Summary
Prologis, Inc. (PLD) has filed an 8-K report on November 14, 2007, primarily to update its historical financial statements for an upcoming registration statement (Form S-3) related to the issuance and resale of common stock. The key adjustment involves the reclassification of five properties from "held for use" to "held for sale" and the disposition of four other properties during the first nine months of 2007. These changes, mandated by SFAS No. 144, will be reported as discontinued operations. While this reclassification leads to a reduction in previously reported income from continuing operations for fiscal years 2006, 2005, and 2004, Prologis states there is no impact on net income, financial condition, or cash flows. The filing also includes updated property information and financial data, along with management's discussion and analysis.
Key Highlights
- 1Prologis is filing an 8-K to support a Form S-3 registration statement for the issuance and resale of 1,130,835 shares of common stock.
- 2The report amends previously filed consolidated financial statements for 2006, 2005, and 2004 to account for discontinued operations.
- 3Five properties have been reclassified from 'held for use' to 'held for sale', and four previously 'held for use' properties were disposed of in the nine months ended September 30, 2007.
- 4These reclassifications and dispositions are recognized under SFAS No. 144 and will be reported as discontinued operations.
- 5The company reports a decrease in income from continuing operations for 2006 ($9.1M), 2005 ($7.4M), and 2004 ($6.8M) due to these changes.
- 6Importantly, Prologis states there is no impact on previously reported net income, financial condition, or cash flows.
- 7The filing includes updated property information, selected financial data, and management's discussion and analysis.