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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Consolidated net earnings $ 3,253,145 $ 3,555,398 $ 3,148,590
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Straight-lined rents and amortization of above and below market leases (613,005) (267,709) (148,239)
Equity-based compensation awards 267,648 175,356 113,028
Depreciation and amortization 2,484,891 1,812,777 1,577,942
Earnings from unconsolidated entities, net (307,227) (310,872) (404,255)
Operating distributions from unconsolidated entities 680,192 410,483 440,034
Increase in operating receivables from unconsolidated entities (82,375) (63,947) (14,223)
Amortization of debt discounts and debt issuance costs, net 74,589 23,736 8,656
Gains on dispositions of development properties and land, net (462,270) (597,745) (817,017)
Gains on other dispositions of investments in real estate, net [1] (161,039) (589,391) (772,570)
Unrealized foreign currency and derivative losses (gains), net 71,627 (92,201) (173,026)
Losses (gains) on early extinguishment of debt, net (3,275) 20,184 187,453
Deferred income tax expense 17,708 12,638 1,322
Increase in accounts receivable and other assets (102,610) (71,307) (328,511)
Increase in accounts payable and accrued expenses and other liabilities 255,059 109,030 176,858
Net cash provided by operating activities 5,373,058 4,126,430 2,996,042
Investing activities:      
Real estate and other development (3,399,114) (3,118,379) (2,639,872)
Real estate acquisitions (4,195,714) (2,492,108) (2,320,448)
Duke Transaction, net of cash acquired (33,009) (92,052) 0
Tenant improvements and lease commissions on previously leased space (388,814) (339,234) (329,059)
Property improvements (303,042) (211,358) (169,933)
Proceeds from dispositions and contributions of real estate 1,764,322 2,063,623 4,222,290
Investments in and advances to unconsolidated entities (284,185) (442,366) (798,103)
Return of investment from unconsolidated entities 348,276 76,994 58,275
Proceeds from the settlement of net investment hedges 37,113 59,281 3,305
Payments on the settlement of net investment hedges (2,230) (3,458) (16,513)
Proceeds from repayment of notes receivable backed by real estate 37,000 0 0
Net cash used in investing activities (6,419,397) (4,499,057) (1,990,058)
Financing activities:      
Proceeds from issuance of common stock/units 0 0 743
Dividends/distributions paid on common and preferred stock/units (3,228,589) (2,494,723) (1,872,861)
Noncontrolling interests contributions 21,107 13,295 74,404
Noncontrolling interests distributions (235,050) (270,109) (375,054)
Settlement of noncontrolling interests (69,807) (88,980) (153,236)
Tax paid with shares withheld (24,536) (27,688) (19,855)
Debt and equity issuance costs paid (58,660) (45,654) (23,318)
Net proceeds from (payments on) credit facilities (567,076) 294,164 323,336
Repurchase of and payments on debt (272,203) (1,381,005) (2,560,174)
Proceeds from the issuance of debt 5,755,096 4,116,489 3,597,690
Net cash provided by (used in) financing activities 1,320,282 115,789 (1,008,325)
Effect of foreign currency exchange rate changes on cash (22,038) (20,796) (39,628)
Net increase (decrease) in cash and cash equivalents 251,905 (277,634) (41,969)
Cash and cash equivalents, beginning of year 278,483 556,117 598,086
Cash and cash equivalents, end of year 530,388 278,483 556,117
Prologis, L.P. [Member]      
Operating activities:      
Consolidated net earnings 3,253,145 3,555,398 3,148,590
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Straight-lined rents and amortization of above and below market leases (613,005) (267,709) (148,239)
Equity-based compensation awards 267,648 175,356 113,028
Depreciation and amortization 2,484,891 1,812,777 1,577,942
Earnings from unconsolidated entities, net (307,227) (310,872) (404,255)
Operating distributions from unconsolidated entities 680,192 410,483 440,034
Increase in operating receivables from unconsolidated entities (82,375) (63,947) (14,223)
Amortization of debt discounts and debt issuance costs, net 74,589 23,736 8,656
Gains on dispositions of development properties and land, net (462,270) (597,745) (817,017)
Gains on other dispositions of investments in real estate, net (161,039) (589,391) (772,570)
Unrealized foreign currency and derivative losses (gains), net 71,627 (92,201) (173,026)
Losses (gains) on early extinguishment of debt, net (3,275) 20,184 187,453
Deferred income tax expense 17,708 12,638 1,322
Increase in accounts receivable and other assets (102,610) (71,307) (328,511)
Increase in accounts payable and accrued expenses and other liabilities 255,059 109,030 176,858
Net cash provided by operating activities 5,373,058 4,126,430 2,996,042
Investing activities:      
Real estate and other development (3,399,114) (3,118,379) (2,639,872)
Real estate acquisitions (4,195,714) (2,492,108) (2,320,448)
Duke Transaction, net of cash acquired (33,009) (92,052) 0
Tenant improvements and lease commissions on previously leased space (388,814) (339,234) (329,059)
Property improvements (303,042) (211,358) (169,933)
Proceeds from dispositions and contributions of real estate 1,764,322 2,063,623 4,222,290
Investments in and advances to unconsolidated entities (284,185) (442,366) (798,103)
Return of investment from unconsolidated entities 348,276 76,994 58,275
Proceeds from the settlement of net investment hedges 37,113 59,281 3,305
Payments on the settlement of net investment hedges (2,230) (3,458) (16,513)
Proceeds from repayment of notes receivable backed by real estate 37,000 0 0
Net cash used in investing activities (6,419,397) (4,499,057) (1,990,058)
Financing activities:      
Proceeds from issuance of common partnership units in exchange for contributions from Prologis, Inc. 0 0 743
Dividends/distributions paid on common and preferred stock/units (3,320,929) (2,571,267) (1,935,381)
Noncontrolling interests contributions 21,107 13,295 74,404
Noncontrolling interests distributions (142,710) (193,565) (312,534)
Redemption of common limited partnership units (69,807) (88,980) (153,236)
Tax paid with shares withheld (24,536) (27,688) (19,855)
Debt and equity issuance costs paid (58,660) (45,654) (23,318)
Net proceeds from (payments on) credit facilities (567,076) 294,164 323,336
Repurchase of and payments on debt (272,203) (1,381,005) (2,560,174)
Proceeds from the issuance of debt 5,755,096 4,116,489 3,597,690
Net cash provided by (used in) financing activities 1,320,282 115,789 (1,008,325)
Effect of foreign currency exchange rate changes on cash (22,038) (20,796) (39,628)
Net increase (decrease) in cash and cash equivalents 251,905 (277,634) (41,969)
Cash and cash equivalents, beginning of year 278,483 556,117 598,086
Cash and cash equivalents, end of year $ 530,388 $ 278,483 $ 556,117
[1] In 2023 and 2021, we sold our ownership interest in unconsolidated joint ventures. The net proceeds and gains from these transactions are included in the table.