XML 28 R4.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Rental $ 1,777,359 $ 1,151,846 $ 5,062,583 $ 3,322,159
Strategic capital 136,848 594,752 1,070,584 884,916
Development management and other 457 4,294 1,055 15,025
Total revenues 1,914,664 1,750,892 6,134,222 4,222,100
Expenses:        
Rental 416,076 284,707 1,216,568 830,846
Strategic capital 84,069 130,555 306,684 239,418
General and administrative 96,673 87,903 292,097 245,663
Depreciation and amortization 642,010 401,450 1,846,545 1,200,410
Other 12,342 7,004 31,686 28,214
Total expenses 1,251,170 911,619 3,693,580 2,544,551
Operating income before gains on real estate transactions, net 663,494 839,273 2,440,642 1,677,549
Gains on dispositions of development properties and land, net 89,030 74,678 273,907 390,686
Gains on other dispositions of investments in real estate, net [1] 129,584 1,019 158,392 585,854
Operating income 882,108 914,970 2,872,941 2,654,089
Other income (expense):        
Earnings from unconsolidated entities, net 71,365 84,925 217,786 241,481
Interest expense (181,053) (63,884) (466,882) (188,241)
Foreign currency and derivative gains and other income, net 67,964 171,832 102,682 364,623
Gains (losses) on early extinguishment of debt, net 0 0 3,275 (18,895)
Total other income (expense) (41,724) 192,873 (143,139) 398,968
Earnings before income taxes 840,384 1,107,843 2,729,802 3,053,057
Income tax expense (41,243) (38,669) (152,541) (117,725)
Consolidated net earnings 799,141 1,069,174 2,577,261 2,935,332
Less net earnings attributable to noncontrolling interests 51,514 53,710 148,983 157,690
Net earnings attributable to controlling interests 747,627 1,015,464 2,428,278 2,777,642
Less preferred stock/unit dividends/distributions 1,453 1,531 4,381 4,600
Net earnings attributable to common stockholders/unitholders $ 746,174 $ 1,013,933 $ 2,423,897 $ 2,773,042
Weighted average common shares/units outstanding - Basic 924,395 740,719 924,228 740,585
Weighted average common shares/units outstanding - Diluted [2] 951,908 766,372 951,643 766,019
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 0.81 $ 1.37 $ 2.62 $ 3.74
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 0.8 $ 1.36 $ 2.61 $ 3.72
Prologis, L.P. [Member]        
Revenues:        
Rental $ 1,777,359 $ 1,151,846 $ 5,062,583 $ 3,322,159
Strategic capital 136,848 594,752 1,070,584 884,916
Development management and other 457 4,294 1,055 15,025
Total revenues 1,914,664 1,750,892 6,134,222 4,222,100
Expenses:        
Rental 416,076 284,707 1,216,568 830,846
Strategic capital 84,069 130,555 306,684 239,418
General and administrative 96,673 87,903 292,097 245,663
Depreciation and amortization 642,010 401,450 1,846,545 1,200,410
Other 12,342 7,004 31,686 28,214
Total expenses 1,251,170 911,619 3,693,580 2,544,551
Operating income before gains on real estate transactions, net 663,494 839,273 2,440,642 1,677,549
Gains on dispositions of development properties and land, net 89,030 74,678 273,907 390,686
Gains on other dispositions of investments in real estate, net 129,584 1,019 158,392 585,854
Operating income 882,108 914,970 2,872,941 2,654,089
Other income (expense):        
Earnings from unconsolidated entities, net 71,365 84,925 217,786 241,481
Interest expense (181,053) (63,884) (466,882) (188,241)
Foreign currency and derivative gains and other income, net 67,964 171,832 102,682 364,623
Gains (losses) on early extinguishment of debt, net 0 0 3,275 (18,895)
Total other income (expense) (41,724) 192,873 (143,139) 398,968
Earnings before income taxes 840,384 1,107,843 2,729,802 3,053,057
Income tax expense (41,243) (38,669) (152,541) (117,725)
Consolidated net earnings 799,141 1,069,174 2,577,261 2,935,332
Less net earnings attributable to noncontrolling interests 32,613 24,979 87,833 79,257
Net earnings attributable to controlling interests 766,528 1,044,195 2,489,428 2,856,075
Less preferred stock/unit dividends/distributions 1,453 1,531 4,381 4,600
Net earnings attributable to common stockholders/unitholders $ 765,075 $ 1,042,664 $ 2,485,047 $ 2,851,475
Weighted average common shares/units outstanding - Basic 939,602 753,616 939,448 753,515
Weighted average common shares/units outstanding - Diluted [2] 951,908 766,372 951,643 766,019
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 0.81 $ 1.37 $ 2.62 $ 3.74
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 0.8 $ 1.36 $ 2.61 $ 3.72
[1] During the nine months ended September 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: