Prologis, Inc.

PLDPLDGP

Real estate investment trusts

Last filing · Quarter 2 · Jun 30, 2026

12 more years with Pro

Prologis, Inc. back to 2011, every line as filed.

USD ($) $ in Thousands	LTM	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023
Operating activities:
Consolidated net earnings	$ 4,472,244	$ 3,565,299	$ 3,947,935	$ 3,253,145
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Straight-lined rents and amortization of above and below market leases	(649,829)	(691,090)	(644,606)	(613,005)
Straight-lined rents	-	-	-	-
Equity-based compensation awards	204,101	185,466	231,747	267,648
Depreciation and amortization	2,737,773	2,626,028	2,580,519	2,484,891
Earnings from unconsolidated entities, net	(467,706)	(402,531)	(353,623)	(307,227)
Earnings from unconsolidated investees	-	-	-	-
Operating distributions from unconsolidated entities	680,927	644,936	562,475	680,192
Decrease (increase) in operating receivables from unconsolidated entities	(45,113)	1,272	20,532	(82,375)
Amortization of debt discounts and debt issuance costs, net	84,749	85,647	78,885	74,589
Gains on dispositions of development properties and land, net	(591,982)	(257,731)	(413,743)	(462,270)
Gains on other dispositions of investments in real estate, net	(905,477)	(685,831)	(904,136)	(161,039)
Gains on real estate transactions, net	-	-	-	-
Gains on dispositions of investments in real estate and revaluation of equity investments upon acquisition of a controlling interest, net	-	-	-	-
Unrealized foreign currency and derivative losses (gains), net	(87,684)	125,656	(67,335)	71,627
Non-cash Merger, acquisition and other integration expenses	-	-	-	-
Impairment of goodwill and other assets	-	-	-	-
Impairment of real estate properties and other assets	-	-	-	-
Net gains on dispositions, net of related impairment charges, in discontinued operations	-	-	-	-
Gains on acquisitions and dispositions of investments in real estate, net	-	-	-	-
Net gains on dispositions, net of related impairment charges, included in discontinued operations	-	-	-	-
Gains recognized on property acquisitions and dispositions, net	-	-	-	-
Losses (gains) on early extinguishment of debt, net	5,419	3,498	(536)	(3,275)
Deferred income tax expense (benefit)	20,989	4,309	21,161	17,708
Decrease (increase) in other assets	(532,936)	(422,101)	(341,614)	-
Deferred income tax benefit	-	-	-	-
Increase in accounts receivable and other assets	-	-	-	(102,610)
Increase (decrease) in accounts payable and accrued expenses and other liabilities	315,500	225,607	194,548	255,059
Net cash provided by (used in) operating activities	5,240,975	5,008,434	4,912,209	5,373,058
Investing activities:
Real estate development	(3,014,196)	(2,781,260)	(3,206,231)	-
Real estate and other development	-	-	-	(3,399,114)
Real estate acquisitions	(1,820,231)	(1,800,527)	(2,327,605)	(4,195,714)
Real estate development	-	-	-	-
Duke Transaction, net of cash acquired	0	0	0	(33,009)
Tenant improvements and lease commissions on previously leased space	(544,607)	(562,197)	(499,927)	(388,814)
Property improvements	(321,499)	(327,355)	(386,481)	(303,042)
Property improvements	-	-	-	-
Proceeds from dispositions and contributions of real estate	3,378,255	2,246,186	3,790,388	1,764,322
Investments in and advances to unconsolidated entities	(520,782)	(312,214)	(540,559)	(284,185)
Acquisition of a controlling interest in unconsolidated entities, net of cash received	-	-	-	-
Investments in and net advances to unconsolidated investees	-	-	-	-
Return of investment from unconsolidated investees	-	-	-	-
Acquisition of a controlling interest in unconsolidated entities, net of cash received	-	-	-	-
Return of investment from unconsolidated entities	262,762	104,431	58,339	348,276
Proceeds from the settlement of net investment hedges	3,652	4,852	16,021	37,113
Payments on the settlement of net investment hedges	(21,260)	(25,648)	(3,002)	(2,230)
Proceeds from repayment of notes receivable backed by real estate	0	0	0	37,000
Purchase of short-term investments	(176,715)	(176,715)	-	-
Investments in notes receivable backed by real estate and advances on other notes receivable	-	-	-	-
Cash acquired in connection with AMB merger	-	-	-	-
Acquisition of PEPR, net of cash received	-	-	-	-
Net cash provided by (used in) investing activities	(2,598,136)	(3,630,447)	(3,099,057)	(6,419,397)
Financing activities:
Proceeds from issuance of common stock/units	-	-	-	0
Repurchase and retirement of common stock	-	-	-	-
Repurchase of preferred stock	-	-	-	-
Dividends/distributions paid on common and preferred stock/units	(3,885,475)	(3,764,745)	(3,570,480)	(3,228,589)
Noncontrolling interests contributions	64,638	70,612	73,094	21,107
Noncontrolling interests distributions	(330,851)	(327,014)	(295,701)	(235,050)
Dividends paid on common stock	-	-	-	-
Dividends paid on preferred stock	-	-	-	-
Noncontrolling interest contributions	-	-	-	-
Noncontrolling interest distributions	-	-	-	-
Settlement of noncontrolling interests	(89,268)	(33,608)	(1,650)	(69,807)
Tax paid with shares of the Parent withheld	(29,309)	(23,947)	(30,526)	(24,536)
Purchase of noncontrolling interest	-	-	-	-
Debt and equity issuance costs paid	(44,615)	(40,043)	(30,966)	(58,660)
Net proceeds from (payments on) credit facilities and commercial paper	15,681	(203,917)	(730,077)	-
Net proceeds from (payments on) credit facilities	-	-	-	(567,076)
Repurchase of and payments on debt	(1,615,942)	(701,861)	(919,481)	(272,203)
Proceeds from the issuance of debt	3,995,187	3,460,904	4,505,830	5,755,096
Repurchase of and payments on debt	-	-	-	-
Payments on credit facilities, net	-	-	-	-
Repurchase and early extinguishment of debt	-	-	-	-
Proceeds from the issuance of debt	-	-	-	-
Payments on debt	-	-	-	-
Net cash provided by (used in) financing activities	(1,919,954)	(1,563,619)	(999,957)	1,320,282
Effect of foreign currency exchange rate changes on cash	(23,923)	12,688	(24,992)	(22,038)
Net increase (decrease) in cash and cash equivalents	$ 698,962	$ (172,944)	$ 788,203	$ 251,905