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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues:    
Rental $ 1,987,265 $ 1,827,658
Strategic capital 141,139 128,412
Development management and other 11,261 551
Total revenues 2,139,665 1,956,621
Expenses:    
Rental 488,317 454,257
Strategic capital 60,777 78,811
General and administrative 114,701 111,291
Depreciation and amortization 652,058 637,505
Other 9,649 12,244
Total expenses 1,325,502 1,294,108
Operating income before gains on real estate transactions, net 814,163 662,513
Gains on dispositions of development properties and land, net 27,451 40,308
Gains on other dispositions of investments in real estate, net 36,799 17,534
Operating income 878,413 720,355
Other income (expense):    
Earnings from unconsolidated entities, net 67,899 72,472
Interest expense (231,751) (193,320)
Foreign currency, derivative and other gains (losses) and other income (expense), net (31,658) 63,564
Gains (losses) on early extinguishment of debt, net 0 536
Total other income (expense) (195,510) (56,748)
Earnings before income taxes 682,903 663,607
Income tax expense (43,383) (32,800)
Consolidated net earnings 639,520 630,807
Less net earnings attributable to noncontrolling interests 46,567 45,092
Net earnings attributable to controlling interests 592,953 585,715
Less preferred stock/unit dividends/distributions 1,452 1,452
Net earnings attributable to common stockholders/unitholders $ 591,501 $ 584,263
Weighted average common shares/units outstanding - Basic 927,338 925,322
Weighted average common shares/units outstanding - Diluted [1] 956,080 953,912
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 0.64 $ 0.63
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 0.63 $ 0.63
Prologis, L.P. [Member]    
Revenues:    
Rental $ 1,987,265 $ 1,827,658
Strategic capital 141,139 128,412
Development management and other 11,261 551
Total revenues 2,139,665 1,956,621
Expenses:    
Rental 488,317 454,257
Strategic capital 60,777 78,811
General and administrative 114,701 111,291
Depreciation and amortization 652,058 637,505
Other 9,649 12,244
Total expenses 1,325,502 1,294,108
Operating income before gains on real estate transactions, net 814,163 662,513
Gains on dispositions of development properties and land, net 27,451 40,308
Gains on other dispositions of investments in real estate, net 36,799 17,534
Operating income 878,413 720,355
Other income (expense):    
Earnings from unconsolidated entities, net 67,899 72,472
Interest expense (231,751) (193,320)
Foreign currency, derivative and other gains (losses) and other income (expense), net (31,658) 63,564
Gains (losses) on early extinguishment of debt, net 0 536
Total other income (expense) (195,510) (56,748)
Earnings before income taxes 682,903 663,607
Income tax expense (43,383) (32,800)
Consolidated net earnings 639,520 630,807
Less net earnings attributable to noncontrolling interests 31,576 30,308
Net earnings attributable to controlling interests 607,944 600,499
Less preferred stock/unit dividends/distributions 1,452 1,452
Net earnings attributable to common stockholders/unitholders $ 606,492 $ 599,047
Weighted average common shares/units outstanding - Basic 943,662 940,608
Weighted average common shares/units outstanding - Diluted [1] 956,080 953,912
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 0.64 $ 0.63
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 0.63 $ 0.63
[1] Our total weighted average potentially dilutive shares and units outstanding consisted of the following:

 

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

 

 

2025

 

 

2024

 

 

Class A Units

 

 

7,177

 

 

 

8,128

 

 

Other limited partnership units

 

 

278

 

 

 

299

 

 

Equity awards

 

 

8,252

 

 

 

8,963

 

 

Prologis, L.P.

 

 

15,707

 

 

 

17,390

 

 

Common limited partnership units

 

 

16,324

 

 

 

15,286

 

 

Prologis, Inc.

 

 

32,031

 

 

 

32,676