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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2024

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______________ to ______________

 

Commission File Number: 001-13545 (Prologis, Inc.) 001-14245 (Prologis, L.P.)

 

img139920102_0.jpg 

Prologis, Inc.

Prologis, L.P.

(Exact name of registrant as specified in its charter)

 

Maryland (Prologis, Inc.)

Delaware (Prologis, L.P.)

94-3281941 (Prologis, Inc.)

94-3285362 (Prologis, L.P.)

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

 

Pier 1, Bay 1, San Francisco, California

 

94111

(Address or principal executive offices)

 

(Zip Code)

 

(415) 394-9000

(Registrants’ telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange on Which Registered

Prologis, Inc.

 

Common Stock, $0.01 par value

 

PLD

 

New York Stock Exchange

Prologis, L.P.

 

3.000% Notes due 2026

 

PLD/26

 

New York Stock Exchange

Prologis, L.P.

 

2.250% Notes due 2029

 

PLD/29

 

New York Stock Exchange

 

 

 

 

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter periods that the registrant was required to submit such files).

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Prologis, Inc.:

 

 

 

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

Prologis, L.P.:

 

 

 

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).

Prologis, Inc.

Yes

No

Prologis, L.P.

Yes

No

 

The number of shares of Prologis, Inc.’s common stock outstanding at April 22, 2024, was approximately 925,844,000.

 

 


EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2024, of Prologis, Inc. and Prologis, L.P. Unless stated otherwise or the context otherwise requires, references to “Prologis, Inc.” or the “Parent” mean Prologis, Inc. and its consolidated subsidiaries; and references to “Prologis, L.P.” or the “Operating Partnership” or the “OP” mean Prologis, L.P., and its consolidated subsidiaries. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and the OP collectively.

 

The Parent is a real estate investment trust (a “REIT”) and the general partner of the OP. At March 31, 2024, the Parent owned a 97.62% common general partnership interest in the OP and substantially all of the preferred units in the OP. The remaining 2.38% common limited partnership interests are owned by unaffiliated investors and certain current and former directors and officers of the Parent.

 

We operate the Parent and the OP as one enterprise. The management of the Parent consists of the same members as the management of the OP. These members are officers of the Parent and employees of the OP or one of its subsidiaries. As sole general partner, the Parent has control of the OP through complete responsibility and discretion in the day-to-day management and therefore, consolidates the OP for financial reporting purposes. Because the only significant asset of the Parent is its investment in the OP, the assets and liabilities of the Parent and the OP are the same on their respective financial statements.

We believe combining the quarterly reports on Form 10-Q of the Parent and the OP into this single report results in the following benefits:

enhances investors’ understanding of the Parent and the OP by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation as a substantial portion of the Company’s disclosure applies to both the Parent and the OP; and
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

 

It is important to understand the few differences between the Parent and the OP in the context of how we operate the Company. The Parent does not conduct business itself, other than acting as the sole general partner of the OP and issuing public equity from time to time. The OP holds substantially all the assets of the business, directly or indirectly. The OP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent, which are contributed to the OP in exchange for partnership units, the OP generates capital required by the business through the OP’s operations, incurrence of indebtedness and issuance of partnership units to third parties.

 

The presentation of noncontrolling interests, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Parent and those of the OP. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity and capital issuances in the Parent and in the OP.

The preferred stock, common stock, additional paid-in capital, accumulated other comprehensive income (loss) and distributions in excess of net earnings of the Parent are presented as stockholders’ equity in the Parent’s consolidated financial statements. These items represent the common and preferred general partnership interests held by the Parent in the OP and are presented as general partner’s capital within partners’ capital in the OP’s consolidated financial statements. The common limited partnership interests held by the limited partners in the OP are presented as noncontrolling interest within equity in the Parent’s consolidated financial statements and as limited partners’ capital within partners’ capital in the OP’s consolidated financial statements.

To highlight the differences between the Parent and the OP, separate sections in this report, as applicable, individually discuss the Parent and the OP, including separate financial statements and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure of the Parent and the OP, this report refers to actions or holdings as being actions or holdings of Prologis.

 

 

 


PROLOGIS

INDEX

 

Page

Number

PART I.

Financial Information

 

Item 1.

Financial Statements

1

            Prologis, Inc.:

Consolidated Balance Sheets – March 31, 2024 and December 31, 2023

1

 

Consolidated Statements of Income – Three Months Ended March 31, 2024 and 2023

2

Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2024 and 2023

3

Consolidated Statements of Equity – Three Months Ended March 31, 2024 and 2023

4

Consolidated Statements of Cash Flows – Three Months Ended March 31, 2024 and 2023

5

            Prologis, L.P.:

 

Consolidated Balance Sheets – March 31, 2024 and December 31, 2023

6

Consolidated Statements of Income – Three Months Ended March 31, 2024 and 2023

7

Consolidated Statements of Comprehensive Income – Three Months Ended March 31, 2024 and 2023

8

Consolidated Statements of Capital – Three Months Ended March 31, 2024 and 2023

9

Consolidated Statements of Cash Flows – Three Months Ended March 31, 2024 and 2023

10

            Prologis, Inc. and Prologis, L.P.:

 

Notes to the Consolidated Financial Statements

11

 

 

 

Note 1. General

11

 

 

 

 

Note 2. Real Estate

12

 

 

 

 

Note 3. Unconsolidated Entities

13

 

 

 

 

Note 4. Assets Held for Sale or Contribution

15

 

 

 

 

Note 5. Debt

15

 

 

 

 

Note 6. Noncontrolling Interests

17

 

 

 

 

Note 7. Long-Term Compensation

18

 

 

 

 

Note 8. Earnings Per Common Share or Unit

19

 

 

 

 

Note 9. Financial Instruments and Fair Value Measurements

21

 

 

 

 

Note 10. Business Segments

24

 

 

 

 

Note 11. Supplemental Cash Flow Information

26

Reports of Independent Registered Public Accounting Firm

27

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

29

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

47

 

 

 

Item 4.

Controls and Procedures

 

48

 

PART II.

 

Other Information

 

Item 1.

Legal Proceedings

49

Item 1A.

Risk Factors

49

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

49

Item 3.

Defaults Upon Senior Securities

49

Item 4.

Mine Safety Disclosures

49

Item 5.

Other Information

49

Item 6.

Exhibits

49

 

 

 

 

 

 


Index

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

 

PROLOGIS, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except per share data)

 

 

 

 

 

 

 

March 31, 2024

 

 

December 31, 2023

 

ASSETS

 

 

 

 

 

Investments in real estate properties

$

89,427,505

 

 

$

88,666,575

 

Less accumulated depreciation

 

11,430,899

 

 

 

10,931,485

 

Net investments in real estate properties

 

77,996,606

 

 

 

77,735,090

 

Investments in and advances to unconsolidated entities

 

9,691,101

 

 

 

9,543,970

 

Assets held for sale or contribution

 

382,793

 

 

 

461,657

 

Net investments in real estate

 

88,070,500

 

 

 

87,740,717

 

 

 

 

 

 

 

Cash and cash equivalents

 

500,589

 

 

 

530,388

 

Other assets

 

4,739,221

 

 

 

4,749,735

 

Total assets

$

93,310,310

 

 

$

93,020,840

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Liabilities:

 

 

 

 

 

Debt

$

29,557,667

 

 

$

29,000,501

 

Accounts payable and accrued expenses

 

1,752,485

 

 

 

1,766,018

 

Other liabilities

 

4,203,040

 

 

 

4,430,601

 

Total liabilities

 

35,513,192

 

 

 

35,197,120

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

Prologis, Inc. stockholders’ equity:

 

 

 

 

 

Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value;
     
1,279 shares issued and outstanding and 100,000 preferred shares authorized at
          March 31, 2024 and December 31, 2023

 

63,948

 

 

 

63,948

 

Common stock; $0.01 par value; 925,790 shares and 924,391 shares issued and outstanding at
      March 31, 2024 and December 31, 2023, respectively

 

9,258

 

 

 

9,244

 

Additional paid-in capital

 

54,336,001

 

 

 

54,249,801

 

Accumulated other comprehensive loss

 

(285,395

)

 

 

(514,201

)

Distributions in excess of net earnings

 

(933,159

)

 

 

(627,068

)

Total Prologis, Inc. stockholders’ equity

 

53,190,653

 

 

 

53,181,724

 

Noncontrolling interests

 

4,606,465

 

 

 

4,641,996

 

Total equity

 

57,797,118

 

 

 

57,823,720

 

Total liabilities and equity

$

93,310,310

 

 

$

93,020,840

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

1

 


Index

 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

Revenues:

 

 

 

 

 

 

Rental

 

$

1,827,658

 

 

$

1,633,770

 

Strategic capital

 

 

128,412

 

 

 

134,701

 

Development management and other

 

 

551

 

 

 

116

 

Total revenues

 

 

1,956,621

 

 

 

1,768,587

 

Expenses:

 

 

 

 

 

 

Rental

 

 

454,257

 

 

 

412,554

 

Strategic capital

 

 

78,811

 

 

 

71,709

 

General and administrative

 

 

111,291

 

 

 

99,777

 

Depreciation and amortization

 

 

637,505

 

 

 

602,367

 

Other

 

 

12,244

 

 

 

7,184

 

Total expenses

 

 

1,294,108

 

 

 

1,193,591

 

 

 

 

 

 

 

 

Operating income before gains on real estate transactions, net

 

 

662,513

 

 

 

574,996

 

Gains on dispositions of development properties and land, net

 

 

40,308

 

 

 

-

 

Gains on other dispositions of investments in real estate, net

 

 

17,534

 

 

 

4,047

 

Operating income

 

 

720,355

 

 

 

579,043

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

Earnings from unconsolidated entities, net

 

 

72,472

 

 

 

75,779

 

Interest expense

 

 

(193,320

)

 

 

(136,011

)

Foreign currency, derivative and other gains and other income, net

 

 

63,564

 

 

 

8,614

 

Gains on early extinguishment of debt, net

 

 

536

 

 

 

3,275

 

Total other expense

 

 

(56,748

)

 

 

(48,343

)

Earnings before income taxes

 

 

663,607

 

 

 

530,700

 

Income tax expense

 

 

(32,800

)

 

 

(32,071

)

Consolidated net earnings

 

 

630,807

 

 

 

498,629

 

Less net earnings attributable to noncontrolling interests

 

 

45,092

 

 

 

34,006

 

Net earnings attributable to controlling interests

 

 

585,715

 

 

 

464,623

 

Less preferred stock dividends

 

 

1,452

 

 

 

1,453

 

Net earnings attributable to common stockholders

 

$

584,263

 

 

$

463,170

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – Basic

 

 

925,322

 

 

 

923,888

 

Weighted average common shares outstanding – Diluted

 

 

953,912

 

 

 

951,624

 

 

 

 

 

 

 

 

Net earnings per share attributable to common stockholders – Basic

 

$

0.63

 

 

$

0.50

 

Net earnings per share attributable to common stockholders – Diluted

 

$

0.63

 

 

$

0.50

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

2

 


Index

 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

Consolidated net earnings

 

$

630,807

 

 

$

498,629

 

Other comprehensive income:

 

 

 

 

 

 

Foreign currency translation gains (losses), net

 

 

208,972

 

 

 

(28,101

)

Unrealized gains (losses) on derivative contracts, net

 

 

24,836

 

 

 

(25,853

)

Comprehensive income

 

 

864,615

 

 

 

444,675

 

Net earnings attributable to noncontrolling interests

 

 

(45,092

)

 

 

(34,006

)

Other comprehensive loss (income) attributable to noncontrolling interests

 

 

(5,002

)

 

 

1,139

 

Comprehensive income attributable to common stockholders

 

$

814,521

 

 

$

411,808

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

3

 


Index

 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands)

 

Three Months Ended March 31, 2024 and 2023

 

 

 

 

 

Common Stock

 

 

 

 

 

Accumulated

 

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

Additional

 

 

Other

 

 

in Excess of

 

 

Non-

 

 

 

 

 

Preferred

 

 

of

 

 

Par

 

 

Paid-in

 

 

Comprehensive

 

 

Net

 

 

controlling

 

 

Total

 

 

Stock

 

 

Shares

 

 

Value

 

 

Capital

 

 

Income (Loss)

 

 

Earnings

 

 

Interests

 

 

Equity

 

Balance at January 1, 2024

$

63,948

 

 

 

924,391

 

 

$

9,244

 

 

$

54,249,801

 

 

$

(514,201

)

 

$

(627,068

)

 

$

4,641,996

 

 

$

57,823,720

 

Consolidated net earnings

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

585,715

 

 

 

45,092

 

 

 

630,807

 

Effect of equity compensation plans

 

-

 

 

 

318

 

 

 

3

 

 

 

15,101

 

 

 

-

 

 

 

-

 

 

 

54,833

 

 

 

69,937

 

Capital contributions

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,270

 

 

 

1,270

 

Redemption of noncontrolling interests

 

-

 

 

 

1,081

 

 

 

11

 

 

 

62,020

 

 

 

-

 

 

 

-

 

 

 

(62,277

)

 

 

(246

)

Foreign currency translation gains, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

204,561

 

 

 

-

 

 

 

4,411

 

 

 

208,972

 

Unrealized gains on derivative
     contracts, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

24,245

 

 

 

-

 

 

 

591

 

 

 

24,836

 

Reallocation of equity

 

-

 

 

 

-

 

 

 

-

 

 

 

9,088

 

 

 

-

 

 

 

-

 

 

 

(9,088

)

 

 

-

 

Dividends ($0.96 per common share)
     and other distributions

 

-

 

 

 

-

 

 

 

-

 

 

 

(9

)

 

 

-

 

 

 

(891,806

)

 

 

(70,363

)

 

 

(962,178

)

Balance at March 31, 2024

$

63,948

 

 

 

925,790

 

 

$

9,258

 

 

$

54,336,001

 

 

$

(285,395

)

 

$

(933,159

)

 

$

4,606,465

 

 

$

57,797,118

 

 

 

 

 

 

Common Stock

 

 

 

 

 

Accumulated

 

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

Additional

 

 

Other

 

 

in Excess of

 

 

Non-

 

 

 

 

 

Preferred

 

 

of

 

 

Par

 

 

Paid-in

 

 

Comprehensive

 

 

Net

 

 

controlling

 

 

Total

 

 

Stock

 

 

Shares

 

 

Value

 

 

Capital

 

 

Income (Loss)

 

 

Earnings

 

 

Interests

 

 

Equity

 

Balance at January 1, 2023

$

63,948

 

 

 

923,142

 

 

$

9,231

 

 

$

54,065,407

 

 

$

(443,609

)

 

$

(457,695

)

 

$

4,625,811

 

 

$

57,863,093

 

Consolidated net earnings

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

464,623

 

 

 

34,006

 

 

 

498,629

 

Effect of equity compensation plans

 

-

 

 

 

288

 

 

 

4

 

 

 

13,468

 

 

 

-

 

 

 

-

 

 

 

51,416

 

 

 

64,888

 

Redemption of noncontrolling interests

 

-

 

 

 

23

 

 

 

-

 

 

 

1,304

 

 

 

-

 

 

 

-

 

 

 

(43,573

)

 

 

(42,269

)

Foreign currency translation losses, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(27,595

)

 

 

-

 

 

 

(506

)

 

 

(28,101

)

Unrealized losses on derivative
     contracts, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(25,220

)

 

 

-

 

 

 

(633

)

 

 

(25,853

)

Reallocation of equity

 

-

 

 

 

-

 

 

 

-

 

 

 

(22,143

)

 

 

-

 

 

 

-

 

 

 

22,143

 

 

 

-

 

Dividends ($0.87 per common share)
     and other distributions

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(806,505

)

 

 

(58,653

)

 

 

(865,158

)

Balance at March 31, 2023

$

63,948

 

 

 

923,453

 

 

$

9,235

 

 

$

54,058,036

 

 

$

(496,424

)

 

$

(799,577

)

 

$

4,630,011

 

 

$

57,465,229

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

4

 


Index

 

PROLOGIS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

Operating activities:

 

 

 

 

 

 

Consolidated net earnings

 

$

630,807

 

 

$

498,629

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

 

 

Straight-lined rents and amortization of above and below market leases

 

 

(158,960

)

 

 

(143,686

)

Equity-based compensation awards

 

 

67,237

 

 

 

62,906

 

Depreciation and amortization

 

 

637,505

 

 

 

602,367

 

Earnings from unconsolidated entities, net

 

 

(72,472

)

 

 

(75,779

)

Operating distributions from unconsolidated entities

 

 

126,653

 

 

 

135,081

 

Decrease in operating receivables from unconsolidated entities

 

 

44,841

 

 

 

51,164

 

Amortization of debt discounts and debt issuance costs, net

 

 

18,044

 

 

 

17,623

 

Gains on dispositions of development properties and land, net

 

 

(40,308

)

 

 

-

 

Gains on other dispositions of investments in real estate, net

 

 

(17,534

)

 

 

(4,047

)

Unrealized foreign currency and derivative losses (gains), net

 

 

(35,046

)

 

 

10,113

 

Gains on early extinguishment of debt, net

 

 

(536

)

 

 

(3,275

)

Deferred income tax expense

 

 

334

 

 

 

3,577

 

Decrease (increase) in other assets

 

 

(11,782

)

 

 

21,742

 

Decrease in accounts payable and accrued expenses and other liabilities

 

 

(133,323

)

 

 

(62,118

)

Net cash provided by operating activities

 

 

1,055,460

 

 

 

1,114,297

 

Investing activities:

 

 

 

 

 

 

Real estate development

 

 

(719,795

)

 

 

(936,921

)

Real estate acquisitions

 

 

(126,177

)

 

 

(51,866

)

Duke Transaction, net of cash acquired

 

 

-

 

 

 

(3,828

)

Tenant improvements and lease commissions on previously leased space

 

 

(104,306

)

 

 

(78,955

)

Property improvements

 

 

(30,200

)

 

 

(19,302

)

Proceeds from dispositions and contributions of real estate

 

 

199,538

 

 

 

54,903

 

Investments in and advances to unconsolidated entities

 

 

(314,842

)

 

 

(39,677

)

Return of investment from unconsolidated entities

 

 

1,360

 

 

 

21,169

 

Proceeds from the settlement of net investment hedges

 

 

10,357

 

 

 

5,323

 

Net cash used in investing activities

 

 

(1,084,065

)

 

 

(1,049,154

)

Financing activities:

 

 

 

 

 

 

Dividends paid on common and preferred stock

 

 

(891,806

)

 

 

(806,505

)

Noncontrolling interests contributions

 

 

1,270

 

 

 

-

 

Noncontrolling interests distributions

 

 

(70,363

)

 

 

(58,653

)

Settlement of noncontrolling interests

 

 

(246

)

 

 

(42,269

)

Tax paid with shares withheld

 

 

(21,720

)

 

 

(18,690

)

Debt and equity issuance costs paid

 

 

(13,073

)

 

 

(17,868

)

Net proceeds from (payments on) credit facilities

 

 

53,964

 

 

 

(1,337,857

)

Repurchase of and payments on debt

 

 

(913,935

)

 

 

(90,793

)

Proceeds from the issuance of debt

 

 

1,858,297

 

 

 

2,545,042

 

Net cash provided by financing activities

 

 

2,388

 

 

 

172,407

 

 

 

 

 

 

 

 

Effect of foreign currency exchange rate changes on cash

 

 

(3,582

)

 

 

6,468

 

Net increase (decrease) in cash and cash equivalents

 

 

(29,799

)

 

 

244,018

 

Cash and cash equivalents, beginning of period

 

 

530,388

 

 

 

278,483

 

Cash and cash equivalents, end of period

 

$

500,589

 

 

$

522,501

 

 

See Note 11 for information on noncash investing and financing activities and other information.

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

5

 


Index

 

PROLOGIS, L.P.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

 

 

 

 

 

 

 

March 31, 2024

 

 

December 31, 2023

 

ASSETS

 

 

 

 

 

Investments in real estate properties

$