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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Rental $ 1,151,846 $ 1,037,281 $ 3,322,159 $ 3,073,700
Strategic capital 594,752 141,448 884,916 390,796
Development management and other 4,294 4,320 15,025 17,711
Total revenues 1,750,892 1,183,049 4,222,100 3,482,207
Expenses:        
Rental 284,707 256,607 830,846 779,624
Strategic capital 130,555 52,389 239,418 146,938
General and administrative 87,903 66,970 245,663 219,344
Depreciation and amortization 401,450 390,806 1,200,410 1,181,117
Other 7,004 4,413 28,214 15,051
Total expenses 911,619 771,185 2,544,551 2,342,074
Operating income before gains on real estate transactions, net 839,273 411,864 1,677,549 1,140,133
Gains on dispositions of development properties and land, net 74,678 139,406 390,686 500,410
Gains on other dispositions of investments in real estate, net [1] 1,019 214,390 585,854 358,180
Operating income 914,970 765,660 2,654,089 1,998,723
Other income (expense):        
Earnings from unconsolidated entities, net 84,925 91,818 241,481 231,286
Interest expense (63,884) (63,638) (188,241) (203,331)
Foreign currency and derivative gains and interest and other income, net 171,832 63,326 364,623 142,859
Losses on early extinguishment of debt, net 0 0 (18,895) (187,453)
Total other income (expense) 192,873 91,506 398,968 (16,639)
Earnings before income taxes 1,107,843 857,166 3,053,057 1,982,084
Income tax expense (38,669) (59,435) (117,725) (134,347)
Consolidated net earnings 1,069,174 797,731 2,935,332 1,847,737
Less net earnings attributable to noncontrolling interests 53,710 74,193 157,690 156,676
Net earnings attributable to controlling interests 1,015,464 723,538 2,777,642 1,691,061
Less preferred stock/unit dividends/distributions 1,531 1,531 4,600 4,614
Net earnings attributable to common stockholders/unitholders $ 1,013,933 $ 722,007 $ 2,773,042 $ 1,686,447
Weighted average common shares/units outstanding - Basic 740,719 739,439 740,585 739,217
Weighted average common shares/units outstanding - Diluted [2] 766,372 764,945 766,019 764,644
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 1.37 $ 0.98 $ 3.74 $ 2.28
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 1.36 $ 0.97 $ 3.72 $ 2.27
Prologis, L.P. [Member]        
Revenues:        
Rental $ 1,151,846 $ 1,037,281 $ 3,322,159 $ 3,073,700
Strategic capital 594,752 141,448 884,916 390,796
Development management and other 4,294 4,320 15,025 17,711
Total revenues 1,750,892 1,183,049 4,222,100 3,482,207
Expenses:        
Rental 284,707 256,607 830,846 779,624
Strategic capital 130,555 52,389 239,418 146,938
General and administrative 87,903 66,970 245,663 219,344
Depreciation and amortization 401,450 390,806 1,200,410 1,181,117
Other 7,004 4,413 28,214 15,051
Total expenses 911,619 771,185 2,544,551 2,342,074
Operating income before gains on real estate transactions, net 839,273 411,864 1,677,549 1,140,133
Gains on dispositions of development properties and land, net 74,678 139,406 390,686 500,410
Gains on other dispositions of investments in real estate, net 1,019 214,390 585,854 358,180
Operating income 914,970 765,660 2,654,089 1,998,723
Other income (expense):        
Earnings from unconsolidated entities, net 84,925 91,818 241,481 231,286
Interest expense (63,884) (63,638) (188,241) (203,331)
Foreign currency and derivative gains and interest and other income, net 171,832 63,326 364,623 142,859
Losses on early extinguishment of debt, net 0 0 (18,895) (187,453)
Total other income (expense) 192,873 91,506 398,968 (16,639)
Earnings before income taxes 1,107,843 857,166 3,053,057 1,982,084
Income tax expense (38,669) (59,435) (117,725) (134,347)
Consolidated net earnings 1,069,174 797,731 2,935,332 1,847,737
Less net earnings attributable to noncontrolling interests 24,979 54,406 79,257 109,768
Net earnings attributable to controlling interests 1,044,195 743,325 2,856,075 1,737,969
Less preferred stock/unit dividends/distributions 1,531 1,531 4,600 4,614
Net earnings attributable to common stockholders/unitholders $ 1,042,664 $ 741,794 $ 2,851,475 $ 1,733,355
Weighted average common shares/units outstanding - Basic 753,616 751,558 753,515 751,773
Weighted average common shares/units outstanding - Diluted 766,372 764,945 766,019 764,644
Net earnings per share/unit attributable to common stockholders/unitholders - Basic $ 1.37 $ 0.98 $ 3.74 $ 2.28
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted $ 1.36 $ 0.97 $ 3.72 $ 2.27
[1]

Included in the three and nine months ended September 30, 2021, is the sale of our ownership interest in an unconsolidated other venture.

[2] Our total weighted average potentially dilutive shares and units outstanding consisted of the following: