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PLD · Prologis, Inc.

35 filings

10-K

PLD 10-K Annual Reports

Prologis, Inc. - 35 annual reports

Filing record · 2016–202610-K1110-Q328-K176

2025
Prologis, Inc. Annual Report, Year Ended Dec 31, 2025
Prologis, Inc. (PLD) demonstrated resilience in its 2025 fiscal year, with operating results and leasing activity remaining strong despite economic uncertainties. The company reported significant growth in its Real Estate Segment, driven by a 50.1% increase in net effective rents on new and renewed leases and a robust 95.6% occupancy rate. Prologis continues to execute its strategy of expanding its global logistics real estate portfolio through development and acquisitions, with $2.9 billion in consolidated development starts during the year. The Strategic Capital segment also showed solid performance, though revenues were down compared to the prior year, largely due to a decrease in promote revenue. The company maintains a strong balance sheet with $7.6 billion in total liquidity and a weighted average debt term of 9 years at a low effective interest rate of 3.2%, positioning it well to capitalize on future opportunities and manage its business effectively. The focus on sustainable development and innovation, including selective data center development, aligns with long-term structural demand drivers in the logistics sector.
Feb 13, 2026
2024
Prologis, Inc. Annual Report, Year Ended Dec 31, 2024
Prologis, Inc. (PLD) reported a strong financial year in 2024, demonstrating resilience amidst a softening global logistics market. The company's robust portfolio, characterized by long-term leases with significant rent upside, continued to drive consistent rental income. Prologis' strategic focus on high-barrier, high-growth markets and its ability to leverage its scale and customer relationships remain key differentiators. The company successfully executed its development pipeline, contributing to portfolio growth, and further strengthened its balance sheet with a weighted average debt maturity of nine years and a strong liquidity position. Key operational highlights include robust rent growth on lease rollovers, contributing to same-store NOI. The company also made progress on its ESG initiatives, including commitments to renewable energy and sustainable building standards. While facing global economic uncertainties and geopolitical factors, Prologis entered 2025 with renewed customer leasing activity and a strategic capital business that supports its growth objectives. The company's diversified revenue streams, strong customer base, and commitment to innovation position it well for continued long-term value creation.
Feb 14, 2025
2023
Prologis, Inc. Annual Report, Year Ended Dec 31, 2023
Prologis, Inc. (PLD) demonstrated a strong performance in its 2023 fiscal year, characterized by continued rent growth and high portfolio occupancy, underscoring the sustained demand for logistics facilities driven by e-commerce and supply chain resilience. The company's 'Owned and Managed' (O&M) portfolio remained robust, with a significant lease mark-to-market of approximately 57%, indicating substantial potential for future organic Net Operating Income (NOI) growth. Prologis also strategically expanded its portfolio through acquisitions and development activities, including a significant acquisition of 70 operating properties in the U.S. The company maintained a strong balance sheet with extended debt maturities and ample liquidity, positioning it well to capitalize on future investment opportunities. Looking ahead, Prologis anticipates continued rent increases and is focused on value creation through development, leveraging its extensive land bank and redevelopment sites. The company's strategic capital business also performed well, contributing stable revenues. Prologis' commitment to ESG principles remains a core part of its strategy, with ongoing investments in sustainable solutions and community initiatives.
Feb 13, 2024
2022
Prologis, Inc. Annual Report, Year Ended Dec 31, 2022
Prologis, Inc. (PLD) reported robust operating results for the fiscal year ended December 31, 2022, driven by strong demand and low vacancy in global logistics markets, leading to significant rent growth on lease rollovers. The company completed the transformative $23.2 billion acquisition of Duke Realty Corporation, which significantly expanded its U.S. portfolio and is expected to be accretive to earnings. Despite broader economic headwinds, including inflation and rising interest rates, Prologis maintained a solid financial position with strong liquidity and a well-laddered debt maturity profile, extending its weighted average debt maturity to 9 years at a low weighted average interest rate of 2.5%. The company's strategic focus on expanding its Prologis Essentials services, developing its land bank, and leveraging its global scale positions it for continued growth in revenue, Net Operating Income (NOI), and Funds From Operations (FFO). The reported lease mark-to-market of approximately 67% indicates substantial potential for future organic NOI growth through rent increases on existing leases. Prologis remains committed to its ESG initiatives, including a goal of net-zero emissions across its value chain by 2040.
Feb 14, 2023
2021
Prologis, Inc. Annual Report, Year Ended Dec 31, 2021
Prologis, Inc. (PLD) reported a strong year in 2021, driven by robust demand for logistics real estate, fueled by the continued growth of e-commerce and supply chain repositioning. The company maintained high occupancy rates across its extensive global portfolio, which spans 19 countries. Prologis highlighted its ability to generate significant value through development projects and its strategic capital business, which involves managing co-investment ventures. Financially, the company focused on strengthening its balance sheet by refinancing debt at favorable rates, extending maturities, and maintaining substantial liquidity, positioning it well for future growth opportunities. The company's strategic focus remains on capitalizing on its scale and customer relationships through its Prologis Essentials business, offering solutions that enhance customer operations and sustainability. Prologis is also investing in future logistics trends, such as electric vehicle fleets. The report indicates confidence in continued rent growth and value creation from its development pipeline, supported by a strong leasing environment.
Feb 9, 2022
2020
Prologis, Inc. Annual Report, Year Ended Dec 31, 2020
Prologis, Inc. (PLD) reported strong financial and operational performance for the fiscal year ended December 31, 2020, despite the ongoing COVID-19 pandemic. The company, a global leader in logistics real estate, benefited from structural demand drivers like e-commerce acceleration and supply chain resilience. Prologis completed significant acquisitions, including Liberty Property Trust for approximately $13 billion and the acquisition of Industrial Property Trust Inc. (IPT) assets for roughly $4 billion through its co-investment ventures, significantly expanding its U.S. portfolio. The company demonstrated resilience with minimal impacts on its operating fundamentals and robust rent collection. Prologis also focused on strengthening its balance sheet by refinancing debt at historically low rates, extending its weighted average maturity to 10 years, and maintaining significant liquidity of $4.8 billion at year-end. The company's strategic focus on well-located logistics facilities in high-growth markets, coupled with its operational expertise and customer relationships, positions it for continued growth. Key financial highlights include a substantial increase in Net Operating Income (NOI) for Real Estate Operations, driven by acquisitions and positive rental rate growth. The Strategic Capital segment also saw revenue growth, supported by increased assets under management. Prologis is committed to environmental, social, and governance (ESG) initiatives and continues to innovate to create value for its customers.
Feb 11, 2021
2019
Prologis, Inc. Annual Report, Year Ended Dec 31, 2019
Prologis, Inc. (PLD) is a global leader in logistics real estate, operating a substantial portfolio across 19 countries. For the fiscal year ending December 31, 2019, the company demonstrated strong operational fundamentals, including high occupancy rates and positive rental rate growth, as evidenced by a 32.8% Net Effective Rent (NER) change on leases commenced in 2019. The company is strategically positioned to benefit from the growth in e-commerce, which drives demand for logistics facilities close to end consumers. Prologis is actively expanding its portfolio through both development and strategic acquisitions, notably the significant acquisitions of DCT Industrial Trust Inc. in 2018 and the pending acquisition of Liberty Property Trust, which was completed shortly after year-end 2019. These moves are expected to enhance scale, operational efficiencies, and market presence. Prologis' financial performance is supported by a solid balance sheet with improved debt maturities and lower interest rates, alongside strong liquidity. The company's focus on value creation through development and its scale allows for efficient cost management, positioning it well for continued growth and shareholder returns in the dynamic logistics real estate market.
Feb 11, 2020
2018
Prologis, Inc. Annual Report, Year Ended Dec 31, 2018
Prologis, Inc. (PLD) reported strong performance for the year ended December 31, 2018, highlighted by the significant acquisition of DCT Industrial Trust Inc. for $8.5 billion, which expanded its global logistics real estate portfolio. The company maintained high occupancy rates at 97.5% and experienced positive rent growth on lease rollovers, indicating robust demand for its well-located, high-quality assets. Prologis operates through two segments: Real Estate Operations and Strategic Capital. The company successfully executed its O&M disposition program of non-strategic assets, focusing on prime markets. Financially, Prologis demonstrated strong liquidity with significant borrowing capacity, extended debt maturities, and a lower effective interest rate. The company's focus on customer relationships, development expertise, and a strong balance sheet positions it for continued growth in the dynamic logistics sector.
Feb 13, 2019
2017
Prologis, Inc. Annual Report, Year Ended Dec 31, 2017
Prologis, Inc. (PLD) reported a strong financial year in 2017, characterized by robust operating fundamentals in its logistics real estate portfolio, with an occupancy rate of 97.2% at year-end. The company continued to execute its strategy of owning, managing, and developing high-quality logistics facilities in key global markets, benefiting from growth drivers such as e-commerce and supply chain modernization. Significant portfolio repositioning activities were undertaken, including contributions to co-investment ventures and strategic acquisitions, which generated substantial proceeds and net gains. The company's financial performance was bolstered by positive rent growth, with in-place leases averaging 14% below current market rates, indicating significant upside potential. Prologis also maintained a strong balance sheet and liquidity position, with a substantial amount available under its credit facilities and a continued focus on debt management through refinancing and opportunistic redemptions. The company's two core operating segments, Real Estate Operations and Strategic Capital, both contributed positively to overall performance, with Real Estate Operations driving the majority of revenues and Funds From Operations (FFO).
Feb 15, 2018
2016
Prologis, Inc. Annual Report, Year Ended Dec 31, 2016
Prologis, Inc. (PLD) in its 2017 10-K filing reported strong operational performance for the year ended December 31, 2016, characterized by high occupancy rates and significant rent growth on lease rollovers. The company, a global leader in logistics real estate, benefited from a growing demand driven by e-commerce, supply chain modernization, and urbanization. Prologis strategically focuses on high-barrier, high-growth markets, owning and managing a substantial portfolio across four continents. The report highlights the company's dual-segment structure: Real Estate Operations, which drives the majority of revenue and Net Operating Income (NOI), and Strategic Capital, which leverages third-party capital to fuel growth and generate recurring fees. This diversified approach, combined with a strong balance sheet and disciplined capital allocation, positions Prologis for continued success in the logistics real estate sector.
Feb 15, 2017
2015
Prologis, Inc. Annual Report, Year Ended Dec 31, 2015
Prologis, Inc. (NYSE: PLD) closed 2015 as the largest logistics real estate owner in the world by its own description, with 669 million square feet owned or invested in across 20 countries and $51.5 billion of owned and managed real estate. The company runs two segments: Real Estate Operations, which contributed about 90% of 2015 revenues, earnings and FFO, and Strategic Capital, which manages co-investment ventures for institutional partners and contributed about 10%. Total revenues rose 25% to $2.197 billion, net earnings attributable to common stockholders rose to $862.8 million ($1.64 diluted EPS), and Core FFO rose 24% to $1.181 billion. Results were lifted by the May 2015 KTR acquisition, which added about $5.8 billion of assets, and by $759 million of gains from dispositions and contributions. The balance sheet grew substantially. Total assets reached $31.4 billion and debt rose to $11.6 billion, with a weighted average effective rate of 3.2%, down from 3.7%. Financing for KTR relied on new senior notes, term loans and a $2.4 billion contribution from the venture partner in USLV, which raised noncontrolling interests to $3.75 billion. Operating metrics were strong: average occupancy reached 95.3%, same store NOI grew 4.3%, and rent change on rollover ranged from 9.5% to 14.4%. Risks disclosed include a 31.9% concentration of consolidated operating property value in California, foreign currency exposure (about 20% of total assets outside USD), dependence on REIT status, and reliance on co-investment ventures and capital markets access. Management guided to continued rent growth and development value creation. The company also reported an estimated 154 million square feet of additional development potential in its owned and managed land bank, and expected the carrying value of that land to be below fair value. Investors should weigh the strong growth and rent momentum against higher leverage, the larger consolidated asset base from KTR, and continued exposure to a few large markets and currencies.
Feb 19, 2016
2014
Prologis, Inc. Annual Report, Year Ended Dec 31, 2014
Prologis, Inc. (NYSE: PLD) and its operating partnership, Prologis, L.P., report FY2014 results as the global leader in industrial real estate, with roughly 590 million square feet owned or invested across 21 countries and an expected investment of $45.6 billion on an owned and managed basis. The company's consolidated operating portfolio was 96.1% occupied at year-end, and its rent-change on rollovers was positive for eight consecutive quarters, ranging from 6.2% to 9.7% in 2014. Net earnings attributable to common stockholders rose to $622.2 million ($1.24 diluted EPS) from $315.4 million in 2013, driven largely by $725.8 million of gains on dispositions and revaluations, while Core FFO increased to $953.1 million from $813.2 million. The balance sheet strengthened during the year. Total debt was $9.38 billion with a weighted average effective interest rate of 4.2% and weighted average maturity of 70 months, and the company repurchased about $1.8 billion of higher-cost notes and mortgage debt using proceeds from euro-denominated senior notes and new term loans. Credit ratings were Baa1 (Moody's) and BBB+ (S&P), both stable, and the company had $2.7 billion of credit facility availability at year-end. Strategic Capital income rose to $219.9 million, supported by a $42.1 million promote from the Prologis Targeted U.S. Logistics Fund and by the FIBRA Prologis IPO in Mexico. Key risks include concentration in California (33.6% of consolidated operating properties by investment), foreign currency exposure (about $6.4 billion, or 24.9% of total assets, held in non-dollar currencies), and reliance on co-investment ventures and capital markets for growth. The company also faces a $460 million exchangeable note maturity in March 2015 and remains dependent on external capital to fund its development pipeline, which had $1.0 billion of remaining expected spend.
Feb 25, 2015
2013
Prologis, Inc. Annual Report, Year Ended Dec 31, 2013
Prologis, Inc. (NYSE: PLD) and its operating partnership, Prologis, L.P., report FY2013 results as the leading global owner, operator and developer of industrial real estate, with 569 million square feet (owned and managed) valued at $45.5 billion across 21 countries. The year was defined by portfolio recycling: the company contributed 254 properties (71.5 million sq ft, $6.7 billion of proceeds) into co-investment ventures such as PELP (Europe), Nippon Prologis REIT (Japan) and others, and used the proceeds to cut total debt from $11.8 billion to $9.0 billion and lower the weighted average borrowing cost from 4.4% to 4.2%. Reported net earnings attributable to common stockholders rose to $315 million ($0.64 diluted EPS) from a loss of $81 million in 2012, aided by $597.7 million of gains on acquisitions and dispositions, while Core FFO was roughly flat at $813 million ($813.9 million in 2012). Operating fundamentals improved: the owned and managed portfolio was 95.1% occupied at year-end, up from 94.0%, and rent change on rollover was positive in every quarter of 2013 (2% to 6%). Same-store NOI grew 2.7% in Q4 2013 on the owned and managed basis. Management points to a large development pipeline (a land bank that could support nearly 200 million square feet, $1.9 billion of consolidated development expected investment) and a $1.4 billion April 2013 equity offering that supported the balance sheet. Key risks include concentration in California (32.6% of consolidated operating properties by investment), currency exposure (about 29.5% of total assets in non-USD currencies, with management targeting 77% USD-denominated net equity), a $725 million credit facility balance, and REIT qualification requirements. Investors should weigh the shift toward a fee-based investment management model against reduced consolidated rental income, which fell as properties moved into ventures.
Feb 26, 2014
2012
Prologis, Inc. Annual Report, Year Ended Dec 31, 2012
Prologis, Inc. (NYSE: PLD) and its operating partnership, Prologis, L.P., report results for fiscal 2012 in this combined 10-K, filed February 28, 2013 (auditor's report dated February 27, 2013). The company is the leading global owner, operator and developer of industrial real estate, managing 554 million square feet across 21 countries, with 94.0% occupancy in its operating portfolio. Results were mixed: total revenues rose to $2.0 billion (from $1.45 billion), but the company still posted a net loss attributable to common stockholders of $(80.9) million, or $(0.18) per share, driven largely by $252.9 million of real estate impairments and $283.5 million of total impairment charges. Management highlighted Core FFO of $813.9 million, up from $593.9 million in 2011, though much of the year-over-year improvement reflects the full-year effect of the 2011 merger of AMB and ProLogis. The strategic story centers on balance sheet repair and portfolio recycling. Prologis sold or contributed about $2.0 billion of assets and repaid $1.9 billion of debt, yet total debt rose to $11.8 billion at year-end because of $1.4 billion of co-investment venture acquisitions. Management plans to reduce debt in 2013 using proceeds from two new co-investment ventures: Nippon Prologis REIT in Japan (about $1.9 billion, closed February 14, 2013, with a gain of roughly $300 million expected in Q1 2013) and Prologis European Logistics Partners (about $3.1 billion of expected proceeds, with a $135 million impairment already taken in Q4 2012). Expected 2013 scheduled debt principal payments are $1.5 billion. Weighted average borrowing cost fell to 4.6% from 5.6%, and the company declared a $0.28 quarterly dividend for Q1 2013. For investors, the key trade-off is between a healthier, de-levering strategy and continued earnings pressure. The 2013 outlook depends on the successful closing and deployment of these ventures, the pace of asset dispositions, and an improving industrial market: management cites record Q4 2012 leasing of 145.3 million square feet for the year and a forecast of 150 million square feet of U.S. net absorption in 2013. Risks include foreign currency exposure (about 40.6% of total assets are non-dollar denominated), California concentration (25.1% of consolidated operating properties), and dependence on co-investment venture fundraising.
Feb 28, 2013
2011
Prologis, Inc. Annual Report, Year Ended Dec 31, 2011
Prologis, Inc. (PLD) closed fiscal 2011 as the leading global industrial REIT, but the year was dominated by the June 3, 2011 merger of AMB Property Corporation and ProLogis (accounting acquirer ProLogis) and the May 2011 consolidation of ProLogis European Properties (PEPR). Because the merger and PEPR results are included for only about seven months, year-over-year comparisons are distorted. Total revenues rose to $1.53 billion from $885 million, and the company reported a net loss attributable to common shares of $188 million ($0.51 per share), versus a $1.30 billion loss in 2010 that was driven by heavy impairments. Core FFO attributable to common shares rose to $594 million from $237 million, and FFO as defined by Prologis was $412 million, which is the more useful gauge of underlying operating performance. Management reported 92.2% occupancy across the owned and managed portfolio at year-end, up from 89.0%, and identified more than $115 million of annualized merger synergies, about 90% of which were already realized. Balance sheet deleveraging was a central theme. Total debt fell to $11.4 billion at year-end from $12.1 billion at June 30, 2011, funded largely by property dispositions, and a $1.1 billion equity offering in June 2011 supported the transaction. Total assets were $27.7 billion, with about 43.5% of assets denominated in non-U.S. currencies, which exposes the company to euro, yen and sterling movements. Management expects roughly $1.2 billion of 2012 debt maturities to be covered by disposition proceeds and credit facility availability, and the company had $1.2 billion of credit facility availability at year-end. The quarterly dividend was held at $0.28 per common share, unchanged through 2011. Key risks for investors include continued softness in rents (same-store rental rates on Q4 2011 leases fell 4.5%), a concentration of assets in California (about 23% of consolidated operating properties by investment), currency translation losses of $171 million in other comprehensive income, $1.2 billion of debt maturing in 2012, and a pending $200 million claim by Cisco related to the Pacific Commons development, which management believes is without merit and has not accrued. The company also expects to consolidate the Prologis NAIF II venture after acquiring its partner's 63% interest in February 2012 for about $335 million.
Feb 29, 2012
2010-A
Prologis, Inc. Annual Report (Amendment), Year Ended Dec 31, 2010
This filing is Amendment No. 1 to the Form 10-K of AMB Property Corporation and AMB Property, L.P. for fiscal 2010, not a full 10-K from Prologis. AMB was the filer, and its pending merger with ProLogis is referenced throughout. The amendment adds only Part III (Items 10-14: directors, executive officers, executive compensation, beneficial ownership, related transactions, and accountant fees). It contains no financial statements, so the document offers no new financial results or balance sheet data. It does describe the governance structure, pay practices, and the 2010 operating achievements used to set bonuses. Governance appears sound. Eight of nine directors are independent under NYSE standards, three directors are designated audit committee financial experts, and the board has no related-party transactions to report. Compensation is pay-for-performance, with no employment contracts and no repricing of underwater options. The 2010 bonus pool was funded at 122.4% of target, which the board justified by occupancy of 93.7%, a record 37.7 million square feet leased, and a record $780 million in private capital raised. However, the long-term incentive program paid below target, because three-year total stockholder return of -14.39% trailed the peer group's -10.93% by 346 basis points. CEO Hamid Moghadam's total compensation was $4.96 million under the CD&A methodology and $6.51 million under the SEC Summary Compensation Table, which reflects different valuation conventions. For investors, the key items are the pending ProLogis merger, which would trigger change-in-control payments and accelerate equity awards (with executives' waivers effective only upon completion), and the significant insider ownership concentrated in the CEO and his rabbi trust holdings. PricewaterhouseCoopers fees totaled $4.12 million in 2010, of which about $1.35 million was tax-related work and no audit-related fees were disclosed.
Mar 10, 2011
2010
Prologis, Inc. Annual Report, Year Ended Dec 31, 2010
This 10-K filing for AMB Property Corporation (AMB) as of December 31, 2010, highlights the company's significant global industrial real estate portfolio, spanning approximately 159.6 million square feet across 49 markets in 15 countries. The report details the company's operational structure through its Operating Partnership, AMB Property, L.P., and emphasizes its REIT status. A major development discussed is the pending "merger of equals" with ProLogis, announced on January 30, 2011, which aims to create a combined entity with enhanced scale and market presence in the industrial real estate sector. The filing also covers AMB's investment strategy focusing on logistics facilities in major hub and gateway distribution markets, its growth strategies through operations, co-investments, acquisitions, and development. Key financial data indicates a challenging but recovering market environment, with efforts to strengthen the balance sheet and manage liquidity being paramount. The report underscores various risks, including economic downturns, credit market disruptions, and specific risks related to the ProLogis merger, such as litigation and integration challenges.
Feb 18, 2011
2009
Prologis, Inc. Annual Report, Year Ended Dec 31, 2009
AMB Property Corporation (AMB) reported its 2009 fiscal year results, a period significantly impacted by the global economic downturn, which led to challenging real estate market fundamentals. Despite a reported net loss attributable to common stockholders of $50.1 million for the year, the company focused on strengthening its balance sheet and liquidity. AMB successfully raised capital through equity issuances and debt refinancing, reducing its debt-to-asset ratio and extending its debt maturity profile. The company also implemented significant cost-saving measures, reducing its global headcount by approximately one-third and decreasing its gross G&A costs. While occupancy rates in its owned and managed portfolio declined to 91.2% from 95.1% in the prior year, the company saw a slight improvement in occupancy by year-end and expressed optimism for a recovery in industrial real estate demand in the second half of 2010, driven by improving global GDP and trade forecasts. Key initiatives for 2010 include improving asset utilization, strategic acquisitions, and forming new private capital ventures.
Feb 22, 2010
2008
Prologis, Inc. Annual Report, Year Ended Dec 31, 2008
AMB Property Corporation (NYSE: AMB) ended 2008 with a challenging year marked by a $193.9 million real estate impairment charge and a net loss of $49.3 million (net loss available to common stockholders of $65.1 million, or $0.67 per share), versus net income of $314.3 million in 2007. Funds from operations fell sharply to $80.5 million ($0.78 diluted per share) from $365.5 million ($3.51) in 2007, reflecting the impairments, lower development profits, and reduced private capital income. The company is an industrial REIT focused on infill distribution markets tied to global trade, with 131.5 million square feet owned and managed at 95.1% occupancy and 15 countries of presence. Management has shifted to a defensive posture: acquisitions and development are limited to fulfilling prior commitments until markets stabilize, a 22% headcount reduction and $12.3 million restructuring charge were taken, and the quarterly common dividend was suspended in Q4 2008 (the full-year dividend declared was $1.56 versus $2.00 in 2007). Leverage remains elevated, with the company's share of total debt-to-total market capitalization at 61.4% versus a stated target of about 45% or less, and $782.6 million of consolidated debt maturing in 2009 (with $340.7 million if extension options are exercised). Liquidity consists of $223.9 million in cash and $710.2 million of available credit facility capacity. Key risks for investors include refinancing exposure, possible further impairments if real estate values decline, contingent obligations totaling $639.9 million (including $260.6 million of contribution agreements tied to unconsolidated co-investment ventures), and redemption requests of $132.7 million in one co-investment fund. The company's private capital business and co-investment ventures remain a significant source of fee income and capital, though the pace of new commitments has slowed significantly.
Mar 2, 2009
2007
Prologis, Inc. Annual Report, Year Ended Dec 31, 2007
AMB Property Corporation (NYSE: AMB) closed 2007 with a larger, more internationally diversified industrial portfolio, though reported earnings were lifted by one-time gains. The company owned or had interests in about 147.7 million square feet across 45 markets in 14 countries, of which 118.2 million square feet were owned and managed and 96.0% leased. Net income rose to $314.3 million from $224.1 million, but much of the increase came from development profits ($124.3 million) and gains on contributions of properties to co-investment ventures ($73.4 million). Funds from operations (FFO) per diluted share rose to $3.51 from $3.12, and cash-basis same-store NOI grew 5.1% on an owned and managed basis. The company's strategy shifted toward a private capital model. It contributed roughly $525 million of operating properties and 15 development projects into co-investment funds, notably the new AMB Europe Fund I, and it earns fees and promotes from these vehicles. Total revenue fell 5.8% to $669.7 million, mainly because the deconsolidation of AMB Institutional Alliance Fund III reduced consolidated rental revenue, and private capital revenue dropped 31% on lower incentive and acquisition fees. General and administrative expense rose 24% to $129.5 million, reflecting international expansion and new offices. Investors should weigh balance-sheet and risk items alongside the earnings story. Total consolidated debt was $3.5 billion, with a share-of-total-debt-to-market-capitalization ratio of 34.4%, and about $1.0 billion of secured debt is non-recourse. Roughly 13.2% of industrial annualized base rent expires in 2008, and the company guaranteed or committed up to $405 million in co-investment obligations. Management also disclosed a plan to raise international exposure toward 50% of the portfolio, up from 23.8% today, which adds currency and market risk. Key sensitivities include the U.S. industrial cycle, California concentration (22.7% of industrial ABR), and dependence on capital-market access to fund development and co-investment activity.
Feb 29, 2008
2006-A
Prologis, Inc. Annual Report (Amendment), Year Ended Dec 31, 2006
This is Amendment No. 1 (Form 10-K/A) to the fiscal 2006 annual report of AMB Property Corporation, an industrial REIT, not Prologis. The company's ticker was later adopted by Prologis after the 2006 merger, and the filing was signed October 25, 2007. The amendment does not restate AMB's results. It revises Item 8 and Item 15 only to add audited financial statements for AMB Japan Fund I, L.P., an unconsolidated co-investment joint venture in which AMB holds roughly a 20% interest. AMB's underlying 2006 results were solid. Total revenues rose 10% to $729.9 million, and net income available to common stockholders was $209.4 million, or $2.30 per diluted share, versus $250.4 million in 2005. The year-over-year decline in earnings reflects lower gains from property sales in 2006 ($42.6 million from discontinued operations, versus $113.6 million in 2005). Development profits rose to $106.4 million, and property net operating income grew to $508.0 million from $458.0 million. Operating cash flow was $335.9 million. General and administrative expense jumped 46% to $104.3 million, and the company recorded $6.3 million of impairment losses. The balance sheet shows $6.7 billion of total assets, $3.4 billion of total debt, and $2.2 billion of stockholders' equity, with a $1.1 billion development pipeline still requiring about $481 million of additional funding. The Japan Fund statements show a fund with ¥80.3 billion in assets, ¥57.6 billion in liabilities, and a 2006 net loss available to partners of ¥442 million after priority distributions. That loss is largely driven by distributions to the general partner rather than operating weakness.
Oct 26, 2007
2006
Prologis, Inc. Annual Report, Year Ended Dec 31, 2006
AMB Property Corporation (NYSE: AMB) reported a strong 2006 in its FY2006 10-K, filed February 23, 2007. Total revenues rose 10.4% to $729.9 million and net income available to common stockholders was $209.4 million ($2.30 diluted EPS), versus $250.4 million in 2005, which was inflated by large 2005 disposition gains. Funds from operations (FFO) rose 17.1% to $297.9 million, or $3.12 per diluted share and unit. Development profits roughly doubled to $106.4 million, and the company's strategy is shifting toward co-investment joint ventures and global expansion, with a target of about 50% of the owned and managed portfolio outside the U.S. by 2010 (14.1% at year-end 2006). Portfolio fundamentals were mixed. Owned and managed occupancy ended 2006 at 96.1%, but rent on renewals and rollovers was flat (-0.1%), with the San Francisco Bay Area down 13.2%. Cash-basis same-store NOI grew 2.6%, and management guides to 3-4% growth for 2007. Balance sheet leverage stayed in line with policy: our share of total debt-to-market capitalization was 34.2% against a 45% ceiling, and total consolidated debt was $3.4 billion. Investors should note that 14.3% of industrial ABR expires in 2007, that variable-rate debt rose to 37.1% of the total, and that the company deconsolidated AMB Institutional Alliance Fund III effective October 1, 2006, which limits comparability across periods.
Feb 23, 2007
2005-A
Prologis, Inc. Annual Report (Amendment), Year Ended Dec 31, 2005
This filing is an amendment (10-K/A) to AMB Property Corporation's (the registrant, which later became Prologis, Inc. or PLD) 2005 annual report, filed on March 15, 2006. The primary purpose of this amendment is to include exhibits that were inadvertently omitted from the original Form 10-K filing dated March 10, 2006. Therefore, this amendment does not contain new financial performance data or material business updates for the year ended December 31, 2005, but rather serves to complete the original disclosure by providing a comprehensive list of exhibits. Investors should refer to the original March 10, 2006, 10-K filing for the detailed financial statements and management's discussion and analysis for the fiscal year 2005.
Mar 16, 2006
2005
Prologis, Inc. Annual Report, Year Ended Dec 31, 2005
AMB Property Corporation (AMB) is a leading industrial real estate company focused on acquiring, developing, and operating properties in key global distribution markets. For the year ended December 31, 2005, the company reported solid performance, with total revenues reaching $676.1 million, driven by rental income from its extensive industrial property portfolio and contributions from its private capital business. AMB's strategy centers on supply-constrained submarkets near major transportation hubs, catering to customers involved in global trade. The company is actively expanding its international presence, with a target of 15% of its portfolio in international markets by the end of 2007. AMB also continues to grow through development and strategic acquisitions, supported by a strong balance sheet and access to capital, positioning itself for continued growth in the industrial real estate sector.
Mar 10, 2006
2004
Prologis, Inc. Annual Report, Year Ended Dec 31, 2004
AMB Property Corporation (AMB), a global leader in industrial real estate, filed its 2004 10-K on March 10, 2005, detailing its operations and financial performance for the year ended December 31, 2004. The company demonstrated strong growth, expanding its portfolio to 110.7 million square feet across 38 markets in eight countries. AMB's strategy focuses on high-throughput distribution facilities in supply-constrained markets, prioritizing locations near major transportation hubs to serve global trade customers. The company actively managed its portfolio by acquiring $695.2 million in properties and divesting $200.3 million in non-core assets, enhancing its market presence in key global cities. Financially, AMB reported total revenues of $665.7 million and net income of $125.5 million. A notable trend during 2004 was the improvement in the industrial real estate market, with national space availability declining and absorption significantly increasing. Despite a challenging leasing environment that led to a 13.2% decrease in industrial base rental rates on renewals and rollovers, AMB maintained high occupancy rates (94.8% for industrial properties) and saw improved same-store net operating income growth. The company also highlighted its commitment to growth through acquisitions, development, global expansion (targeting 15% of its portfolio in international markets by 2007), and strategic co-investments with institutional partners.
Mar 11, 2005
2003-A2
Prologis, Inc. Annual Report (Amendment), Year Ended Dec 31, 2003
AMB Property Corporation's Amendment No. 2 on Form 10-K/A (filed November 9, 2004) for fiscal 2003 restates prior results to correct depreciation on buildings located on ground-leased land. Management determined these buildings should have been depreciated over the remaining ground lease terms rather than the 40-year fee-simple life. The error understated depreciation for 2001 through 2003, and the restated figures show depreciation and amortization rising by roughly $5.5 million in 2001, $3.5 million in 2002 and $5.5 million in 2003. Diluted EPS for 2003 falls from $1.47 to $1.41, and net income available to common stockholders drops from $121.6 million to $116.7 million. The restatement affects 39 buildings, 38 of them on-tarmac at airports. Management classified the control failure as a material weakness in internal control over financial reporting, and concluded that disclosure controls were not effective as of December 31, 2003. Remediation measures include new general ledger accounts for ground-lease assets, a separate depreciation category, and added finance-team review of depreciable lives. The restatement is non-cash and does not change cash flows, total assets in substance, or the dividend, though it reduces reported stockholders' equity by about $9.8 million and raises minority interest figures slightly. Operating fundamentals remain weak: 2003 same-store industrial NOI fell 5.6%, renewal rents dropped 10.1%, and portfolio occupancy was 93.1%. Total debt was $2.57 billion, and the company paid a $1.66 per-share dividend. For investors, the central issue is governance and reporting reliability rather than a change in economics. The restatement shows a control gap that the company says it has remediated, but the filing itself documents a prior material weakness and a need to re-verify earlier reported results.
Nov 9, 2004
2003-A
Prologis, Inc. Annual Report (Amendment), Year Ended Dec 31, 2003
Important caveat: this document is not a full 10-K for Prologis, Inc. (PLD). It is Amendment No. 1 to the 2003 annual report of AMB Property Corporation, the predecessor entity, and the text does not show a filing date. The amendment only revises Part IV, Item 15(a)(1) and (2) to delete columns inadvertently included in the original filing and to correct typographical errors. It contains no business overview, MD&A, risk factors, audited financial statements, or Item 8 disclosures, so it cannot support a full investment assessment. The one substantive component is Schedule III, Consolidated Real Estate and Accumulated Depreciation as of December 31, 2003, which lists 952 buildings and centers across industrial markets in North America, Europe, and Japan, plus a small retail portfolio. Gross real estate cost is $5.29 billion, comprising $1.40 billion of land and $3.89 billion of buildings and improvements, with $474 million of accumulated depreciation (about 9% of gross cost). Property-level encumbrances total $1.35 billion, roughly 26% of gross cost. The Schedule III roll-forward shows active portfolio management during 2003. Acquisitions were $524 million, improvements and development spending $264 million, and divestitures $340 million. Depreciation expense, including discontinued operations, was $134 million. Total investments in properties were $5.49 billion after adding $200 million of construction in process, which includes $112.2 million of development fundings. The aggregate federal income tax basis of real estate was $5.20 billion. Investors should treat these figures as a property-level snapshot, not a complete picture of the company's financial condition, earnings, cash flows, or capital structure. Those would need the original 10-K.
Mar 15, 2004
2003
Prologis, Inc. Annual Report, Year Ended Dec 31, 2003
AMB Property Corporation (NYSE: AMB) ended 2003 as a large, industrial-focused REIT with 948 industrial buildings (87.1 million rentable sq ft) across 34 markets in North America, France, Germany and Japan. Occupancy was 93.1% at year-end, down from 94.6% in 2002, and rents on renewals and rollovers fell 10.1%. Same-store cash NOI declined 5.6%, and GAAP net income available to common stockholders rose to $121.6 million ($1.47 diluted EPS) from $116.2 million, aided by gains from property sales and development profits. Funds from operations (FFO) fell to $186.7 million ($2.13 diluted per share and unit) from $215.2 million, a meaningful decline driven by weaker same-store performance and dilution from the 2003 disposition program. Management sold $272.3 million of properties and contributed $94.0 million to a new joint venture, Industrial Fund I, LLC, in which it retained a 15% interest. Proceeds were partly redeployed into $533.9 million of acquisitions and a development pipeline that grew from $107 million to $233 million. The company also began a $481 million airfreight portfolio acquisition from International Airport Centers, with the balance expected to close by Q3 2004. Leverage metrics are moderate: the company's share of total debt-to-total market capitalization was 37.9% against a stated policy ceiling of about 45%, and the company had $127.7 million of cash and $171.6 million of credit facility availability at year-end. For investors, the central tradeoffs are a cyclical trough in industrial rents and occupancy against a strong balance sheet, a diversified co-investment platform that generates fee income, and a growing international and on-tarmac air cargo exposure. Key risks include California concentration (31.5% of industrial rent), roughly 17.8% of industrial base rent expiring in 2004, approximately $1.4 billion of secured debt, and dependence on capital markets to refinance maturities.
Mar 11, 2004
2002
Prologis, Inc. Annual Report, Year Ended Dec 31, 2002
AMB Property Corporation (AMB) filed its 2002 10-K report, detailing its operations as a real estate investment trust focused on industrial properties. The company operates globally, with a significant concentration of assets in key North American distribution markets. In 2002, AMB invested substantially in acquiring and developing industrial properties, expanding its portfolio to approximately 94.6 million square feet across 30 global markets. The report highlights the company's strategic focus on "High Throughput Distribution" (HTD®) facilities, designed for rapid product movement. AMB's investment strategy targets growing industries and leverages supply-constrained, infill locations near major transportation hubs. Despite a general contraction in the industrial real estate market, evidenced by declining national occupancy and negative net absorption, AMB maintained high occupancy rates (94.6% for industrial properties) by adapting lease pricing to local market conditions. The company also actively managed its portfolio through property dispositions and capital redeployment.
Mar 17, 2003
2001
Prologis, Inc. Annual Report, Year Ended Dec 31, 2001
AMB Property Corporation's annual report for fiscal 2001 (signed March 28, 2002) describes a REIT focused on owning and operating industrial distribution properties in supply-constrained, in-fill markets. As of December 31, 2001, it owned 905 industrial buildings and seven retail centers totaling about 81.6 million square feet across 26 markets, 94.5% leased. Total revenues rose 25% to $600.8 million, and net income available to common stockholders was $125.1 million, or $1.47 diluted per share, versus $1.35 in 2000. Funds from operations (FFO) was $213.5 million, up 2.3%. Growth was driven by acquisitions, development, and co-investment joint ventures. Same-store cash net operating income grew 6.3%, and cash rent increases on renewals and rollovers averaged 20.4%. The balance sheet carries more leverage and reliance on partners. Total consolidated debt was $2.14 billion, and the company reported a debt-to-total market capitalization of 44.7%, close to its 45% policy ceiling. Roughly $759 million of secured debt sits in joint ventures, and the company consolidates five co-investment ventures with about $1.3 billion of gross book value. Investors should note a $20.8 million loss on investments in other companies (including Webvan), the company's dependence on third-party capital, and a risk disclosure about its auditor, Arthur Andersen, which had been indicted in March 2002. Management is pursuing a strategy of disposing of non-core retail and industrial assets and redeploying proceeds into high-throughput distribution properties near airports, seaports, and highways. The company paid a regular quarterly dividend of $0.395 per share ($1.58 for 2001), and it authorized a new $100 million stock repurchase program. Note that the document's header lists a 12/31/2002 period, but the content covers fiscal year 2001.
Apr 1, 2002
2000-A
Prologis, Inc. Annual Report (Amendment), Year Ended Dec 31, 2000
This Form 10-K/A (Amendment No. 1) for fiscal year 2000 is filed by AMB Property Corporation (NYSE: AMB), a self-administered industrial REIT, and is restated in full to add business information, expand Item 5 market disclosures, and correct typographical errors in the Consolidated Statements of Stockholders' Equity. The company owned 862 industrial buildings and eight retail centers totaling about 77.0 million rentable square feet across 27 markets, 96.3% leased at year-end. Rental revenues rose 5.6% to $464.2 million, and net income available to common stockholders fell to $113.3 million ($1.35 per diluted share) from $167.6 million in 1999, which was boosted by $53.8 million of divestiture gains. FFO grew to $208.7 million from $191.1 million, and same-store cash NOI rose 8.4%, with renewal rent increases of 26.5%. The balance sheet shows total assets of $4.43 billion and total debt of $1.84 billion, up from $1.27 billion. Management targets debt-to-total market capitalization of about 45% or less; the actual ratio was 37.9% on a share-of-debt basis. The company invested $730.0 million in 145 operating buildings during 2000, funded partly through co-investment joint ventures with institutional clients, and divested 25 industrial buildings and one retail center for $175.7 million. Key risks include California exposure (29.6% of annualized base rent), a $216.0 million drawn unsecured credit facility at LIBOR plus 75 basis points, a $284.0 million remaining credit capacity, and roughly $155.7 million still needed to complete development projects. The REIT is required to distribute 90% of taxable income starting in 2001.
Apr 2, 2001
2000
Prologis, Inc. Annual Report, Year Ended Dec 31, 2000
This 10-K for fiscal year 2000 is from AMB Property Corporation (NYSE: AMB), a self-administered, self-managed REIT focused on High Throughput Distribution (HTD) industrial properties near airports, highways, and ports in major U.S. metros. At December 31, 2000, the company owned 862 industrial buildings and eight retail centers totaling about 77.0 million rentable square feet, 96.3% leased. Total revenues rose 6.6% to $477.7 million, but net income available to common stockholders fell sharply to $113.3 million ($1.35 per diluted share) from $167.6 million ($1.94) in 1999, which benefited from $53.8 million of divestiture gains. Funds from operations rose 9.2% to $208.7 million, and the dividend was raised to $1.48 per share from $1.40. Same-store cash NOI grew 8.4%, and rent increases on renewals and rollovers averaged 26.5%. The company invested $730.0 million in 145 operating industrial buildings during 2000 and disposed of $175.7 million of non-strategic assets, with 33 industrial buildings and one retail center still held for divestiture. Leverage is moderate and managed to a policy of debt at or below about 45% of total market capitalization; the company reported a debt-to-total market capitalization ratio of 37.9% on its share of debt. Total debt rose to $1.84 billion, including $680 million of unsecured senior notes, a $216 million drawn balance on a $500 million credit facility, and $930 million of secured debt. Liquidity appears adequate, with $20.4 million of cash and $284 million of available credit. Key risks for investors include California concentration (about 29.6% of annualized base rent), refinancing and interest-rate exposure, reliance on joint ventures and co-investment capital, the need to reinvest divestiture proceeds effectively, and the REIT distribution requirements. Insiders and three large holders together control a meaningful stake, with the three largest stockholders owning about 18.3%. Note that the filing's cover and body refer to the company as AMB Property Corporation, and the filing date is March 28, 2001 as requested.
Mar 28, 2001
1999
Prologis, Inc. Annual Report, Year Ended Dec 31, 1999
This Form 10-K for fiscal 1999 is filed by AMB Property Corporation (the filing names AMB Property Corporation, not Prologis, despite the request referencing PLD; the 2000 filing date and content match AMB). AMB is a self-administered, self-managed REIT focused on High Throughput Distribution (HTD) industrial properties in in-fill submarkets near airports, ports and interstates. At year-end 1999 it owned 724 industrial buildings and 9 retail centers (about 66.8 million sq ft) that were 95.9% leased, with industrial rents rising 12.5% on renewals and rollovers. Rental revenues grew 24% to $439.7 million, and net income available to common stockholders rose to $167.6 million ($1.94 per share), boosted by a $53.8 million gain on divestitures. FFO per diluted share was $2.10, up from $1.90. The company sold most of its retail portfolio to BPP Retail (CalPERS/Burnham Pacific co-investment) for about $560 million and plans to dispose of remaining non-strategic assets and redeploy capital into HTD properties. Leverage is moderate, with debt-to-total market capitalization at 35.2% against a stated policy target of about 45% or less, and $417 million of available credit facility capacity. Key risks include concentration in California (29.1% of annualized base rent), near-term lease rollover (16.1% of leased square footage expiring in 2000), refinancing needs (the $83 million credit facility matures November 2000), and a pending potential REIT-status question tied to early-stage investments.
Mar 22, 2000
1998
Prologis, Inc. Annual Report, Year Ended Dec 31, 1998
This 10-K is filed by AMB Property Corporation (NYSE: AMB), not Prologis, Inc. (PLD). The filing's own cover page and text identify the registrant as AMB Property Corporation, a Maryland REIT headquartered in San Francisco, for fiscal year ended December 31, 1998. As of year-end 1998, AMB owned 620 industrial and retail buildings/centers totaling 63.6 million rentable square feet across 30 markets: 582 industrial buildings (56.6M sq ft, 96.0% leased) and 38 grocer-anchored retail centers (7.0M sq ft, 94.6% leased). Total assets were $3.56 billion, total debt $1.37 billion, and 1998 net income $112.6 million ($1.26 diluted EPS, or $108.95 million available to common). Funds from operations (FFO) rose to $170.4 million from $147.4 million on a pro forma 1997 basis, and the company paid $1.37 annually in common dividends. The most significant strategic event is the March 9, 1999 agreement to sell 28 retail centers (5.1M sq ft) to BPP Retail, a CalPERS co-investment vehicle, for $663.4 million, plus six more centers (1.5M sq ft) to Burnham Pacific Properties for $284.4 million, subject to financing confirmation. Management expects to reinvest about $520 million in industrial properties and reduce secured debt by about $100 million, and the company is shifting to an industrial-focused portfolio concentrated in hub markets. Closings are expected between April and December 1999, and BPP Retail's liability on default is limited to its $25 million deposit, which creates execution risk. Leverage is moderate, with debt-to-total market capitalization of about 38%, against a stated target of 45% or less, and the company maintains investment-grade ratings. Key risks include California concentration (about 29.5% of annualized base rent), lease rollover (13.0% of leased square footage expiring in 1999), floating-rate exposure on the $234 million credit facility, earthquake exposure, and REIT compliance requirements. Insider and institutional ownership is concentrated, with the three largest holders owning about 31.1% of common stock.
Mar 24, 1999
1997
Prologis, Inc. Annual Report, Year Ended Dec 31, 1997
This 10-K is filed by AMB Property Corporation (NYSE: AMB), not Prologis (PLD) as the request stated. It covers the fiscal year ended December 31, 1997, the first year after the company's November 26, 1997 IPO and formation transactions. AMB owns 43.5 million rentable square feet: 37.3 million of industrial space (95.7% leased, mostly warehouse distribution in hub markets) and 6.2 million of grocer-anchored community shopping centers (96.1% leased). The company elected REIT status beginning with 1997, and its strategy centers on in-fill hub and regional distribution markets, a management alliance program with third-party local managers, and value-added renovation and development. Because the company was a fund-manager predecessor before the IPO, the 1997 historical income statement covers only a short stub period, so pro forma figures are more useful for assessing the portfolio. Pro forma 1997 revenue was $284.7 million, pro forma net income $99.5 million, and FFO $147.4 million, or roughly $1.15 diluted EPS on about 86 million diluted shares. The balance sheet is conservative. Total assets were $2.51 billion, debt was $685.7 million (about 23.6% of total market capitalization, versus a stated target below 45%), and stockholders' equity was $1.67 billion. Debt consists of $535.7 million of secured mortgages (including an $18.3 million premium from the formation transactions, at a weighted average fixed rate of about 7.8%) and a $150 million drawn balance on a $500 million unsecured credit facility at LIBOR plus 110 basis points that matures in November 2000. Cash was $39.9 million. The company says it intends to keep most assets unencumbered to support a future investment-grade rating. Management expects 1998 distributions and operating cash flow to cover obligations, though not to retire all maturing debt without new financing. Key risks include lease rollover (about 13% of industrial square footage expires in 1998, and roughly 18% in 2000), a tenant retention rate of about 72% for industrial space, reliance on a board that can change strategy without shareholder votes, joint venture and co-investment exposure, and the need to refinance secured debt that matures between 1998 and 2008. The filing also shows a large amount of unamortized purchase accounting, and the 1997 historical results are not comparable with prior years, which the company itself flags.
Mar 31, 1998