Company: PLDGP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000950170-25-021272
Chunk: 173

Company: Prologis, Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 1
Chunk 173
---
 development, acquisition, operating, debt service, dividend and distribution requirements.

Near-Term Principal Cash Sources and Uses

In addition to dividends and distributions, we expect our primary cash needs will consist of the following:

•completion of the development and leasing of the properties in our consolidated development portfolio (at December 31, 2024, 85 properties in our development portfolio were 31.9% leased with a current investment of $2.8 billion and a TEI of $4.7 billion when completed and leased, leaving $1.9 billion of estimated additional required investment);

•development of new properties that we may hold for long-term investment or subsequently contribute to unconsolidated co-investment ventures or sell to third parties, including the acquisition of land;

•the acquisition of other real estate investments that we acquire with the intention of redeveloping into industrial properties and data centers;

•capital expenditures and leasing costs on properties in our operating portfolio;

•investments in renewable energy, energy storage and mobility infrastructure to serve our customers and achieve our sustainability goals; 

•repayment of debt and scheduled principal payments of $514 million in 2025;

•additional investments in current and future co-investment ventures and other ventures; and

•the acquisition of operating properties or portfolios of operating properties (depending on market and other conditions), for direct, long-term investment in our consolidated portfolio (this might include acquisitions from our unconsolidated entities). 

We expect to fund our cash needs principally from the following sources (subject to market conditions):

•net cash flow from property operations;

•fees earned for services performed on behalf of co-investment ventures;

•distributions received from co-investment ventures;

•proceeds from the contribution of properties to current or future co-investment ventures;

•proceeds from the disposition of properties or other investments to third parties;

39

•available unrestricted cash balances ($1.3 billion at December 31, 2024);

•borrowing capacity under our current credit facility arrangements that allows us to borrow on a short-term basis, with maturities generally ranging from overnight to three months ($6.1 billion available at December 31, 2024), including our commercial paper program that we established in the first quarter of 2024; and

•proceeds from the issuance of debt.

In the long term, we may also voluntarily repurchase our outstanding debt or equity securities (depending on prevailing market conditions, our liquidity, contractual restrictions and other factors) through cash purchases