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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/25/23 Prologis Euro Finance LLC 424B2 2:1.7M Toppan Merrill/FA Prologis, L.P. |
Document/Exhibit Description Pages Size 1: 424B2 Prospectus - Primary Offering or Shelf Securities HTML 1.62M 2: EX-FILING FEES Filing Fees HTML 24K
tm233690-3_424b2 - none - 14.6875746s |
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Per 2030 Note
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Per 2043 Note
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Total
|
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Price to public(1)
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| | | | 99.357% | | | | | | 98.643% | | | | | € | 1,237,321,500 | | |
Underwriting discount
|
| | | | 0.400% | | | | | | 0.550% | | | | | € | 5,975,000 | | |
Proceeds to us, before expenses
|
| | | | 98.957% | | | | | | 98.093% | | | | | € | 1,231,346,500 | | |
| BNP PARIBAS | | |
HSBC
|
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ING
|
| |
J.P. Morgan
|
|
| BBVA | | |
Crédit Agricole CIB
|
|
| Citigroup | | |
Mizuho
|
| |
MUFG
|
| |
Scotiabank
|
|
| SMBC Nikko | | |
TD Securities
|
| |
Wells Fargo Securities
|
|
| Academy Securities | | |
Goldman Sachs & Co. LLC
|
| |
Morgan Stanley
|
| |
PNC Capital Markets LLC
|
|
|
Ramirez & Co., Inc.
|
| |
Regions Securities LLC
|
| |
Standard Chartered Bank
|
| |
Truist Securities
|
| |
US Bancorp
|
|
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Page
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| | | | S-iv | | | |
| | | | S-1 | | | |
| | | | S-10 | | | |
| | | | S-15 | | | |
| | | | S-16 | | | |
| | | | S-17 | | | |
| | | | S-18 | | | |
| | | | S-27 | | | |
| | | | S-33 | | | |
| | | | S-38 | | | |
| | | | S-38 | | | |
| | | | S-38 | | |
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Page
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Year Ended December 31,
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2021
|
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(unaudited)
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(audited)
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Operating Data (in millions, except per share data): | | | | | | | | | | | | | |
Revenues: | | | | | | | | | | | | | |
Rental
|
| | | $ | 4,913 | | | | | $ | 4,148 | | |
Strategic capital
|
| | | | 1,040 | | | | | | 591 | | |
Development management and other
|
| | | | 21 | | | | | | 20 | | |
Total revenues
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| | | | 5,974 | | | | | | 4,759 | | |
Expenses: | | | | | | | | | | | | | |
Rental
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| | | | 1,206 | | | | | | 1,041 | | |
Strategic capital
|
| | | | 303 | | | | | | 207 | | |
General and administrative
|
| | | | 331 | | | | | | 293 | | |
Depreciation and amortization
|
| | | | 1,813 | | | | | | 1,578 | | |
Other
|
| | | | 40 | | | | | | 23 | | |
Total expenses
|
| | | | 3,693 | | | | | | 3,142 | | |
Operating income before gains on real estate transactions, net
|
| | | | 2,281 | | | | | | 1,617 | | |
Gains on dispositions of development properties and land, net
|
| | | | 598 | | | | | | 817 | | |
Gains on other dispositions of investments in real estate, net
|
| | | | 589 | | | | | | 773 | | |
Operating income
|
| | | | 3,468 | | | | | | 3,207 | | |
Other income (expense):
|
| | | | | | | | | | | | |
Earnings from unconsolidated entities, net
|
| | | | 311 | | | | | | 404 | | |
Interest expense
|
| | | | (309) | | | | | | (266) | | |
Foreign currency and derivative gains (losses) and interest and other income, net
|
| | | | 241 | | | | | | 165 | | |
Losses on early extinguishment of debt, net
|
| | | | (20) | | | | | | (187) | | |
Total other income
|
| | | | 223 | | | | | | 116 | | |
Earnings before income taxes
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| | | | 3,691 | | | | | | 3,323 | | |
Total income tax expense
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| | | | (136) | | | | | | (174) | | |
Consolidated net earnings
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| | | $ | 3,555 | | | | | $ | 3,149 | | |
Less net earnings attributable to noncontrolling interests
|
| | | | 98 | | | | | | 128 | | |
Net earnings attributable to controlling interests
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| | | $ | 3,457 | | | | | $ | 3,021 | | |
Less preferred unit distributions
|
| | | | 6 | | | | | | 6 | | |
Net earnings attributable to common unitholders
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| | | $ | 3,451 | | | | | $ | 3,015 | | |
Weighted average common units outstanding: | | | | | | | | | | | | | |
Basic
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| | | | 799.2 | | | | | | 752.0 | | |
Diluted
|
| | | | 811.6 | | | | | | 764.8 | | |
Net earnings per unit attributable to common unitholders – Basic
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| | | $ | 4.28 | | | | | $ | 3.97 | | |
Net earnings per unit attributable to common unitholders – Diluted
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| | | $ | 4.25 | | | | | $ | 3.94 | | |
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Years Ended December 31,
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2021
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FFO(1): (in millions)
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(unaudited)
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(unaudited)
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Reconciliation of net earnings to FFO measures: | | | | | | | | | | | | | |
Net earnings attributable to common unitholders
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| | | $ | 3,451 | | | | | $ | 3,015 | | |
Add (deduct) NAREIT defined adjustments: | | | | | | | | | | | | | |
Real estate related depreciation and amortization
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| | | | 1,763 | | | | | | 1,534 | | |
Gains on other dispositions of investments in real estate, net of taxes (excluding development properties and land)
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| | | | (595) | | | | | | (749) | | |
Reconciling items related to noncontrolling interests
|
| | | | (105) | | | | | | (76) | | |
Our share of reconciling items related to unconsolidated co-investment
ventures |
| | | | 320 | | | | | | 173 | | |
Our shared of reconciling items related to other unconsolidated ventures
|
| | | | 43 | | | | | | 27 | | |
NAREIT defined FFO attributable to common unitholders(1)
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| | | $ | 4,877 | | | | | $ | 3,924 | | |
Add (deduct) our defined adjustments: | | | | | | | | | | | | | |
Unrealized foreign currency and derivative gains, net
|
| | | | (85) | | | | | | (173) | | |
Deferred income tax expense
|
| | | | 13 | | | | | | 1 | | |
Current income tax expense (benefit) on dispositions related to acquired tax liabilities
|
| | | | (21) | | | | | | 3 | | |
Reconciling items related to noncontrolling interests
|
| | | | — | | | | | | 1 | | |
Our share of reconciling items related to unconsolidated co-investment
ventures |
| | | | (42) | | | | | | (1) | | |
FFO, as modified by Prologis attributable to common unitholders(1)
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| | | $ | 4,742 | | | | | $ | 3,755 | | |
Adjustments to arrive at Core FFO: | | | | | | | | | | | | | |
Gains on dispositions of development properties and land, net
|
| | | | (597) | | | | | | (817) | | |
Current income tax expense on dispositions
|
| | | | 18 | | | | | | 38 | | |
Losses on early extinguishment of debt, net
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| | | | 20 | | | | | | 187 | | |
Reconciling items related to noncontrolling interests
|
| | | | 5 | | | | | | 7 | | |
Our share of reconciling items related to unconsolidated co-investment
ventures |
| | | | 1 | | | | | | 4 | | |
Our share of reconciling items related to other unconsolidated ventures
|
| | | | (1) | | | | | | (2) | | |
Core FFO attributable to common unitholders(1)
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| | | $ | 4,188 | | | | | $ | 3,172 | | |
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2021
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Financial Position (in millions):
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(unaudited)
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(audited)
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Net investments in real estate properties
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| | | $ | 72,587 | | | | | $ | 45,337 | | |
Investment in and advances to unconsolidated entities
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| | | $ | 9,699 | | | | | $ | 8,611 | | |
Cash and cash equivalents
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| | | $ | 278 | | | | | $ | 556 | | |
Total assets
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| | | $ | 87,897 | | | | | $ | 58,486 | | |
Total debt
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| | | $ | 23,876 | | | | | $ | 17,715 | | |
Total liabilities
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| | | $ | 30,034 | | | | | $ | 20,744 | | |
Noncontrolling interest
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| | | $ | 3,320 | | | | | $ | 3,398 | | |
Total capital
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| | | $ | 57,863 | | | | | $ | 37,742 | | |
Number of common units outstanding
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| | | | 938 | | | | | | 752 | | |
Number of Class A common limited partnership units outstanding
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| | | | 9 | | | | | | 9 | | |
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As of
December 31, 2022 |
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Actual
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As
Adjusted(1) |
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(In millions)
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Cash and cash equivalents:
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| | | $ | 278 | | | | | $ | 1,589 | | |
Debt: | | | | | | | | | | | | | |
Credit facilities
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| | | $ | 1,538 | | | | | $ | 1,538 | | |
Senior notes
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| | | | 19,786 | | | | | | 19,786 | | |
2030 Notes offered hereby(2)
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| | | | — | | | | | | 632 | | |
2043 Notes offered hereby(2)
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| | | | — | | | | | | 679 | | |
Term loans and other debt
|
| | | | 2,107 | | | | | | 2,107 | | |
Secured mortgage
|
| | | | 445 | | | | | | 445 | | |
Total debt
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| | | | 23,876 | | | | | | 25,187 | | |
Prologis, L.P. capital: | | | | | | | | | | | | | |
Partners’ capital
|
| | | | 54,543 | | | | | | 54,543 | | |
Noncontrolling interests:
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| | | | 3,320 | | | | | | 3,320 | | |
Total capital
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| | | | 57,863 | | | | | | 57,863 | | |
Total capitalization:
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| | | $ | 81,739 | | | | | $ | 83,050 | | |
Name
|
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Principal
Amount of 2030 Notes |
| |
Principal
Amount of 2043 Notes |
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BNP Paribas
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| | | € | 87,750,000 | | | | | € | 95,063,000 | | |
HSBC Bank plc
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| | | | 87,750,000 | | | | | | 95,063,000 | | |
ING Bank N.V.
|
| | | | 87,750,000 | | | | | | 95,062,000 | | |
J.P. Morgan Securities plc
|
| | | | 87,750,000 | | | | | | 95,062,000 | | |
Banco Bilbao Vizcaya Argentaria, S.A.
|
| | | | 27,000,000 | | | | | | 29,250,000 | | |
Crédit Agricole Corporate and Investment Bank
|
| | | | 27,000,000 | | | | | | 29,250,000 | | |
Academy Securities, Inc.
|
| | | | 18,000,000 | | | | | | 19,500,000 | | |
Citigroup Global Markets Limited
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| | | | 15,000,000 | | | | | | 16,250,000 | | |
Mizuho International plc
|
| | | | 15,000,000 | | | | | | 16,250,000 | | |
MUFG Securities EMEA plc
|
| | | | 15,000,000 | | | | | | 16,250,000 | | |
Scotiabank (Ireland) Designated Activity Company
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| | | | 15,000,000 | | | | | | 16,250,000 | | |
SMBC Nikko Capital Markets Limited
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| | | | 15,000,000 | | | | | | 16,250,000 | | |
The Toronto-Dominion Bank
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| | | | 15,000,000 | | | | | | 16,250,000 | | |
Wells Fargo Securities International Limited
|
| | | | 15,000,000 | | | | | | 16,250,000 | | |
Goldman Sachs & Co. LLC
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| | | | 9,000,000 | | | | | | 9,750,000 | | |
Morgan Stanley & Co. International plc
|
| | | | 9,000,000 | | | | | | 9,750,000 | | |
PNC Capital Markets LLC
|
| | | | 9,000,000 | | | | | | 9,750,000 | | |
Regions Securities LLC
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| | | | 9,000,000 | | | | | | 9,750,000 | | |
Samuel A. Ramirez & Company, Inc.
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| | | | 9,000,000 | | | | | | 9,750,000 | | |
Standard Chartered Bank
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| | | | 9,000,000 | | | | | | 9,750,000 | | |
Truist Securities, Inc.
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| | | | 9,000,000 | | | | | | 9,750,000 | | |
U.S. Bancorp Investments, Inc..
|
| | | | 9,000,000 | | | | | | 9,750,000 | | |
Total
|
| | | € | 600,000,000 | | | | | € | 650,000,000 | | |
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This ‘424B2’ Filing | Date | Other Filings | ||
---|---|---|---|---|
1/31/30 | ||||
10/31/29 | ||||
1/1/26 | ||||
12/31/25 | ||||
10/7/25 | ||||
1/31/24 | ||||
1/31/23 | ||||
Filed on: | 1/25/23 | |||
1/23/23 | 424B3, FWP | |||
1/13/23 | ||||
12/31/22 | ||||
9/15/22 | 424B3, 8-K, EFFECT, FWP, S-3ASR | |||
9/14/22 | 8-K, EFFECT | |||
8/31/22 | S-4 | |||
6/30/22 | 10-Q, 8-K | |||
1/1/22 | ||||
12/31/21 | 10-K | |||
12/31/20 | 10-K | |||
3/26/19 | ||||
8/24/18 | 8-K/A, POSASR | |||
8/1/18 | 8-A12B | |||
12/31/17 | 10-K | |||
6/7/17 | 8-A12B | |||
12/31/15 | 10-K | |||
2/20/14 | 8-A12B | |||
12/3/13 | 8-A12B | |||
8/15/13 | 8-K | |||
6/8/11 | 8-K | |||
8/14/09 | S-3ASR, UPLOAD | |||
7/30/08 | ||||
1/1/05 | ||||
12/31/97 | ||||
1/1/97 | ||||
8/20/96 | ||||
List all Filings |