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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Rental $ 1,651,454 $ 1,093,452 $ 3,285,224 $ 2,170,313
Strategic capital 799,035 156,239 933,736 290,164
Development management and other 482 2,389 598 10,731
Total revenues 2,450,971 1,252,080 4,219,558 2,471,208
Expenses:        
Rental 387,938 270,465 800,492 546,139
Strategic capital 150,906 57,052 222,615 108,863
General and administrative 95,647 83,114 195,424 157,760
Depreciation and amortization 602,168 402,313 1,204,535 798,960
Other 12,160 11,621 19,344 21,210
Total expenses 1,248,819 824,565 2,442,410 1,632,932
Operating income before gains on real estate transactions, net 1,202,152 427,515 1,777,148 838,276
Gains on dispositions of development properties and land, net 184,877 105,802 184,877 316,008
Gains on other dispositions of investments in real estate, net [1] 24,761 0 28,808 584,835
Operating income 1,411,790 533,317 1,990,833 1,739,119
Other income (expense):        
Earnings from unconsolidated entities, net 70,642 79,594 146,421 156,556
Interest expense (149,818) (60,293) (285,829) (124,357)
Foreign currency and derivative gains and other income, net 26,104 144,382 34,718 192,791
Gain (losses) on early extinguishment of debt, net 0 (730) 3,275 (18,895)
Total other income (expense) (53,072) 162,953 (101,415) 206,095
Earnings before income taxes 1,358,718 696,270 1,889,418 1,945,214
Income tax expense (79,227) (49,834) (111,298) (79,056)
Consolidated net earnings 1,279,491 646,436 1,778,120 1,866,158
Less net earnings attributable to noncontrolling interests 63,463 35,043 97,469 103,980
Net earnings attributable to controlling interests 1,216,028 611,393 1,680,651 1,762,178
Less preferred stock/unit dividends/distributions 1,475 1,538 2,928 3,069
Net earnings attributable to common stockholders/unitholders $ 1,214,553 $ 609,855 $ 1,677,723 $ 1,759,109
Weighted average common shares/units outstanding - Basic 924,191 740,637 924,087 740,506
Weighted average common shares/units outstanding - Diluted [2] 951,706 766,074 951,638 765,859
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 1.31 $ 0.82 $ 1.82 $ 2.38
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 1.31 $ 0.82 $ 1.81 $ 2.36
Prologis, L.P. [Member]        
Revenues:        
Rental $ 1,651,454 $ 1,093,452 $ 3,285,224 $ 2,170,313
Strategic capital 799,035 156,239 933,736 290,164
Development management and other 482 2,389 598 10,731
Total revenues 2,450,971 1,252,080 4,219,558 2,471,208
Expenses:        
Rental 387,938 270,465 800,492 546,139
Strategic capital 150,906 57,052 222,615 108,863
General and administrative 95,647 83,114 195,424 157,760
Depreciation and amortization 602,168 402,313 1,204,535 798,960
Other 12,160 11,621 19,344 21,210
Total expenses 1,248,819 824,565 2,442,410 1,632,932
Operating income before gains on real estate transactions, net 1,202,152 427,515 1,777,148 838,276
Gains on dispositions of development properties and land, net 184,877 105,802 184,877 316,008
Gains on other dispositions of investments in real estate, net 24,761 0 28,808 584,835
Operating income 1,411,790 533,317 1,990,833 1,739,119
Other income (expense):        
Earnings from unconsolidated entities, net 70,642 79,594 146,421 156,556
Interest expense (149,818) (60,293) (285,829) (124,357)
Foreign currency and derivative gains and other income, net 26,104 144,382 34,718 192,791
Gain (losses) on early extinguishment of debt, net 0 (730) 3,275 (18,895)
Total other income (expense) (53,072) 162,953 (101,415) 206,095
Earnings before income taxes 1,358,718 696,270 1,889,418 1,945,214
Income tax expense (79,227) (49,834) (111,298) (79,056)
Consolidated net earnings 1,279,491 646,436 1,778,120 1,866,158
Less net earnings attributable to noncontrolling interests 32,863 17,612 55,220 54,278
Net earnings attributable to controlling interests 1,246,628 628,824 1,722,900 1,811,880
Less preferred stock/unit dividends/distributions 1,475 1,538 2,928 3,069
Net earnings attributable to common stockholders/unitholders $ 1,245,153 $ 627,286 $ 1,719,972 $ 1,808,811
Weighted average common shares/units outstanding - Basic 939,250 753,610 939,276 753,420
Weighted average common shares/units outstanding - Diluted [2] 951,706 766,074 951,638 765,859
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 1.31 $ 0.82 $ 1.82 $ 2.38
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 1.31 $ 0.82 $ 1.81 $ 2.36
[1] During the three and six months ended June 30, 2023, we sold our ownership interest in an unconsolidated office joint venture.
[2] Our total weighted average potentially dilutive shares and units outstanding consisted of the following: