Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 22, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Prologis, Inc. | |
Entity Central Index Key | 0001045609 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 925,844,000 | |
Entity Shell Company | false | |
Entity File Number | 001-13545 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 94-3281941 | |
Entity Address, Address Line One | Pier 1, Bay 1 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94111 | |
City Area Code | 415 | |
Local Phone Number | 394-9000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | PLD | |
Security Exchange Name | NYSE | |
Prologis LP [Member] | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Prologis, L.P. | |
Entity Central Index Key | 0001045610 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-14245 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3285362 | |
Entity Address, Address Line One | Pier 1, Bay 1 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94111 | |
City Area Code | 415 | |
Local Phone Number | 394-9000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Prologis LP [Member] | Notes 3.000 Percent Due 2026 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 3.000% Notes due 2026 | |
Trading Symbol | PLD/26 | |
Security Exchange Name | NYSE | |
Prologis LP [Member] | Notes 2.250 Percent Due 2029 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 2.250% Notes due 2029 | |
Trading Symbol | PLD/29 | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 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: | ||
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 |
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; 925,789 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 |
Prologis, L.P. [Member] | ||
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: | ||
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 |
Prologis, Inc. stockholders’ equity: | ||
Noncontrolling interests | 3,310,776 | 3,324,275 |
Total capital | 57,797,118 | 57,823,720 |
Total liabilities and equity | 93,310,310 | 93,020,840 |
Partners’ capital: | ||
Total partners’ capital | 54,486,342 | 54,499,445 |
Prologis, L.P. [Member] | Preferred [Member] | ||
Partners’ capital: | ||
General partner | 63,948 | 63,948 |
Prologis, L.P. [Member] | Common [Member] | ||
Partners’ capital: | ||
General partner | 53,126,705 | 53,117,776 |
Limited partners | 863,303 | 848,160 |
Prologis, L.P. [Member] | Class A Common [Member] | ||
Partners’ capital: | ||
Limited partners | $ 432,386 | $ 469,561 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, liquidation preference per share | $ 50 | $ 50 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 1,279 | 1,279 |
Preferred stock, shares outstanding | 1,279 | 1,279 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 925,790 | 924,391 |
Common stock, shares outstanding | 925,790 | 924,391 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 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 | 0 | |
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/unit dividends/distributions | 1,452 | 1,453 | |
Net earnings attributable to common stockholders/unitholders | $ 584,263 | $ 463,170 | |
Weighted average common shares/units outstanding - Basic | 925,322 | 923,888 | |
Weighted average common shares/units outstanding - Diluted | [1] | 953,912 | 951,624 |
Net earnings per share/unit attributable to common stockholders/unitholders - Basic | $ 0.63 | $ 0.50 | |
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | $ 0.63 | $ 0.50 | |
Prologis, L.P. [Member] | |||
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 | 0 | |
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 | 30,308 | 22,357 | |
Net earnings attributable to controlling interests | 600,499 | 476,272 | |
Less preferred stock/unit dividends/distributions | 1,452 | 1,453 | |
Net earnings attributable to common stockholders/unitholders | $ 599,047 | $ 474,819 | |
Weighted average common shares/units outstanding - Basic | 940,608 | 939,054 | |
Weighted average common shares/units outstanding - Diluted | [1] | 953,912 | 951,624 |
Net earnings per share/unit attributable to common stockholders/unitholders - Basic | $ 0.63 | $ 0.50 | |
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | $ 0.63 | $ 0.50 | |
[1] Our total weighted average potentially dilutive shares and units outstanding consisted of the following: |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 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/unitholders | 814,521 | 411,808 |
Prologis, L.P. [Member] | ||
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 | (30,308) | (22,357) |
Other comprehensive loss (income) attributable to noncontrolling interests | 578 | (187) |
Comprehensive income attributable to common stockholders/unitholders | $ 834,885 | $ 422,131 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions in Excess of Net Earnings [Member] | Noncontrolling Interests [Member] |
Balance at Dec. 31, 2022 | $ 57,863,093 | $ 63,948 | $ 9,231 | $ 54,065,407 | $ (443,609) | $ (457,695) | $ 4,625,811 |
Balance, shares at Dec. 31, 2022 | 923,142 | ||||||
Consolidated net earnings | 498,629 | 464,623 | 34,006 | ||||
Effect of equity compensation plans | 64,888 | $ 4 | 13,468 | 51,416 | |||
Effect of equity compensation plans, shares | 288 | ||||||
Redemption of noncontrolling interests | (42,269) | 1,304 | (43,573) | ||||
Redemption of noncontrolling interests, shares | 23 | ||||||
Foreign currency translation gains (losses), net | (28,101) | (27,595) | (506) | ||||
Unrealized gains (losses) on derivative contracts, net | (25,853) | (25,220) | (633) | ||||
Reallocation of equity | (22,143) | 22,143 | |||||
Dividends and other distributions | (865,158) | (806,505) | (58,653) | ||||
Balance at Mar. 31, 2023 | 57,465,229 | 63,948 | $ 9,235 | 54,058,036 | (496,424) | (799,577) | 4,630,011 |
Balance, shares at Mar. 31, 2023 | 923,453 | ||||||
Balance at Dec. 31, 2023 | $ 57,823,720 | 63,948 | $ 9,244 | 54,249,801 | (514,201) | (627,068) | 4,641,996 |
Balance, shares at Dec. 31, 2023 | 924,391 | 924,391 | |||||
Consolidated net earnings | $ 630,807 | 585,715 | 45,092 | ||||
Effect of equity compensation plans | 69,937 | $ 3 | 15,101 | 54,833 | |||
Effect of equity compensation plans, shares | 318 | ||||||
Capital contributions | 1,270 | 1,270 | |||||
Redemption of noncontrolling interests | (246) | $ 11 | 62,020 | (62,277) | |||
Redemption of noncontrolling interests, shares | 1,081 | ||||||
Foreign currency translation gains (losses), net | 208,972 | 204,561 | 4,411 | ||||
Unrealized gains (losses) on derivative contracts, net | 24,836 | 24,245 | 591 | ||||
Reallocation of equity | 9,088 | (9,088) | |||||
Dividends and other distributions | (962,178) | (9) | (891,806) | (70,363) | |||
Balance at Mar. 31, 2024 | $ 57,797,118 | $ 63,948 | $ 9,258 | $ 54,336,001 | $ (285,395) | $ (933,159) | $ 4,606,465 |
Balance, shares at Mar. 31, 2024 | 925,790 | 925,790 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends per common share | $ 0.96 | $ 0.87 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 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) | 0 |
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/distributions paid on common and preferred stock/units | (891,806) | (806,505) |
Noncontrolling interests contributions | 1,270 | 0 |
Noncontrolling interests distributions | (70,363) | (58,653) |
Settlement of noncontrolling interests | (246) | (42,269) |
Tax paid with shares of the Parent 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 |
Prologis, L.P. [Member] | ||
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) | 0 |
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 | 0 | (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/distributions paid on common and preferred stock/units | (917,670) | (829,490) |
Noncontrolling interests contributions | 1,270 | 0 |
Noncontrolling interests distributions | (44,499) | (35,668) |
Redemption of common limited partnership units | (246) | (42,269) |
Tax paid with shares of the Parent 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 |
Consolidated Statements of Capi
Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Consolidated net earnings | $ 630,807 | $ 498,629 |
Effect of equity compensation plans | 69,937 | 64,888 |
Capital contributions | 1,270 | |
Unrealized gains (losses) on derivative contracts, net | 24,836 | (25,853) |
Noncontrolling Interests [Member] | ||
Consolidated net earnings | 45,092 | 34,006 |
Effect of equity compensation plans | 54,833 | 51,416 |
Capital contributions | 1,270 | |
Unrealized gains (losses) on derivative contracts, net | 591 | (633) |
Reallocation of capital | $ (9,088) | 22,143 |
Class A Common [Member] | ||
Beginning balance, Units | 8,600 | |
Ending balance, Units | 7,900 | |
Prologis, L.P. [Member] | ||
Beginning balance | $ 57,823,720 | 57,863,093 |
Consolidated net earnings | 630,807 | 498,629 |
Effect of equity compensation plans | 69,937 | 64,888 |
Capital contributions | 1,270 | |
Redemption of limited partners units | (246) | (42,269) |
Foreign currency translation gains (losses), net | 208,972 | (28,101) |
Unrealized gains (losses) on derivative contracts, net | 24,836 | (25,853) |
Distributions and other | (962,178) | (865,158) |
Ending balance | 57,797,118 | 57,465,229 |
Prologis, L.P. [Member] | Noncontrolling Interests [Member] | ||
Beginning balance | 3,324,275 | 3,317,767 |
Consolidated net earnings | 30,308 | 22,357 |
Capital contributions | 1,270 | |
Foreign currency translation gains (losses), net | (578) | 187 |
Distributions and other | (44,499) | (35,668) |
Ending balance | 3,310,776 | 3,304,643 |
Prologis, L.P. [Member] | Preferred [Member] | General Partner [Member] | ||
Beginning balance | $ 63,948 | $ 63,948 |
Beginning balance, Units | 1,279 | 1,279 |
Ending balance | $ 63,948 | $ 63,948 |
Ending balance, Units | 1,279 | 1,279 |
Prologis, L.P. [Member] | Common [Member] | General Partner [Member] | ||
Beginning balance | $ 53,117,776 | $ 53,173,334 |
Beginning balance, Units | 924,391 | 923,142 |
Consolidated net earnings | $ 585,715 | $ 464,623 |
Effect of equity compensation plans | $ 15,104 | $ 13,472 |
Effect of equity compensation plans, units | 318 | 288 |
Redemption of limited partners units | $ 62,031 | $ 1,304 |
Redemption of limited partners units, units | 1,081 | 23 |
Foreign currency translation gains (losses), net | $ 204,561 | $ (27,595) |
Unrealized gains (losses) on derivative contracts, net | 24,245 | (25,220) |
Reallocation of capital | 9,088 | (22,143) |
Distributions and other | (891,815) | (806,505) |
Ending balance | $ 53,126,705 | $ 52,771,270 |
Ending balance, Units | 925,790 | 923,453 |
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member] | ||
Beginning balance | $ 848,160 | $ 843,263 |
Beginning balance, Units | 14,760 | 14,640 |
Consolidated net earnings | $ 9,652 | $ 7,604 |
Effect of equity compensation plans | $ 54,833 | $ 51,416 |
Effect of equity compensation plans, units | 708 | 843 |
Redemption of limited partners units | $ (23,926) | $ (43,573) |
Redemption of limited partners units, units | (424) | (386) |
Foreign currency translation gains (losses), net | $ 3,324 | $ (451) |
Unrealized gains (losses) on derivative contracts, net | 394 | (412) |
Reallocation of capital | (8,828) | 22,313 |
Distributions and other | (20,306) | (17,426) |
Ending balance | $ 863,303 | $ 862,734 |
Ending balance, Units | 15,044 | 15,097 |
Prologis, L.P. [Member] | Class A Common [Member] | Limited Partners [Member] | ||
Beginning balance | $ 469,561 | $ 464,781 |
Beginning balance, Units | 8,595 | 8,595 |
Consolidated net earnings | $ 5,132 | $ 4,045 |
Redemption of limited partners units | $ (38,351) | |
Redemption of limited partners units, units | (700) | |
Foreign currency translation gains (losses), net | $ 1,665 | (242) |
Unrealized gains (losses) on derivative contracts, net | 197 | (221) |
Reallocation of capital | (260) | (170) |
Distributions and other | (5,558) | (5,559) |
Ending balance | $ 432,386 | $ 462,634 |
Ending balance, Units | 7,895 | 8,595 |
Consolidated Statements of Ca_2
Consolidated Statements of Capital (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Partners' Capital [Abstract] | ||
Distributions per common unit | $ 0.96 | $ 0.87 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 585,715 | $ 464,623 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
General
General | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
General | NOTE 1. GENERAL Business . Prologis, Inc. (or the “Parent”) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”), and believes the current organization and method of operation will enable it to maintain its status as a REIT. The Parent is the general partner of Prologis, L.P. (or the “Operating Partnership” or “OP”). Through the OP, we are engaged in the ownership, acquisition, development and management of logistics facilities with a focus on key markets in 19 countries on four continents. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors. We maintain a significant level of ownership in these co-investment ventures, which may be consolidated or unconsolidated based on our level of control of the entity. Our current business strategy consists of two operating business segments: Real Estate (Rental Operations and Development) and Strategic Capital. Our Real Estate Segment represents the ownership, leasing and development of logistics properties. Our Strategic Capital Segment represents the management of properties owned by our unconsolidated co-investment ventures and other ventures. See Note 10 for further discussion of our business segments. Unless otherwise indicated, the Notes to the Consolidated Financial Statements apply to both the Parent and the OP. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and OP collectively. For each share of preferred or common stock the Parent issues, the OP issues a corresponding preferred or common partnership unit, as applicable, to the Parent in exchange for the contribution of the proceeds from the stock issuance. 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, which include Class A common limited partnership units (“Class A Units”) in the OP, are owned by unaffiliated investors and certain current and former directors and officers of the Parent. Each partner’s percentage interest in the OP is determined based on the number of OP units held, including the number of OP units into which Class A Units are convertible, compared to total OP units outstanding at each period end and is used as the basis for the allocation of net income or loss to each partner. At the end of each reporting period, a capital adjustment is made in the OP to reflect the appropriate ownership interest for each of the common unitholders. These adjustments are reflected in the line items Reallocation of Equity in the Consolidated Statements of Equity of the Parent and Reallocation of Capital in the Consolidated Statements of Capital of the OP. As the sole general partner of the OP, the Parent has complete responsibility and discretion in the day-to-day management and control of the OP and 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 general partner with control of the OP, the Parent is the primary beneficiary and therefore consolidates the OP. Because the Parent’s only significant asset is its investment in the OP, the assets and liabilities of the Parent and the OP are the same on their respective financial statements. Basis of Presentation. The accompanying Consolidated Financial Statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and are presented in our reporting currency, the U.S. dollar. Intercompany transactions with consolidated entities have been eliminated. The accompanying unaudited interim financial information has been prepared according to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. Our management believes that the disclosures presented in these financial statements are adequate to make the information presented not misleading. In our opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for both the Parent and the OP for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited interim financial information should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023 , as filed with the SEC, and other public information. Accounting Pronouncements. New Accounting Standards Issued but not yet Adopted Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update (“ASU”) to improve reportable segments disclosure requirements. The ASU requires existing annual segment disclosures to also be disclosed on an interim basis, and also requires additional disclosures around significant segment expenses and disclosures to identify the title and position of the CODM. The standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We do not expect the standard to have a material impact on our Consolidated Financial Statements as we anticipate the primary change will be additional disclosures in Note 10. |
Real Estate
Real Estate | 3 Months Ended |
Mar. 31, 2024 | |
Real Estate [Abstract] | |
Real Estate | NOTE 2. REAL ESTATE Investments in real estate properties consisted of the following (dollars and square feet in thousands): Square Feet Number of Buildings Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, 2024 2023 2024 2023 2024 2023 Operating properties: Buildings and improvements 635,249 630,955 2,974 2,960 $ 53,099,926 $ 52,626,191 Improved land 22,874,101 22,809,306 Development portfolio, including Prestabilized 12,421 13,369 39 45 1,735,328 1,838,805 Properties under development 25,717 26,438 82 85 2,627,424 2,528,650 Land (1) 4,072,212 3,775,553 Other real estate investments (2) 5,018,514 5,088,070 Total investments in real estate 89,427,505 88,666,575 Less accumulated depreciation 11,430,899 10,931,485 Net investments in real estate $ 77,996,606 $ 77,735,090 (1) At March 31, 2024 and December 31, 2023 , our land was comprised of 8,345 and 8,197 acres, respectively. (2) Included in other real estate investments were: (i) land parcels we own and lease to third parties; (ii) non-strategic real estate assets that we do not intend to operate long term; (iii) non-industrial real estate assets that we intend to redevelop as industrial properties or other higher use assets; and (iv) energy assets. Energy assets include solar panels, battery storage and mobility solutions. Acquisitions The following table summarizes our real estate acquisition activity (dollars and square feet in thousands): Three Months Ended 2024 2023 Number of operating properties - - Square feet - - Acres of land 243 120 Acquisition cost of net investments in real estate, excluding other real estate investments $ 284,024 $ 40,474 Acquisition cost of other real estate investments $ 167 $ 6,185 Dispositions The following table summarizes our dispositions of net investments in real estate which include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands): Three Months Ended 2024 2023 Dispositions of development properties and land, net (1) Number of properties 1 - Square feet 629 - Net proceeds $ 136,789 $ - Gains on dispositions of development properties and land, net $ 40,308 $ - Other dispositions of investments in real estate, net Number of properties 1 5 Square feet 196 360 Net proceeds $ 147,836 $ 57,008 Gains on other dispositions of investments in real estate, net $ 17,534 $ 4,047 (1) The gains we recognize in Gains on Dispositions of Development Properties and Land, Net in the Consolidated Statements of Income are principally driven by the contribution of newly developed properties to our unconsolidated co-investment ventures and occasionally sales to a third party. Leases We recognized lease right-of-use assets of $ 678.0 million and $ 683.7 million within Other Assets and lease liabilities of $ 593.8 million and $ 597.6 million within Other Liabilities , for land and office space leases in which we are the lessee, in the Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, respectively. Off-Balance Sheet Liabilities We have issued performance and surety bonds, standby letters of credit and guarantees in connection with certain development and energy projects. At March 31, 2024 and December 31, 2023 , we had $ 581.0 million and $ 498.5 million, respectively, outstanding under such arrangements. |
Unconsolidated Entities
Unconsolidated Entities | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Unconsolidated Entities | NOTE 3. UNCONSOLIDATED ENTITIES Summary of Investments We have investments in entities through a variety of ventures. We co-invest in entities that own multiple properties with partners and investors and we provide asset management and property management services to these entities, which we refer to as co-investment ventures. These entities may be consolidated or unconsolidated depending on the structure, our partner’s participation and other rights and our level of control of the entity. This note details our investments in unconsolidated co-investment ventures, which are related parties and accounted for using the equity method of accounting. See Note 6 for more detail regarding our consolidated investments that are not wholly owned. We also have investments in other ventures, generally with one partner, which we generally account for using the equity method. We refer to our investments in both unconsolidated co-investment ventures and other ventures, collectively, as unconsolidated entities. The following table summarizes our investments in and advances to unconsolidated entities (in thousands): March 31, December 31, 2024 2023 Unconsolidated co-investment ventures $ 8,539,251 $ 8,379,265 Other ventures 1,151,850 1,164,705 Total $ 9,691,101 $ 9,543,970 Unconsolidated Co-Investment Ventures The following table summarizes the Strategic Capital Revenues we recognized in the Consolidated Statements of Income related to our unconsolidated co-investment ventures (in thousands): Three Months Ended 2024 2023 Recurring fees $ 113,142 $ 113,557 Transactional fees 12,244 15,080 Promote revenue 262 320 Total strategic capital revenues from unconsolidated co-investment ventures (1) $ 125,648 $ 128,957 (1) These amounts exclude strategic capital revenues from other ventures. The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures on a U.S. GAAP basis (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to these ventures (dollars and square feet in millions): U.S. Other Americas (1) Europe Asia Total At: Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Key property information: Ventures 1 1 2 2 2 2 4 4 9 9 Operating properties 745 745 276 275 1,008 1,007 229 228 2,258 2,255 Square feet 126 126 65 65 223 223 95 94 509 508 Financial position: Total assets ($) 12,359 11,884 4,654 4,106 23,173 23,504 9,685 10,226 49,871 49,720 Third-party debt ($) 4,903 4,185 914 915 5,746 5,804 3,808 3,983 15,371 14,887 Total liabilities ($) 5,605 4,930 982 997 7,792 7,849 4,207 4,429 18,586 18,205 Our investment balance ($) (2) 2,475 2,257 1,190 1,152 4,096 4,126 778 844 8,539 8,379 Our weighted average ownership (3) 28.8 % 27.3 % 38.8 % 39.3 % 32.2 % 31.9 % 15.2 % 15.2 % 28.8 % 28.1 % U.S. Other Americas (1) Europe Asia Total Operating Information: Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, For the three months ended: Total revenues ($) 353 324 120 103 462 414 160 165 1,095 1,006 Net earnings ($) 88 101 53 43 72 69 28 27 241 240 Our earnings from unconsolidated 26 27 18 16 24 21 5 4 73 68 (1) Prologis Brazil Logistics Venture and our other Brazilian joint ventures are combined as one venture for the purpose of this table. (2) Prologis’ investment balance is presented at our adjusted basis. The difference between our ownership interest of a venture’s equity and our investment balance at March 31, 2024 and December 31, 2023 , results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes ($ 161.2 million and $ 199.9 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. and Prologis Japan Core Logistics Fund. (3) Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities. Equity Commitments Related to Certain Unconsolidated Co-Investment Ventures At March 31, 2024 , our outstanding equity commitments were $ 347.3 million, primarily for Prologis China Logistics Venture. The equity commitments expire from 2024 to 2033 if they have not been previously called. Typically, equity commitments are used for future development and acquisitions in the unconsolidated co-investment ventures. |
Assets Held for Sale or Contrib
Assets Held for Sale or Contribution | 3 Months Ended |
Mar. 31, 2024 | |
Real Estate Assets Held for Development and Sale [Abstract] | |
Assets Held for Sale or Contribution | NOTE 4. ASSETS HELD FOR SALE OR CONTRIBUTION We had investments in certain real estate properties that met the criteria to be classified as held for sale or contribution at March 31, 2024 and December 31, 2023. At the time of classification, these properties were expected to be sold to third parties or were recently stabilized and expected to be contributed to unconsolidated co-investment ventures within twelve months. The amounts included in Assets Held for Sale or Contribution in the Consolidated Balance Sheets represented real estate investment balances and the related assets and liabilities. Assets held for sale or contribution consisted of the following (dollars and square feet in thousands): March 31, December 31, Number of operating properties 17 12 Square feet 3,940 3,469 Total assets held for sale or contribution $ 382,793 $ 461,657 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 8,938 $ 14,182 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 5. DEBT All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt (dollars in thousands): March 31, 2024 December 31, 2023 Weighted Average Amount Weighted Average Amount Interest Rate (1) Years (2) Outstanding (3) Interest Rate (1) Years (2) Outstanding (3) Credit facilities 4.1 % 3.0 $ 1,031,266 5.9 % 3.1 $ 979,313 Senior notes 3.0 % 10.2 26,500,864 2.9 % 10.1 25,311,647 Term loans and (4) 1.9 % 4.1 1,737,132 2.8 % 3.7 2,330,520 Secured mortgage 4.4 % 4.1 288,405 3.9 % 3.4 379,021 Total 3.0 % 9.6 $ 29,557,667 3.0 % 9.3 $ 29,000,501 (1) The weighted average interest rates presented represent the effective interest rates (including amortization of debt issuance costs and noncash premiums or discounts) for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rate on certain variable rate debt. (2) The weighted average years represents the remaining maturity in years on the debt outstanding at period end. (3) We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies: March 31, 2024 December 31, 2023 Weighted Average Interest Rate Amount Outstanding % of Total Weighted Average Interest Rate Amount Outstanding % of Total British pound sterling 2.1 % $ 1,292,368 4.4 % 2.1 % $ 1,299,628 4.5 % Canadian dollar 5.1 % 1,123,875 3.8 % 5.0 % 829,886 2.9 % Chinese renminbi 3.7 % 452,164 1.5 % 3.7 % 241,820 0.8 % Euro 2.1 % 9,946,713 33.7 % 2.0 % 10,083,601 34.8 % Japanese yen 1.0 % 3,106,411 10.5 % 1.0 % 3,085,970 10.6 % U.S. dollar 4.0 % 13,636,136 46.1 % 4.1 % 13,459,596 46.4 % Total 3.0 % $ 29,557,667 100.0 % 3.0 % $ 29,000,501 100.0 % (4) In February 2024, we extinguished a $ 500.0 million U.S. dollar term loan. Credit Facilities The following table summarizes information about our available liquidity at March 31, 2024 (in millions): Aggregate lender commitments Credit facilities $ 6,405 Less: Borrowings outstanding 1,031 Outstanding letters of credit 26 Current availability 5,348 Cash and cash equivalents 501 Total liquidity $ 5,849 We have two global senior credit facilities (the “2022 Global Facility” and "2023 Global Facility"), each with a borrowing capacity of $ 3.0 billion (subject to currency fluctuations). We may draw on both facilities in British pounds sterling, Canadian dollars, euro, Japanese yen, Mexican pesos and U.S. dollars on a revolving basis. The 2022 Global Facility is scheduled to initially mature in June 2026 and the 2023 Global Facility in June 2027 ; however, we can extend the maturity date for each facility by six months on two occasions, subject to the payment of extension fees. We also have the ability to increase each credit facility to $ 4.0 billion, subject to currency fluctuations and obtaining additional lender commitments. We also have a Japanese yen revolver (the "Yen Credit Facility") with a borrowing capacity of ¥ 58.5 billion ($ 386.9 million at March 31, 2024 ). We have the ability to increase the borrowing capacity of the Yen Credit Facility to ¥ 75.0 billion ($ 496.1 million at March 31, 2024 ), subject to obtaining additional lender commitments. The Yen Credit Facility is initially scheduled to mature in August 2027 ; however, we may extend the maturity date for one year, subject to the payment of extension fees. We refer to the 2022 Global Facility, the 2023 Global Facility and the Yen Credit Facility, collectively, as our “Credit Facilities.” Pricing for the Credit Facilities, including the spread over the applicable benchmark and the rates applicable to facility fees and letter of credit fees, varies based on the public debt ratings of the OP. Our Credit Facilities are utilized to support our cash needs for development and acquisition activities on a short-term basis. The original maturity of our borrowings under the Credit Facilities ranges from overnight to three months. Commercial Paper Program ("CPP") In March 2024, we established a CPP, under which we may issue, repay and re-issue short-term unsecured commercial paper notes (“CPNs”) denominated in U.S. dollars. The aggregate principal amount of CPNs outstanding under the CPP at any time cannot exceed $ 1.0 billion and the net proceeds of the CPNs are expected to be used for general corporate purposes. The maturities of the CPNs generally range from overnight to three months. The CPNs are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. At any point in time, we are required to maintain available commitments under our Credit Facilities in an amount at least equal to the amount of the CPNs outstanding. At March 31, 2024, we had no issuances or repayments under the CPP. Senior Notes The following table summarizes the issuances of senior notes during the three months ended March 31, 2024 (principal in thousands): Aggregate Principal Issuance Date Weighted Average Issuance Date Borrowing Currency USD (1) Interest Rate Years Maturity Dates January $ 1,250,000 $ 1,250,000 5.1 % 17.3 March 2034 – 2054 February CN¥ 1,500,000 $ 211,024 3.5 % 3.0 February 2027 March C$ 550,000 $ 405,147 4.7 % 5.0 March 2029 Total $ 1,866,171 4.8 % 13.0 (1) The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date. Long-Term Debt Maturities Scheduled principal payments due on our debt for the remainder of 2024 and for each year through the period ended December 31, 2028, and thereafter were as follows at March 31, 2024 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgage Total 2024 (1)(2) $ - $ - $ 101,480 $ 5,352 $ 106,832 2025 (1)(3) - 33,071 221,636 178,913 433,620 2026 (4) 329,744 1,305,718 703,204 3,980 2,342,646 2027 (5) 701,522 1,930,348 47,237 4,156 2,683,263 2028 - 2,553,897 97,891 3,041 2,654,829 Thereafter - 21,265,036 569,727 86,094 21,920,857 Subtotal 1,031,266 27,088,070 1,741,175 281,536 30,142,047 Unamortized premiums (discounts), net - ( 465,706 ) - 7,752 ( 457,954 ) Unamortized debt issuance costs, net - ( 121,500 ) ( 4,043 ) ( 883 ) ( 126,426 ) Total $ 1,031,266 $ 26,500,864 $ 1,737,132 $ 288,405 $ 29,557,667 (1) We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings. (2) Included in the 2024 maturities was a Chinese term loan ($ 101.5 million at March 31, 2024 ) that can be extended until 2026, subject to the prevailing interest rate at the time of extension. (3) Included in the 2025 maturities was a Canadian term loan ($ 221.1 million at March 31, 2024 ) that can be extended until 2027. (4) Included in the 2026 maturities was the 2022 Global Facility ($ 329.7 million at March 31, 2024 ) that can be extended until 2027. (5) Included in the 2027 maturities were the 2023 Global Facility and Yen Credit Facility ($ 483.3 million and $ 218.3 million, respectively at March 31, 2024 ) that can be extended until 2028. Financial Debt Covenants Our senior notes, term loans and Credit Facilities outstanding at March 31, 2024 were subject to certain financial covenants under their related documents. At March 31, 2024, we were in compliance with all of our financial debt covenants. Guarantee of Finance Subsidiary Debt We have finance subsidiaries as part of our operations in Europe (Prologis Euro Finance LLC), Japan (Prologis Yen Finance LLC) and the U.K. (Prologis Sterling Finance LLC) in order to mitigate our foreign currency risk by borrowing in the currencies in which we invest. These entities are 100 % indirectly owned by the OP and all unsecured debt issued or to be issued by each entity is or will be fully and unconditionally guaranteed by the OP. There are no restrictions or limits on the OP’s ability to obtain funds from its subsidiaries by dividend or loan. In reliance on Rule 13-01 of Regulation S-X, the separate financial statements of Prologis Euro Finance LLC, Prologis Yen Finance LLC and Prologis Sterling Finance LLC are not provided. |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2024 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | NOTE 6. NONCONTROLLING INTERESTS Prologis, L.P. We report noncontrolling interests related to several entities we consolidate but of which we do not own 100% of the equity. These entities include two real estate partnerships that have issued limited partnership units to third parties. Depending on the specific partnership agreements, these limited partnership units are redeemable for cash or, at our option, shares of the Parent’s common stock, generally at a rate of one share of common stock to one limited partnership unit . We also consolidate certain entities in which we do not own 100% of the equity but the equity of these entities is not exchangeable into our common stock. Prologis, Inc. The noncontrolling interests of the Parent include the noncontrolling interests described above for the OP, as well as the limited partnership units in the OP that are not owned by the Parent. The outstanding limited partnership units receive quarterly cash distributions equal to the quarterly dividends paid on our common stock pursuant to the terms of the applicable partnership agreements. The following table summarizes these entities (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 3,132,913 $ 3,147,790 $ 7,097,731 $ 7,142,889 $ 144,152 $ 156,303 Other consolidated entities (1) various various 177,863 176,485 2,438,303 2,369,959 340,330 333,114 Prologis, L.P. 3,310,776 3,324,275 9,536,034 9,512,848 484,482 489,417 Limited partners in Prologis, L.P. (2)(3) 1,295,689 1,317,721 - - - - Prologis, Inc. $ 4,606,465 $ 4,641,996 $ 9,536,034 $ 9,512,848 $ 484,482 $ 489,417 (1) Includes two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. The limited partnership units outstanding at March 31, 2024 and December 31, 2023 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. (2) We had 7.9 million and 8.6 million Class A Units at March 31, 2024 and December 31, 2023 , that were convertible into 7.5 million and 8.2 million limited partnership units of the OP, respectively. (3) There were limited partnership units in the OP, excluding the Class A Units, that were exchangeable into cash or, at our option, 8.9 million and 9.1 million shares of the Parent’s common stock, at March 31, 2024 and December 31, 2023 , respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 6.1 million and 5.7 million shares of the Parent’s common stock at March 31, 2024 and December 31, 2023, respectively. See further discussion of LTIP Units in Note 7 . |
Long-Term Compensation
Long-Term Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Long-Term Compensation | NOTE 7. LONG-TERM COMPENSATION Equity-Based Compensation Plans and Programs Prologis Outperformance Plan (“POP”) We have allocated participation points or a percentage of the compensation pool to participants under our POP corresponding to three-year performance periods beginning every January 1. The fair value of the awards is measured at the grant date and amortized over the period from the grant date to the date at which the awards vest, which ranges from three to ten years . The performance hurdle (“Outperformance Hurdle”) at the end of the initial three-year performance period requires our three-year compound annualized total stockholder return (“TSR”) to exceed a threshold set at the three-year compound annualized TSR for the Morgan Stanley Capital International US REIT Index (the "Index") for the same period plus 100 basis points. If the Outperformance Hurdle is met, a compensation pool will be formed equal to 3.0 % of the excess value created, subject to a maximum as defined by each performance period. POP awards cannot be paid at a time when we meet the outperformance hurdle yet our absolute TSR is negative. If after seven years our absolute TSR has not been positive, the awards will be forfeited. The Outperformance Hurdle was met for the 2021 – 2023 performance period and the absolute maximum cap was earned and awarded in January 2024. The tables below include POP awards that were earned but are unvested, while any vested awards are reflected within the Consolidated Statements of Equity and Capital. The initial grant date fair value derived using a Monte Carlo valuation model was used in determining the grant date fair value per unit in the tables below. Commencing in 2024, the named executive officers ("NEOs") and certain select employees will receive performance stock units ("PSUs") discussed below and no new awards will be made to these individuals under the POP. We granted participation points for the 2024 – 2026 performance period in January 2024, with a fair value of $ 19.0 million using a Monte Carlo valuation model that assumed a risk-free interest rate of 4.2 % and an expected volatility of 27.0 % for Prologis and 20.0 % for the Index. The 2024 – 2026 performance period has an absolute maximum cap of $ 60.0 million. If an award is earned at the end of the initial three-year performance period, then 20.0 % of the POP award is paid at the end of the initial performance period and the remaining 80.0 % is subject to additional seven-year cliff vesting. The 20.0% that is paid at the end of the initial three-year performance period is subject to an additional three-year holding requirement. Awards are in the form of common stock, restricted stock units, POP LTIP Units and LTIP Units. Performance Stock Unit Plan ("PSU Plan") On January 16, 2024, PSUs were granted under the Company's 2020 Long-Term Incentive Plan and will be settled in equity at the end of a three-year performance period, if applicable performance hurdles are met. Such hurdles are based on a performance scale of Prologis’ percentile ranking in the Index for a three-year performance period . Prologis must perform at the 55 th percentile to earn a target award of 100.0 %. The award is capped at 200.0 % of target for performance at or above the 85 th percentile. There is no payout in the event Prologis’ performance is below the 35 th percentile and only 50.0 % of target is earned at the 35 th percentile. The fair value of the awards is measured at the grant date and amortized over the period from the grant date to the date at which the awards vest, which ranges from three to five years . We granted PSUs for the 2024 – 2026 performance period in January 2024, with a fair value of $ 30.6 million using a Monte Carlo valuation model. If an award is earned at the end of the initial three-year performance period, one-third of the award vests at the end of the performance period and the remaining award vests equally one and two years after the award is earned. The award is subject to an additional three-year holding requirement. Awards are in the form of common stock, restricted stock units (“RSUs”) and LTIP Units. Other Equity-Based Compensation Plans and Programs Our other equity-based compensation plans and programs include (i) the Prologis Promote Plan (“PPP”); (ii) the annual long-term incentive (“LTI”) equity award program (“Annual LTI Award”); and (iii) the annual bonus exchange program. Awards under these plans and programs may be issued in the form of RSUs or LTIP Units at the participant’s election. RSUs and LTIP Units are valued based on the market price of the Parent’s common stock on the date the award is granted and the grant date value is charged to compensation expense over the service period. Summary of Award Activity RSUs The following table summarizes the activity for RSUs for the three months ended March 31, 2024 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2024 2,097 $ 98.23 Granted 758 110.61 Vested and distributed ( 437 ) 115.58 Forfeited ( 15 ) 125.42 Balance at March 31, 2024 2,403 $ 98.81 LTIP Units The following table summarizes the activity for LTIP Units for the three months ended March 31, 2024 (units in thousands): Unvested Weighted Average LTIP Units Grant Date Fair Value Balance at January 1, 2024 5,379 $ 76.72 Granted 1,142 96.45 Vested LTIP Units ( 600 ) 119.06 Forfeited ( 4 ) 128.83 Balance at March 31, 2024 5,917 $ 76.20 |
Earnings Per Common Share or Un
Earnings Per Common Share or Unit | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share or Unit | NOTE 8. EARNINGS PER COMMON SHARE OR UNIT We determine basic earnings per share or unit based on the weighted average number of shares of common stock or units outstanding during the period. We compute diluted earnings per share or unit based on the weighted average number of shares or units outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments. The computation of our basic and diluted earnings per share and unit was as follows (in thousands, except per share and unit amounts): Three Months Ended March 31, Prologis, Inc. 2024 2023 Net earnings attributable to common stockholders – Basic $ 584,263 $ 463,170 Net earnings attributable to exchangeable limited partnership units (1) 14,852 11,743 Adjusted net earnings attributable to common stockholders – Diluted $ 599,115 $ 474,913 Weighted average common shares outstanding – Basic 925,322 923,888 Incremental weighted average effect on exchange of limited partnership units (1) 23,555 23,535 Incremental weighted average effect of equity awards 5,035 4,201 Weighted average common shares outstanding – Diluted (2) 953,912 951,624 Net earnings per share attributable to common stockholders: Basic $ 0.63 $ 0.50 Diluted $ 0.63 $ 0.50 Three Months Ended March 31, Prologis, L.P. 2024 2023 Net earnings attributable to common unitholders $ 599,047 $ 474,819 Net earnings attributable to Class A Units ( 5,132 ) ( 4,045 ) Net earnings attributable to common unitholders – Basic 593,915 470,774 Net earnings attributable to Class A Units 5,132 4,045 Net earnings attributable to exchangeable other limited partnership units 68 94 Adjusted net earnings attributable to common unitholders – Diluted $ 599,115 $ 474,913 Weighted average common partnership units outstanding – Basic 940,608 939,054 Incremental weighted average effect on exchange of Class A Units 8,128 8,070 Incremental weighted average effect on exchange of other limited partnership units 141 299 Incremental weighted average effect of equity awards of Prologis, Inc. 5,035 4,201 Weighted average common units outstanding – Diluted (2) 953,912 951,624 Net earnings per unit attributable to common unitholders: Basic $ 0.63 $ 0.50 Diluted $ 0.63 $ 0.50 (1) Earnings allocated to the exchangeable OP units not held by the Parent have been included in the numerator and exchangeable common units have been included in the denominator for the purpose of computing diluted earnings per share for all periods as the per share and unit amount is the same. (2) Our total weighted average potentially dilutive shares and units outstanding consisted of the following: Three Months Ended March 31, 2024 2023 Class A Units 8,128 8,070 Other limited partnership units 299 299 Equity awards 8,963 7,773 Prologis, L.P. 17,390 16,142 Common limited partnership units 15,286 15,166 Prologis, Inc. 32,676 31,308 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Fair Value Measurements | NOTE 9. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Derivative Financial Instruments In the normal course of business, our operations are exposed to market risks, including the effect of changes in foreign currency exchange rates and interest rates. We may enter into derivative financial instruments to offset these underlying market risks. There have been no significant changes in our policy and strategy from what was disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023. The following table presents the fair value of our derivative financial instruments recognized within Other Assets and Other Liabilities in the Consolidated Balance Sheets (in thousands): March 31, 2024 December 31, 2023 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ - $ - $ - $ 291 British pound sterling 8,926 7,453 9,608 9,862 Canadian dollar 6,916 183 4,480 1,225 Chinese renminbi 2,158 - 1,630 50 Euro 22,522 3,232 19,252 8,229 Japanese yen 61,338 133 45,149 589 Swedish krona 4,617 633 3,304 2,279 Options Mexican peso 1,306 - 1,263 - Designated derivatives Foreign currency contracts Net investment hedges British pound sterling 976 4,317 1,759 7,030 Canadian dollar 68 1,045 756 5,608 Interest rate contracts Cash flow hedges Euro - 20,835 118 27,034 U.S. dollar - - - 31,964 Total fair value of derivatives $ 108,827 $ 37,831 $ 87,319 $ 94,161 Undesignated Derivative Financial Instruments Foreign Currency Contracts The following table summarizes the activity of our undesignated foreign currency contracts for the three months ended March 31 (in millions, except for weighted average forward rates and number of active contracts): 2024 2023 CAD EUR GBP JPY Other Total CAD EUR GBP JPY Other Total Notional amounts at January 1 ($) 213 524 442 384 56 1,619 283 601 349 331 81 1,645 New contracts ($) 51 88 46 59 8 252 6 9 49 27 41 132 Matured, expired or settled contracts ($) ( 7 ) ( 25 ) ( 39 ) ( 61 ) ( 9 ) ( 141 ) ( 54 ) ( 43 ) ( 22 ) ( 21 ) ( 7 ) ( 147 ) Notional amounts at March 31 ($) 257 587 449 382 55 1,730 235 567 376 337 115 1,630 Weighted average forward rate at March 31 1.30 1.16 1.27 118.16 1.29 1.18 1.30 110.58 Active contracts at March 31 92 84 96 98 88 94 100 97 The following table summarizes the undesignated derivative financial instruments exercised and associated realized and unrealized gains (losses), respectively, in Foreign Currency, Derivative and Other Gains and Other Income, Net in the Consolidated Statements of Income (in millions, except for number of exercised contracts): Three Months Ended 2024 2023 Exercised contracts 45 52 Realized gains on the matured, expired or settled contracts $ 18 $ 14 Unrealized gains (losses) on the change in fair value of outstanding contracts $ 29 $ ( 14 ) Designated Derivative Financial Instruments Changes in the fair value of derivatives that are designated as net investment hedges ("NIHs") of our foreign operations and cash flow hedges ("CFHs") are recorded in Accumulated Other Comprehensive Income (Loss) (“AOCI/L”) in the Consolidated Balance Sheets and reflected within the AOCI/L table below. Foreign Currency Contracts The following table summarizes the activity of our foreign currency contracts designated as NIHs for the three months ended March 31 (in millions, except for weighted average forward rates and number of active contracts): 2024 2023 CAD GBP Total CAD CNH GBP Total Notional amounts at January 1 ($) 516 432 948 534 - 440 974 New contracts ($) 47 92 139 119 100 - 219 Matured, expired or settled contracts ($) ( 400 ) ( 93 ) ( 493 ) ( 124 ) - - ( 124 ) Notional amounts at March 31 ($) 163 431 594 529 100 440 1,069 Weighted average forward rate at 1.36 1.25 1.30 6.72 1.28 Active contracts at March 31 2 4 6 1 4 Interest Rate Contracts The following table summarizes the activity of our interest rate contracts designated as CFHs for the three months ended March 31 (in millions): 2024 2023 EUR USD Total EUR USD Total Notional amounts at January 1 ($) 700 550 1,250 447 150 597 New contracts ($) - - - 434 550 984 Matured, expired or settled ( 171 ) ( 550 ) ( 721 ) ( 709 ) ( 700 ) ( 1,409 ) Notional amounts at March 31 ($) 529 - 529 172 - 172 Designated Nonderivative Financial Instruments The following table summarizes our debt and accrued interest, designated as a hedge of our net investment in international subsidiaries at the quarter ended (in millions): March 31, 2024 December 31, 2023 British pound sterling $ 1,307 $ 1,305 Canadian dollar $ 369 $ 373 The following table summarizes the unrealized gains (losses) in Foreign Currency, Derivative and Other Gains and Other Income, Net in the Consolidated Statements of Income on the remeasurement of the unhedged portion of our euro-denominated and Chinese renminbi-denominated debt and accrued interest (in millions): Three Months Ended 2024 2023 Unrealized gains (losses) on the unhedged portion $ 10 $ ( 4 ) Accumulated Other Comprehensive Income (Loss) ("AOCI/L") The change in AOCI/L in the Consolidated Statements of Equity during the periods presented was due to the following: i) the currency translation adjustments ("CTA") that we recognize due to the translation of the financial statements of our consolidated subsidiaries, whose functional currency is not the U.S. dollar, into U.S. dollars; and ii) the change in the fair value of the effective portion of our derivative financial instruments that have been designated as NIHs and CFHs and the translation of the hedged portion of our debt. The following tables presents these changes in AOCI/L (in thousands): Unrealized gains (losses) on CFHs (1) Our share of derivatives from unconsolidated entities Derivative NIHs Debt designated as nonderivative NIHs (2) CTA Total AOCI/L Balance at $ ( 45,744 ) $ 8,414 $ 310,526 $ 254,102 $ ( 1,041,499 ) $ ( 514,201 ) Other comprehensive 19,096 5,149 16,162 14,369 174,030 228,806 Balance at $ ( 26,648 ) $ 13,563 $ 326,688 $ 268,471 $ ( 867,469 ) $ ( 285,395 ) Unrealized gains (losses) on CFHs Our share of derivatives from unconsolidated entities Derivative NIHs Debt designated as nonderivative NIHs (2) CTA Total AOCI/L Balance at $ 30,545 $ 22,584 $ 332,973 $ 329,983 $ ( 1,159,694 ) $ ( 443,609 ) Other comprehensive ( 18,693 ) ( 6,527 ) ( 8,163 ) ( 41,500 ) 22,068 ( 52,815 ) Balance at $ 11,852 $ 16,057 $ 324,810 $ 288,483 $ ( 1,137,626 ) $ ( 496,424 ) (1) We estimate an additional expense of $ 3.4 million will be reclassified to Interest Expense in the Consolidated Statements of Income over the next 12 months from March 31, 2024, due to the amortization of settled derivatives designated as cash flow hedges. (2) Reclassification of amounts out of AOCI/L due to the remeasurement of the unhedged portion of our euro-denominated and Chinese renminbi-denominated debt and accrued interest is included herein. Fair Value Measurements There have been no significant changes in our policy from what was disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023. Fair Value Measurements on a Recurring Basis At March 31, 2024 and December 31, 2023, other than the derivatives discussed previously, we had no significant financial assets or financial liabilities that were measured at fair value on a recurring basis in the Consolidated Financial Statements. All of our derivatives held at March 31, 2024 and December 31, 2023, were classified as Level 2 of the fair value hierarchy. Fair Value Measurements on Nonrecurring Basis Acquired properties and assets we expect to sell or contribute are significant nonfinancial assets that met the criteria to be measured at fair value on a nonrecurring basis. At March 31, 2024 and December 31, 2023, we estimated the fair value of our properties using Level 2 or Level 3 inputs from the fair value hierarchy. See more information on our acquired properties in Note 2 and assets held for sale or contribution in Note 4. Fair Value of Financial Instruments At March 31, 2024 and December 31, 2023, the carrying amounts of certain financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts payable and accrued expenses were representative of their fair values. The differences in the fair value of our debt from the carrying value in the table below were the result of differences in interest rates or borrowing spreads that were available to us at March 31, 2024 and December 31, 2023, as compared with those in effect when the debt was issued or assumed, including lower borrowing spreads due to our credit ratings. See Note 5 for more information on our debt activity. The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): March 31, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Credit facilities $ 1,031,266 $ 1,031,266 $ 979,313 $ 979,313 Senior notes 26,500,864 24,067,338 25,311,647 23,121,936 Term loans and unsecured other 1,737,132 1,725,043 2,330,520 2,322,827 Secured mortgage 288,405 268,125 379,021 357,731 Total $ 29,557,667 $ 27,091,772 $ 29,000,501 $ 26,781,807 |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 10. BUSINESS SEGMENTS Our current business strategy includes two operating segments: Real Estate (Rental Operations and Development) and Strategic Capital. We generate revenues, earnings, net operating income and cash flows through our segments, as follows: • Real Estate Segment. This operating segment represents the ownership and development of operating properties and is the largest component of our revenue and earnings. We collect rent from our customers through operating leases, including reimbursements for the majority of our property operating costs. Each operating property is considered to be an individual operating segment with similar economic characteristics; these properties are combined within the reportable business segment based on geographic location. The Real Estate Segment also includes development activities that lead to rental operations, including land held for development and properties currently under development, and other real estate investments, including energy assets. Within this line of business, we utilize the following: (i) our land bank; (ii) the development and leasing expertise of our local teams; and (iii) our customer relationships. • Strategic Capital Segment. This operating segment represents the management of unconsolidated co-investment ventures. We generate strategic capital revenues primarily from our unconsolidated co-investment ventures through asset management and property management services and we earn additional revenues by providing leasing, acquisition, construction, development, financing and disposition services. Depending on the structure of the venture and the returns provided to our partners, we also earn revenues through promotes periodically during the life of a venture or upon liquidation. Each unconsolidated co-investment venture we manage is considered to be an individual operating segment with similar economic characteristics; these ventures are combined within the reportable business segment based on geographic location. Below we present: (i) each reportable business segment’s revenues from external customers to Total Revenues ; (ii) each reportable business segment’s net operating income from external customers to Operating Income and Earnings Before Income Taxes ; and (iii) each reportable business segment’s assets to Total Assets . Our chief operating decision makers ("CODMs") rely principally on net operating income and similar measures to make decisions about allocating resources and assessing segment performance. The applicable components of Total Revenues , Operating Income , Earnings Before Income Taxes and Total Assets in the Consolidated Financial Statements are allocated to each reportable business segment’s revenues, net operating income and assets. Items that are not directly assignable to a segment are not allocated but reflected as non-segment items (G&A expenses and real estate adjustments for depreciation and gains and losses on contributions and sales) due to how our CODMs utilize segment information for planning and execution of our business strategy. The following reportable business segment revenues, net operating income and assets are presented in thousands: Three Months Ended 2024 2023 Revenues: Real estate segment: U.S. $ 1,757,371 $ 1,574,567 Other Americas 29,723 25,572 Europe 28,733 19,156 Asia 12,382 14,591 Total real estate segment 1,828,209 1,633,886 Strategic capital segment: U.S. 46,103 53,696 Other Americas 16,285 14,195 Europe 44,800 43,533 Asia 21,224 23,277 Total strategic capital segment 128,412 134,701 Total revenues 1,956,621 1,768,587 Segment net operating income: (1) Real estate segment: U.S. (2) 1,312,621 1,171,983 Other Americas 22,893 19,178 Europe 18,774 14,210 Asia 7,420 8,777 Total real estate segment 1,361,708 1,214,148 Strategic capital segment: U.S. (2) 5,146 21,567 Other Americas 9,963 8,942 Europe 23,092 22,604 Asia 11,400 9,879 Total strategic capital segment 49,601 62,992 Total segment net operating income 1,411,309 1,277,140 Non-segment items: General and administrative expenses ( 111,291 ) ( 99,777 ) Depreciation and amortization expenses ( 637,505 ) ( 602,367 ) 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 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 Earnings before income taxes $ 663,607 $ 530,700 March 31, December 31, Segment assets: Real estate segment: U.S. $ 76,732,394 $ 76,633,566 Other Americas 2,186,421 2,029,438 Europe 2,356,294 2,366,539 Asia 754,985 793,916 Total real estate segment 82,030,094 81,823,459 Strategic capital segment: (3) U.S. 10,499 10,499 Europe 25,280 25,280 Asia 186 203 Total strategic capital segment 35,965 35,982 Total segment assets 82,066,059 81,859,441 Non-segment items: Investments in and advances to unconsolidated entities 9,691,101 9,543,970 Assets held for sale or contribution 382,793 461,657 Cash and cash equivalents 500,589 530,388 Other assets 669,768 625,384 Total non-segment items 11,244,251 11,161,399 Total assets $ 93,310,310 $ 93,020,840 (1) Net Operating Income ("NOI") from the Real Estate Segment is calculated directly from the Consolidated Financial Statements as Rental Revenues and Development Management and Other Revenues less Rental Expenses and Other Expenses. NOI from the Strategic Capital Segment is calculated directly from the Consolidated Financial Statements as Strategic Capital Revenues less Strategic Capital Expenses. (2) This includes compensation and personnel costs for employees who were located in the U.S. but also support other geographies. (3) Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital Segment. Goodwill was $ 25.3 million at March 31, 2024 and December 31, 2023 . |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | NOTE 11. SUPPLEMENTAL CASH FLOW INFORMATION Our significant noncash investing and financing activities for the three months ended March 31, 2024 and 2023 included the following: • We recognized lease right-of-use assets and lease liabilities related to leases in which we are the lessee within Other Assets and Other Liabilities on the Consolidated Balance Sheets, including any new leases, renewals and modifications of $ 7.1 million in 2024 and $ 12.1 million in 2023 for both assets and liabilities. • We capitalized $ 15.5 million and $ 14.7 million in 2024 and 2023, respectively, of equity-based compensation expense. • We received $ 85.1 million of ownership interests in certain unconsolidated co-investment ventures, primarily as a portion of our proceeds from the contribution of properties to these entities in 2024, as disclosed in Note 3. • We issued 1.1 million and less than 0.1 million shares in 2024 and 2023, respectively, of the Parent’s common stock upon redemption of an equal number of common limited partnership units in the OP. • We recognized a $ 150.1 million liability for installment payments to be made related to an acquisition of land in 2024. • We reinvested a distribution from an unconsolidated co-investment venture of $ 51.1 million in 2024. We paid $ 210.7 million and $ 129.9 million for interest, net of amounts capitalized, during the three months ended March 31, 2024 and 2023, respectively. We paid $ 58.1 million and $ 46.2 million for income taxes, net of refunds, during the three months ended March 31, 2024 and 2023 , respectively. |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Business | Business . Prologis, Inc. (or the “Parent”) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”), and believes the current organization and method of operation will enable it to maintain its status as a REIT. The Parent is the general partner of Prologis, L.P. (or the “Operating Partnership” or “OP”). Through the OP, we are engaged in the ownership, acquisition, development and management of logistics facilities with a focus on key markets in 19 countries on four continents. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors. We maintain a significant level of ownership in these co-investment ventures, which may be consolidated or unconsolidated based on our level of control of the entity. Our current business strategy consists of two operating business segments: Real Estate (Rental Operations and Development) and Strategic Capital. Our Real Estate Segment represents the ownership, leasing and development of logistics properties. Our Strategic Capital Segment represents the management of properties owned by our unconsolidated co-investment ventures and other ventures. See Note 10 for further discussion of our business segments. Unless otherwise indicated, the Notes to the Consolidated Financial Statements apply to both the Parent and the OP. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and OP collectively. For each share of preferred or common stock the Parent issues, the OP issues a corresponding preferred or common partnership unit, as applicable, to the Parent in exchange for the contribution of the proceeds from the stock issuance. 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, which include Class A common limited partnership units (“Class A Units”) in the OP, are owned by unaffiliated investors and certain current and former directors and officers of the Parent. Each partner’s percentage interest in the OP is determined based on the number of OP units held, including the number of OP units into which Class A Units are convertible, compared to total OP units outstanding at each period end and is used as the basis for the allocation of net income or loss to each partner. At the end of each reporting period, a capital adjustment is made in the OP to reflect the appropriate ownership interest for each of the common unitholders. These adjustments are reflected in the line items Reallocation of Equity in the Consolidated Statements of Equity of the Parent and Reallocation of Capital in the Consolidated Statements of Capital of the OP. As the sole general partner of the OP, the Parent has complete responsibility and discretion in the day-to-day management and control of the OP and 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 general partner with control of the OP, the Parent is the primary beneficiary and therefore consolidates the OP. Because the Parent’s only significant asset is its investment in the OP, the assets and liabilities of the Parent and the OP are the same on their respective financial statements. |
Basis of Presentation | Basis of Presentation. The accompanying Consolidated Financial Statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and are presented in our reporting currency, the U.S. dollar. Intercompany transactions with consolidated entities have been eliminated. The accompanying unaudited interim financial information has been prepared according to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in our annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. Our management believes that the disclosures presented in these financial statements are adequate to make the information presented not misleading. In our opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for both the Parent and the OP for the reported periods have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. The accompanying unaudited interim financial information should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023 , as filed with the SEC, and other public information. |
Accounting Pronouncements | Accounting Pronouncements. New Accounting Standards Issued but not yet Adopted Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update (“ASU”) to improve reportable segments disclosure requirements. The ASU requires existing annual segment disclosures to also be disclosed on an interim basis, and also requires additional disclosures around significant segment expenses and disclosures to identify the title and position of the CODM. The standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We do not expect the standard to have a material impact on our Consolidated Financial Statements as we anticipate the primary change will be additional disclosures in Note 10. |
Real Estate (Tables)
Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Real Estate [Abstract] | |
Investments in Real Estate Properties | Investments in real estate properties consisted of the following (dollars and square feet in thousands): Square Feet Number of Buildings Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, 2024 2023 2024 2023 2024 2023 Operating properties: Buildings and improvements 635,249 630,955 2,974 2,960 $ 53,099,926 $ 52,626,191 Improved land 22,874,101 22,809,306 Development portfolio, including Prestabilized 12,421 13,369 39 45 1,735,328 1,838,805 Properties under development 25,717 26,438 82 85 2,627,424 2,528,650 Land (1) 4,072,212 3,775,553 Other real estate investments (2) 5,018,514 5,088,070 Total investments in real estate 89,427,505 88,666,575 Less accumulated depreciation 11,430,899 10,931,485 Net investments in real estate $ 77,996,606 $ 77,735,090 (1) At March 31, 2024 and December 31, 2023 , our land was comprised of 8,345 and 8,197 acres, respectively. (2) Included in other real estate investments were: (i) land parcels we own and lease to third parties; (ii) non-strategic real estate assets that we do not intend to operate long term; (iii) non-industrial real estate assets that we intend to redevelop as industrial properties or other higher use assets; and (iv) energy assets. Energy assets include solar panels, battery storage and mobility solutions. |
Schedule of Acquisitions of Properties | The following table summarizes our real estate acquisition activity (dollars and square feet in thousands): Three Months Ended 2024 2023 Number of operating properties - - Square feet - - Acres of land 243 120 Acquisition cost of net investments in real estate, excluding other real estate investments $ 284,024 $ 40,474 Acquisition cost of other real estate investments $ 167 $ 6,185 |
Number of Properties Disposed Including Minor Adjustments | The following table summarizes our dispositions of net investments in real estate which include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands): Three Months Ended 2024 2023 Dispositions of development properties and land, net (1) Number of properties 1 - Square feet 629 - Net proceeds $ 136,789 $ - Gains on dispositions of development properties and land, net $ 40,308 $ - Other dispositions of investments in real estate, net Number of properties 1 5 Square feet 196 360 Net proceeds $ 147,836 $ 57,008 Gains on other dispositions of investments in real estate, net $ 17,534 $ 4,047 (1) The gains we recognize in Gains on Dispositions of Development Properties and Land, Net in the Consolidated Statements of Income are principally driven by the contribution of newly developed properties to our unconsolidated co-investment ventures and occasionally sales to a third party. |
Unconsolidated Entities (Tables
Unconsolidated Entities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule Of Equity Method Investments [Line Items] | |
Summary of Investments in and Advances to our Unconsolidated Entities | The following table summarizes our investments in and advances to unconsolidated entities (in thousands): March 31, December 31, 2024 2023 Unconsolidated co-investment ventures $ 8,539,251 $ 8,379,265 Other ventures 1,151,850 1,164,705 Total $ 9,691,101 $ 9,543,970 |
Unconsolidated Co-Investment Ventures [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Summary of Investments in and Advances to our Unconsolidated Entities | The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures on a U.S. GAAP basis (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to these ventures (dollars and square feet in millions): U.S. Other Americas (1) Europe Asia Total At: Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Key property information: Ventures 1 1 2 2 2 2 4 4 9 9 Operating properties 745 745 276 275 1,008 1,007 229 228 2,258 2,255 Square feet 126 126 65 65 223 223 95 94 509 508 Financial position: Total assets ($) 12,359 11,884 4,654 4,106 23,173 23,504 9,685 10,226 49,871 49,720 Third-party debt ($) 4,903 4,185 914 915 5,746 5,804 3,808 3,983 15,371 14,887 Total liabilities ($) 5,605 4,930 982 997 7,792 7,849 4,207 4,429 18,586 18,205 Our investment balance ($) (2) 2,475 2,257 1,190 1,152 4,096 4,126 778 844 8,539 8,379 Our weighted average ownership (3) 28.8 % 27.3 % 38.8 % 39.3 % 32.2 % 31.9 % 15.2 % 15.2 % 28.8 % 28.1 % U.S. Other Americas (1) Europe Asia Total Operating Information: Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, For the three months ended: Total revenues ($) 353 324 120 103 462 414 160 165 1,095 1,006 Net earnings ($) 88 101 53 43 72 69 28 27 241 240 Our earnings from unconsolidated 26 27 18 16 24 21 5 4 73 68 (1) Prologis Brazil Logistics Venture and our other Brazilian joint ventures are combined as one venture for the purpose of this table. (2) Prologis’ investment balance is presented at our adjusted basis. The difference between our ownership interest of a venture’s equity and our investment balance at March 31, 2024 and December 31, 2023 , results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes ($ 161.2 million and $ 199.9 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. and Prologis Japan Core Logistics Fund. (3) Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities. |
Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to Co-Investment Ventures | The following table summarizes the Strategic Capital Revenues we recognized in the Consolidated Statements of Income related to our unconsolidated co-investment ventures (in thousands): Three Months Ended 2024 2023 Recurring fees $ 113,142 $ 113,557 Transactional fees 12,244 15,080 Promote revenue 262 320 Total strategic capital revenues from unconsolidated co-investment ventures (1) $ 125,648 $ 128,957 (1) These amounts exclude strategic capital revenues from other ventures. |
Assets Held for Sale or Contr_2
Assets Held for Sale or Contribution (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Real Estate Assets Held for Development and Sale [Abstract] | |
Summary of Assets Held for Sale or Contribution | Assets held for sale or contribution consisted of the following (dollars and square feet in thousands): March 31, December 31, Number of operating properties 17 12 Square feet 3,940 3,469 Total assets held for sale or contribution $ 382,793 $ 461,657 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 8,938 $ 14,182 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt Summary | All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt (dollars in thousands): March 31, 2024 December 31, 2023 Weighted Average Amount Weighted Average Amount Interest Rate (1) Years (2) Outstanding (3) Interest Rate (1) Years (2) Outstanding (3) Credit facilities 4.1 % 3.0 $ 1,031,266 5.9 % 3.1 $ 979,313 Senior notes 3.0 % 10.2 26,500,864 2.9 % 10.1 25,311,647 Term loans and (4) 1.9 % 4.1 1,737,132 2.8 % 3.7 2,330,520 Secured mortgage 4.4 % 4.1 288,405 3.9 % 3.4 379,021 Total 3.0 % 9.6 $ 29,557,667 3.0 % 9.3 $ 29,000,501 (1) The weighted average interest rates presented represent the effective interest rates (including amortization of debt issuance costs and noncash premiums or discounts) for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rate on certain variable rate debt. (2) The weighted average years represents the remaining maturity in years on the debt outstanding at period end. (3) We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies: March 31, 2024 December 31, 2023 Weighted Average Interest Rate Amount Outstanding % of Total Weighted Average Interest Rate Amount Outstanding % of Total British pound sterling 2.1 % $ 1,292,368 4.4 % 2.1 % $ 1,299,628 4.5 % Canadian dollar 5.1 % 1,123,875 3.8 % 5.0 % 829,886 2.9 % Chinese renminbi 3.7 % 452,164 1.5 % 3.7 % 241,820 0.8 % Euro 2.1 % 9,946,713 33.7 % 2.0 % 10,083,601 34.8 % Japanese yen 1.0 % 3,106,411 10.5 % 1.0 % 3,085,970 10.6 % U.S. dollar 4.0 % 13,636,136 46.1 % 4.1 % 13,459,596 46.4 % Total 3.0 % $ 29,557,667 100.0 % 3.0 % $ 29,000,501 100.0 % (4) In February 2024, we extinguished a $ 500.0 million U.S. dollar term loan. |
Schedule of Current Availability on Debt and Cash | The following table summarizes information about our available liquidity at March 31, 2024 (in millions): Aggregate lender commitments Credit facilities $ 6,405 Less: Borrowings outstanding 1,031 Outstanding letters of credit 26 Current availability 5,348 Cash and cash equivalents 501 Total liquidity $ 5,849 |
Summary of Issuances of Senior Notes | The following table summarizes the issuances of senior notes during the three months ended March 31, 2024 (principal in thousands): Aggregate Principal Issuance Date Weighted Average Issuance Date Borrowing Currency USD (1) Interest Rate Years Maturity Dates January $ 1,250,000 $ 1,250,000 5.1 % 17.3 March 2034 – 2054 February CN¥ 1,500,000 $ 211,024 3.5 % 3.0 February 2027 March C$ 550,000 $ 405,147 4.7 % 5.0 March 2029 Total $ 1,866,171 4.8 % 13.0 (1) The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date. |
Long-Term Debt Maturities | Scheduled principal payments due on our debt for the remainder of 2024 and for each year through the period ended December 31, 2028, and thereafter were as follows at March 31, 2024 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgage Total 2024 (1)(2) $ - $ - $ 101,480 $ 5,352 $ 106,832 2025 (1)(3) - 33,071 221,636 178,913 433,620 2026 (4) 329,744 1,305,718 703,204 3,980 2,342,646 2027 (5) 701,522 1,930,348 47,237 4,156 2,683,263 2028 - 2,553,897 97,891 3,041 2,654,829 Thereafter - 21,265,036 569,727 86,094 21,920,857 Subtotal 1,031,266 27,088,070 1,741,175 281,536 30,142,047 Unamortized premiums (discounts), net - ( 465,706 ) - 7,752 ( 457,954 ) Unamortized debt issuance costs, net - ( 121,500 ) ( 4,043 ) ( 883 ) ( 126,426 ) Total $ 1,031,266 $ 26,500,864 $ 1,737,132 $ 288,405 $ 29,557,667 (1) We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings. (2) Included in the 2024 maturities was a Chinese term loan ($ 101.5 million at March 31, 2024 ) that can be extended until 2026, subject to the prevailing interest rate at the time of extension. (3) Included in the 2025 maturities was a Canadian term loan ($ 221.1 million at March 31, 2024 ) that can be extended until 2027. (4) Included in the 2026 maturities was the 2022 Global Facility ($ 329.7 million at March 31, 2024 ) that can be extended until 2027. (5) Included in the 2027 maturities were the 2023 Global Facility and Yen Credit Facility ($ 483.3 million and $ 218.3 million, respectively at March 31, 2024 ) that can be extended until 2028. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Noncontrolling Interest [Abstract] | |
Summary of Ownership Percentages and Noncontrolling Interests | The following table summarizes these entities (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 3,132,913 $ 3,147,790 $ 7,097,731 $ 7,142,889 $ 144,152 $ 156,303 Other consolidated entities (1) various various 177,863 176,485 2,438,303 2,369,959 340,330 333,114 Prologis, L.P. 3,310,776 3,324,275 9,536,034 9,512,848 484,482 489,417 Limited partners in Prologis, L.P. (2)(3) 1,295,689 1,317,721 - - - - Prologis, Inc. $ 4,606,465 $ 4,641,996 $ 9,536,034 $ 9,512,848 $ 484,482 $ 489,417 (1) Includes two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. The limited partnership units outstanding at March 31, 2024 and December 31, 2023 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. (2) We had 7.9 million and 8.6 million Class A Units at March 31, 2024 and December 31, 2023 , that were convertible into 7.5 million and 8.2 million limited partnership units of the OP, respectively. (3) There were limited partnership units in the OP, excluding the Class A Units, that were exchangeable into cash or, at our option, 8.9 million and 9.1 million shares of the Parent’s common stock, at March 31, 2024 and December 31, 2023 , respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 6.1 million and 5.7 million shares of the Parent’s common stock at March 31, 2024 and December 31, 2023, respectively. See further discussion of LTIP Units in Note 7 . |
Long-Term Compensation (Tables)
Long-Term Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Options, RSU and Performance Share Awards | The following table summarizes the activity for RSUs for the three months ended March 31, 2024 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2024 2,097 $ 98.23 Granted 758 110.61 Vested and distributed ( 437 ) 115.58 Forfeited ( 15 ) 125.42 Balance at March 31, 2024 2,403 $ 98.81 |
Long Term Incentive Plan Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Options, RSU and Performance Share Awards | The following table summarizes the activity for LTIP Units for the three months ended March 31, 2024 (units in thousands): Unvested Weighted Average LTIP Units Grant Date Fair Value Balance at January 1, 2024 5,379 $ 76.72 Granted 1,142 96.45 Vested LTIP Units ( 600 ) 119.06 Forfeited ( 4 ) 128.83 Balance at March 31, 2024 5,917 $ 76.20 |
Earnings Per Common Share or _2
Earnings Per Common Share or Unit (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share Unit | The computation of our basic and diluted earnings per share and unit was as follows (in thousands, except per share and unit amounts): Three Months Ended March 31, Prologis, Inc. 2024 2023 Net earnings attributable to common stockholders – Basic $ 584,263 $ 463,170 Net earnings attributable to exchangeable limited partnership units (1) 14,852 11,743 Adjusted net earnings attributable to common stockholders – Diluted $ 599,115 $ 474,913 Weighted average common shares outstanding – Basic 925,322 923,888 Incremental weighted average effect on exchange of limited partnership units (1) 23,555 23,535 Incremental weighted average effect of equity awards 5,035 4,201 Weighted average common shares outstanding – Diluted (2) 953,912 951,624 Net earnings per share attributable to common stockholders: Basic $ 0.63 $ 0.50 Diluted $ 0.63 $ 0.50 Three Months Ended March 31, Prologis, L.P. 2024 2023 Net earnings attributable to common unitholders $ 599,047 $ 474,819 Net earnings attributable to Class A Units ( 5,132 ) ( 4,045 ) Net earnings attributable to common unitholders – Basic 593,915 470,774 Net earnings attributable to Class A Units 5,132 4,045 Net earnings attributable to exchangeable other limited partnership units 68 94 Adjusted net earnings attributable to common unitholders – Diluted $ 599,115 $ 474,913 Weighted average common partnership units outstanding – Basic 940,608 939,054 Incremental weighted average effect on exchange of Class A Units 8,128 8,070 Incremental weighted average effect on exchange of other limited partnership units 141 299 Incremental weighted average effect of equity awards of Prologis, Inc. 5,035 4,201 Weighted average common units outstanding – Diluted (2) 953,912 951,624 Net earnings per unit attributable to common unitholders: Basic $ 0.63 $ 0.50 Diluted $ 0.63 $ 0.50 (1) Earnings allocated to the exchangeable OP units not held by the Parent have been included in the numerator and exchangeable common units have been included in the denominator for the purpose of computing diluted earnings per share for all periods as the per share and unit amount is the same. (2) Our total weighted average potentially dilutive shares and units outstanding consisted of the following: Three Months Ended March 31, 2024 2023 Class A Units 8,128 8,070 Other limited partnership units 299 299 Equity awards 8,963 7,773 Prologis, L.P. 17,390 16,142 Common limited partnership units 15,286 15,166 Prologis, Inc. 32,676 31,308 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule of Fair Value of Derivative Financial Instruments | The following table presents the fair value of our derivative financial instruments recognized within Other Assets and Other Liabilities in the Consolidated Balance Sheets (in thousands): March 31, 2024 December 31, 2023 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ - $ - $ - $ 291 British pound sterling 8,926 7,453 9,608 9,862 Canadian dollar 6,916 183 4,480 1,225 Chinese renminbi 2,158 - 1,630 50 Euro 22,522 3,232 19,252 8,229 Japanese yen 61,338 133 45,149 589 Swedish krona 4,617 633 3,304 2,279 Options Mexican peso 1,306 - 1,263 - Designated derivatives Foreign currency contracts Net investment hedges British pound sterling 976 4,317 1,759 7,030 Canadian dollar 68 1,045 756 5,608 Interest rate contracts Cash flow hedges Euro - 20,835 118 27,034 U.S. dollar - - - 31,964 Total fair value of derivatives $ 108,827 $ 37,831 $ 87,319 $ 94,161 |
Summary of Undesignated Financial Instruments Exercised and Realized and Unrealized Gains (Losses) in Foreign Currency, Derivative and Other Gains and Other Income, Net | The following table summarizes the undesignated derivative financial instruments exercised and associated realized and unrealized gains (losses), respectively, in Foreign Currency, Derivative and Other Gains and Other Income, Net in the Consolidated Statements of Income (in millions, except for number of exercised contracts): Three Months Ended 2024 2023 Exercised contracts 45 52 Realized gains on the matured, expired or settled contracts $ 18 $ 14 Unrealized gains (losses) on the change in fair value of outstanding contracts $ 29 $ ( 14 ) |
Summary of Activity in Interest Rate Contracts | The following table summarizes the activity of our interest rate contracts designated as CFHs for the three months ended March 31 (in millions): 2024 2023 EUR USD Total EUR USD Total Notional amounts at January 1 ($) 700 550 1,250 447 150 597 New contracts ($) - - - 434 550 984 Matured, expired or settled ( 171 ) ( 550 ) ( 721 ) ( 709 ) ( 700 ) ( 1,409 ) Notional amounts at March 31 ($) 529 - 529 172 - 172 |
Summary of Debt and Accrued Interest, Designated as Nonderivative Financial Instrument | The following table summarizes our debt and accrued interest, designated as a hedge of our net investment in international subsidiaries at the quarter ended (in millions): March 31, 2024 December 31, 2023 British pound sterling $ 1,307 $ 1,305 Canadian dollar $ 369 $ 373 |
Summary of Recognized Unrealized Gains (Losses) in Foreign Currency and Derivative and Other Gains and Other Income, Net on Remeasurement of Unhedged Portion of Debt and Accrued Interest | The following table summarizes the unrealized gains (losses) in Foreign Currency, Derivative and Other Gains and Other Income, Net in the Consolidated Statements of Income on the remeasurement of the unhedged portion of our euro-denominated and Chinese renminbi-denominated debt and accrued interest (in millions): Three Months Ended 2024 2023 Unrealized gains (losses) on the unhedged portion $ 10 $ ( 4 ) |
Summary of Changes in AOCI/L | The following tables presents these changes in AOCI/L (in thousands): Unrealized gains (losses) on CFHs (1) Our share of derivatives from unconsolidated entities Derivative NIHs Debt designated as nonderivative NIHs (2) CTA Total AOCI/L Balance at $ ( 45,744 ) $ 8,414 $ 310,526 $ 254,102 $ ( 1,041,499 ) $ ( 514,201 ) Other comprehensive 19,096 5,149 16,162 14,369 174,030 228,806 Balance at $ ( 26,648 ) $ 13,563 $ 326,688 $ 268,471 $ ( 867,469 ) $ ( 285,395 ) Unrealized gains (losses) on CFHs Our share of derivatives from unconsolidated entities Derivative NIHs Debt designated as nonderivative NIHs (2) CTA Total AOCI/L Balance at $ 30,545 $ 22,584 $ 332,973 $ 329,983 $ ( 1,159,694 ) $ ( 443,609 ) Other comprehensive ( 18,693 ) ( 6,527 ) ( 8,163 ) ( 41,500 ) 22,068 ( 52,815 ) Balance at $ 11,852 $ 16,057 $ 324,810 $ 288,483 $ ( 1,137,626 ) $ ( 496,424 ) (1) We estimate an additional expense of $ 3.4 million will be reclassified to Interest Expense in the Consolidated Statements of Income over the next 12 months from March 31, 2024, due to the amortization of settled derivatives designated as cash flow hedges. (2) Reclassification of amounts out of AOCI/L due to the remeasurement of the unhedged portion of our euro-denominated and Chinese renminbi-denominated debt and accrued interest is included herein. |
Carrying Amounts and Estimated Fair Values of Debt | The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): March 31, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Credit facilities $ 1,031,266 $ 1,031,266 $ 979,313 $ 979,313 Senior notes 26,500,864 24,067,338 25,311,647 23,121,936 Term loans and unsecured other 1,737,132 1,725,043 2,330,520 2,322,827 Secured mortgage 288,405 268,125 379,021 357,731 Total $ 29,557,667 $ 27,091,772 $ 29,000,501 $ 26,781,807 |
Undesignated Derivatives [Member] | |
Foreign Currency Contracts Activity | The following table summarizes the activity of our undesignated foreign currency contracts for the three months ended March 31 (in millions, except for weighted average forward rates and number of active contracts): 2024 2023 CAD EUR GBP JPY Other Total CAD EUR GBP JPY Other Total Notional amounts at January 1 ($) 213 524 442 384 56 1,619 283 601 349 331 81 1,645 New contracts ($) 51 88 46 59 8 252 6 9 49 27 41 132 Matured, expired or settled contracts ($) ( 7 ) ( 25 ) ( 39 ) ( 61 ) ( 9 ) ( 141 ) ( 54 ) ( 43 ) ( 22 ) ( 21 ) ( 7 ) ( 147 ) Notional amounts at March 31 ($) 257 587 449 382 55 1,730 235 567 376 337 115 1,630 Weighted average forward rate at March 31 1.30 1.16 1.27 118.16 1.29 1.18 1.30 110.58 Active contracts at March 31 92 84 96 98 88 94 100 97 |
Designated As Hedging Instrument [Member] | |
Foreign Currency Contracts Activity | The following table summarizes the activity of our foreign currency contracts designated as NIHs for the three months ended March 31 (in millions, except for weighted average forward rates and number of active contracts): 2024 2023 CAD GBP Total CAD CNH GBP Total Notional amounts at January 1 ($) 516 432 948 534 - 440 974 New contracts ($) 47 92 139 119 100 - 219 Matured, expired or settled contracts ($) ( 400 ) ( 93 ) ( 493 ) ( 124 ) - - ( 124 ) Notional amounts at March 31 ($) 163 431 594 529 100 440 1,069 Weighted average forward rate at 1.36 1.25 1.30 6.72 1.28 Active contracts at March 31 2 4 6 1 4 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Reportable Business Segment Revenues, Net Operating Income and Assets | The following reportable business segment revenues, net operating income and assets are presented in thousands: Three Months Ended 2024 2023 Revenues: Real estate segment: U.S. $ 1,757,371 $ 1,574,567 Other Americas 29,723 25,572 Europe 28,733 19,156 Asia 12,382 14,591 Total real estate segment 1,828,209 1,633,886 Strategic capital segment: U.S. 46,103 53,696 Other Americas 16,285 14,195 Europe 44,800 43,533 Asia 21,224 23,277 Total strategic capital segment 128,412 134,701 Total revenues 1,956,621 1,768,587 Segment net operating income: (1) Real estate segment: U.S. (2) 1,312,621 1,171,983 Other Americas 22,893 19,178 Europe 18,774 14,210 Asia 7,420 8,777 Total real estate segment 1,361,708 1,214,148 Strategic capital segment: U.S. (2) 5,146 21,567 Other Americas 9,963 8,942 Europe 23,092 22,604 Asia 11,400 9,879 Total strategic capital segment 49,601 62,992 Total segment net operating income 1,411,309 1,277,140 Non-segment items: General and administrative expenses ( 111,291 ) ( 99,777 ) Depreciation and amortization expenses ( 637,505 ) ( 602,367 ) 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 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 Earnings before income taxes $ 663,607 $ 530,700 March 31, December 31, Segment assets: Real estate segment: U.S. $ 76,732,394 $ 76,633,566 Other Americas 2,186,421 2,029,438 Europe 2,356,294 2,366,539 Asia 754,985 793,916 Total real estate segment 82,030,094 81,823,459 Strategic capital segment: (3) U.S. 10,499 10,499 Europe 25,280 25,280 Asia 186 203 Total strategic capital segment 35,965 35,982 Total segment assets 82,066,059 81,859,441 Non-segment items: Investments in and advances to unconsolidated entities 9,691,101 9,543,970 Assets held for sale or contribution 382,793 461,657 Cash and cash equivalents 500,589 530,388 Other assets 669,768 625,384 Total non-segment items 11,244,251 11,161,399 Total assets $ 93,310,310 $ 93,020,840 (1) Net Operating Income ("NOI") from the Real Estate Segment is calculated directly from the Consolidated Financial Statements as Rental Revenues and Development Management and Other Revenues less Rental Expenses and Other Expenses. NOI from the Strategic Capital Segment is calculated directly from the Consolidated Financial Statements as Strategic Capital Revenues less Strategic Capital Expenses. (2) This includes compensation and personnel costs for employees who were located in the U.S. but also support other geographies. (3) Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital Segment. Goodwill was $ 25.3 million at March 31, 2024 and December 31, 2023 . |
General - Additional Informatio
General - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 Segment | |
General [Line Items] | |
Number of reportable segments | 2 |
Unaffiliated Investors and Certain Current and Former Directors and Officers [Member] | |
General [Line Items] | |
Percentage of common limited partnership interest | 2.38% |
General Partner [Member] | Prologis LP [Member] | |
General [Line Items] | |
Percentage of ownership in operating partnership | 97.62% |
Real Estate - Investments in Re
Real Estate - Investments in Real Estate Properties (Detail) ft² in Thousands, $ in Thousands | Mar. 31, 2024 USD ($) ft² a Building | Dec. 31, 2023 USD ($) a ft² Building | |
Real Estate Properties [Line Items] | |||
Total 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 | |
Building and Improvements [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet | ft² | 635,249 | 630,955 | |
Number of buildings | Building | 2,974 | 2,960 | |
Total investments in real estate properties | $ 53,099,926 | $ 52,626,191 | |
Improved Land [Member] | |||
Real Estate Properties [Line Items] | |||
Total investments in real estate properties | $ 22,874,101 | $ 22,809,306 | |
Development Portfolio, Including Cost of Land: Pre-stabilized [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet | ft² | 12,421 | 13,369 | |
Number of buildings | Building | 39 | 45 | |
Total investments in real estate properties | $ 1,735,328 | $ 1,838,805 | |
Properties Under Development [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet | ft² | 25,717 | 26,438 | |
Number of buildings | Building | 82 | 85 | |
Total investments in real estate properties | $ 2,627,424 | $ 2,528,650 | |
Land [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet | a | 8,345 | 8,197 | |
Total investments in real estate properties | [1] | $ 4,072,212 | $ 3,775,553 |
Other Real Estate Investments [Member] | |||
Real Estate Properties [Line Items] | |||
Total investments in real estate properties | [2] | $ 5,018,514 | $ 5,088,070 |
[1] At March 31, 2024 and December 31, 2023 , our land was comprised of 8,345 and 8,197 acres, respectively. Included in other real estate investments were: (i) land parcels we own and lease to third parties; (ii) non-strategic real estate assets that we do not intend to operate long term; (iii) non-industrial real estate assets that we intend to redevelop as industrial properties or other higher use assets; and (iv) energy assets. Energy assets include solar panels, battery storage and mobility solutions. |
Real Estate - Investments in _2
Real Estate - Investments in Real Estate Properties (Parenthetical) (Detail) - a | Mar. 31, 2024 | Dec. 31, 2023 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | 8,345 | 8,197 |
Real Estate - Summary of Acquis
Real Estate - Summary of Acquisition (Detail) ft² in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) ft² a Property | Mar. 31, 2023 USD ($) a ft² Property | |
Real Estate [Abstract] | ||
Number of operating properties | Property | 0 | 0 |
Square feet | ft² | 0 | 0 |
Acres of land | a | 243 | 120 |
Acquisition cost of net investments in real estate, excluding other real estate investments | $ 284,024 | $ 40,474 |
Acquisition cost of other real estate investments | $ 167 | $ 6,185 |
Real Estate - Summary of Dispos
Real Estate - Summary of Dispositions of Net Investments in Real Estate (Detail) ft² in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) ft² Property | Mar. 31, 2023 USD ($) ft² Property | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gains on dispositions of development properties and land, net | [1] | $ 40,308 | $ 0 |
Gains on other dispositions of investments in real estate, net | $ 17,534 | $ 4,047 | |
Discontinuing Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | Property | 1 | 0 | |
Square feet | ft² | 629 | 0 | |
Net proceeds | $ 147,836 | $ 57,008 | |
Continuing Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | Property | [1] | 1 | 5 |
Square feet | ft² | [1] | 196 | 360 |
Net proceeds | [1] | $ 136,789 | $ 0 |
[1] The gains we recognize in Gains on Dispositions of Development Properties and Land, Net in the Consolidated Statements of Income are principally driven by the contribution of newly developed properties to our unconsolidated co-investment ventures and occasionally sales to a third party. |
Real Estate - Additional Inform
Real Estate - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Real Estate [Abstract] | ||
Operating lease right-of-use assets | $ 678 | $ 683.7 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Lease liabilities | $ 593.8 | $ 597.6 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Outstanding performance and surety bonds | $ 581 | $ 498.5 |
Unconsolidated Entities - Summa
Unconsolidated Entities - Summary of Investments in and Advances to our Unconsolidated Entities (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated entities | $ 9,691,101 | $ 9,543,970 |
Unconsolidated Co-Investment Ventures [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated entities | 8,539,251 | 8,379,265 |
Other Ventures [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated entities | $ 1,151,850 | $ 1,164,705 |
Unconsolidated Entities - Sum_2
Unconsolidated Entities - Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to Co-Investment Ventures (Detail) - Unconsolidated Co-Investment Ventures [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Schedule Of Equity Method Investments [Line Items] | |||
Recurring fees | $ 113,142 | $ 113,557 | |
Transactional fees | 12,244 | 15,080 | |
Promote revenue | 262 | 320 | |
Total strategic capital revenues from unconsolidated co-investment ventures | $ 125,648 | $ 128,957 | [1] |
[1] These amounts exclude strategic capital revenues from other ventures. |
Unconsolidated Entities - Sum_3
Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Detail) $ in Thousands, ft² in Millions | 3 Months Ended | |||
Mar. 31, 2024 USD ($) ft² Venture Property | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) ft² Property Venture | ||
Schedule Of Equity Method Investments [Line Items] | ||||
Total assets | $ 93,310,310 | $ 93,020,840 | ||
Total liabilities | 35,513,192 | $ 35,197,120 | ||
Total revenues | 1,956,621 | $ 1,768,587 | ||
Consolidated net earnings | 630,807 | 498,629 | ||
Our earnings from unconsolidated co-investment ventures, net | $ 72,472 | 75,779 | ||
Weighted Average [Member] | Unconsolidated Co-Investments Ventures [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Our weighted average ownership | [1] | 28.80% | 28.10% | |
Weighted Average [Member] | U.S. [Member] | Unconsolidated Co-Investments Ventures [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Our weighted average ownership | [1] | 28.80% | 27.30% | |
Weighted Average [Member] | Other Americas [Member] | Unconsolidated Co-Investments Ventures [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Our weighted average ownership | [1],[2] | 38.80% | 39.30% | |
Weighted Average [Member] | Europe [Member] | Unconsolidated Co-Investments Ventures [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Our weighted average ownership | [1] | 32.20% | 31.90% | |
Weighted Average [Member] | Asia [Member] | Unconsolidated Co-Investments Ventures [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Our weighted average ownership | [1] | 15.20% | 15.20% | |
Unconsolidated Co-Investment Ventures [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ventures | Venture | 9 | 9 | ||
Operating properties | Property | 2,258 | 2,255 | ||
Square feet | ft² | 509 | 508 | ||
Total assets | $ 49,871,000 | $ 49,720,000 | ||
Third-party debt | 15,371,000 | 14,887,000 | ||
Total liabilities | 18,586,000 | 18,205,000 | ||
Our investment balance | [3] | 8,539,000 | $ 8,379,000 | |
Total revenues | 1,095,000 | 1,006,000 | ||
Consolidated net earnings | 241,000 | 240,000 | ||
Our earnings from unconsolidated co-investment ventures, net | $ 73,000 | 68,000 | ||
Unconsolidated Co-Investment Ventures [Member] | U.S. [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ventures | Venture | 1 | 1 | ||
Operating properties | Property | 745 | 745 | ||
Square feet | ft² | 126 | 126 | ||
Total assets | $ 12,359,000 | $ 11,884,000 | ||
Third-party debt | 4,903,000 | 4,185,000 | ||
Total liabilities | 5,605,000 | 4,930,000 | ||
Our investment balance | [3] | 2,475,000 | $ 2,257,000 | |
Total revenues | 353,000 | 324,000 | ||
Consolidated net earnings | 88,000 | 101,000 | ||
Our earnings from unconsolidated co-investment ventures, net | $ 26,000 | 27,000 | ||
Unconsolidated Co-Investment Ventures [Member] | Other Americas [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ventures | Venture | [2] | 2 | 2 | |
Operating properties | Property | [2] | 276 | 275 | |
Square feet | ft² | [2] | 65 | 65 | |
Total assets | [2] | $ 4,654,000 | $ 4,106,000 | |
Third-party debt | [2] | 914,000 | 915,000 | |
Total liabilities | [2] | 982,000 | 997,000 | |
Our investment balance | [2],[3] | 1,190,000 | $ 1,152,000 | |
Total revenues | [2] | 120,000 | 103,000 | |
Consolidated net earnings | [2] | 53,000 | 43,000 | |
Our earnings from unconsolidated co-investment ventures, net | [2] | $ 18,000 | 16,000 | |
Unconsolidated Co-Investment Ventures [Member] | Europe [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ventures | Venture | 2 | 2 | ||
Operating properties | Property | 1,008 | 1,007 | ||
Square feet | ft² | 223 | 223 | ||
Total assets | $ 23,173,000 | $ 23,504,000 | ||
Third-party debt | 5,746,000 | 5,804,000 | ||
Total liabilities | 7,792,000 | 7,849,000 | ||
Our investment balance | [3] | 4,096,000 | $ 4,126,000 | |
Total revenues | 462,000 | 414,000 | ||
Consolidated net earnings | 72,000 | 69,000 | ||
Our earnings from unconsolidated co-investment ventures, net | $ 24,000 | 21,000 | ||
Unconsolidated Co-Investment Ventures [Member] | Asia [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ventures | Venture | 4 | 4 | ||
Operating properties | Property | 229 | 228 | ||
Square feet | ft² | 95 | 94 | ||
Total assets | $ 9,685,000 | $ 10,226,000 | ||
Third-party debt | 3,808,000 | 3,983,000 | ||
Total liabilities | 4,207,000 | 4,429,000 | ||
Our investment balance | [3] | 778,000 | $ 844,000 | |
Total revenues | 160,000 | 165,000 | ||
Consolidated net earnings | 28,000 | 27,000 | ||
Our earnings from unconsolidated co-investment ventures, net | $ 5,000 | $ 4,000 | ||
[1] Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities. Prologis Brazil Logistics Venture and our other Brazilian joint ventures are combined as one venture for the purpose of this table. Prologis’ investment balance is presented at our adjusted basis. The difference between our ownership interest of a venture’s equity and our investment balance at March 31, 2024 and December 31, 2023 , results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes ($ 161.2 million and $ 199.9 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. and Prologis Japan Core Logistics Fund. |
Unconsolidated Entities - Sum_4
Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Related Party [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Receivables from unconsolidated co-investment ventures | $ 161.2 | $ 199.9 |
Unconsolidated Entities - Addit
Unconsolidated Entities - Additional Information (Detail) - Prologis, Inc. [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Schedule Of Equity Method Investments [Line Items] | |
Remaining equity commitments | $ 347.3 |
Expiration date for remaining commitments range start | 2024 |
Expiration date for remaining commitments range end | 2033 |
Assets Held for Sale or Contr_3
Assets Held for Sale or Contribution - Summary of Assets Held for Sale or Contribution (Detail) ft² in Thousands, $ in Thousands | Mar. 31, 2024 USD ($) ft² Property | Dec. 31, 2023 USD ($) ft² Property |
Long Lived Assets Held For Sale [Line Items] | ||
Total assets held for sale or contribution | $ 382,793 | $ 461,657 |
Total liabilities associated with assets held for sale or contribution – included in Other Liabilities | $ 8,938 | $ 14,182 |
Disposal Group Held for Sale Not Discontinued Operations [Member] | ||
Long Lived Assets Held For Sale [Line Items] | ||
Number of operating properties | Property | 17 | 12 |
Square feet | ft² | 3,940 | 3,469 |
Debt - Debt Summary (Detail)
Debt - Debt Summary (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3% | 3% |
Weighted Average Year | 9 years 7 months 6 days | 9 years 3 months 18 days |
Debt | $ 29,557,667 | $ 29,000,501 |
Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 4.10% | 5.90% |
Weighted Average Year | 3 years | 3 years 1 month 6 days |
Debt | $ 1,031,266 | $ 979,313 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3% | 2.90% |
Weighted Average Year | 10 years 2 months 12 days | 10 years 1 month 6 days |
Debt | $ 26,500,864 | $ 25,311,647 |
Term Loans and Unsecured Other [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.90% | 2.80% |
Weighted Average Year | 4 years 1 month 6 days | 3 years 8 months 12 days |
Debt | $ 1,737,132 | $ 2,330,520 |
Secured Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 4.40% | 3.90% |
Weighted Average Year | 4 years 1 month 6 days | 3 years 4 months 24 days |
Debt | $ 288,405 | $ 379,021 |
Debt - Debt Summary (Parentheti
Debt - Debt Summary (Parenthetical) (Detail) - USD ($) $ in Thousands | 1 Months Ended | ||
Feb. 29, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 3% | 3% | |
Debt | $ 29,557,667 | $ 29,000,501 | |
Percentage of outstanding debt | 100% | 100% | |
Term Loans and Unsecured Other [Member] | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 1.90% | 2.80% | |
Debt | $ 1,737,132 | $ 2,330,520 | |
Extinguishment of term loan | $ 500,000 | ||
GBP | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 2.10% | 2.10% | |
Debt | $ 1,292,368 | $ 1,299,628 | |
Percentage of outstanding debt | 4.40% | 4.50% | |
CAD | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 5.10% | 5% | |
Debt | $ 1,123,875 | $ 829,886 | |
Percentage of outstanding debt | 3.80% | 2.90% | |
CNH | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 3.70% | 3.70% | |
Debt | $ 452,164 | $ 241,820 | |
Percentage of outstanding debt | 1.50% | 0.80% | |
EUR | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 2.10% | 2% | |
Debt | $ 9,946,713 | $ 10,083,601 | |
Percentage of outstanding debt | 33.70% | 34.80% | |
JPY | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 1% | 1% | |
Debt | $ 3,106,411 | $ 3,085,970 | |
Percentage of outstanding debt | 10.50% | 10.60% | |
USD | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 4% | 4.10% | |
Debt | $ 13,636,136 | $ 13,459,596 | |
Percentage of outstanding debt | 46.10% | 46.40% |
Debt - Additional Information (
Debt - Additional Information (Detail) $ in Millions, ¥ in Billions | 1 Months Ended | 3 Months Ended | |||
Oct. 31, 2018 | Aug. 31, 2018 | Jul. 31, 2018 | Mar. 31, 2024 USD ($) | Mar. 31, 2024 JPY (¥) | |
Debt Instrument [Line Items] | |||||
Credit facility maximum borrowing capacity | $ 6,405 | ||||
Commercial paper, Maximum borrowing capacity | 1,000 | ||||
Prologis Euro Finance L L C [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of ownership in operating partnership | 100% | ||||
Prologis Yen Finance LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of ownership in operating partnership | 100% | ||||
Prologis Sterling Finance LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of ownership in operating partnership | 100% | ||||
Global Credit Facility 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility maximum borrowing capacity | $ 3,000 | ||||
Debt Instrument maturity date | 2026-06 | ||||
Global Credit Facility 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility maximum borrowing capacity | $ 3,000 | ||||
Debt Instrument maturity date | 2027-06 | ||||
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments | $ 4,000 | ||||
Yen Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility maximum borrowing capacity | $ 386.9 | ¥ 58.5 | |||
Debt Instrument maturity date | 2027-08 | ||||
Credit facility maximum borrowing capacity | $ 496.1 | ¥ 75 |
Debt - Schedule of Current Avai
Debt - Schedule of Current Availability on Debt and Cash (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Disclosure [Abstract] | ||
Credit facilities | $ 6,405,000 | |
Borrowings outstanding | 1,031,000 | |
Outstanding letters of credit | 26,000 | |
Current availability | 5,348,000 | |
Cash and cash equivalents | 500,589 | $ 530,388 |
Total liquidity | $ 5,849,000 |
Debt - Summary of Issuances of
Debt - Summary of Issuances of Senior Notes (Detail) - Issuance of Senior Notes ¥ in Thousands, $ in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 CAD ($) | |
Debt Instrument [Line Items] | |||
Aggregate Principal | $ 1,866,171 | ||
Interest Rate | 4.80% | 4.80% | 4.80% |
Weighted Average [Member] | |||
Debt Instrument [Line Items] | |||
Years | 13 years | ||
March 2034 Senior Notes [Member] | USD | |||
Debt Instrument [Line Items] | |||
Aggregate Principal | $ 1,250,000 | ||
Interest Rate | 5.10% | 5.10% | 5.10% |
March 2034 Senior Notes [Member] | USD | Weighted Average [Member] | |||
Debt Instrument [Line Items] | |||
Years | 17 years 3 months 18 days | ||
March 2034 Senior Notes [Member] | USD | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument maturity month | 2034-03 | ||
March 2034 Senior Notes [Member] | USD | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument maturity month | 2054-03 | ||
February 2027 Senior Notes [Member] | CNY | |||
Debt Instrument [Line Items] | |||
Debt Instrument maturity month | 2027-02 | ||
Aggregate Principal | $ 211,024 | ¥ 1,500,000 | |
Interest Rate | 3.50% | 3.50% | 3.50% |
February 2027 Senior Notes [Member] | CNY | Weighted Average [Member] | |||
Debt Instrument [Line Items] | |||
Years | 3 years | ||
March 2029 Senior Notes [Member] | CAD | |||
Debt Instrument [Line Items] | |||
Debt Instrument maturity month | 2029-03 | ||
Aggregate Principal | $ 405,147 | $ 550,000 | |
Interest Rate | 4.70% | 4.70% | 4.70% |
March 2029 Senior Notes [Member] | CAD | Weighted Average [Member] | |||
Debt Instrument [Line Items] | |||
Years | 5 years |
Debt - Long-Term Debt Maturitie
Debt - Long-Term Debt Maturities (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||
2024 | [1],[2] | $ 106,832 | |
2025 | [2],[3] | 433,620 | |
2026 | [4] | 2,342,646 | |
2027 | [5] | 2,683,263 | |
2028 | 2,654,829 | ||
Thereafter | 21,920,857 | ||
Subtotal | 30,142,047 | ||
Unamortized premiums (discounts), net | (457,954) | ||
Unamortized debt issuance costs, net | (126,426) | ||
Total | 29,557,667 | $ 29,000,501 | |
Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
2024 | [1],[2] | 0 | |
2025 | [2],[3] | 0 | |
2026 | [4] | 329,744 | |
2027 | [5] | 701,522 | |
2028 | 0 | ||
Thereafter | 0 | ||
Subtotal | 1,031,266 | ||
Unamortized premiums (discounts), net | 0 | ||
Unamortized debt issuance costs, net | 0 | ||
Total | 1,031,266 | 979,313 | |
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
2024 | [1],[2] | 0 | |
2025 | [2],[3] | 33,071 | |
2026 | [4] | 1,305,718 | |
2027 | [5] | 1,930,348 | |
2028 | 2,553,897 | ||
Thereafter | 21,265,036 | ||
Subtotal | 27,088,070 | ||
Unamortized premiums (discounts), net | (465,706) | ||
Unamortized debt issuance costs, net | (121,500) | ||
Total | 26,500,864 | 25,311,647 | |
Term Loans and Unsecured Other [Member] | |||
Debt Instrument [Line Items] | |||
2024 | [1],[2] | 101,480 | |
2025 | [2],[3] | 221,636 | |
2026 | [4] | 703,204 | |
2027 | [5] | 47,237 | |
2028 | 97,891 | ||
Thereafter | 569,727 | ||
Subtotal | 1,741,175 | ||
Unamortized premiums (discounts), net | 0 | ||
Unamortized debt issuance costs, net | (4,043) | ||
Total | 1,737,132 | 2,330,520 | |
Secured Mortgage [Member] | |||
Debt Instrument [Line Items] | |||
2024 | [1],[2] | 5,352 | |
2025 | [2],[3] | 178,913 | |
2026 | [4] | 3,980 | |
2027 | [5] | 4,156 | |
2028 | 3,041 | ||
Thereafter | 86,094 | ||
Subtotal | 281,536 | ||
Unamortized premiums (discounts), net | 7,752 | ||
Unamortized debt issuance costs, net | (883) | ||
Total | $ 288,405 | $ 379,021 | |
[1] Included in the 2024 maturities was a Chinese term loan ($ 101.5 million at March 31, 2024 ) that can be extended until 2026, subject to the prevailing interest rate at the time of extension. We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings. Included in the 2025 maturities was a Canadian term loan ($ 221.1 million at March 31, 2024 ) that can be extended until 2027. Included in the 2026 maturities was the 2022 Global Facility ($ 329.7 million at March 31, 2024 ) that can be extended until 2027. Included in the 2027 maturities were the 2023 Global Facility and Yen Credit Facility ($ 483.3 million and $ 218.3 million, respectively at March 31, 2024 ) that can be extended until 2028. |
Debt - Long-Term Debt Maturit_2
Debt - Long-Term Debt Maturities (Parenthetical) (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) | ||
Debt Instrument [Line Items] | ||
Debt instruments expected maturing period | next twelve months | |
2024 | $ 106,832 | [1],[2] |
2025 | 433,620 | [2],[3] |
2026 | 2,342,646 | [4] |
2027 | 2,683,263 | [5] |
Chinese Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
2024 | 101,500 | |
Canadian Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
2025 | 221,100 | |
Global Credit Facility 2022 [Member] | ||
Debt Instrument [Line Items] | ||
2026 | 329,700 | |
Global Credit Facility 2023 [Member] | ||
Debt Instrument [Line Items] | ||
2027 | 483,300 | |
Yen Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
2027 | $ 218,300 | |
[1] Included in the 2024 maturities was a Chinese term loan ($ 101.5 million at March 31, 2024 ) that can be extended until 2026, subject to the prevailing interest rate at the time of extension. We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings. Included in the 2025 maturities was a Canadian term loan ($ 221.1 million at March 31, 2024 ) that can be extended until 2027. Included in the 2026 maturities was the 2022 Global Facility ($ 329.7 million at March 31, 2024 ) that can be extended until 2027. Included in the 2027 maturities were the 2023 Global Facility and Yen Credit Facility ($ 483.3 million and $ 218.3 million, respectively at March 31, 2024 ) that can be extended until 2028. |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 | |
Prologis, L.P. [Member] | |
Minority Interest [Line Items] | |
Description of conversion rate | one share of common stock to one limited partnership unit |
Noncontrolling Interests - Nonc
Noncontrolling Interests - Noncontrolling Interest Summary (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | ||
Minority Interest [Line Items] | |||
Total Assets | $ 93,310,310 | $ 93,020,840 | |
Operating Partnership noncontrolling interest | 3,310,776 | 3,324,275 | |
Operating Partnership noncontrolling interest | 4,606,465 | 4,641,996 | |
Total Liabilities | 35,513,192 | 35,197,120 | |
Noncontrolling Interests [Member] | |||
Minority Interest [Line Items] | |||
Total Assets | 9,536,034 | 9,512,848 | |
Total Liabilities | $ 484,482 | $ 489,417 | |
Prologis U S Logistics Venture [Member] | |||
Minority Interest [Line Items] | |||
Parent Company's Ownership Percentage | 55% | 55% | |
Total Assets | $ 7,097,731 | $ 7,142,889 | |
Operating Partnership noncontrolling interest | 3,132,913 | 3,147,790 | |
Total Liabilities | $ 144,152 | $ 156,303 | |
Other Consolidated Entities [Member] | |||
Minority Interest [Line Items] | |||
Parent Company's Ownership | [1] | various | various |
Total Assets | [1] | $ 2,438,303 | $ 2,369,959 |
Operating Partnership noncontrolling interest | [1] | 177,863 | 176,485 |
Total Liabilities | [1] | 340,330 | 333,114 |
Prologis, L.P. [Member] | |||
Minority Interest [Line Items] | |||
Total Assets | 93,310,310 | 93,020,840 | |
Operating Partnership noncontrolling interest | 3,310,776 | 3,324,275 | |
Total Liabilities | 35,513,192 | 35,197,120 | |
Prologis, L.P. [Member] | Noncontrolling Interests [Member] | |||
Minority Interest [Line Items] | |||
Limited partners in Prologis, L.P. | [2],[3] | 1,295,689 | 1,317,721 |
Total Assets | [2],[3] | 0 | 0 |
Total Liabilities | [2],[3] | 0 | 0 |
Prologis, Inc. [Member] | |||
Minority Interest [Line Items] | |||
Total Assets | 9,536,034 | 9,512,848 | |
Total Liabilities | 484,482 | 489,417 | |
Prologis, Inc. [Member] | Noncontrolling Interests [Member] | |||
Minority Interest [Line Items] | |||
Operating Partnership noncontrolling interest | $ 4,606,465 | $ 4,641,996 | |
[1] Includes two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. The limited partnership units outstanding at March 31, 2024 and December 31, 2023 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. There were limited partnership units in the OP, excluding the Class A Units, that were exchangeable into cash or, at our option, 8.9 million and 9.1 million shares of the Parent’s common stock, at March 31, 2024 and December 31, 2023 , respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 6.1 million and 5.7 million shares of the Parent’s common stock at March 31, 2024 and December 31, 2023, respectively. See further discussion of LTIP Units in Note 7 . We had 7.9 million and 8.6 million Class A Units at March 31, 2024 and December 31, 2023 , that were convertible into 7.5 million and 8.2 million limited partnership units of the OP, respectively. |
Noncontrolling Interests - No_2
Noncontrolling Interests - Noncontrolling Interest Summary (Parenthetical) (Detail) - shares shares in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Long Term Incentive Plan Units [Member] | ||
Minority Interest [Line Items] | ||
Vested LTIP Units | 6.1 | 5.7 |
Class A Common [Member] | ||
Minority Interest [Line Items] | ||
Outstanding limited partnership units, exchanged | 7.5 | 8.2 |
Units outstanding | 7.9 | 8.6 |
Common Unit [Member] | ||
Minority Interest [Line Items] | ||
Outstanding limited partnership units, exchanged | 8.9 | 9.1 |
Other Consolidated Entities [Member] | ||
Minority Interest [Line Items] | ||
Outstanding limited partnership units, exchanged | 0.3 | 0.3 |
Other Consolidated Entities [Member] | Common Stock [Member] | ||
Minority Interest [Line Items] | ||
Outstanding limited partnership units | 2 | 2 |
Long-Term Compensation - Additi
Long-Term Compensation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Prologis Out-Performance Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Performance period | 3 years |
Outperformance hurdle, above MSCI U.S. REIT Index | 1% |
Performance pool as percentage of excess value, if outperformance hurdle is met | 3% |
Forfeited awards after seven years | 7 years |
Prologis Out-Performance Plan [Member] | 2024 - 2026 Performance Period [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Performance period | 3 years |
Cash incentive award maximum | $ 60,000,000 |
Holding period | 3 years |
Fair value | $ 19,000,000 |
Assumed risk free interest rate | 4.20% |
Expected volatility rate | 27% |
Prologis Out-Performance Plan [Member] | 2024 - 2026 Performance Period [Member] | Tranche 1 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting rights, percentage | 20% |
Prologis Out-Performance Plan [Member] | 2024 - 2026 Performance Period [Member] | Tranche 2 (After Seven Year Cliff) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 7 years |
Vesting rights, percentage | 80% |
Prologis Out-Performance Plan [Member] | 2024 - 2026 Performance Period [Member] | Index [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected volatility rate | 20% |
Prologis Out-Performance Plan [Member] | Minimum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 3 years |
Prologis Out-Performance Plan [Member] | Maximum [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 10 years |
Performance Stock Unit Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Award granted description | Such hurdles are based on a performance scale of Prologis’ percentile ranking in the Index for a three-year performance period |
Performance Stock Unit Plan [Member] | 2024 - 2026 Performance Period [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Performance period | 3 years |
Award granted description | If an award is earned at the end of the initial three-year performance period, one-third of the award vests at the end of the performance period and the remaining award vests equally one and two years after the award is earned. |
Holding period | 3 years |
Fair value | $ 30,600,000 |
Performance Stock Unit Plan [Member] | 2024 - 2026 Performance Period [Member] | 35th Percentile Index [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Target performance earned percentage | 50% |
Performance Stock Unit Plan [Member] | 2024 - 2026 Performance Period [Member] | 55th Percentile Index [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Target performance earned percentage | 100% |
Performance Stock Unit Plan [Member] | 2024 - 2026 Performance Period [Member] | 85th Percentile Index [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Award capped target for performance percentage | 200% |
Performance Stock Unit Plan [Member] | Minimum [Member] | 2024 - 2026 Performance Period [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 3 years |
Performance Stock Unit Plan [Member] | Maximum [Member] | 2024 - 2026 Performance Period [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 5 years |
Long-Term Compensation - RSU Aw
Long-Term Compensation - RSU Awards (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Unvested Awards, Beginning Balance | shares | 2,097 |
Granted | shares | 758 |
Vested and distributed | shares | (437) |
Forfeited | shares | (15) |
Number of Unvested Awards, Ending Balance | shares | 2,403 |
Weighted Average Grant Date Fair Value | $ / shares | $ 98.23 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 110.61 |
Weighted Average Grant Date Fair Value, Vested and distributed | $ / shares | 115.58 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 125.42 |
Weighted Average Grant Date Fair Value | $ / shares | $ 98.81 |
Long-Term Compensation - LTIP U
Long-Term Compensation - LTIP Units Awards (Detail) - Long Term Incentive Plan Units [Member] shares in Thousands | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Unvested Awards, Beginning Balance | shares | 5,379 |
Granted | shares | 1,142 |
Vested LTIP Units | shares | (600) |
Forfeited | shares | (4) |
Number of Unvested Awards, Ending Balance | shares | 5,917 |
Weighted Average Grant Date Fair Value | $ / shares | $ 76.72 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 96.45 |
Weighted Average Grant Date Fair Value, Vested LTIP Units | $ / shares | 119.06 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 128.83 |
Weighted Average Grant Date Fair Value | $ / shares | $ 76.2 |
Earnings Per Common Share or _3
Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share or Unit (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | |||
Net earnings attributable to common stockholders/unit holders - Basic | $ 584,263 | $ 463,170 | |
Net earnings attributable to exchangeable limited partnership units | [1] | 14,852 | 11,743 |
Adjusted net earnings attributable to common stockholders – Diluted | $ 599,115 | $ 474,913 | |
Weighted average common shares/units outstanding - Basic | 925,322 | 923,888 | |
Incremental weighted average effect on exchange of limited partnership units | [1] | 23,555 | 23,535 |
Incremental weighted average effect of equity awards | 5,035 | 4,201 | |
Weighted average common shares/partnership units outstanding - Diluted | [2] | 953,912 | 951,624 |
Net earnings per share/unit attributable to common stockholders/unitholders - | |||
Basic | $ 0.63 | $ 0.50 | |
Diluted | $ 0.63 | $ 0.50 | |
Prologis, L.P. [Member] | |||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | |||
Net earnings attributable to common stockholders/unit holders - Basic | $ 599,047 | $ 474,819 | |
Net earnings attributable to exchangeable limited partnership units | 68 | 94 | |
Adjusted net earnings attributable to common stockholders – Diluted | $ 599,115 | $ 474,913 | |
Weighted average common shares/units outstanding - Basic | 940,608 | 939,054 | |
Incremental weighted average effect on exchange of Class A convertible units | 8,128 | 8,070 | |
Incremental weighted average effect on exchange of limited partnership units | 141 | 299 | |
Incremental weighted average effect of equity awards | 5,035 | 4,201 | |
Weighted average common shares/partnership units outstanding - Diluted | [2] | 953,912 | 951,624 |
Net earnings per share/unit attributable to common stockholders/unitholders - | |||
Basic | $ 0.63 | $ 0.50 | |
Diluted | $ 0.63 | $ 0.50 | |
Prologis, L.P. [Member] | Class A Common [Member] | |||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | |||
Net earnings attributable to common stockholders/unit holders - Basic | $ (5,132) | $ (4,045) | |
Adjusted net earnings attributable to common stockholders – Diluted | 5,132 | 4,045 | |
Prologis, L.P. [Member] | Common Unit [Member] | |||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | |||
Net earnings attributable to common stockholders/unit holders - Basic | $ 593,915 | $ 470,774 | |
[1] Earnings allocated to the exchangeable OP units not held by the Parent have been included in the numerator and exchangeable common units have been included in the denominator for the purpose of computing diluted earnings per share for all periods as the per share and unit amount is the same. Our total weighted average potentially dilutive shares and units outstanding consisted of the following: |
Earnings Per Common Share or _4
Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share or Unit (Parenthetical) (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||
Total weighted average potential dilutive shares and units outstanding | 32,676 | 31,308 |
Prologis, L.P. [Member] | ||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||
Total weighted average potentially dilutive Class A Units | 8,128 | 8,070 |
Total weighted average potentially dilutive other limited partnership units | 299 | 299 |
Total weighted average potentially dilutive equity awards | 8,963 | 7,773 |
Total weighted average potential dilutive shares and units outstanding | 17,390 | 16,142 |
Total weighted average potential dilutive common limited partnership units | 15,286 | 15,166 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Schedule of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives Fair Value [Line Items] | ||
Asset | $ 108,827 | $ 87,319 |
Liability | 37,831 | 94,161 |
Undesignated Derivatives [Member] | Forwards [Member] | BRL | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 0 |
Liability | 0 | 291 |
Undesignated Derivatives [Member] | Forwards [Member] | GBP | ||
Derivatives Fair Value [Line Items] | ||
Asset | 8,926 | 9,608 |
Liability | 7,453 | 9,862 |
Undesignated Derivatives [Member] | Forwards [Member] | CAD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 6,916 | 4,480 |
Liability | 183 | 1,225 |
Undesignated Derivatives [Member] | Forwards [Member] | CNY | ||
Derivatives Fair Value [Line Items] | ||
Asset | 2,158 | 1,630 |
Liability | 0 | 50 |
Undesignated Derivatives [Member] | Forwards [Member] | EUR | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 118 |
Liability | 20,835 | 27,034 |
Undesignated Derivatives [Member] | Forwards [Member] | JPY | ||
Derivatives Fair Value [Line Items] | ||
Asset | 61,338 | 45,149 |
Liability | 133 | 589 |
Undesignated Derivatives [Member] | Forwards [Member] | SEK | ||
Derivatives Fair Value [Line Items] | ||
Asset | 4,617 | 3,304 |
Liability | 633 | 2,279 |
Undesignated Derivatives [Member] | Options [Member] | MXN | ||
Derivatives Fair Value [Line Items] | ||
Asset | 1,306 | 1,263 |
Liability | 0 | 0 |
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | Forwards [Member] | GBP | ||
Derivatives Fair Value [Line Items] | ||
Asset | 976 | 1,759 |
Liability | 4,317 | 7,030 |
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | Forwards [Member] | CAD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 68 | 756 |
Liability | 1,045 | 5,608 |
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | EUR | ||
Derivatives Fair Value [Line Items] | ||
Asset | 22,522 | 19,252 |
Liability | 3,232 | 8,229 |
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | USD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 0 |
Liability | $ 0 | $ 31,964 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Summary of Undesignated Foreign Currency Forwards Activity (Detail) - Forwards [Member] - Undesignated Derivatives [Member] | 3 Months Ended | |
Mar. 31, 2024 USD ($) Derivative | Mar. 31, 2023 USD ($) Derivative | |
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 1,619,000,000 | $ 1,645,000,000 |
New contracts | 252,000,000 | 132,000,000 |
Matured, expired or settled contracts | (141,000,000) | (147,000,000) |
Notional amounts at March 31 | 1,730,000,000 | 1,630,000,000 |
CAD | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | 213,000,000 | 283,000,000 |
New contracts | 51,000,000 | 6,000,000 |
Matured, expired or settled contracts | (7,000,000) | (54,000,000) |
Notional amounts at March 31 | $ 257,000,000 | $ 235,000,000 |
Weighted average forward rate at March 31 | 1.3 | 1.29 |
Active contracts at March 31 | Derivative | 92 | 88 |
EUR | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 524,000,000 | $ 601,000,000 |
New contracts | 88,000,000 | 9,000,000 |
Matured, expired or settled contracts | (25,000,000) | (43,000,000) |
Notional amounts at March 31 | $ 587,000,000 | $ 567,000,000 |
Weighted average forward rate at March 31 | 1.16 | 1.18 |
Active contracts at March 31 | Derivative | 84 | 94 |
GBP | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 442,000,000 | $ 349,000,000 |
New contracts | 46,000,000 | 49,000,000 |
Matured, expired or settled contracts | (39,000,000) | (22,000,000) |
Notional amounts at March 31 | $ 449,000,000 | $ 376,000,000 |
Weighted average forward rate at March 31 | 1.27 | 1.3 |
Active contracts at March 31 | Derivative | 96 | 100 |
JPY | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 384,000,000 | $ 331,000,000 |
New contracts | 59,000,000 | 27,000,000 |
Matured, expired or settled contracts | (61,000,000) | (21,000,000) |
Notional amounts at March 31 | $ 382,000,000 | $ 337,000,000 |
Weighted average forward rate at March 31 | 118.16 | 110.58 |
Active contracts at March 31 | Derivative | 98 | 97 |
Other | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 56,000,000 | $ 81,000,000 |
New contracts | 8,000,000 | 41,000,000 |
Matured, expired or settled contracts | (9,000,000) | (7,000,000) |
Notional amounts at March 31 | $ 55,000,000 | $ 115,000,000 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Summary of Undesignated Financial Instruments Exercised and Realized and Unrealized Gains (Losses) in Foreign Currency, Derivative and Other Gains and Other Income, Net (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) Contract | Mar. 31, 2023 USD ($) Contract | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Exercised contracts | Contract | 45 | 52 |
Realized gains on the matured, expired or settled contracts | $ 18 | $ 14 |
Unrealized gains (losses) on the change in fair value of outstanding contracts | $ 29 | $ (14) |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements - Foreign Currency Contracts Activity (Detail) - Forwards [Member] - Net Investment Hedges [Member] - Designated As Hedging Instrument [Member] | 3 Months Ended | |
Mar. 31, 2024 USD ($) Derivative | Mar. 31, 2023 USD ($) Derivative | |
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 948,000,000 | $ 974,000,000 |
New contracts | 139,000,000 | 219,000,000 |
Matured, expired or settled contracts | (493,000,000) | (124,000,000) |
Notional amounts at March 31 | 594,000,000 | 1,069,000,000 |
CAD | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | 516,000,000 | 534,000,000 |
New contracts | 47,000,000 | 119,000,000 |
Matured, expired or settled contracts | (400,000,000) | (124,000,000) |
Notional amounts at March 31 | $ 163,000,000 | $ 529,000,000 |
Weighted average forward rate at March 31 | 1.36 | 1.3 |
Active contracts at March 31 | Derivative | 2 | 6 |
GBP | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 432,000,000 | $ 440,000,000 |
New contracts | 92,000,000 | 0 |
Matured, expired or settled contracts | (93,000,000) | 0 |
Notional amounts at March 31 | $ 431,000,000 | $ 440,000,000 |
Weighted average forward rate at March 31 | 1.25 | 1.28 |
Active contracts at March 31 | Derivative | 4 | 4 |
CNH | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 0 | |
New contracts | 100,000,000 | |
Matured, expired or settled contracts | 0 | |
Notional amounts at March 31 | $ 100,000,000 | |
Weighted average forward rate at March 31 | 6.72 | |
Active contracts at March 31 | Derivative | 1 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements - Summary of Activity in Interest Rate Contracts (Detail) - Interest Rate Contracts [Member] - Cash Flow Hedges [Member] - Designated As Hedging Instrument [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 1,250,000,000 | $ 597,000,000 |
New contracts | 0 | 984,000,000 |
Matured, expired or settled contracts | (721,000,000) | (1,409) |
Notional amounts at March 31 | 529,000,000 | 172,000,000 |
EUR | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | 700,000,000 | 447,000,000 |
New contracts | 0 | 434,000,000 |
Matured, expired or settled contracts | (171,000,000) | (709,000,000) |
Notional amounts at March 31 | 529,000,000 | 172,000,000 |
USD | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | 550,000,000 | 150,000,000 |
New contracts | 0 | 550,000,000 |
Matured, expired or settled contracts | (550,000,000) | (700,000,000) |
Notional amounts at March 31 | $ 0 | $ 0 |
Financial Instruments and Fai_8
Financial Instruments and Fair Value Measurements - Summary of Debt and Accrued Interest, Designated as Hedge (Detail) - Designated As Hedging Instrument [Member] - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
British Pound Sterling Senior Notes [Member] | ||
Derivatives Fair Value [Line Items] | ||
Senior Notes Outstanding | $ 1,307 | $ 1,305 |
Canadian Dollar Senior Notes [Member] | ||
Derivatives Fair Value [Line Items] | ||
Senior Notes Outstanding | $ 369 | $ 373 |
Financial Instruments and Fai_9
Financial Instruments and Fair Value Measurements - Summary of Recognized Unrealized Gains (Losses) in Foreign Currency and Derivative and Other Gains and Other Income, Net on Remeasurement of Unhedged Portion of Debt and Accrued Interest (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivatives Fair Value [Line Items] | ||
Foreign currency translation gains (losses), net | $ 208,972 | $ (28,101) |
Forward Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Foreign currency translation gains (losses), net | $ 10,000 | $ (4,000) |
Financial Instruments and Fa_10
Financial Instruments and Fair Value Measurements - Summary of Changes in AOCI/L (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 57,823,720 | $ 57,863,093 |
Balance | 57,797,118 | 57,465,229 |
Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (45,744) | 30,545 |
Other comprehensive income (loss), net | 19,096 | (18,693) |
Balance | (26,648) | 11,852 |
Our Share of Derivatives From Unconsolidated Co-investment Ventures [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 8,414 | 22,584 |
Other comprehensive income (loss), net | 5,149 | (6,527) |
Balance | 13,563 | 16,057 |
Derivative Net Investment Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 310,526 | 332,973 |
Other comprehensive income (loss), net | 16,162 | (8,163) |
Balance | 326,688 | 324,810 |
Debt Designated as Non-derivative Net Investment Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 254,102 | 329,983 |
Other comprehensive income (loss), net | 14,369 | (41,500) |
Balance | 268,471 | 288,483 |
Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (1,041,499) | (1,159,694) |
Other comprehensive income (loss), net | 174,030 | 22,068 |
Balance | (867,469) | (1,137,626) |
Total Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (514,201) | (443,609) |
Other comprehensive income (loss), net | 228,806 | (52,815) |
Balance | $ (285,395) | $ (496,424) |
Financial Instruments and Fa_11
Financial Instruments and Fair Value Measurements - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) $ in Millions | Mar. 31, 2024 USD ($) |
Accumulated Gain (Loss) Net Cash Flow Hedge Parent [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount to be reclassified to interest expense, next 12 months | $ 3.4 |
Financial Instruments and Fa_12
Financial Instruments and Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | $ 29,557,667 | $ 29,000,501 |
Fair Value of Debt | 27,091,772 | 26,781,807 |
Credit Facilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 1,031,266 | 979,313 |
Fair Value of Debt | 1,031,266 | 979,313 |
Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 26,500,864 | 25,311,647 |
Fair Value of Debt | 24,067,338 | 23,121,936 |
Term Loans and Unsecured Other [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 1,737,132 | 2,330,520 |
Fair Value of Debt | 1,725,043 | 2,322,827 |
Secured Mortgage [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 288,405 | 379,021 |
Fair Value of Debt | $ 268,125 | $ 357,731 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Business Segments - Reportable
Business Segments - Reportable Business Segment Revenues, Net Operating Income and Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 1,956,621 | $ 1,768,587 | ||
Operating income | 720,355 | 579,043 | ||
General and administrative expenses | (111,291) | (99,777) | ||
Depreciation and amortization expenses | (637,505) | (602,367) | ||
Gains on dispositions of development properties and land, net | 40,308 | 0 | ||
Gains on other dispositions of investments in real estate, net | 17,534 | 4,047 | ||
Earnings from unconsolidated entities, net | 72,472 | 75,779 | ||
Interest expense | (193,320) | (136,011) | ||
Gains on early extinguishment of debt, net | 536 | 3,275 | ||
Earnings before income taxes | 663,607 | 530,700 | ||
Total assets | 93,310,310 | $ 93,020,840 | ||
Investments in and advances to unconsolidated entities | 9,691,101 | 9,543,970 | ||
Assets held for sale or contribution | 382,793 | 461,657 | ||
Cash and cash equivalents | 500,589 | 530,388 | ||
Other assets | 4,739,221 | 4,749,735 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | [1] | 1,411,309 | 1,277,140 | |
Total assets | [2] | 82,066,059 | 81,859,441 | |
Operating Segments [Member] | Real Estate Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,828,209 | 1,633,886 | ||
Operating income | [1] | 1,361,708 | 1,214,148 | |
Total assets | 82,030,094 | 81,823,459 | ||
Operating Segments [Member] | Strategic Capital [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 128,412 | 134,701 | ||
Operating income | [1] | 49,601 | 62,992 | |
Total assets | [2] | 35,965 | 35,982 | |
Operating Segments [Member] | U.S. [Member] | Real Estate Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,757,371 | 1,574,567 | ||
Operating income | [1],[3] | 1,312,621 | 1,171,983 | |
Total assets | 76,732,394 | 76,633,566 | ||
Operating Segments [Member] | U.S. [Member] | Strategic Capital [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 46,103 | 53,696 | ||
Operating income | [1],[3] | 5,146 | 21,567 | |
Total assets | [2] | 10,499 | 10,499 | |
Operating Segments [Member] | Other Americas [Member] | Real Estate Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 29,723 | 25,572 | ||
Operating income | [1] | 22,893 | 19,178 | |
Total assets | 2,186,421 | 2,029,438 | ||
Operating Segments [Member] | Other Americas [Member] | Strategic Capital [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 16,285 | 14,195 | ||
Operating income | [1] | 9,963 | 8,942 | |
Operating Segments [Member] | Europe [Member] | Real Estate Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 28,733 | 19,156 | ||
Operating income | [1] | 18,774 | 14,210 | |
Total assets | [2] | 2,356,294 | 2,366,539 | |
Operating Segments [Member] | Europe [Member] | Strategic Capital [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 44,800 | 43,533 | ||
Operating income | [1] | 23,092 | 22,604 | |
Total assets | 25,280 | 25,280 | ||
Operating Segments [Member] | Asia [Member] | Real Estate Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 12,382 | 14,591 | ||
Operating income | [1] | 7,420 | 8,777 | |
Total assets | 754,985 | 793,916 | ||
Operating Segments [Member] | Asia [Member] | Strategic Capital [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 21,224 | 23,277 | ||
Operating income | [1] | 11,400 | 9,879 | |
Total assets | [2] | 186 | 203 | |
Non Segment Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 720,355 | 579,043 | ||
General and administrative expenses | (111,291) | (99,777) | ||
Depreciation and amortization expenses | (637,505) | (602,367) | ||
Gains on dispositions of development properties and land, net | 40,308 | 0 | ||
Gains on other dispositions of investments in real estate, net | 17,534 | 4,047 | ||
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 | ||
Earnings before income taxes | 663,607 | $ 530,700 | ||
Total assets | 11,244,251 | 11,161,399 | ||
Investments in and advances to unconsolidated entities | 9,691,101 | 9,543,970 | ||
Assets held for sale or contribution | 382,793 | 461,657 | ||
Cash and cash equivalents | 500,589 | 530,388 | ||
Other assets | $ 669,768 | $ 625,384 | ||
[1] Net Operating Income ("NOI") from the Real Estate Segment is calculated directly from the Consolidated Financial Statements as Rental Revenues and Development Management and Other Revenues less Rental Expenses and Other Expenses. NOI from the Strategic Capital Segment is calculated directly from the Consolidated Financial Statements as Strategic Capital Revenues less Strategic Capital Expenses. Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital Segment. Goodwill was $ 25.3 million at March 31, 2024 and December 31, 2023 . This includes compensation and personnel costs for employees who were located in the U.S. but also support other geographies. |
Business Segments - Reportabl_2
Business Segments - Reportable Business Segment Revenues, Net Operating Income and Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Strategic Capital [Member] | Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $ 25.3 | $ 25.3 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Supplemental Cash Flow Information [Line Items] | ||
Lease Right-of-Use assets | $ 7.1 | $ 12.1 |
Lease liabilities | 7.1 | 12.1 |
Capitalization for equity based compensation expense | 15.5 | 14.7 |
Noncash or part noncash acquisition, liability for installment payments | 150.1 | |
Non cash dividend | 51.1 | |
Interest paid, net of amounts capitalized | 210.7 | 129.9 |
Cash paid for income taxes, net of refunds | $ 58.1 | $ 46.2 |
Limited Partners [Member] | Prologis, L.P. [Member] | Common [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
PLD units redeemed for common shares | 1.1 | 0.1 |
Unconsolidated Entities [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
Equity ownership interest received | $ 85.1 |