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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Consolidated net earnings $ 2,577,261 $ 2,935,332
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Straight-lined rents and amortization of above and below market leases (466,686) (107,565)
Equity-based compensation awards 210,022 140,022
Depreciation and amortization 1,846,545 1,200,410
Earnings from unconsolidated entities, net (217,786) (241,481)
Operating distributions from unconsolidated entities 536,104 316,299
Increase in operating receivables from unconsolidated entities (98,227) (480,588)
Amortization of debt discounts and debt issuance costs, net 55,526 6,875
Gains on dispositions of development properties and land, net (273,907) (390,686)
Gains on other dispositions of investments in real estate, net [1] (158,392) (585,854)
Unrealized foreign currency and derivative gains, net (22,006) (239,645)
Losses (gains) on early extinguishment of debt, net (3,275) 18,895
Deferred income tax expense 9,836 23,714
Decrease in other assets 66,281 143,333
Increase in accounts payable and accrued expenses and other liabilities 237,340 109,752
Net cash provided by operating activities 4,298,636 2,848,813
Investing activities:    
Real estate development (2,507,664) (2,231,821)
Real estate acquisitions (3,648,920) (2,232,354)
Duke Transaction, net of cash acquired (28,111) 0
Tenant improvements and lease commissions on previously leased space (271,011) (262,177)
Property improvements (156,520) (117,563)
Proceeds from dispositions and contributions of real estate 1,310,442 1,721,993
Investments in and advances to unconsolidated entities (246,135) (192,335)
Return of investment from unconsolidated entities 304,901 58,528
Proceeds from the settlement of net investment hedges 31,045 45,033
Payments on the settlement of net investment hedges (161) (771)
Net cash used in investing activities (5,212,134) (3,211,467)
Financing activities:    
Dividends/distributions paid on common and preferred stock/units (2,420,022) (1,762,759)
Noncontrolling interests contributions 1,760 11,921
Noncontrolling interests distributions (178,055) (219,970)
Settlement of noncontrolling interests (69,759) (52,505)
Tax paid with shares withheld (19,814) (25,427)
Debt and equity issuance costs paid (58,320) (31,912)
Net proceeds from (payments on) credit facilities (1,328,136) 60,357
Repurchase of and payments on debt (270,344) (886,746)
Proceeds from the issuance of debt 5,746,977 3,394,353
Net cash provided by financing activities 1,404,287 487,312
Effect of foreign currency exchange rate changes on cash (28,431) (44,493)
Net increase in cash and cash equivalents 462,358 80,165
Cash and cash equivalents, beginning of period 278,483 556,117
Cash and cash equivalents, end of period 740,841 636,282
Prologis, L.P. [Member]    
Operating activities:    
Consolidated net earnings 2,577,261 2,935,332
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Straight-lined rents and amortization of above and below market leases (466,686) (107,565)
Equity-based compensation awards 210,022 140,022
Depreciation and amortization 1,846,545 1,200,410
Earnings from unconsolidated entities, net (217,786) (241,481)
Operating distributions from unconsolidated entities 536,104 316,299
Increase in operating receivables from unconsolidated entities (98,227) (480,588)
Amortization of debt discounts and debt issuance costs, net 55,526 6,875
Gains on dispositions of development properties and land, net (273,907) (390,686)
Gains on other dispositions of investments in real estate, net (158,392) (585,854)
Unrealized foreign currency and derivative gains, net (22,006) (239,645)
Losses (gains) on early extinguishment of debt, net (3,275) 18,895
Deferred income tax expense 9,836 23,714
Decrease in other assets 66,281 143,333
Increase in accounts payable and accrued expenses and other liabilities 237,340 109,752
Net cash provided by operating activities 4,298,636 2,848,813
Investing activities:    
Real estate development (2,507,664) (2,231,821)
Real estate acquisitions (3,648,920) (2,232,354)
Duke Transaction, net of cash acquired (28,111) 0
Tenant improvements and lease commissions on previously leased space (271,011) (262,177)
Property improvements (156,520) (117,563)
Proceeds from dispositions and contributions of real estate 1,310,442 1,721,993
Investments in and advances to unconsolidated entities (246,135) (192,335)
Return of investment from unconsolidated entities 304,901 58,528
Proceeds from the settlement of net investment hedges 31,045 45,033
Payments on the settlement of net investment hedges (161) (771)
Net cash used in investing activities (5,212,134) (3,211,467)
Financing activities:    
Dividends/distributions paid on common and preferred stock/units (2,488,993) (1,818,509)
Noncontrolling interests contributions 1,760 11,921
Noncontrolling interests distributions (109,084) (164,220)
Redemption of common limited partnership units (69,759) (52,505)
Tax paid with shares withheld (19,814) (25,427)
Debt and equity issuance costs paid (58,320) (31,912)
Net proceeds from (payments on) credit facilities (1,328,136) 60,357
Repurchase of and payments on debt (270,344) (886,746)
Proceeds from the issuance of debt 5,746,977 3,394,353
Net cash provided by financing activities 1,404,287 487,312
Effect of foreign currency exchange rate changes on cash (28,431) (44,493)
Net increase in cash and cash equivalents 462,358 80,165
Cash and cash equivalents, beginning of period 278,483 556,117
Cash and cash equivalents, end of period $ 740,841 $ 636,282
[1] During the nine months ended September 30, 2023, we sold our ownership interest in an unconsolidated office joint venture.