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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities:    
Consolidated net earnings $ 1,778,120 $ 1,866,158
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Straight-lined rents and amortization of above and below market leases (292,799) (72,666)
Equity-based compensation awards 152,774 78,352
Depreciation and amortization 1,204,535 798,960
Earnings from unconsolidated entities, net (146,421) (156,556)
Operating distributions from unconsolidated entities 235,656 192,210
Increase in operating receivables from unconsolidated entities (625,211) (34,951)
Amortization of debt discounts and debt issuance costs, net 35,755 4,275
Gains on dispositions of development properties and land, net (184,877) (316,008)
Gains on other dispositions of investments in real estate, net [1] (28,808) (584,835)
Unrealized foreign currency and derivative losses (gains), net 12,023 (154,965)
Losses (gains) on early extinguishment of debt, net (3,275) 18,895
Deferred income tax expense 5,295 17,557
Decrease in other assets 122,475 99,859
Increase (decrease) in accounts payable and accrued expenses and other liabilities 64,193 (110,808)
Net cash provided by operating activities 2,329,435 1,645,477
Investing activities:    
Real estate development (1,711,632) (1,462,010)
Real estate acquisitions (3,449,083) (1,869,426)
Duke Transaction, net of cash acquired (22,132) 0
Tenant improvements and lease commissions on previously leased space (168,054) (175,480)
Property improvements (73,800) (55,816)
Proceeds from dispositions and contributions of real estate 774,625 1,653,597
Investments in and advances to unconsolidated entities (172,843) (112,848)
Return of investment from unconsolidated entities 288,501 37,252
Proceeds from the settlement of net investment hedges 21,231 26,487
Payments on the settlement of net investment hedges 0 (771)
Net cash used in investing activities (4,513,187) (1,959,015)
Financing activities:    
Dividends/distributions paid on common and preferred stock/units (1,613,735) (1,175,114)
Noncontrolling interests contributions 1,698 11,083
Noncontrolling interests distributions (118,113) (166,289)
Settlement of noncontrolling interests (66,469) (49,988)
Tax paid with shares withheld (18,477) (23,970)
Debt and equity issuance costs paid (51,619) (28,119)
Net proceeds from (payments on) credit facilities (917,985) 127,454
Repurchase of and payments on debt (268,576) (751,114)
Proceeds from the issuance of debt 5,505,222 2,285,021
Net cash provided by financing activities 2,451,946 228,964
Effect of foreign currency exchange rate changes on cash (15,567) (34,028)
Net increase (decrease) in cash and cash equivalents 252,627 (118,602)
Cash and cash equivalents, beginning of period 278,483 556,117
Cash and cash equivalents, end of period 531,110 437,515
Prologis, L.P. [Member]    
Operating activities:    
Consolidated net earnings 1,778,120 1,866,158
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Straight-lined rents and amortization of above and below market leases (292,799) (72,666)
Equity-based compensation awards 152,774 78,352
Depreciation and amortization 1,204,535 798,960
Earnings from unconsolidated entities, net (146,421) (156,556)
Operating distributions from unconsolidated entities 235,656 192,210
Increase in operating receivables from unconsolidated entities (625,211) (34,951)
Amortization of debt discounts and debt issuance costs, net 35,755 4,275
Gains on dispositions of development properties and land, net (184,877) (316,008)
Gains on other dispositions of investments in real estate, net (28,808) (584,835)
Unrealized foreign currency and derivative losses (gains), net 12,023 (154,965)
Losses (gains) on early extinguishment of debt, net (3,275) 18,895
Deferred income tax expense 5,295 17,557
Decrease in other assets 122,475 99,859
Increase (decrease) in accounts payable and accrued expenses and other liabilities 64,193 (110,808)
Net cash provided by operating activities 2,329,435 1,645,477
Investing activities:    
Real estate development (1,711,632) (1,462,010)
Real estate acquisitions (3,449,083) (1,869,426)
Duke Transaction, net of cash acquired (22,132) 0
Tenant improvements and lease commissions on previously leased space (168,054) (175,480)
Property improvements (73,800) (55,816)
Proceeds from dispositions and contributions of real estate 774,625 1,653,597
Investments in and advances to unconsolidated entities (172,843) (112,848)
Return of investment from unconsolidated entities 288,501 37,252
Proceeds from the settlement of net investment hedges 21,231 26,487
Payments on the settlement of net investment hedges 0 (771)
Net cash used in investing activities (4,513,187) (1,959,015)
Financing activities:    
Dividends/distributions paid on common and preferred stock/units (1,659,284) (1,212,410)
Noncontrolling interests contributions 1,698 11,083
Noncontrolling interests distributions (72,564) (128,993)
Redemption of common limited partnership units (66,469) (49,988)
Tax paid with shares withheld (18,477) (23,970)
Debt and equity issuance costs paid (51,619) (28,119)
Net proceeds from (payments on) credit facilities (917,985) 127,454
Repurchase of and payments on debt (268,576) (751,114)
Proceeds from the issuance of debt 5,505,222 2,285,021
Net cash provided by financing activities 2,451,946 228,964
Effect of foreign currency exchange rate changes on cash (15,567) (34,028)
Net increase (decrease) in cash and cash equivalents 252,627 (118,602)
Cash and cash equivalents, beginning of period 278,483 556,117
Cash and cash equivalents, end of period $ 531,110 $ 437,515
[1] During the three and six months ended June 30, 2023, we sold our ownership interest in an unconsolidated office joint venture.