Prologis Inc
For the period ended Dec 31, 2023. Filed Feb 13, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 13, 2024
PLD$130.10-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating activities: | |||
| Consolidated net earnings | $3,253,145 | $3,555,398 | $3,148,590 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Straight-lined rents and amortization of above and below market leases | (613,005) | (267,709) | (148,239) |
| Equity-based compensation awards | 267,648 | 175,356 | 113,028 |
| Depreciation and amortization | 2,484,891 | 1,812,777 | 1,577,942 |
| Earnings from unconsolidated entities, net | (307,227) | (310,872) | (404,255) |
| Operating distributions from unconsolidated entities | 680,192 | 410,483 | 440,034 |
| Increase in operating receivables from unconsolidated entities | (82,375) | (63,947) | (14,223) |
| Amortization of debt discounts and debt issuance costs, net | 74,589 | 23,736 | 8,656 |
| Gains on dispositions of development properties and land, net | (462,270) | (597,745) | (817,017) |
| Gains on other dispositions of investments in real estate, net | (161,039) | (589,391) | (772,570) |
| Unrealized foreign currency and derivative losses (gains), net | 71,627 | (92,201) | (173,026) |
| Losses (gains) on early extinguishment of debt, net | (3,275) | 20,184 | 187,453 |
| Deferred income tax expense | 17,708 | 12,638 | 1,322 |
| Increase in accounts receivable and other assets | (102,610) | (71,307) | (328,511) |
| Increase in accounts payable and accrued expenses and other liabilities | 255,059 | 109,030 | 176,858 |
| Net cash provided by operating activities | 5,373,058 | 4,126,430 | 2,996,042 |
| Investing activities: | |||
| Real estate and other development | (3,399,114) | (3,118,379) | (2,639,872) |
| Real estate acquisitions | (4,195,714) | (2,492,108) | (2,320,448) |
| Duke Transaction, net of cash acquired | (33,009) | (92,052) | - |
| Tenant improvements and lease commissions on previously leased space | (388,814) | (339,234) | (329,059) |
| Property improvements | (303,042) | (211,358) | (169,933) |
| Proceeds from dispositions and contributions of real estate | 1,764,322 | 2,063,623 | 4,222,290 |
| Investments in and advances to unconsolidated entities | (284,185) | (442,366) | (798,103) |
| Return of investment from unconsolidated entities | 348,276 | 76,994 | 58,275 |
| Proceeds from the settlement of net investment hedges | 37,113 | 59,281 | 3,305 |
| Payments on the settlement of net investment hedges | (2,230) | (3,458) | (16,513) |
| Proceeds from repayment of notes receivable backed by real estate | 37,000 | - | - |
| Net cash used in investing activities | (6,419,397) | (4,499,057) | (1,990,058) |
| Financing activities: | |||
| Proceeds from issuance of common stock | - | - | 743 |
| Dividends paid on common and preferred stock | (3,228,589) | (2,494,723) | (1,872,861) |
| Noncontrolling interests contributions | 21,107 | 13,295 | 74,404 |
| Noncontrolling interests distributions | (235,050) | (270,109) | (375,054) |
| Settlement of noncontrolling interests | (69,807) | (88,980) | (153,236) |
| Tax paid with shares withheld | (24,536) | (27,688) | (19,855) |
| Debt and equity issuance costs paid | (58,660) | (45,654) | (23,318) |
| Net proceeds from (payments on) credit facilities | (567,076) | 294,164 | 323,336 |
| Repurchase of and payments on debt | (272,203) | (1,381,005) | (2,560,174) |
| Proceeds from the issuance of debt | 5,755,096 | 4,116,489 | 3,597,690 |
| Net cash provided by (used in) financing activities | 1,320,282 | 115,789 | (1,008,325) |
| Effect of foreign currency exchange rate changes on cash | (22,038) | (20,796) | (39,628) |
| Net increase (decrease) in cash and cash equivalents | 251,905 | (277,634) | (41,969) |
| Cash and cash equivalents, beginning of year | 278,483 | 556,117 | 598,086 |
| Cash and cash equivalents, end of year | $530,388 | $278,483 | $556,117 |
See Note 18 for information on noncash investing and financing activities and other information.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.