XML 25 R4.htm IDEA: XBRL DOCUMENT v3.24.3
Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Rental $ 1,897,164 $ 1,777,359 $ 5,577,198 $ 5,062,583
Strategic capital 135,367 136,848 418,521 1,070,584
Development management and other 3,858 457 5,245 1,055
Total revenues 2,036,389 1,914,664 6,000,964 6,134,222
Expenses:        
Rental 427,425 416,076 1,326,917 1,216,568
Strategic capital 61,342 84,069 210,689 306,684
General and administrative 98,154 96,673 316,041 292,097
Depreciation and amortization 649,265 642,010 1,924,075 1,846,545
Other 15,683 12,342 39,371 31,686
Total expenses 1,251,869 1,251,170 3,817,093 3,693,580
Operating income before gains on real estate transactions, net 784,520 663,494 2,183,871 2,440,642
Gains on dispositions of development properties and land, net 32,005 89,030 159,487 273,907
Gains on other dispositions of investments in real estate, net [1] 434,446 129,584 651,306 158,392
Operating income 1,250,971 882,108 2,994,664 2,872,941
Other income (expense):        
Earnings from unconsolidated entities, net 84,749 71,365 259,558 217,786
Interest expense 230,113 181,053 631,700 466,882
Foreign currency, derivative and other gains (losses) and other income (expense), net (37,942) 67,964 62,774 102,682
Gains on early extinguishment of debt, net 0 0 536 3,275
Total other expense (183,306) (41,724) (308,832) (143,139)
Earnings before income taxes 1,067,665 840,384 2,685,832 2,729,802
Income tax expense (4,214) (41,243) (80,073) (152,541)
Consolidated net earnings 1,063,451 799,141 2,605,759 2,577,261
Less net earnings attributable to noncontrolling interests 57,732 51,514 152,977 148,983
Net earnings attributable to controlling interests 1,005,719 747,627 2,452,782 2,428,278
Less preferred stock/unit dividends/distributions 1,452 1,453 4,407 4,381
Net earnings attributable to common stockholders/unitholders $ 1,004,267 $ 746,174 $ 2,448,375 $ 2,423,897
Weighted average common shares/units outstanding - Basic 926,427 924,395 926,017 924,228
Weighted average common shares/units outstanding - Diluted [2] 953,813 951,908 953,530 951,643
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 1.08 $ 0.81 $ 2.64 $ 2.62
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 1.08 $ 0.8 $ 2.63 $ 2.61
Prologis, L.P. [Member]        
Revenues:        
Rental $ 1,897,164 $ 1,777,359 $ 5,577,198 $ 5,062,583
Strategic capital 135,367 136,848 418,521 1,070,584
Development management and other 3,858 457 5,245 1,055
Total revenues 2,036,389 1,914,664 6,000,964 6,134,222
Expenses:        
Rental 427,425 416,076 1,326,917 1,216,568
Strategic capital 61,342 84,069 210,689 306,684
General and administrative 98,154 96,673 316,041 292,097
Depreciation and amortization 649,265 642,010 1,924,075 1,846,545
Other 15,683 12,342 39,371 31,686
Total expenses 1,251,869 1,251,170 3,817,093 3,693,580
Operating income before gains on real estate transactions, net 784,520 663,494 2,183,871 2,440,642
Gains on dispositions of development properties and land, net 32,005 89,030 159,487 273,907
Gains on other dispositions of investments in real estate, net 434,446 129,584 651,306 158,392
Operating income 1,250,971 882,108 2,994,664 2,872,941
Other income (expense):        
Earnings from unconsolidated entities, net 84,749 71,365 259,558 217,786
Interest expense 230,113 181,053 631,700 466,882
Foreign currency, derivative and other gains (losses) and other income (expense), net (37,942) 67,964 62,774 102,682
Gains on early extinguishment of debt, net 0 0 536 3,275
Total other expense (183,306) (41,724) (308,832) (143,139)
Earnings before income taxes 1,067,665 840,384 2,685,832 2,729,802
Income tax expense (4,214) (41,243) (80,073) (152,541)
Consolidated net earnings 1,063,451 799,141 2,605,759 2,577,261
Less net earnings attributable to noncontrolling interests 32,728 32,613 91,838 87,833
Net earnings attributable to controlling interests 1,030,723 766,528 2,513,921 2,489,428
Less preferred stock/unit dividends/distributions 1,452 1,453 4,407 4,381
Net earnings attributable to common stockholders/unitholders $ 1,029,271 $ 765,075 $ 2,509,514 $ 2,485,047
Weighted average common shares/units outstanding - Basic 942,137 939,602 941,545 939,448
Weighted average common shares/units outstanding - Diluted [2] 953,813 951,908 953,530 951,643
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 1.08 $ 0.81 $ 2.64 $ 2.62
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 1.08 $ 0.8 $ 2.63 $ 2.61
[1] During the nine months ended September 30, 2023, we sold our ownership interest in an unconsolidated office joint venture.
[2] Our total weighted average potentially dilutive shares and units outstanding consisted of the following:

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

September 30,

 

 

September 30,

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

Class A Units

 

 

7,322

 

 

 

8,121

 

 

 

7,597

 

 

 

8,096

 

 

Other limited partnership units

 

 

299

 

 

 

299

 

 

 

299

 

 

 

299

 

 

Equity awards

 

 

7,314

 

 

 

7,252

 

 

 

7,942

 

 

 

7,347

 

 

Prologis, L.P.

 

 

14,935

 

 

 

15,672

 

 

 

15,838

 

 

 

15,742

 

 

Common limited partnership units

 

 

15,710

 

 

 

15,207

 

 

 

15,528

 

 

 

15,220

 

 

Prologis, Inc.

 

 

30,645

 

 

 

30,879

 

 

 

31,366

 

 

 

30,962