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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Consolidated net earnings $ 2,605,759 $ 2,577,261
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Straight-lined rents and amortization of above and below market leases (470,289) (466,686)
Equity-based compensation awards 164,302 210,022
Depreciation and amortization 1,924,075 1,846,545
Earnings from unconsolidated entities, net (259,558) (217,786)
Operating distributions from unconsolidated entities 417,296 536,104
Decrease (increase) in operating receivables from unconsolidated entities 37,769 (98,227)
Amortization of debt discounts and debt issuance costs, net 58,446 55,526
Gains on dispositions of development properties and land, net (159,487) (273,907)
Gains on other dispositions of investments in real estate, net [1] (651,306) (158,392)
Unrealized foreign currency and derivative losses (gains), net 61,188 (22,006)
Gains on early extinguishment of debt, net (536) (3,275)
Deferred income tax expense 2,201 9,836
Decrease (increase) in other assets (209,901) 66,281
Increase in accounts payable and accrued expenses and other liabilities 56,799 237,340
Net cash provided by operating activities 3,576,758 4,298,636
Investing activities:    
Real estate development (2,376,890) (2,507,664)
Real estate acquisitions (1,820,308) (3,648,920)
Duke Transaction, net of cash acquired 0 (28,111)
Tenant improvements and lease commissions on previously leased space (347,488) (271,011)
Property improvements (248,868) (156,520)
Proceeds from dispositions and contributions of real estate 1,788,924 1,310,442
Investments in and advances to unconsolidated entities (479,897) (246,135)
Return of investment from unconsolidated entities 54,067 304,901
Proceeds from the settlement of net investment hedges 12,797 31,045
Payments on the settlement of net investment hedges (1,350) (161)
Net cash used in investing activities (3,419,013) (5,212,134)
Financing activities:    
Dividends/distributions paid on common and preferred stock/units (2,677,477) (2,420,022)
Noncontrolling interests contributions 21,245 1,760
Noncontrolling interests distributions (227,803) (178,055)
Settlement of noncontrolling interests (499) (69,759)
Tax paid with shares of the Parent withheld (26,893) (19,814)
Debt and equity issuance costs paid (28,965) (58,320)
Net payments on credit facilities and commercial paper (334,164) (1,328,136)
Repurchase of and payments on debt (917,560) (270,344)
Proceeds from the issuance of debt 4,283,768 5,746,977
Net cash provided by financing activities 91,652 1,404,287
Effect of foreign currency exchange rate changes on cash 1,086 (28,431)
Net increase in cash and cash equivalents 250,483 462,358
Cash and cash equivalents, beginning of period 530,388 278,483
Cash and cash equivalents, end of period 780,871 740,841
Prologis, L.P. [Member]    
Operating activities:    
Consolidated net earnings 2,605,759 2,577,261
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Straight-lined rents and amortization of above and below market leases (470,289) (466,686)
Equity-based compensation awards 164,302 210,022
Depreciation and amortization 1,924,075 1,846,545
Earnings from unconsolidated entities, net (259,558) (217,786)
Operating distributions from unconsolidated entities 417,296 536,104
Decrease (increase) in operating receivables from unconsolidated entities 37,769 (98,227)
Amortization of debt discounts and debt issuance costs, net 58,446 55,526
Gains on dispositions of development properties and land, net (159,487) (273,907)
Gains on other dispositions of investments in real estate, net (651,306) (158,392)
Unrealized foreign currency and derivative losses (gains), net 61,188 (22,006)
Gains on early extinguishment of debt, net (536) (3,275)
Deferred income tax expense 2,201 9,836
Decrease (increase) in other assets (209,901) 66,281
Increase in accounts payable and accrued expenses and other liabilities 56,799 237,340
Net cash provided by operating activities 3,576,758 4,298,636
Investing activities:    
Real estate development (2,376,890) (2,507,664)
Real estate acquisitions (1,820,308) (3,648,920)
Duke Transaction, net of cash acquired 0 (28,111)
Tenant improvements and lease commissions on previously leased space (347,488) (271,011)
Property improvements (248,868) (156,520)
Proceeds from dispositions and contributions of real estate 1,788,924 1,310,442
Investments in and advances to unconsolidated entities (479,897) (246,135)
Return of investment from unconsolidated entities 54,067 304,901
Proceeds from the settlement of net investment hedges 12,797 31,045
Payments on the settlement of net investment hedges (1,350) (161)
Net cash used in investing activities (3,419,013) (5,212,134)
Financing activities:    
Dividends/distributions paid on common and preferred stock/units (2,754,091) (2,488,993)
Noncontrolling interests contributions 21,245 1,760
Noncontrolling interests distributions (151,189) (109,084)
Redemption of common limited partnership units (499) (69,759)
Tax paid with shares of the Parent withheld (26,893) (19,814)
Debt and equity issuance costs paid (28,965) (58,320)
Net payments on credit facilities and commercial paper (334,164) (1,328,136)
Repurchase of and payments on debt (917,560) (270,344)
Proceeds from the issuance of debt 4,283,768 5,746,977
Net cash provided by financing activities 91,652 1,404,287
Effect of foreign currency exchange rate changes on cash 1,086 (28,431)
Net increase in cash and cash equivalents 250,483 462,358
Cash and cash equivalents, beginning of period 530,388 278,483
Cash and cash equivalents, end of period $ 780,871 $ 740,841
[1] During the nine months ended September 30, 2023, we sold our ownership interest in an unconsolidated office joint venture.