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Selected Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data

The following table details our selected quarterly financial data (in thousands, except per share and unit data):

 

 

 

Three Months Ended

 

Prologis, Inc.

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

1,076,861

 

 

$

1,093,452

 

 

$

1,151,846

 

 

$

1,591,012

 

Total revenues

 

$

1,219,128

 

 

$

1,252,080

 

 

$

1,750,892

 

 

$

1,751,592

 

Rental expenses

 

$

(275,674

)

 

$

(270,465

)

 

$

(284,707

)

 

$

(374,892

)

Gains on dispositions of development properties and land, net

 

$

210,206

 

 

$

105,802

 

 

$

74,678

 

 

$

207,059

 

Gains on other dispositions of investments in real estate, net

 

$

584,835

 

 

$

-

 

 

$

1,019

 

 

$

3,537

 

Operating income

 

$

1,205,802

 

 

$

533,317

 

 

$

914,970

 

 

$

813,449

 

Consolidated net earnings

 

$

1,219,722

 

 

$

646,436

 

 

$

1,069,174

 

 

$

620,066

 

Net earnings attributable to common stockholders

 

$

1,149,254

 

 

$

609,855

 

 

$

1,013,933

 

 

$

585,754

 

Net earnings per share attributable to common

     stockholders – Basic (1)

 

$

1.55

 

 

$

0.82

 

 

$

1.37

 

 

$

0.64

 

Net earnings per share attributable to common

     stockholders – Diluted (1)(2)

 

$

1.54

 

 

$

0.82

 

 

$

1.36

 

 

$

0.63

 

2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

1,021,656

 

 

$

1,014,763

 

 

$

1,037,281

 

 

$

1,074,294

 

Total revenues

 

$

1,148,316

 

 

$

1,150,842

 

 

$

1,183,049

 

 

$

1,277,233

 

Rental expenses

 

$

(277,884

)

 

$

(245,133

)

 

$

(256,607

)

 

$

(261,692

)

Gains on dispositions of development properties and land, net

 

$

173,643

 

 

$

187,361

 

 

$

139,406

 

 

$

316,607

 

Gains on other dispositions of investments in real estate, net

 

$

16,623

 

 

$

127,167

 

 

$

214,390

 

 

$

414,390

 

Operating income

 

$

532,197

 

 

$

700,866

 

 

$

765,660

 

 

$

1,208,273

 

Consolidated net earnings

 

$

399,693

 

 

$

650,313

 

 

$

797,731

 

 

$

1,300,853

 

Net earnings attributable to common stockholders

 

$

365,815

 

 

$

598,625

 

 

$

722,007

 

 

$

1,247,124

 

Net earnings per share attributable to common

     stockholders – Basic (1)

 

$

0.50

 

 

$

0.81

 

 

$

0.98

 

 

$

1.68

 

Net earnings per share attributable to common

     stockholders – Diluted (1)(2)

 

$

0.49

 

 

$

0.81

 

 

$

0.97

 

 

$

1.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prologis, L.P.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

1,076,861

 

 

$

1,093,452

 

 

$

1,151,846

 

 

$

1,591,012

 

Total revenues

 

$

1,219,128

 

 

$

1,252,080

 

 

$

1,750,892

 

 

$

1,751,592

 

Rental expenses

 

$

(275,674

)

 

$

(270,465

)

 

$

(284,707

)

 

$

(374,892

)

Gains on dispositions of development properties and land, net

 

$

210,206

 

 

$

105,802

 

 

$

74,678

 

 

$

207,059

 

Gains on other dispositions of investments in real estate, net

 

$

584,835

 

 

$

-

 

 

$

1,019

 

 

$

3,537

 

Operating income

 

$

1,205,802

 

 

$

533,317

 

 

$

914,970

 

 

$

813,449

 

Consolidated net earnings

 

$

1,219,722

 

 

$

646,436

 

 

$

1,069,174

 

 

$

620,066

 

Net earnings attributable to common unitholders

 

$

1,181,525

 

 

$

627,286

 

 

$

1,042,664

 

 

$

599,252

 

Net earnings per unit attributable to common unitholders –

     Basic (1)

 

$

1.55

 

 

$

0.82

 

 

$

1.37

 

 

$

0.64

 

Net earnings per unit attributable to common unitholders –

     Diluted (1)

 

$

1.54

 

 

$

0.82

 

 

$

1.36

 

 

$

0.63

 

2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

1,021,656

 

 

$

1,014,763

 

 

$

1,037,281

 

 

$

1,074,294

 

Total revenues

 

$

1,148,316

 

 

$

1,150,842

 

 

$

1,183,049

 

 

$

1,277,233

 

Rental expenses

 

$

(277,884

)

 

$

(245,133

)

 

$

(256,607

)

 

$

(261,692

)

Gains on dispositions of development properties and land, net

 

$

173,643

 

 

$

187,361

 

 

$

139,406

 

 

$

316,607

 

Gains on other dispositions of investments in real estate, net

 

$

16,623

 

 

$

127,167

 

 

$

214,390

 

 

$

414,390

 

Operating income

 

$

532,197

 

 

$

700,866

 

 

$

765,660

 

 

$

1,208,273

 

Consolidated net earnings

 

$

399,693

 

 

$

650,313

 

 

$

797,731

 

 

$

1,300,853

 

Net earnings attributable to common unitholders

 

$

376,083

 

 

$

615,478

 

 

$

741,794

 

 

$

1,282,008

 

Net earnings per unit attributable to common unitholders –

     Basic (1)

 

$

0.50

 

 

$

0.81

 

 

$

0.98

 

 

$

1.68

 

Net earnings per unit attributable to common unitholders –

     Diluted (1)

 

$

0.49

 

 

$

0.81

 

 

$

0.97

 

 

$

1.67

 

 

(1)

Quarterly earnings per common share or unit amounts may not total to the annual amounts due to rounding and the changes in the number of weighted average common shares or units outstanding included in the calculation of basic and diluted shares or units.

 

(2)

Income allocated to the exchangeable OP units not held by the Parent has been included in the numerator and exchangeable OP units have been included in the denominator for the purpose of computing diluted earnings per share for all periods since the per share and unit is the same.