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Prologis, Inc. Annual Report (Amendment), Year Ended Dec 31, 2000

Filing Date
Filed April 2, 2001
Period End
December 31, 2000
Securities
PLDPLDGP
In the record · 2016–202610-K1110-Q328-K176

PLD filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 176 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jan ’18Jan ’18
  2. Deal closed8-K · Feb ’20Feb ’20
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Abstract

Summary

Summary of the 10-K/A filed April 2, 2001. Cited figures are marked; the original filing is the authoritative source.

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 milliona, 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 billionb 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 millionc 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.

02—Key points

Key Highlights

  1. Portfolio of 862 industrial buildings and eight retail centers (about 77.0M sq ft) in 27 markets, 96.3% leased at December 31, 2000.
  2. Rental revenues grew 5.6% to $464.2M; same-store cash NOI rose 8.4%, and renewal and rollover rent increases averaged 26.5%.
  3. Net income available to common stockholders was $113.3M ($1.35 per diluted share), down from $167.6M in 1999, which included large divestiture gains.
  4. FFO rose to $208.7M from $191.1M, and the common dividend was $1.48 per share, up from $1.40.
  5. Invested $730.0M in 145 industrial buildings in 2000 and sold 25 industrial buildings plus one retail center for $175.7M, with 33 industrial buildings still held for divestiture.
  6. Total debt of $1.84B (37.9% of total market capitalization on a share basis) and a $284.0M undrawn balance on the $500M unsecured credit facility.
  7. Exposure to California is significant at 29.6% of annualized base rent, and the development pipeline requires about $155.7M of additional funding.

03—Questions

Frequently Asked Questions

  1. Why did net income available to common stockholders decline in 2000 despite revenue growth?

    1999 results included $53.8M of gains from property divestitures, and 2000 included only $7.0M. Net income available to common stockholders was $113.3M in 2000 versus $167.6M in 1999. Revenue grew 6.6% to $477.7M, and depreciation rose 42.7% to $96.3M, partly reflecting lower depreciation in 1999 on retail assets held for sale.

  2. How leveraged is the company and how does it manage its debt?

    Total consolidated debt was $1.84B at year-end 2000, up from $1.27B. Management targets a debt-to-total market capitalization ratio of about 45% or less and aims to keep investment-grade ratings. The share-of-debt ratio to total market capitalization was 37.9%, and the debt-to-book capitalization ratio was 44.6%. The policy is not codified in the organizational documents and could be changed by the board.

  3. What are the main risks to investors?

    Key risks include a concentration of properties in California (29.6% of annualized base rent), exposure to rising interest rates on the $216.0M variable-rate credit facility, the need to refinance secured debt maturing through 2001 ($49.2M total scheduled), lease rollover risk (15.6% of rent expiring by end of 2001), and the requirement to distribute at least 90% of REIT taxable income starting in 2001. Insiders and large holders own about 23.4% of common stock combined.

  4. What is the status of the development pipeline and capital needs?

    At year-end 2000, the company had 19 industrial and three retail projects in development, with a total estimated investment of $382.2M. About $226.5M had been funded, and roughly $155.7M remains to be funded. The company expects to fund these from operating cash flow, credit facility borrowings, debt or equity issuance, and divestiture proceeds.

  5. What did the amendment change?

    This 10-K/A restates the entire 2000 annual report. It adds information to Item 1 (Business) and Item 5 (Market for Common Equity), and corrects typographical errors in the Consolidated Statements of Stockholders' Equity. The financial results themselves are not restated.

04—Continue

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