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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Consolidated net earnings $ 3,555,398 $ 3,148,590 $ 1,616,630
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Straight-lined rents and amortization of above and below market leases (267,709) (148,239) (126,328)
Equity-based compensation awards 175,356 113,028 109,831
Depreciation and amortization 1,812,777 1,577,942 1,561,969
Earnings from unconsolidated entities, net (310,872) (404,255) (297,370)
Operating distributions from unconsolidated entities 410,483 440,034 450,622
Decrease (increase) in operating receivables from unconsolidated entities (63,947) (14,223) 14,670
Amortization of debt discounts and debt issuance costs, net 23,736 8,656 7,859
Gains on dispositions of development properties and land, net (597,745) (817,017) (464,942)
Gains on other dispositions of investments in real estate, net [1] (589,391) (772,570) (252,195)
Unrealized foreign currency and derivative losses (gains), net (92,201) (173,026) 160,739
Losses on early extinguishment of debt, net 20,184 187,453 188,290
Deferred income tax expense 12,638 1,322 744
Increase in accounts receivable and other assets (71,307) (328,511) (127,619)
Increase in accounts payable and accrued expenses and other liabilities 109,030 176,858 94,105
Net cash provided by operating activities 4,126,430 2,996,042 2,937,005
Investing activities:      
Real estate development (3,118,379) (2,639,872) (1,920,218)
Real estate acquisitions (2,492,108) (2,320,448) (1,239,034)
Tenant improvements and lease commissions on previously leased space (339,234) (329,059) (221,491)
Property improvements (211,358) (169,933) (149,491)
Proceeds from dispositions and contributions of real estate 2,063,623 4,222,290 2,281,940
Investments in and advances to unconsolidated entities (442,366) (798,103) (385,936)
Return of investment from unconsolidated entities 76,994 58,275 257,065
Proceeds from repayment of notes receivable backed by real estate 0 0 4,312
Proceeds from the settlement of net investment hedges 59,281 3,305 2,352
Payments on the settlement of net investment hedges (3,458) (16,513) (9,034)
Net cash used in investing activities (4,499,057) (1,990,058) (3,074,330)
Financing activities:      
Proceeds from issuance of common stock/units 0 743 2,217
Repurchase and retirement of common stock 0 0 (34,829)
Repurchase of preferred stock 0 0 (7,200)
Dividends/distributions paid on common and preferred stock/units (2,494,723) (1,872,861) (1,722,989)
Noncontrolling interests contributions 13,295 74,404 917,092
Noncontrolling interests distributions (270,109) (375,054) (361,636)
Settlement of noncontrolling interests (88,980) (153,236) (116,978)
Tax paid with shares withheld (27,688) (19,855) (24,887)
Debt and equity issuance costs paid (45,654) (23,318) (54,204)
Net proceeds from (payments on) credit facilities 294,164 323,336 (10,959)
Repurchase of and payments on debt (1,381,005) (2,560,174) (6,782,306)
Proceeds from the issuance of debt 4,116,489 3,597,690 7,824,517
Net cash provided by (used in) financing activities 115,789 (1,008,325) (372,162)
Effect of foreign currency exchange rate changes on cash (20,796) (39,628) 18,718
Net decrease in cash and cash equivalents (277,634) (41,969) (490,769)
Cash and cash equivalents, beginning of year 556,117 598,086 1,088,855
Cash and cash equivalents, end of year 278,483 556,117 598,086
Prologis, L.P. [Member]      
Operating activities:      
Consolidated net earnings 3,555,398 3,148,590 1,616,630
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Straight-lined rents and amortization of above and below market leases (267,709) (148,239) (126,328)
Equity-based compensation awards 175,356 113,028 109,831
Depreciation and amortization 1,812,777 1,577,942 1,561,969
Earnings from unconsolidated entities, net (310,872) (404,255) (297,370)
Operating distributions from unconsolidated entities 410,483 440,034 450,622
Decrease (increase) in operating receivables from unconsolidated entities (63,947) (14,223) 14,670
Amortization of debt discounts and debt issuance costs, net 23,736 8,656 7,859
Gains on dispositions of development properties and land, net (597,745) (817,017) (464,942)
Gains on other dispositions of investments in real estate, net (589,391) (772,570) (252,195)
Unrealized foreign currency and derivative losses (gains), net (92,201) (173,026) 160,739
Losses on early extinguishment of debt, net 20,184 187,453 188,290
Deferred income tax expense 12,638 1,322 744
Increase in accounts receivable and other assets (71,307) (328,511) (127,619)
Increase in accounts payable and accrued expenses and other liabilities 109,030 176,858 94,105
Net cash provided by operating activities 4,126,430 2,996,042 2,937,005
Investing activities:      
Real estate development (3,118,379) (2,639,872) (1,920,218)
Real estate acquisitions (2,492,108) (2,320,448) (1,239,034)
Tenant improvements and lease commissions on previously leased space (339,234) (329,059) (221,491)
Property improvements (211,358) (169,933) (149,491)
Proceeds from dispositions and contributions of real estate 2,063,623 4,222,290 2,281,940
Investments in and advances to unconsolidated entities (442,366) (798,103) (385,936)
Return of investment from unconsolidated entities 76,994 58,275 257,065
Proceeds from repayment of notes receivable backed by real estate 0 0 4,312
Proceeds from the settlement of net investment hedges 59,281 3,305 2,352
Payments on the settlement of net investment hedges (3,458) (16,513) (9,034)
Net cash used in investing activities (4,499,057) (1,990,058) (3,074,330)
Financing activities:      
Proceeds from issuance of common stock/units 0 743 2,217
Repurchase and retirement of common stock 0 0 (34,829)
Repurchase of preferred stock 0 0 (7,200)
Dividends/distributions paid on common and preferred stock/units (2,571,267) (1,935,381) (1,781,482)
Noncontrolling interests contributions 13,295 74,404 917,092
Noncontrolling interests distributions (193,565) (312,534) (303,143)
Redemption of common limited partnership units (88,980) (153,236) (116,978)
Tax paid for shares of the Parent withheld (27,688) (19,855) (24,887)
Debt and equity issuance costs paid (45,654) (23,318) (54,204)
Net proceeds from (payments on) credit facilities 294,164 323,336 (10,959)
Repurchase of and payments on debt (1,381,005) (2,560,174) (6,782,306)
Proceeds from the issuance of debt 4,116,489 3,597,690 7,824,517
Net cash provided by (used in) financing activities 115,789 (1,008,325) (372,162)
Effect of foreign currency exchange rate changes on cash (20,796) (39,628) 18,718
Net decrease in cash and cash equivalents (277,634) (41,969) (490,769)
Cash and cash equivalents, beginning of year 556,117 598,086 1,088,855
Cash and cash equivalents, end of year 278,483 556,117 598,086
Duke Transaction [Member]      
Investing activities:      
Transaction, net of cash acquired (92,052) 0 0
Duke Transaction [Member] | Prologis, L.P. [Member]      
Investing activities:      
Transaction, net of cash acquired (92,052) 0 0
Liberty Transaction [Member]      
Investing activities:      
Transaction, net of cash acquired 0 0 (29,436)
Liberty Transaction [Member] | Prologis, L.P. [Member]      
Investing activities:      
Transaction, net of cash acquired 0 0 (29,436)
IPT Transaction [Member]      
Investing activities:      
Transaction, net of cash acquired 0 0 (1,665,359)
IPT Transaction [Member] | Prologis, L.P. [Member]      
Investing activities:      
Transaction, net of cash acquired $ 0 $ 0 $ (1,665,359)
[1]

In 2021, we sold our ownership interest in an unconsolidated other venture.