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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Rental $ 1,852,376 $ 1,651,454 $ 3,680,034 $ 3,285,224
Strategic capital 154,742 799,035 283,154 933,736
Development management and other 836 482 1,387 598
Total revenues 2,007,954 2,450,971 3,964,575 4,219,558
Expenses:        
Rental 445,235 387,938 899,492 800,492
Strategic capital 70,536 150,906 149,347 222,615
General and administrative 106,596 95,647 217,887 195,424
Depreciation and amortization 637,305 602,168 1,274,810 1,204,535
Other 11,444 12,160 23,688 19,344
Total expenses 1,271,116 1,248,819 2,565,224 2,442,410
Operating income before gains on real estate transactions, net 736,838 1,202,152 1,399,351 1,777,148
Gains on dispositions of development properties and land, net 87,174 184,877 127,482 184,877
Gains on other dispositions of investments in real estate, net [1] 199,326 24,761 216,860 28,808
Operating income 1,023,338 1,411,790 1,743,693 1,990,833
Other income (expense):        
Earnings from unconsolidated entities, net 102,337 70,642 174,809 146,421
Interest expense (208,267) (149,818) (401,587) (285,829)
Foreign currency, derivative and other gains and other income, net 37,152 26,104 100,716 34,718
Gains on early extinguishment of debt, net 0 0 536 3,275
Total other expense (68,778) (53,072) (125,526) (101,415)
Earnings before income taxes 954,560 1,358,718 1,618,167 1,889,418
Income tax expense (43,059) (79,227) (75,859) (111,298)
Consolidated net earnings 911,501 1,279,491 1,542,308 1,778,120
Less net earnings attributable to noncontrolling interests 50,153 63,463 95,245 97,469
Net earnings attributable to controlling interests 861,348 1,216,028 1,447,063 1,680,651
Less preferred stock/unit dividends/distributions 1,503 1,475 2,955 2,928
Net earnings attributable to common stockholders/unitholders $ 859,845 $ 1,214,553 $ 1,444,108 $ 1,677,723
Weighted average common shares/units outstanding - Basic 926,276 924,191 925,812 924,087
Weighted average common shares/units outstanding - Diluted [2] 953,200 951,706 953,439 951,638
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 0.93 $ 1.31 $ 1.56 $ 1.82
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 0.92 $ 1.31 $ 1.55 $ 1.81
Prologis, L.P. [Member]        
Revenues:        
Rental $ 1,852,376 $ 1,651,454 $ 3,680,034 $ 3,285,244
Strategic capital 154,742 799,035 283,154 933,736
Development management and other 836 482 1,387 598
Total revenues 2,007,954 2,450,971 3,964,575 4,219,558
Expenses:        
Rental 445,235 387,938 899,492 800,492
Strategic capital 70,536 150,906 149,347 222,615
General and administrative 106,596 95,647 217,887 195,424
Depreciation and amortization 637,305 602,168 1,274,810 1,204,535
Other 11,444 12,160 23,688 19,344
Total expenses 1,271,116 1,248,819 2,565,224 2,442,410
Operating income before gains on real estate transactions, net 736,838 1,202,152 1,399,351 1,777,148
Gains on dispositions of development properties and land, net 87,174 184,877 127,482 184,877
Gains on other dispositions of investments in real estate, net 199,326 24,761 216,860 28,808
Operating income 1,023,338 1,411,790 1,743,693 1,990,833
Other income (expense):        
Earnings from unconsolidated entities, net 102,337 70,642 174,809 146,421
Interest expense (208,267) (149,818) (401,587) (285,829)
Foreign currency, derivative and other gains and other income, net 37,152 26,104 100,716 34,718
Gains on early extinguishment of debt, net 0 0 536 3,275
Total other expense (68,778) (53,072) (125,526) (101,415)
Earnings before income taxes 954,560 1,358,718 1,618,167 1,889,418
Income tax expense (43,059) (79,227) (75,859) (111,298)
Consolidated net earnings 911,501 1,279,491 1,542,308 1,778,120
Less net earnings attributable to noncontrolling interests 28,802 32,863 59,110 55,220
Net earnings attributable to controlling interests 882,699 1,246,628 1,483,198 1,722,900
Less preferred stock/unit dividends/distributions 1,503 1,475 2,955 2,928
Net earnings attributable to common stockholders/unitholders $ 881,196 $ 1,245,153 $ 1,480,243 $ 1,719,972
Weighted average common shares/units outstanding - Basic 941,858 939,250 941,242 939,276
Weighted average common shares/units outstanding - Diluted [2] 953,200 951,706 953,439 951,638
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 0.93 $ 1.31 $ 1.56 $ 1.82
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 0.92 $ 1.31 $ 1.55 $ 1.81
[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: