Prologis, Inc. (PLD)

FORM 10-Q | Quarterly Report
Jul. 19, 2019 6:47 PM
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About: Prologis, Inc. (PLD)View as PDF
Prologis, Inc. (Form: 10-Q, Received: 07/22/2019 06:03:05)
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2019

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______________ to ______________

 

Commission File Number:  001-13545 (Prologis, Inc.)  001-14245 (Prologis, L.P.)

 

Click to enlarge

Prologis, Inc.

Prologis, L.P.

(Exact name of registrant as specified in its charter)

 

Maryland (Prologis, Inc.)

Delaware (Prologis, L.P.)

 

94-3281941 (Prologis, Inc.)

94-3285362 (Prologis, L.P.)

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

Pier 1, Bay 1, San Francisco, California

 

94111

(Address or principal executive offices)

 

(Zip Code)

 

(415) 394-9000

(Registrants’ telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange on Which Registered

Prologis, Inc.

 

Common Stock, $0.01 par value

 

PLD

 

New York Stock Exchange

Prologis, L.P.

 

1.375% Notes due 2020

 

PLD/20A

 

New York Stock Exchange

Prologis, L.P.

 

1.375% Notes due 2021

 

PLD/21

 

New York Stock Exchange

Prologis, L.P.

 

3.000% Notes due 2022

 

PLD/22

 

New York Stock Exchange

Prologis, L.P.

 

3.375% Notes due 2024

 

PLD/24

 

New York Stock Exchange

Prologis, L.P.

 

3.000% Notes due 2026

 

PLD/26

 

New York Stock Exchange

Prologis, L.P.

 

2.250% Notes due 2029

 

PLD/29

 

New York Stock Exchange

Prologis, L.P.

 

Floating Rate Notes due 2020

 

PLD/20B

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing for the past 90 days.

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter periods that the registrant was required to submit such files).

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Prologis, Inc.:

 

 

 

 

 

Large accelerated filer   

 

Accelerated filer   

Non-accelerated filer   

Smaller reporting company   

Emerging growth company    

 

Prologis, L.P.:

 

 

 

 

 

Large accelerated filer   

 

Accelerated filer   

Non-accelerated filer   

Smaller reporting company   

Emerging growth company    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

The number of shares of Prologis, Inc.’s common stock outstanding at July 17, 2019, was approximately 631,129,000.

 

 

 


 

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2019, of Prologis, Inc. and Prologis, L.P. Unless stated otherwise or the context otherwise requires, references to “Prologis, Inc.” or the “Parent” mean Prologis, Inc. and its consolidated subsidiaries; and references to “Prologis, L.P.” or the “Operating Partnership” or the “OP” mean Prologis, L.P., and its consolidated subsidiaries. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and the OP collectively.

 

The Parent is a real estate investment trust (a “REIT”) and the general partner of the OP. At June 30, 2019, the Parent owned 97.12% common general partnership interest in the OP and 100% of the preferred units in the OP. The remaining 2.88% common limited partnership interests are owned by unaffiliated investors and certain current and former directors and officers of the Parent.

 

We operate the Parent and the OP as one enterprise. The management of the Parent consists of the same members as the management of the OP. These members are officers of the Parent and employees of the OP or one of its subsidiaries. As sole general partner, the Parent has control of the OP through complete responsibility and discretion in the day-to-day management and therefore, consolidates the OP for financial reporting purposes. Because the only significant asset of the Parent is its investment in the OP, the assets and liabilities of the Parent and the OP are the same on their respective financial statements.

We believe combining the quarterly reports on Form 10-Q of the Parent and the OP into this single report results in the following benefits:

enhances investors’ understanding of the Parent and the OP by enabling investors to view the business as a whole in the same manner as management views and operates the business;

eliminates duplicative disclosure and provides a more streamlined and readable presentation as a substantial portion of the Company’s disclosure applies to both the Parent and the OP; and

creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

 

It is important to understand the few differences between the Parent and the OP in the context of how we operate the Company. The Parent does not conduct business itself, other than acting as the sole general partner of the OP and issuing public equity from time to time. The OP holds substantially all the assets of the business, directly or indirectly. The OP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent, which are contributed to the OP in exchange for partnership units, the OP generates capital required by the business through the OP’s operations, incurrence of indebtedness and issuance of partnership units to third parties.

 

The presentation of noncontrolling interests, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Parent and those of the OP. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity and capital issuances in the Parent and in the OP.

                

The preferred stock, common stock, additional paid-in capital, accumulated other comprehensive income (loss) and distributions in excess of net earnings of the Parent are presented as stockholders’ equity in the Parent’s consolidated financial statements. These items represent the common and preferred general partnership interests held by the Parent in the OP and are presented as general partner’s capital within partners’ capital in the OP’s consolidated financial statements. The common limited partnership interests held by the limited partners in the OP are presented as noncontrolling interest within equity in the Parent’s consolidated financial statements and as limited partners’ capital within partners’ capital in the OP’s consolidated financial statements.

                

To highlight the differences between the Parent and the OP, separate sections in this report, as applicable, individually discuss the Parent and the OP, including separate financial statements and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure of the Parent and the OP, this report refers to actions or holdings as being actions or holdings of Prologis.

 

 

 


 

PROLOGIS

INDEX

 

 

 

 

 

Page

Number

 

PART I.

 

Financial Information

 

 

 

 

 

Item 1.

Financial Statements

 

1

 

 

 

            Prologis, Inc.:

 

 

 

 

 

 

Consolidated Balance Sheets – June 30, 2019 and December 31, 2018

 

1

 

 

 

 

Consolidated Statements of Income – Three and Six Months Ended June 30, 2019 and 2018

 

2

 

 

 

 

Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2019 and 2018

 

3

 

 

 

 

Consolidated Statements of Equity – Three and Six Months Ended June 30, 2019 and 2018

 

4

 

 

 

 

Consolidated Statements of Cash Flows – Six Months Ended June 30, 2019 and 2018

 

5

 

 

 

            Prologis, L.P.:

 

 

 

 

 

 

Consolidated Balance Sheets – June 30, 2019 and December 31, 2018

 

6

 

 

 

 

Consolidated Statements of Income – Three and Six Months Ended June 30, 2019 and 2018

 

7

 

 

 

 

Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2019 and 2018

 

8

 

 

 

 

Consolidated Statements of Capital – Three and Six Months Ended June 30, 2019 and 2018

 

9

 

 

 

 

Consolidated Statements of Cash Flows – Six Months Ended June 30, 2019 and 2018

 

10

 

 

 

             Prologis, Inc. and Prologis, L.P.:

 

 

 

 

 

 

Notes to the Consolidated Financial Statements

 

11

 

 

 

 

Note 1. General

 

11

 

 

 

 

Note 2. DCT Transaction

 

12

 

 

 

 

Note 3. Real Estate

 

13

 

 

 

 

Note 4. Unconsolidated Entities

 

15

 

 

 

 

Note 5. Assets Held for Sale or Contribution

 

17

 

 

 

 

Note 6. Debt

 

17

 

 

 

 

Note 7. Noncontrolling Interests

 

19

 

 

 

 

Note 8. Long-Term Compensation

 

19

 

 

 

 

Note 9. Earnings Per Common Share or Unit

 

21

 

 

 

 

Note 10. Financial Instruments and Fair Value Measurements

 

22

 

 

 

 

Note 11. Business Segments

 

25

 

 

 

 

Note 12. Supplemental Cash Flow Information

 

27

 

 

 

 

Reports of Independent Registered Public Accounting Firm

 

28

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

30

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

47

 

 

 

Item 4.

Controls and Procedures

 

48

 

PART II.

 

Other Information

 

 

 

 

 

Item 1.

Legal Proceedings

 

49

 

 

 

Item 1A.

Risk Factors

 

49

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

49

 

 

 

Item 3.

Defaults Upon Senior Securities

 

49

 

 

 

Item 4.

Mine Safety Disclosures

 

49

 

 

 

Item 5.

Other Information

 

49

 

 

 

Item 6.

Exhibits

 

49

 

 

 

 

 

 


 

PART I. FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

 

PROLOGIS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

June 30, 2019

 

 

December 31,

 

 

(Unaudited)

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

Investments in real estate properties

$

34,895,051

 

 

$

34,586,987

 

Less accumulated depreciation

 

5,085,219

 

 

 

4,656,680

 

Net investments in real estate properties

 

29,809,832

 

 

 

29,930,307

 

Investments in and advances to unconsolidated entities

 

5,813,582

 

 

 

5,745,294

 

Assets held for sale or contribution

 

609,121

 

 

 

622,288

 

Net investments in real estate

 

36,232,535

 

 

 

36,297,889

 

 

 

 

 

 

 

 

 

Lease right-of-use assets

 

394,603

 

 

 

-

 

Cash and cash equivalents

 

401,190

 

 

 

343,856

 

Other assets

 

1,678,422

 

 

 

1,775,919

 

Total assets

$

38,706,750

 

 

$

38,417,664

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Debt

$

10,968,320

 

 

$

11,089,815

 

Lease liabilities

 

403,170

 

 

 

-

 

Accounts payable and accrued expenses

 

740,941

 

 

 

760,515

 

Other liabilities

 

816,886

 

 

 

766,446

 

Total liabilities

 

12,929,317

 

 

 

12,616,776

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

Prologis, Inc. stockholders’ equity:

 

 

 

 

 

 

 

Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,379

     shares issued and outstanding and 100,000 preferred shares authorized at June 30, 2019 and

          December 31, 2018

 

68,948

 

 

 

68,948

 

Common stock; $0.01 par value; 631,054 shares and 629,616 shares issued and outstanding at

     June 30, 2019 and December 31, 2018, respectively

 

6,311

 

 

 

6,296

 

Additional paid-in capital

 

25,651,666

 

 

 

25,685,987

 

Accumulated other comprehensive loss

 

(1,079,109

)

 

 

(1,084,671

)

Distributions in excess of net earnings

 

(2,317,008

)

 

 

(2,378,467

)

Total Prologis, Inc. stockholders’ equity

 

22,330,808

 

 

 

22,298,093

 

Noncontrolling interests

 

3,446,625

 

 

 

3,502,795

 

Total equity

 

25,777,433

 

 

 

25,800,888

 

Total liabilities and equity

$

38,706,750

 

 

$

38,417,664

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

 

 

 

1

 


 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

$

700,689

 

 

$

544,679

 

 

$

1,397,496

 

 

$

1,100,622

 

Strategic capital

 

 

89,144

 

 

 

75,697

 

 

 

162,949

 

 

 

208,658

 

Development management and other

 

 

539

 

 

 

900

 

 

 

1,979

 

 

 

5,652

 

Total revenues

 

 

790,372

 

 

 

621,276

 

 

 

1,562,424

 

 

 

1,314,932

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental

 

 

181,138

 

 

 

133,329

 

 

 

369,206

 

 

 

276,270

 

Strategic capital

 

 

37,206

 

 

 

34,850

 

 

 

75,264

 

 

 

78,710

 

General and administrative

 

 

66,276

 

 

 

57,615

 

 

 

135,977

 

 

 

120,043

 

Depreciation and amortization

 

 

284,376

 

 

 

203,673

 

 

 

568,385

 

 

 

407,754

 

Other

 

 

3,515

 

 

 

4,515

 

 

 

7,349

 

 

 

7,754

 

Total expenses

 

 

572,511

 

 

 

433,982

 

 

 

1,156,181

 

 

 

890,531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income before gains on real estate transactions, net

 

 

217,861

 

 

 

187,294

 

 

 

406,243

 

 

 

424,401

 

Gains on real estate transactions, net

 

 

224,195

 

 

 

94,261

 

 

 

412,403

 

 

 

289,372

 

Operating income

 

 

442,056

 

 

 

281,555

 

 

 

818,646

 

 

 

713,773

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings from unconsolidated entities, net

 

 

48,556

 

 

 

62,549

 

 

 

105,222

 

 

 

125,205

 

Interest expense

 

 

(59,122

)

 

 

(56,314

)

 

 

(119,629

)

 

 

(102,575

)

Interest and other income, net

 

 

4,312

 

 

 

5,641

 

 

 

12,222

 

 

 

7,617

 

Foreign currency and derivative gains, net

 

 

2,041

 

 

 

85,382

 

 

 

10,775

 

 

 

44,288

 

Gains (losses) on early extinguishment of debt, net

 

 

(385

)

 

 

282

 

 

 

(2,501

)

 

 

(702

)

Total other income (expense)

 

 

(4,598

)

 

 

97,540

 

 

 

6,089

 

 

 

73,833

 

Earnings before income taxes

 

 

437,458

 

 

 

379,095

 

 

 

824,735

 

 

 

787,606

 

Total income tax expense

 

 

26,632

 

 

 

14,104

 

 

 

40,144

 

 

 

30,656

 

Consolidated net earnings

 

 

410,826

 

 

 

364,991

 

 

 

784,591

 

 

 

756,950

 

Less net earnings attributable to noncontrolling interests

 

 

25,550

 

 

 

28,904

 

 

 

50,769

 

 

 

53,485

 

Net earnings attributable to controlling interests

 

 

385,276

 

 

 

336,087

 

 

 

733,822

 

 

 

703,465

 

Less preferred stock dividends

 

 

1,492

 

 

 

1,476

 

 

 

2,991

 

 

 

2,952

 

Net earnings attributable to common stockholders

 

$

383,784

 

 

$

334,611

 

 

$

730,831

 

 

$

700,513

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

630,271

 

 

 

532,639

 

 

 

629,990

 

 

 

532,427

 

Weighted average common shares outstanding – Diluted

 

 

655,447

 

 

 

554,515

 

 

 

654,766

 

 

 

554,066

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders – Basic

 

$

0.61

 

 

$

0.63

 

 

$

1.16

 

 

$

1.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders – Diluted

 

$

0.60

 

 

$

0.62

 

 

$

1.15

 

 

$

1.30

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

 

2

 


 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Consolidated net earnings

 

$

410,826

 

 

$

364,991

 

 

$

784,591

 

 

$

756,950

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gains (losses), net

 

 

(47,662

)

 

 

(147,813

)

 

 

12,418

 

 

 

(143,043

)

Unrealized gains (losses) on derivative contracts, net

 

 

(3,725

)

 

 

2,131

 

 

 

(6,358

)

 

 

(4,156

)

Comprehensive income

 

 

359,439

 

 

 

219,309

 

 

 

790,651

 

 

 

609,751

 

Net earnings attributable to noncontrolling interests

 

 

(25,550

)

 

 

(28,904

)

 

 

(50,769

)

 

 

(53,485

)

Other comprehensive loss (income) attributable to noncontrolling interests

 

 

1,484

 

 

 

7,539

 

 

 

(498

)

 

 

7,371

 

Comprehensive income attributable to common stockholders

 

$

335,373

 

 

$

197,944

 

 

$

739,384

 

 

$

563,637

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.


3

 


 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands)

 

Three Months Ended June 30, 2019 and 2018

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

Accumulated

 

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

 

Additional

 

 

Other

 

 

in Excess of

 

 

Non-

 

 

 

 

 

 

Preferred

 

 

of

 

 

Par

 

 

Paid-in

 

 

Comprehensive

 

 

Net

 

 

controlling

 

 

Total

 

 

Stock

 

 

Shares

 

 

Value

 

 

Capital

 

 

Income (Loss)

 

 

Earnings

 

 

Interests

 

 

Equity

 

Balance at April 1, 2019

$

68,948

 

 

 

630,743

 

 

$

6,307

 

 

$

25,654,449

 

 

$

(1,029,206

)

 

$

(2,366,015

)

 

$

3,489,578

 

 

$

25,824,061

 

Consolidated net earnings

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

385,276

 

 

 

25,550

 

 

 

410,826

 

Effect of equity compensation

     plans

 

-

 

 

 

127

 

 

 

2

 

 

 

11,740

 

 

 

-

 

 

 

-

 

 

 

14,101

 

 

 

25,843

 

Capital contributions

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,533

 

 

 

2,533

 

Redemption of noncontrolling

     interests

 

-

 

 

 

184

 

 

 

2

 

 

 

6,492

 

 

 

-

 

 

 

-

 

 

 

(62,155

)

 

 

(55,661

)

Foreign currency translation

     losses, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(46,282

)

 

 

-

 

 

 

(1,380

)

 

 

(47,662

)

Unrealized losses on derivative

     contracts, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,621

)

 

 

-

 

 

 

(104

)

 

 

(3,725

)

Reallocation of equity

 

-

 

 

 

-

 

 

 

-

 

 

 

(21,014

)

 

 

-

 

 

 

-

 

 

 

21,014

 

 

 

-

 

Dividends ($0.53 per common share)

     and other

 

-

 

 

 

-

 

 

 

-

 

 

 

(1

)

 

 

-

 

 

 

(336,269

)

 

 

(42,512

)

 

 

(378,782

)

Balance at June 30, 2019

$

68,948

 

 

 

631,054

 

 

$

6,311

 

 

$

25,651,666

 

 

$

(1,079,109

)

 

$

(2,317,008

)

 

$

3,446,625

 

 

$

25,777,433

 

 

Balance at April 1, 2018

$

68,948

 

 

 

533,107

 

 

$

5,331

 

 

$

19,303,909

 

 

$

(903,343

)

 

$

(2,794,770

)

 

$

3,108,045

 

 

$

18,788,120

 

Consolidated net earnings

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

336,087

 

 

 

28,904

 

 

 

364,991

 

Effect of equity compensation

     plans

 

-

 

 

 

196

 

 

 

2

 

 

 

14,192

 

 

 

-

 

 

 

-

 

 

 

13,430

 

 

 

27,624

 

Capital contributions

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

37,124

 

 

 

37,124

 

Redemption of noncontrolling

     interests

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,661

)

 

 

-

 

 

 

-

 

 

 

(6,331

)

 

 

(7,992

)

Foreign currency translation

     losses, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(140,213

)

 

 

-

 

 

 

(7,600

)

 

 

(147,813

)

Unrealized gains on derivative

     contracts, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,070

 

 

 

-

 

 

 

61

 

 

 

2,131

 

Reallocation of equity

 

-

 

 

 

-

 

 

 

-

 

 

 

5,578

 

 

 

-

 

 

 

-

 

 

 

(5,578

)

 

 

-

 

Dividends ($0.48 per common share)

     and other

 

-

 

 

 

-

 

 

 

-

 

 

 

(2

)

 

 

-

 

 

 

(257,558

)

 

 

(80,122

)

 

 

(337,682

)

Balance at June 30, 2018

$

68,948

 

 

 

533,303

 

 

$

5,333

 

 

$

19,322,016

 

 

$

(1,041,486

)

 

$

(2,716,241

)

 

$

3,087,933

 

 

$

18,726,503

 

 

Six Months Ended June 30, 2019 and 2018

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

Accumulated

 

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

 

Additional

 

 

Other

 

 

in Excess of

 

 

Non-

 

 

 

 

 

 

Preferred

 

 

of

 

 

Par

 

 

Paid-in

 

 

Comprehensive

 

 

Net

 

 

controlling

 

 

Total

 

 

Stock

 

 

Shares

 

 

Value

 

 

Capital

 

 

Income (Loss)