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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Rental $ 2,025,332 $ 1,852,376 $ 4,012,597 $ 3,680,034
Strategic capital 147,162 154,742 288,301 283,154
Development management and other 11,375 836 22,636 1,387
Total revenues 2,183,869 2,007,954 4,323,534 3,964,575
Expenses:        
Rental 487,963 445,235 976,280 899,492
Strategic capital 64,917 70,536 125,694 149,347
General and administrative 106,871 106,596 221,572 217,887
Depreciation and amortization 657,221 637,305 1,309,279 1,274,810
Other 11,706 11,444 21,355 23,688
Total expenses 1,328,678 1,271,116 2,654,180 2,565,224
Operating income before gains on real estate transactions, net 855,191 736,838 1,669,354 1,399,351
Gains on dispositions of development properties and land, net 10,477 87,174 37,928 127,482
Gains on other dispositions of investments in real estate, net 47,044 199,326 83,843 216,860
Operating income 912,712 1,023,338 1,791,125 1,743,693
Other income (expense):        
Earnings from unconsolidated entities, net 107,692 102,337 175,591 174,809
Interest expense (251,866) (208,267) (483,617) (401,587)
Foreign currency, derivative and other gains (losses) and other income (expense), net (122,829) 37,152 (154,487) 100,716
Gains (losses) on early extinguishment of debt, net 0 0 0 536
Total other income (expense) (267,003) (68,778) (462,513) (125,526)
Earnings before income taxes 645,709 954,560 1,328,612 1,618,167
Income tax expense (23,405) (43,059) (66,788) (75,859)
Consolidated net earnings 622,304 911,501 1,261,824 1,542,308
Less net earnings attributable to noncontrolling interests 51,075 50,153 97,642 95,245
Net earnings attributable to controlling interests 571,229 861,348 1,164,182 1,447,063
Less preferred stock/unit dividends/distributions 1,505 1,503 2,957 2,955
Net earnings attributable to common stockholders/unitholders $ 569,724 $ 859,845 $ 1,161,225 $ 1,444,108
Weighted average common shares/units outstanding - Basic 928,476 926,276 927,909 925,812
Weighted average common shares/units outstanding - Diluted [1] 955,882 953,200 955,601 953,439
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 0.61 $ 0.93 $ 1.25 $ 1.56
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 0.61 $ 0.92 $ 1.25 $ 1.55
Prologis, L.P. [Member]        
Revenues:        
Rental $ 2,025,332 $ 1,852,376 $ 4,012,597 $ 3,680,034
Strategic capital 147,162 154,742 288,301 283,154
Development management and other 11,375 836 22,636 1,387
Total revenues 2,183,869 2,007,954 4,323,534 3,964,575
Expenses:        
Rental 487,963 445,235 976,280 899,492
Strategic capital 64,917 70,536 125,694 149,347
General and administrative 106,871 106,596 221,572 217,887
Depreciation and amortization 657,221 637,305 1,309,279 1,274,810
Other 11,706 11,444 21,355 23,688
Total expenses 1,328,678 1,271,116 2,654,180 2,565,224
Operating income before gains on real estate transactions, net 855,191 736,838 1,669,354 1,399,351
Gains on dispositions of development properties and land, net 10,477 87,174 37,928 127,482
Gains on other dispositions of investments in real estate, net 47,044 199,326 83,843 216,860
Operating income 912,712 1,023,338 1,791,125 1,743,693
Other income (expense):        
Earnings from unconsolidated entities, net 107,692 102,337 175,591 174,809
Interest expense (251,866) (208,267) (483,617) (401,587)
Foreign currency, derivative and other gains (losses) and other income (expense), net (122,829) 37,152 (154,487) 100,716
Gains (losses) on early extinguishment of debt, net 0 0 0 536
Total other income (expense) (267,003) (68,778) (462,513) (125,526)
Earnings before income taxes 645,709 954,560 1,328,612 1,618,167
Income tax expense (23,405) (43,059) (66,788) (75,859)
Consolidated net earnings 622,304 911,501 1,261,824 1,542,308
Less net earnings attributable to noncontrolling interests 37,139 28,802 68,715 59,110
Net earnings attributable to controlling interests 585,165 882,699 1,193,109 1,483,198
Less preferred stock/unit dividends/distributions 1,505 1,503 2,957 2,955
Net earnings attributable to common stockholders/unitholders $ 583,660 $ 881,196 $ 1,190,152 $ 1,480,243
Weighted average common shares/units outstanding - Basic 945,440 941,858 944,556 941,242
Weighted average common shares/units outstanding - Diluted [1] 955,882 953,200 955,601 953,439
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 0.61 $ 0.93 $ 1.25 $ 1.56
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 0.61 $ 0.92 $ 1.25 $ 1.55
[1] Our total weighted average potentially dilutive shares and units outstanding consisted of the following:

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

 

June 30,

 

 

June 30,

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

Class A Units

 

 

5,767

 

 

 

7,343

 

 

 

6,468

 

 

 

7,736

 

 

Other limited partnership units

 

 

259

 

 

 

299

 

 

 

268

 

 

 

299

 

 

Equity awards

 

 

7,548

 

 

 

7,770

 

 

 

7,578

 

 

 

8,263

 

 

Prologis, L.P.

 

 

13,574

 

 

 

15,412

 

 

 

14,314

 

 

 

16,298

 

 

Common limited partnership units

 

 

16,964

 

 

 

15,582

 

 

 

16,647

 

 

 

15,430

 

 

Prologis, Inc.

 

 

30,538

 

 

 

30,994

 

 

 

30,961

 

 

 

31,728