Company: PLDGP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000950170-25-021272
Chunk: 524

Company: Prologis, Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 1
Chunk 524
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 principally due to the following: (i) the contribution of real estate properties to our unconsolidated co-investment ventures and sales to third parties; (ii) recurring and transactional strategic capital fees earned; (iii) taxable earnings from unconsolidated co-investment ventures; and (iv) adjustments to acquired tax liabilities. During the years ended December 31, 2024, 2023 and 2022, cash paid for income taxes, net of refunds, was $129.9 million, $149.1 million and $130.0 million, respectively. Deferred Income Taxes The deferred income tax expense recognized in 2024, 2023 and 2022 was principally due to changes in temporary differences and utilization of NOLs.  The following table summarizes the deferred income tax assets and liabilities at December 31 (in thousands):  

        2024

        2023

        Gross deferred income tax assets:

        NOL carryforwards
         
        $
        263,597

        $
        246,768

        Basis difference – real estate properties

        43,226

        48,460

        Basis difference – equity investments

        18,434

        18,051

        Section 163(j) interest limitation

        2,105

        1,689

        Capital loss carryforward

        6,096

        7,161

        Other – temporary differences

        29,908

        9,142

        Total gross deferred income tax assets

        363,366

        331,271

        Valuation allowance

        (312,348
        )

        (305,063
        )

        Gross deferred income tax assets, net of valuation allowance

        51,018

        26,208

        Gross deferred income tax liabilities:

        Basis difference – real estate properties

        128,803

        98,529

        Basis difference – equity investments

        57,763

        43,457

        Other – temporary differences

        2,321

        1,673

        Total gross deferred income tax liabilities

        188,887

        143,659

        Net deferred income tax liabilities
         
        $
        137,869

        $
        117,451

       At December 31, 2024, we had NOL carryforwards as