Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2023

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,
2023:
Rental revenues	$	1,633,770		$	1,651,454		$	1,777,359		$	1,755,959
Total revenues	$	1,768,587		$	2,450,971		$	1,914,664		$	1,889,247
Rental expenses	$	(412,554	)	$	(387,938	)	$	(416,076	)	$	(408,225	)
Gains on dispositions of development properties and land, net	$	-		$	184,877		$	89,030		$	188,363
Gains on other dispositions of investments in real estate, net	$	4,047		$	24,761		$	129,584		$	2,647
Operating income	$	579,043		$	1,411,790		$	882,108		$	834,851
Consolidated net earnings	$	498,629		$	1,279,491		$	799,141		$	675,884
Net earnings attributable to common stockholders	$	463,170		$	1,214,553		$	746,174		$	629,476
Net earnings per share attributable to common      stockholders – Basic (1)	$	0.50		$	1.31		$	0.81		$	0.68
Net earnings per share attributable to common      stockholders – Diluted (1)(2)	$	0.50		$	1.31		$	0.80		$	0.68
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
Prologis, L.P.
2023:
Rental revenues	$	1,633,770		$	1,651,454		$	1,777,359		$	1,755,959
Total revenues	$	1,768,587		$	2,450,971		$	1,914,664		$	1,889,247
Rental expenses	$	(412,554	)	$	(387,938	)	$	(416,076	)	$	(408,225	)
Gains on dispositions of development properties and land, net	$	-		$	184,877		$	89,030		$	188,363
Gains on other dispositions of investments in real estate, net	$	4,047		$	24,761		$	129,584		$	2,647
Operating income	$	579,043		$	1,411,790		$	882,108		$	834,851
Consolidated net earnings	$	498,629		$	1,279,491		$	799,141		$	675,884
Net earnings attributable to common unitholders	$	474,819		$	1,245,153		$	765,075		$	645,600
Net earnings per unit attributable to common unitholders –      Basic (1)	$	0.50		$	1.31		$	0.81		$	0.68
Net earnings per unit attributable to common unitholders –      Diluted (1)	$	0.50		$	1.31		$	0.80		$	0.68
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

(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.