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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Consolidated net earnings $ 3,947,935 $ 3,253,145 $ 3,555,398
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:      
Straight-lined rents and amortization of above and below market leases (644,606) (613,005) (267,709)
Equity-based compensation awards 231,747 267,648 175,356
Depreciation and amortization 2,580,519 2,484,891 1,812,777
Earnings from unconsolidated entities, net (353,623) (307,227) (310,872)
Operating distributions from unconsolidated entities 562,475 680,192 410,483
Decrease (increase) in operating receivables from unconsolidated entities 20,532 (82,375) (63,947)
Amortization of debt discounts and debt issuance costs, net 78,885 74,589 23,736
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)
Unrealized foreign currency and derivative losses (gains), net (67,335) 71,627 (92,201)
Losses (gains) on early extinguishment of debt, net (536) (3,275) 20,184
Deferred income tax expense (benefit) 21,161 17,708 12,638
Decrease (increase) in other assets (341,614) (102,610) (71,307)
Increase (decrease) in accounts payable and accrued expenses and other liabilities 194,548 255,059 109,030
Net cash provided by (used in) operating activities 4,912,209 5,373,058 4,126,430
Investing activities:      
Real estate development (3,206,231) (3,399,114) (3,118,379)
Real estate acquisitions (2,327,605) (4,195,714) (2,492,108)
Duke Transaction, net of cash acquired 0 (33,009) (92,052)
Tenant improvements and lease commissions on previously leased space (499,927) (388,814) (339,234)
Property improvements (386,481) (303,042) (211,358)
Proceeds from dispositions and contributions of real estate 3,790,388 1,764,322 2,063,623
Investments in and advances to unconsolidated entities (540,559) (284,185) (442,366)
Return of investment from unconsolidated entities 58,339 348,276 76,994
Proceeds from the settlement of net investment hedges 16,021 37,113 59,281
Payments on the settlement of net investment hedges (3,002) (2,230) (3,458)
Proceeds from repayment of notes receivable backed by real estate 0 37,000 0
Net cash provided by (used in) investing activities (3,099,057) (6,419,397) (4,499,057)
Financing activities:      
Dividends/distributions paid on common and preferred stock/units (3,570,480) (3,228,589) (2,494,723)
Noncontrolling interests contributions 73,094 21,107 13,295
Noncontrolling interests distributions (295,701) (235,050) (270,109)
Settlement of noncontrolling interests (1,650) (69,807) (88,980)
Tax paid with shares of the Parent withheld (30,526) (24,536) (27,688)
Debt and equity issuance costs paid (30,966) (58,660) (45,654)
Net proceeds from (payments on) credit facilities and commercial paper (730,077) (567,076) 294,164
Repurchase of and payments on debt (919,481) (272,203) (1,381,005)
Proceeds from the issuance of debt 4,505,830 5,755,096 4,116,489
Net cash provided by (used in) financing activities (999,957) 1,320,282 115,789
Effect of foreign currency exchange rate changes on cash (24,992) (22,038) (20,796)
Net increase (decrease) in cash and cash equivalents 788,203 251,905 (277,634)
Cash and cash equivalents, beginning of year 530,388 278,483 556,117
Cash and cash equivalents, end of year 1,318,591 530,388 278,483
Prologis, L.P. [Member]      
Operating activities:      
Consolidated net earnings 3,947,935 3,253,145 3,555,398
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:      
Straight-lined rents and amortization of above and below market leases (644,606) (613,005) (267,709)
Equity-based compensation awards 231,747 267,648 175,356
Depreciation and amortization 2,580,519 2,484,891 1,812,777
Earnings from unconsolidated entities, net (353,623) (307,227) (310,872)
Operating distributions from unconsolidated entities 562,475 680,192 410,483
Decrease (increase) in operating receivables from unconsolidated entities 20,532 (82,375) (63,947)
Amortization of debt discounts and debt issuance costs, net 78,885 74,589 23,736
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)
Unrealized foreign currency and derivative losses (gains), net (67,335) 71,627 (92,201)
Losses (gains) on early extinguishment of debt, net (536) (3,275) 20,184
Deferred income tax expense (benefit) 21,161 17,708 12,638
Decrease (increase) in other assets (341,614) (102,610) (71,307)
Increase (decrease) in accounts payable and accrued expenses and other liabilities 194,548 255,059 109,030
Net cash provided by (used in) operating activities 4,912,209 5,373,058 4,126,430
Investing activities:      
Real estate development (3,206,231) (3,399,114) (3,118,379)
Real estate acquisitions (2,327,605) (4,195,714) (2,492,108)
Duke Transaction, net of cash acquired 0 (33,009) (92,052)
Tenant improvements and lease commissions on previously leased space (499,927) (388,814) (339,234)
Property improvements (386,481) (303,042) (211,358)
Proceeds from dispositions and contributions of real estate 3,790,388 1,764,322 2,063,623
Investments in and advances to unconsolidated entities (540,559) (284,185) (442,366)
Return of investment from unconsolidated entities 58,339 348,276 76,994
Proceeds from the settlement of net investment hedges 16,021 37,113 59,281
Payments on the settlement of net investment hedges (3,002) (2,230) (3,458)
Proceeds from repayment of notes receivable backed by real estate 0 37,000 0
Net cash provided by (used in) investing activities (3,099,057) (6,419,397) (4,499,057)
Financing activities:      
Dividends/distributions paid on common and preferred stock/units (3,672,318) (3,320,929) (2,571,267)
Noncontrolling interests contributions 73,094 21,107 13,295
Noncontrolling interests distributions (193,863) (142,710) (193,565)
Redemption of common limited partnership units (1,650) (69,807) (88,980)
Tax paid with shares of the Parent withheld (30,526) (24,536) (27,688)
Debt and equity issuance costs paid (30,966) (58,660) (45,654)
Net proceeds from (payments on) credit facilities and commercial paper (730,077) (567,076) 294,164
Repurchase of and payments on debt (919,481) (272,203) (1,381,005)
Proceeds from the issuance of debt 4,505,830 5,755,096 4,116,489
Net cash provided by (used in) financing activities (999,957) 1,320,282 115,789
Effect of foreign currency exchange rate changes on cash (24,992) (22,038) (20,796)
Net increase (decrease) in cash and cash equivalents 788,203 251,905 (277,634)
Cash and cash equivalents, beginning of year 530,388 278,483 556,117
Cash and cash equivalents, end of year $ 1,318,591 $ 530,388 $ 278,483
[1] In 2024, we had a significant contribution of operating properties to our unconsolidated co-investment venture in the U.S.