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Selected Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2019
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,

 

2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

696,807

 

 

$

700,689

 

 

$

710,465

 

 

$

723,857

 

Total revenues

 

$

772,052

 

 

$

790,372

 

 

$

942,181

 

 

$

826,016

 

Rental expenses

 

$

(188,068

)

 

$

(181,138

)

 

$

(180,864

)

 

$

(184,196

)

Gains on dispositions of development properties and land, net

 

$

42,441

 

 

$

196,941

 

 

$

63,935

 

 

$

164,260

 

Gains on other dispositions of investments in real estate, net

 

$

145,767

 

 

$

27,254

 

 

$

59,379

 

 

$

157,841

 

Operating income

 

$

376,590

 

 

$

442,056

 

 

$

471,480

 

 

$

559,640

 

Consolidated net earnings

 

$

373,765

 

 

$

410,826

 

 

$

491,013

 

 

$

426,242

 

Net earnings attributable to common stockholders

 

$

347,047

 

 

$

383,784

 

 

$

450,639

 

 

$

385,480

 

Net earnings per share attributable to common

     stockholders – Basic (1)

 

$

0.55

 

 

$

0.61

 

 

$

0.71

 

 

$

0.61

 

Net earnings per share attributable to common

     stockholders – Diluted (1)(2)

 

$

0.55

 

 

$

0.60

 

 

$

0.71

 

 

$

0.61

 

2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

555,943

 

 

$

544,679

 

 

$

608,974

 

 

$

679,195

 

Total revenues

 

$

693,656

 

 

$

621,276

 

 

$

682,432

 

 

$

807,085

 

Rental expenses

 

$

(142,941

)

 

$

(133,329

)

 

$

(147,184

)

 

$

(177,194

)

Gains on dispositions of development properties and land, net

 

$

157,568

 

 

$

63,669

 

 

$

108,049

 

 

$

140,531

 

Gains on other dispositions of investments in real estate, net

 

$

37,543

 

 

$

30,592

 

 

$

86,009

 

 

$

217,035

 

Operating income

 

$

432,218

 

 

$

281,555

 

 

$

375,579

 

 

$

598,646

 

Consolidated net earnings

 

$

391,959

 

 

$

364,991

 

 

$

375,520

 

 

$

690,490

 

Net earnings attributable to common stockholders

 

$

365,902

 

 

$

334,611

 

 

$

346,345

 

 

$

596,568

 

Net earnings per share attributable to common

     stockholders – Basic (1)

 

$

0.69

 

 

$

0.63

 

 

$

0.60

 

 

$

0.95

 

Net earnings per share attributable to common

     stockholders – Diluted (1)(2)

 

$

0.68

 

 

$

0.62

 

 

$

0.60

 

 

$

0.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prologis, L.P.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

696,807

 

 

$

700,689

 

 

$

710,465

 

 

$

723,857

 

Total revenues

 

$

772,052

 

 

$

790,372

 

 

$

942,181

 

 

$

826,016

 

Rental expenses

 

$

(188,068

)

 

$

(181,138

)

 

$

(180,864

)

 

$

(184,196

)

Gains on dispositions of development properties and land, net

 

$

42,441

 

 

$

196,941

 

 

$

63,935

 

 

$

164,260

 

Gains on other dispositions of investments in real estate, net

 

$

145,767

 

 

$

27,254

 

 

$

59,379

 

 

$

157,841

 

Operating income

 

$

376,590

 

 

$

442,056

 

 

$

471,480

 

 

$

559,640

 

Consolidated net earnings

 

$

373,765

 

 

$

410,826

 

 

$

491,013

 

 

$

426,242

 

Net earnings attributable to common unitholders

 

$

357,621

 

 

$

395,470

 

 

$

463,997

 

 

$

396,527

 

Net earnings per unit attributable to common unitholders –

     Basic (1)

 

$

0.55

 

 

$

0.61

 

 

$

0.71

 

 

$

0.61

 

Net earnings per unit attributable to common unitholders –

     Diluted (1)(2)

 

$

0.55

 

 

$

0.60

 

 

$

0.71

 

 

$

0.61

 

2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

555,943

 

 

$

544,679

 

 

$

608,974

 

 

$

679,195

 

Total revenues

 

$

693,656

 

 

$

621,276

 

 

$

682,432

 

 

$

807,085

 

Rental expenses

 

$

(142,941

)

 

$

(133,329

)

 

$

(147,184

)

 

$

(177,194

)

Gains on dispositions of development properties and land, net

 

$

157,568

 

 

$

63,669

 

 

$

108,049

 

 

$

140,531

 

Gains on other dispositions of investments in real estate, net

 

$

37,543

 

 

$

30,592

 

 

$

86,009

 

 

$

217,035

 

Operating income

 

$

432,218

 

 

$

281,555

 

 

$

375,579

 

 

$

598,646

 

Consolidated net earnings

 

$

391,959

 

 

$

364,991

 

 

$

375,520

 

 

$

690,490

 

Net earnings attributable to common unitholders

 

$

376,425

 

 

$

344,633

 

 

$

356,765

 

 

$

614,490

 

Net earnings per unit attributable to common unitholders –

     Basic (1)

 

$

0.69

 

 

$

0.63

 

 

$

0.60

 

 

$

0.95

 

Net earnings per unit attributable to common unitholders –

     Diluted (1)(2)

 

$

0.68

 

 

$

0.62

 

 

$

0.60

 

 

$

0.94

 

 

(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.