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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues:      
Rental $ 7,514,705 $ 6,818,542 $ 4,913,171
Strategic capital 671,907 1,200,232 1,039,585
Development management and other 14,998 4,695 20,936
Total revenues 8,201,610 8,023,469 5,973,692
Expenses:      
Rental 1,765,385 1,624,793 1,205,738
Strategic capital 291,856 385,542 303,356
General and administrative 418,765 390,406 331,083
Depreciation and amortization 2,580,519 2,484,891 1,812,777
Other 47,044 53,354 40,336
Total expenses 5,103,569 4,938,986 3,693,290
Operating income before gains on real estate transactions, net 3,098,041 3,084,483 2,280,402
Gains on dispositions of development properties and land, net 413,743 462,270 597,745
Gains on other dispositions of investments in real estate, net [1] 904,136 161,039 589,391
Operating income 4,415,920 3,707,792 3,467,538
Other income (expense):      
Earnings from unconsolidated entities, net 353,623 307,227 310,872
Interest expense (863,932) (641,332) (309,037)
Foreign currency, derivative and other gains (losses) and other income (expense), net 208,731 87,221 241,621
Gains (losses) on early extinguishment of debt 536 3,275 (20,184)
Total other income (expense) (301,042) (243,609) 223,272
Earnings before income taxes 4,114,878 3,464,183 3,690,810
Total income tax expense (166,943) (211,038) (135,412)
Consolidated net earnings 3,947,935 3,253,145 3,555,398
Less net earnings attributable to noncontrolling interests 216,300 193,931 190,542
Net earnings attributable to controlling interests 3,731,635 3,059,214 3,364,856
Less preferred stock/unit dividends/distributions 5,881 5,841 6,060
Net earnings attributable to common stockholders/unitholders $ 3,725,754 $ 3,053,373 $ 3,358,796
Weighted average common shares/units outstanding - Basic 926,172 924,351 785,675
Weighted average common shares/units outstanding - Diluted [2] 953,590 951,791 811,608
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 4.02 $ 3.30 $ 4.28
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 4.01 $ 3.29 $ 4.25
Prologis, L.P. [Member]      
Revenues:      
Rental $ 7,514,705 $ 6,818,542 $ 4,913,171
Strategic capital 671,907 1,200,232 1,039,585
Development management and other 14,998 4,695 20,936
Total revenues 8,201,610 8,023,469 5,973,692
Expenses:      
Rental 1,765,385 1,624,793 1,205,738
Strategic capital 291,856 385,542 303,356
General and administrative 418,765 390,406 331,083
Depreciation and amortization 2,580,519 2,484,891 1,812,777
Other 47,044 53,354 40,336
Total expenses 5,103,569 4,938,986 3,693,290
Operating income before gains on real estate transactions, net 3,098,041 3,084,483 2,280,402
Gains on dispositions of development properties and land, net 413,743 462,270 597,745
Gains on other dispositions of investments in real estate, net 904,136 161,039 589,391
Operating income 4,415,920 3,707,792 3,467,538
Other income (expense):      
Earnings from unconsolidated entities, net 353,623 307,227 310,872
Interest expense (863,932) (641,332) (309,037)
Foreign currency, derivative and other gains (losses) and other income (expense), net 208,731 87,221 241,621
Gains (losses) on early extinguishment of debt 536 3,275 (20,184)
Total other income (expense) (301,042) (243,609) 223,272
Earnings before income taxes 4,114,878 3,464,183 3,690,810
Total income tax expense (166,943) (211,038) (135,412)
Consolidated net earnings 3,947,935 3,253,145 3,555,398
Less net earnings attributable to noncontrolling interests 123,192 116,657 98,611
Net earnings attributable to controlling interests 3,824,743 3,136,488 3,456,787
Less preferred stock/unit dividends/distributions 5,881 5,841 6,060
Net earnings attributable to common stockholders/unitholders $ 3,818,862 $ 3,130,647 $ 3,450,727
Weighted average common shares/units outstanding - Basic 941,782 939,635 799,153
Weighted average common shares/units outstanding - Diluted [2] 953,590 951,791 811,608
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 4.02 $ 3.30 $ 4.28
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 4.01 $ 3.29 $ 4.25
[1] In 2024, we had a significant contribution of operating properties to our unconsolidated co-investment venture in the U.S.
[2] Our total weighted average potentially dilutive shares and units outstanding for the years ended December 31 consisted of the following