XML 29 R8.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Consolidated net earnings $ 630,807 $ 498,629
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Straight-lined rents and amortization of above and below market leases (158,960) (143,686)
Equity-based compensation awards 67,237 62,906
Depreciation and amortization 637,505 602,367
Earnings from unconsolidated entities, net (72,472) (75,779)
Operating distributions from unconsolidated entities 126,653 135,081
Decrease in operating receivables from unconsolidated entities 44,841 51,164
Amortization of debt discounts and debt issuance costs, net 18,044 17,623
Gains on dispositions of development properties and land, net (40,308) 0
Gains on other dispositions of investments in real estate, net (17,534) (4,047)
Unrealized foreign currency and derivative losses (gains), net (35,046) 10,113
Gains on early extinguishment of debt, net (536) (3,275)
Deferred income tax expense 334 3,577
Decrease (increase) in other assets (11,782) 21,742
Decrease in accounts payable and accrued expenses and other liabilities (133,323) (62,118)
Net cash provided by operating activities 1,055,460 1,114,297
Investing activities:    
Real estate development (719,795) (936,921)
Real estate acquisitions (126,177) (51,866)
Duke Transaction, net of cash acquired   (3,828)
Tenant improvements and lease commissions on previously leased space (104,306) (78,955)
Property improvements (30,200) (19,302)
Proceeds from dispositions and contributions of real estate 199,538 54,903
Investments in and advances to unconsolidated entities (314,842) (39,677)
Return of investment from unconsolidated entities 1,360 21,169
Proceeds from the settlement of net investment hedges 10,357 5,323
Net cash used in investing activities (1,084,065) (1,049,154)
Financing activities:    
Dividends/distributions paid on common and preferred stock/units (891,806) (806,505)
Noncontrolling interests contributions 1,270 0
Noncontrolling interests distributions (70,363) (58,653)
Settlement of noncontrolling interests (246) (42,269)
Tax paid with shares of the Parent withheld (21,720) (18,690)
Debt and equity issuance costs paid (13,073) (17,868)
Net proceeds from (payments on) credit facilities 53,964 (1,337,857)
Repurchase of and payments on debt (913,935) (90,793)
Proceeds from the issuance of debt 1,858,297 2,545,042
Net cash provided by financing activities 2,388 172,407
Effect of foreign currency exchange rate changes on cash (3,582) 6,468
Net increase (decrease) in cash and cash equivalents (29,799) 244,018
Cash and cash equivalents, beginning of period 530,388 278,483
Cash and cash equivalents, end of period 500,589 522,501
Prologis, L.P. [Member]    
Operating activities:    
Consolidated net earnings 630,807 498,629
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Straight-lined rents and amortization of above and below market leases (158,960) (143,686)
Equity-based compensation awards 67,237 62,906
Depreciation and amortization 637,505 602,367
Earnings from unconsolidated entities, net (72,472) (75,779)
Operating distributions from unconsolidated entities 126,653 135,081
Decrease in operating receivables from unconsolidated entities 44,841 51,164
Amortization of debt discounts and debt issuance costs, net 18,044 17,623
Gains on dispositions of development properties and land, net (40,308) 0
Gains on other dispositions of investments in real estate, net (17,534) (4,047)
Unrealized foreign currency and derivative losses (gains), net (35,046) 10,113
Gains on early extinguishment of debt, net (536) (3,275)
Deferred income tax expense 334 3,577
Decrease (increase) in other assets (11,782) 21,742
Decrease in accounts payable and accrued expenses and other liabilities (133,323) (62,118)
Net cash provided by operating activities 1,055,460 1,114,297
Investing activities:    
Real estate development (719,795) (936,921)
Real estate acquisitions (126,177) (51,866)
Duke Transaction, net of cash acquired 0 (3,828)
Tenant improvements and lease commissions on previously leased space (104,306) (78,955)
Property improvements (30,200) (19,302)
Proceeds from dispositions and contributions of real estate 199,538 54,903
Investments in and advances to unconsolidated entities (314,842) (39,677)
Return of investment from unconsolidated entities 1,360 21,169
Proceeds from the settlement of net investment hedges 10,357 5,323
Net cash used in investing activities (1,084,065) (1,049,154)
Financing activities:    
Dividends/distributions paid on common and preferred stock/units (917,670) (829,490)
Noncontrolling interests contributions 1,270 0
Noncontrolling interests distributions (44,499) (35,668)
Redemption of common limited partnership units (246) (42,269)
Tax paid with shares of the Parent withheld (21,720) (18,690)
Debt and equity issuance costs paid (13,073) (17,868)
Net proceeds from (payments on) credit facilities 53,964 (1,337,857)
Repurchase of and payments on debt (913,935) (90,793)
Proceeds from the issuance of debt 1,858,297 2,545,042
Net cash provided by financing activities 2,388 172,407
Effect of foreign currency exchange rate changes on cash (3,582) 6,468
Net increase (decrease) in cash and cash equivalents (29,799) 244,018
Cash and cash equivalents, beginning of period 530,388 278,483
Cash and cash equivalents, end of period $ 500,589 $ 522,501