36920000
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792657000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
20199000
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6996000
pld Weighted Average Potentially Dilutive Limited Partnership Units Outstanding
WeightedAveragePotentiallyDilutiveLimitedPartnershipUnitsOutstanding
3299000 shares
pld Net Gain Loss On Dispositions Net Of Related Impairment Charges Included In Discontinued Operations
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21123000
pld Adjusted Net Earnings Loss Attributable To Common Shares
AdjustedNetEarningsLossAttributableToCommonShares
195362000
pld Number Of Interest Rate Contracts Entered Into
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1 Contract
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-7825000
pld Deferred Income Tax Expense Benefit Net Of Discontinued Operations
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-8869000
pld Repurchase Of Senior And Other Notes And Extinguishment Of Secured Mortgage Debt
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1314387000
pld Incremental Common Shares Attributable To Conversion Of Limited Partnership Units
IncrementalCommonSharesAttributableToConversionOfLimitedPartnershipUnits
3299000 shares
pld Net Gain Loss On Dispositions Net Of Related Impairment Charges And Taxes
NetGainLossOnDispositionsNetOfRelatedImpairmentChargesAndTaxes
21123000
pld Discontinued Operation Rental Expense
DiscontinuedOperationRentalExpense
18178000
pld Net Gains On Dispositions Properties
NetGainsOnDispositionsProperties
21123000
pld Incremental Common Shares Attributable To Stock Awards And Warrants
IncrementalCommonSharesAttributableToStockAwardsAndWarrants
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