Company: PLDGP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000950170-25-021272
Chunk: 444

Company: Prologis, Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 1
Chunk 444
---
 after the initial commitment date.

See the Cash Flow Summary below for more information about our investment activity in our co-investment ventures. 

40

Cash Flow Summary

The following table summarizes our cash flow activity (in millions):

    2024

    2023

    Net cash provided by (used in) operating activities
    $
    4,912

    $
    5,373

    Net cash provided by (used in) investing activities
    $
    (3,099
    )
     
    $
    (6,419
    )

    Net cash provided by (used in) financing activities
    $
    (1,000
    )
     
    $
    1,320

    Net increase (decrease) in cash and cash equivalents, including the effect of foreign currency      exchange rates on cash
    $
    788

    $
    252

Operating Activities

Cash provided by and used in operating activities, exclusive of changes in receivables and payables, was impacted by the following significant activities:

•Real Estate Segment. We receive the majority of our operating cash through the net revenues of our Real Estate Segment, including the recovery of our operating costs. Cash flows generated by the Real Estate Segment are impacted by our acquisition, development and disposition activities, which are drivers of NOI recognized during each period. See the Results of Operations section above for further explanation of our Real Estate Segment. The revenues from this segment include noncash adjustments for straight-lined rents and amortization of above and below market leases of $645 million and $613 million in 2024 and 2023, respectively.

•Strategic Capital Segment. We also generate operating cash through our Strategic Capital Segment by providing asset management and property management and other services to our unconsolidated co-investment ventures. See the Results of Operations section above for the key drivers of the net revenues from our Strategic Capital Segment. Included in Strategic Capital Revenues in the Consolidated Statements of Income are the promotes we earn from the third-party investors in our co-investment ventures, which are recognized in operating activities in the period the cash is received, generally the quarter after the revenue is recognized.

•G&A expenses and equity-based compensation awards. We incurred $419 million and $390 million of G&A expenses in 2024 and 2023, respectively. We recognized equity-based, noncash compensation expenses of $232 million and $268 million in 2024 and 2023, respectively, which were recorded