Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'PLD | ' |
Entity Registrant Name | 'Prologis, Inc. | ' |
Entity Central Index Key | '0001045609 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 498,723,600 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Investments in real estate properties | $21,599,908 | $25,809,123 |
Less accumulated depreciation | 2,540,370 | 2,480,660 |
Net investments in real estate properties | 19,059,538 | 23,328,463 |
Investments in and advances to unconsolidated entities | 4,210,305 | 2,195,782 |
Notes receivable backed by real estate | 189,663 | 188,000 |
Assets held for sale | 3,958 | 26,027 |
Net investments in real estate | 23,463,464 | 25,738,272 |
Cash and cash equivalents | 121,693 | 100,810 |
Restricted cash | 42,488 | 176,926 |
Accounts receivable | 137,879 | 171,084 |
Other assets | 1,024,019 | 1,123,053 |
Total assets | 24,789,543 | 27,310,145 |
Liabilities: | ' | ' |
Debt | 9,119,317 | 11,790,794 |
Accounts payable and accrued expenses | 692,241 | 611,770 |
Other liabilities | 713,069 | 1,115,911 |
Liabilities related to assets held for sale | 1,394 | 18,334 |
Total liabilities | 10,526,021 | 13,536,809 |
Preferred stock | 100,000 | 582,200 |
Partners' capital: | ' | ' |
Common stock: $0.01 par value; 498,603 shares and 461,770 shares issued and outstanding at September 30, 2013 and at December 31, 2012, respectively | 4,986 | 4,618 |
Additional paid-in capital | 17,952,611 | 16,411,855 |
Accumulated other comprehensive loss | -451,658 | -233,563 |
Distributions in excess of net earnings | -3,852,846 | -3,696,093 |
Total Prologis stockholders' equity | 13,753,093 | 13,069,017 |
Noncontrolling interests | 510,429 | 704,319 |
Total equity | 14,263,522 | 13,773,336 |
Total liabilities and capital | 24,789,543 | 27,310,145 |
Prologis, L.P. [Member] | ' | ' |
ASSETS | ' | ' |
Investments in real estate properties | 21,599,908 | 25,809,123 |
Less accumulated depreciation | 2,540,370 | 2,480,660 |
Net investments in real estate properties | 19,059,538 | 23,328,463 |
Investments in and advances to unconsolidated entities | 4,210,305 | 2,195,782 |
Notes receivable backed by real estate | 189,663 | 188,000 |
Assets held for sale | 3,958 | 26,027 |
Net investments in real estate | 23,463,464 | 25,738,272 |
Cash and cash equivalents | 121,693 | 100,810 |
Restricted cash | 42,488 | 176,926 |
Accounts receivable | 137,879 | 171,084 |
Other assets | 1,024,019 | 1,123,053 |
Total assets | 24,789,543 | 27,310,145 |
Liabilities: | ' | ' |
Debt | 9,119,317 | 11,790,794 |
Accounts payable and accrued expenses | 692,241 | 611,770 |
Other liabilities | 713,069 | 1,115,911 |
Liabilities related to assets held for sale | 1,394 | 18,334 |
Total liabilities | 10,526,021 | 13,536,809 |
Partners' capital: | ' | ' |
Limited partners | 50,532 | 51,194 |
Total partners' capital | 13,803,625 | 13,120,211 |
Noncontrolling interests | 459,897 | 653,125 |
Total capital | 14,263,522 | 13,773,336 |
Total liabilities and capital | 24,789,543 | 27,310,145 |
Prologis, L.P. [Member] | Preferred [Member] | ' | ' |
Partners' capital: | ' | ' |
General partner | 100,000 | 582,200 |
Prologis, L.P. [Member] | Common [Member] | ' | ' |
Partners' capital: | ' | ' |
General partner | $13,653,093 | $12,486,817 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares issued | 498,603 | 461,770 |
Common stock, shares outstanding | 498,603 | 461,770 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Rental income | $297,044 | $372,491 | $941,969 | $1,096,600 |
Rental recoveries | 82,268 | 94,240 | 258,334 | 276,107 |
Investment management income | 48,322 | 31,714 | 125,565 | 95,064 |
Development management and other income | 2,551 | 1,017 | 7,872 | 5,859 |
Total revenues | 430,185 | 499,462 | 1,333,740 | 1,473,630 |
Expenses: | ' | ' | ' | ' |
Rental expenses | 108,912 | 126,431 | 353,272 | 369,284 |
Investment management expenses | 22,023 | 15,730 | 66,938 | 47,686 |
General and administrative expenses | 55,034 | 55,886 | 166,140 | 167,460 |
Depreciation and amortization | 158,889 | 190,148 | 492,690 | 547,036 |
Other expenses | 6,370 | 5,580 | 17,494 | 17,142 |
Merger, acquisition and other integration expenses | ' | 20,659 | ' | 52,573 |
Impairment of real estate properties | ' | 9,778 | ' | 12,963 |
Total expenses | 351,228 | 424,212 | 1,096,534 | 1,214,144 |
Operating income | 78,957 | 75,250 | 237,206 | 259,486 |
Other income (expense): | ' | ' | ' | ' |
Earnings from unconsolidated entities, net | 26,365 | 2,563 | 59,554 | 20,447 |
Interest expense | -84,885 | -122,817 | -292,383 | -383,369 |
Interest and other income, net | 5,653 | 8,758 | 21,772 | 19,771 |
Gains on acquisitions and dispositions of investments in real estate, net | 46,074 | 12,677 | 445,954 | 280,968 |
Foreign currency and derivative gains (losses), net | 6,875 | -5,908 | 15 | -19,930 |
Gains (losses) on early extinguishment of debt, net | -114,196 | ' | -164,155 | 4,919 |
Impairment of other assets | ' | ' | ' | -16,135 |
Total other income (expense) | -114,114 | -104,727 | 70,757 | -93,329 |
Earnings (loss) before income taxes | -35,157 | -29,477 | 307,963 | 166,157 |
Current income tax expense (benefit) | 11,012 | -18,099 | 91,357 | 10,969 |
Deferred income tax expense (benefit) | 1,168 | -1,884 | -6,823 | -10,753 |
Total income tax expense (benefit) | 12,180 | -19,983 | 84,534 | 216 |
Earnings (loss) from continuing operations | -47,337 | -9,494 | 223,429 | 165,941 |
Discontinued operations: | ' | ' | ' | ' |
Income (loss) attributable to disposed properties and assets held for sale | -127 | 8,054 | 1,753 | 29,262 |
Net gains (losses) on dispositions, including related impairment charges and taxes | 40,297 | -31,458 | 59,598 | -10,335 |
Total discontinued operations | 40,170 | -23,404 | 61,351 | 18,927 |
Consolidated net earnings (loss) | -7,167 | -32,898 | 284,780 | 184,868 |
Net loss (earnings) attributable to noncontrolling interests | 1,768 | -3,323 | -3,051 | -6,180 |
Net earnings (loss) attributable to controlling interests | -5,399 | -36,221 | 281,729 | 178,688 |
Preferred stock dividends | 2,135 | 10,305 | 16,256 | 30,921 |
Loss on preferred stock redemption | ' | ' | 9,108 | ' |
Net earnings (loss) attributable to common stockholders | -7,534 | -46,526 | 256,365 | 147,767 |
Weighted average common shares outstanding - Basic | 497,989 | 460,079 | 482,007 | 459,720 |
Weighted average common shares outstanding - Diluted | 499,848 | 461,979 | 488,409 | 464,938 |
Net earnings (loss) per share attributable to common stockholders - Basic: | ' | ' | ' | ' |
Continuing operations | ($0.10) | ($0.05) | $0.40 | $0.28 |
Discontinued operations | $0.08 | ($0.05) | $0.13 | $0.04 |
Net earnings (loss) per share attributable to common stockholders - Basic | ($0.02) | ($0.10) | $0.53 | $0.32 |
Net earnings (loss) per share attributable to common stockholders - Diluted: | ' | ' | ' | ' |
Continuing operations | ($0.10) | ($0.05) | $0.40 | $0.28 |
Discontinued operations | $0.08 | ($0.05) | $0.13 | $0.04 |
Net earnings (loss) per share attributable to common stockholders - Diluted | ($0.02) | ($0.10) | $0.53 | $0.32 |
Dividends per common share | $0.28 | $0.28 | $0.84 | $0.84 |
Prologis, L.P. [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rental income | 297,044 | 372,491 | 941,969 | 1,096,600 |
Rental recoveries | 82,268 | 94,240 | 258,334 | 276,107 |
Investment management income | 48,322 | 31,714 | 125,565 | 95,064 |
Development management and other income | 2,551 | 1,017 | 7,872 | 5,859 |
Total revenues | 430,185 | 499,462 | 1,333,740 | 1,473,630 |
Expenses: | ' | ' | ' | ' |
Rental expenses | 108,912 | 126,431 | 353,272 | 369,284 |
Investment management expenses | 22,023 | 15,730 | 66,938 | 47,686 |
General and administrative expenses | 55,034 | 55,886 | 166,140 | 167,460 |
Depreciation and amortization | 158,889 | 190,148 | 492,690 | 547,036 |
Other expenses | 6,370 | 5,580 | 17,494 | 17,142 |
Merger, acquisition and other integration expenses | ' | 20,659 | ' | 52,573 |
Impairment of real estate properties | ' | 9,778 | ' | 12,963 |
Total expenses | 351,228 | 424,212 | 1,096,534 | 1,214,144 |
Operating income | 78,957 | 75,250 | 237,206 | 259,486 |
Other income (expense): | ' | ' | ' | ' |
Earnings from unconsolidated entities, net | 26,365 | 2,563 | 59,554 | 20,447 |
Interest expense | -84,885 | -122,817 | -292,383 | -383,369 |
Interest and other income, net | 5,653 | 8,758 | 21,772 | 19,771 |
Gains on acquisitions and dispositions of investments in real estate, net | 46,074 | 12,677 | 445,954 | 280,968 |
Foreign currency and derivative gains (losses), net | 6,875 | -5,908 | 15 | -19,930 |
Gains (losses) on early extinguishment of debt, net | -114,196 | ' | -164,155 | 4,919 |
Impairment of other assets | ' | ' | ' | -16,135 |
Total other income (expense) | -114,114 | -104,727 | 70,757 | -93,329 |
Earnings (loss) before income taxes | -35,157 | -29,477 | 307,963 | 166,157 |
Current income tax expense (benefit) | 11,012 | -18,099 | 91,357 | 10,969 |
Deferred income tax expense (benefit) | 1,168 | -1,884 | -6,823 | -10,753 |
Total income tax expense (benefit) | 12,180 | -19,983 | 84,534 | 216 |
Earnings (loss) from continuing operations | -47,337 | -9,494 | 223,429 | 165,941 |
Discontinued operations: | ' | ' | ' | ' |
Income (loss) attributable to disposed properties and assets held for sale | -127 | 8,054 | 1,753 | 29,262 |
Net gains (losses) on dispositions, including related impairment charges and taxes | 40,297 | -31,458 | 59,598 | -10,335 |
Total discontinued operations | 40,170 | -23,404 | 61,351 | 18,927 |
Consolidated net earnings (loss) | -7,167 | -32,898 | 284,780 | 184,868 |
Net loss (earnings) attributable to noncontrolling interests | 1,720 | -3,475 | -2,042 | -5,444 |
Net earnings (loss) attributable to controlling interests | -5,447 | -36,373 | 282,738 | 179,424 |
Preferred stock dividends | 2,135 | 10,305 | 16,256 | 30,921 |
Loss on preferred stock redemption | ' | ' | 9,108 | ' |
Net earnings (loss) attributable to common stockholders | ($7,582) | ($46,678) | $257,374 | $148,503 |
Weighted average common shares outstanding - Basic | 499,848 | 461,979 | 483,889 | 461,693 |
Weighted average common shares outstanding - Diluted | 499,848 | 461,979 | 488,409 | 464,938 |
Net earnings (loss) per share attributable to common stockholders - Basic: | ' | ' | ' | ' |
Continuing operations | ($0.10) | ($0.05) | $0.40 | $0.28 |
Discontinued operations | $0.08 | ($0.05) | $0.13 | $0.04 |
Net earnings (loss) per share attributable to common stockholders - Basic | ($0.02) | ($0.10) | $0.53 | $0.32 |
Net earnings (loss) per share attributable to common stockholders - Diluted: | ' | ' | ' | ' |
Continuing operations | ($0.10) | ($0.05) | $0.40 | $0.28 |
Discontinued operations | $0.08 | ($0.05) | $0.13 | $0.04 |
Net earnings (loss) per share attributable to common stockholders - Diluted | ($0.02) | ($0.10) | $0.53 | $0.32 |
Dividends per common share | $0.28 | $0.28 | $0.84 | $0.84 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated net earnings (loss) | ($7,167) | ($32,898) | $284,780 | $184,868 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation gains (losses), net | 88,001 | 175,832 | -250,251 | 7,148 |
Unrealized gains (losses) and amortization on derivative contracts, net | 2,638 | -5,067 | 21,839 | -365 |
Comprehensive income | 83,472 | 137,867 | 56,368 | 191,651 |
Net loss (earnings) attributable to noncontrolling interests | 1,768 | -3,323 | -3,051 | -6,180 |
Comprehensive income (loss) attributable to noncontrolling interests | -942 | -2,054 | 10,317 | 10,438 |
Comprehensive income attributable to common stockholders | 84,298 | 132,490 | 63,634 | 195,909 |
Prologis, L.P. [Member] | ' | ' | ' | ' |
Consolidated net earnings (loss) | -7,167 | -32,898 | 284,780 | 184,868 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation gains (losses), net | 88,001 | 175,832 | -250,251 | 7,148 |
Unrealized gains (losses) and amortization on derivative contracts, net | 2,638 | -5,067 | 21,839 | -365 |
Comprehensive income | 83,472 | 137,867 | 56,368 | 191,651 |
Net loss (earnings) attributable to noncontrolling interests | 1,720 | -3,475 | -2,042 | -5,444 |
Comprehensive income (loss) attributable to noncontrolling interests | -579 | -1,356 | 9,510 | 10,510 |
Comprehensive income attributable to common stockholders | $84,613 | $133,036 | $63,836 | $196,717 |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Distributions in Excess of Net Earnings [Member] | Non-controlling interests [Member] |
In Thousands | |||||||
Balance at Dec. 31, 2012 | $13,773,336 | $582,200 | $4,618 | $16,411,855 | ($233,563) | ($3,696,093) | $704,319 |
Balance, Shares at Dec. 31, 2012 | 461,770 | ' | 461,770 | ' | ' | ' | ' |
Consolidated net earnings | 284,780 | ' | ' | ' | ' | 281,729 | 3,051 |
Effect of common stock plans | 71,536 | ' | 11 | 71,525 | ' | ' | ' |
Effect of common stock plans, Shares | ' | ' | 1,155 | ' | ' | ' | ' |
Issuance of stock in equity offering, net of issuance costs | 1,437,992 | ' | 357 | 1,437,635 | ' | ' | ' |
Issuance of stock in equity offering, net of issuance costs, shares | ' | ' | 35,650 | ' | ' | ' | ' |
Redemption of preferred stock | -482,715 | -482,200 | ' | 8,593 | ' | -9,108 | ' |
Issuance of warrants | 32,359 | ' | ' | 32,359 | ' | ' | ' |
Capital contributions | 112,316 | ' | ' | ' | ' | ' | 112,316 |
Settlement of noncontrolling interests | -252,818 | ' | ' | -8,219 | ' | ' | -244,599 |
Settlement of noncontrolling interest, shares | ' | ' | 28 | ' | ' | ' | ' |
Foreign currency translation losses, net | -250,251 | ' | ' | ' | -239,853 | ' | -10,398 |
Unrealized gains and amortization on derivative contracts, net | 21,839 | ' | ' | ' | 21,758 | ' | 81 |
Distributions and allocations | -484,852 | ' | ' | -1,137 | ' | -429,374 | -54,341 |
Balance at Sep. 30, 2013 | $14,263,522 | $100,000 | $4,986 | $17,952,611 | ($451,658) | ($3,852,846) | $510,429 |
Balance, Shares at Sep. 30, 2013 | 498,603 | ' | 498,603 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Consolidated net earnings | $284,780 | $184,868 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Straight-lined rents | -37,425 | -47,041 |
Stock-based compensation awards, net | 34,253 | 24,054 |
Depreciation and amortization | 496,085 | 577,898 |
Earnings from unconsolidated entities, net | -59,554 | -20,447 |
Distributions and changes in operating receivables from unconsolidated entities | 71,234 | 30,321 |
Amortization of debt and lease intangibles | 6,583 | 17,360 |
Non-cash merger, acquisition and other integration expenses | ' | 14,508 |
Impairment of real estate properties and other assets | ' | 29,098 |
Net losses (gains) on dispositions, including related impairment charges, in discontinued operations | -60,531 | 10,335 |
Gains on acquisitions and dispositions of investments in real estate, net | -445,954 | -280,968 |
Losses (gains) on early extinguishment of debt, net | 164,155 | -4,919 |
Unrealized foreign currency and derivative losses (gains), net | -3,000 | 15,558 |
Deferred income tax benefit | -6,823 | -10,753 |
Increase in restricted cash, accounts receivable and other assets | -37,726 | -186,450 |
Increase (decrease) in accounts payable and accrued expenses and other liabilities | -73,829 | 19,926 |
Net cash provided by operating activities | 332,248 | 373,348 |
Investing activities: | ' | ' |
Real estate development activity | -541,678 | -595,065 |
Real estate acquisitions, net of cash received | -402,358 | -173,492 |
Tenant improvements and lease commissions on previously leased space | -105,324 | -91,920 |
Non-development capital expenditures | -56,378 | -48,438 |
Investments in and advances to unconsolidated entities, net | -1,036,410 | -70,207 |
Return of investment from unconsolidated entities | 356,969 | 237,784 |
Proceeds from dispositions and contributions of real estate properties | 3,913,670 | 1,010,789 |
Acquisition of unconsolidated entities, net of cash received | -461,823 | -317,328 |
Net cash provided by (used in) investing activities | 1,666,668 | -47,877 |
Financing activities: | ' | ' |
Proceeds from issuance of common stock, net | 1,502,394 | 29,442 |
Dividends paid on common stock | -411,539 | -389,159 |
Dividends paid on preferred stock | -19,549 | -37,269 |
Redemption of preferred stock | -482,500 | ' |
Noncontrolling interest contributions | 110,552 | 41,781 |
Noncontrolling interest distributions | -54,297 | -22,541 |
Purchase of noncontrolling interest | -247,803 | -137,664 |
Debt and equity issuance costs paid | -65,056 | -10,745 |
Net proceeds from credit facilities, net | 158,586 | 270,878 |
Repurchase and early extinguishment of debt | -2,682,905 | -1,314,387 |
Proceeds from issuance of debt | 1,565,883 | 1,389,984 |
Payments on debt | -1,302,876 | -166,198 |
Net cash used in financing activities | -1,929,110 | -345,878 |
Effect of foreign currency exchange rate changes on cash | -48,923 | 2,523 |
Net increase (decrease) in cash and cash equivalents | 20,883 | -17,884 |
Cash and cash equivalents, beginning of period | 100,810 | 176,072 |
Cash and cash equivalents, end of period | 121,693 | 158,188 |
Prologis, L.P. [Member] | ' | ' |
Operating activities: | ' | ' |
Consolidated net earnings | 284,780 | 184,868 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Straight-lined rents | -37,425 | -47,041 |
Stock-based compensation awards, net | 34,253 | 24,054 |
Depreciation and amortization | 496,085 | 577,898 |
Earnings from unconsolidated entities, net | -59,554 | -20,447 |
Distributions and changes in operating receivables from unconsolidated entities | 71,234 | 30,321 |
Amortization of debt and lease intangibles | 6,583 | 17,360 |
Non-cash merger, acquisition and other integration expenses | ' | 14,508 |
Impairment of real estate properties and other assets | ' | 29,098 |
Net losses (gains) on dispositions, including related impairment charges, in discontinued operations | -60,531 | 10,335 |
Gains on acquisitions and dispositions of investments in real estate, net | -445,954 | -280,968 |
Losses (gains) on early extinguishment of debt, net | 164,155 | -4,919 |
Unrealized foreign currency and derivative losses (gains), net | -3,000 | 15,558 |
Deferred income tax benefit | -6,823 | -10,753 |
Increase in restricted cash, accounts receivable and other assets | -37,726 | -186,450 |
Increase (decrease) in accounts payable and accrued expenses and other liabilities | -73,829 | 19,926 |
Net cash provided by operating activities | 332,248 | 373,348 |
Investing activities: | ' | ' |
Real estate development activity | -541,678 | -595,065 |
Real estate acquisitions, net of cash received | -402,358 | -173,492 |
Tenant improvements and lease commissions on previously leased space | -105,324 | -91,920 |
Non-development capital expenditures | -56,378 | -48,438 |
Investments in and advances to unconsolidated entities, net | -1,036,410 | -70,207 |
Return of investment from unconsolidated entities | 356,969 | 237,784 |
Proceeds from dispositions and contributions of real estate properties | 3,913,670 | 1,010,789 |
Acquisition of unconsolidated entities, net of cash received | -461,823 | -317,328 |
Net cash provided by (used in) investing activities | 1,666,668 | -47,877 |
Financing activities: | ' | ' |
Proceeds from issuance of common stock, net | 1,502,394 | 29,442 |
Distributions paid on common partnership units | -415,115 | -396,408 |
Distributions paid on preferred units | -19,549 | -37,269 |
Redemption of preferred stock | -482,500 | ' |
Noncontrolling interest contributions | 110,552 | 41,781 |
Noncontrolling interest distributions | -52,721 | -20,906 |
Purchase of noncontrolling interest | -245,803 | -132,050 |
Debt and equity issuance costs paid | -65,056 | -10,745 |
Net proceeds from credit facilities, net | 158,586 | 270,878 |
Repurchase and early extinguishment of debt | -2,682,905 | -1,314,387 |
Proceeds from issuance of debt | 1,565,883 | 1,389,984 |
Payments on debt | -1,302,876 | -166,198 |
Net cash used in financing activities | -1,929,110 | -345,878 |
Effect of foreign currency exchange rate changes on cash | -48,923 | 2,523 |
Net increase (decrease) in cash and cash equivalents | 20,883 | -17,884 |
Cash and cash equivalents, beginning of period | 100,810 | 176,072 |
Cash and cash equivalents, end of period | $121,693 | $158,188 |
Consolidated_Statement_of_Capi
Consolidated Statement of Capital (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Consolidated net earnings | ($7,167) | $284,780 |
Redemption of preferred units | ' | -482,715 |
Issuance of warrants by the REIT | ' | 32,359 |
Capital contributions | ' | 112,316 |
Unrealized gains and amortization on derivative contracts, net | 2,638 | 21,839 |
Distributions and allocations, units | -50,135 | ' |
Prologis, L.P. [Member] | ' | ' |
Beginning balance | ' | 13,773,336 |
Consolidated net earnings | -7,167 | 284,780 |
Effect of REIT's common stock plans | ' | 71,536 |
Issuance of units in exchange for contribution of equity offering proceeds | ' | 1,437,992 |
Redemption of preferred units | ' | -482,715 |
Issuance of warrants by the REIT | ' | 32,359 |
Capital contributions | ' | 112,316 |
Settlement of noncontrolling interests | ' | -250,818 |
Foreign currency translation losses, net | ' | -250,251 |
Unrealized gains and amortization on derivative contracts, net | 2,638 | 21,839 |
Distributions and allocations | ' | -486,852 |
Ending balance | 14,263,522 | 14,263,522 |
Non-controlling interests [Member] | ' | ' |
Consolidated net earnings | ' | 3,051 |
Capital contributions | ' | 112,316 |
Unrealized gains and amortization on derivative contracts, net | ' | 81 |
Non-controlling interests [Member] | Prologis, L.P. [Member] | ' | ' |
Beginning balance | ' | 653,125 |
Consolidated net earnings | ' | 2,042 |
Effect of REIT's common stock plans | ' | ' |
Issuance of units in exchange for contribution of equity offering proceeds | ' | ' |
Redemption of preferred units | ' | ' |
Issuance of warrants by the REIT | ' | ' |
Capital contributions | ' | 112,316 |
Settlement of noncontrolling interests | ' | -242,599 |
Foreign currency translation losses, net | ' | -9,510 |
Unrealized gains and amortization on derivative contracts, net | ' | ' |
Distributions and allocations | ' | -55,477 |
Ending balance | 459,897 | 459,897 |
Preferred [Member] | General Partner [Member] | Prologis, L.P. [Member] | ' | ' |
Beginning balance | ' | 582,200 |
Beginning balance, Units | ' | 21,300,000 |
Consolidated net earnings | ' | ' |
Effect of REIT's common stock plans | ' | ' |
Issuance of units in exchange for contribution of equity offering proceeds | ' | ' |
Redemption of preferred units | ' | -482,200 |
Redemption of preferred of units, Units | ' | -19,300,000 |
Issuance of warrants by the REIT | ' | ' |
Capital contributions | ' | ' |
Settlement of noncontrolling interests | ' | ' |
Foreign currency translation losses, net | ' | ' |
Unrealized gains and amortization on derivative contracts, net | ' | ' |
Distributions and allocations | ' | ' |
Ending balance | 100,000 | 100,000 |
Ending balance, Units | 2,000,000 | 2,000,000 |
Common [Member] | General Partner [Member] | Prologis, L.P. [Member] | ' | ' |
Beginning balance | ' | 12,486,817 |
Beginning balance, Units | ' | 461,770,000 |
Consolidated net earnings | ' | 281,729 |
Effect of REIT's common stock plans | ' | 71,536 |
Effect of REIT's common stock plans, Units | ' | 1,155,000 |
Issuance of units in exchange for contribution of equity offering proceeds | ' | 1,437,992 |
Issuance of units in exchange for contribution of equity offering proceeds, Units | ' | 35,650,000 |
Redemption of preferred units | ' | -515 |
Issuance of warrants by the REIT | ' | 32,359 |
Capital contributions | ' | ' |
Settlement of noncontrolling interests | ' | -8,219 |
Settlement of noncontrolling interests, Units | ' | 28,000 |
Foreign currency translation losses, net | ' | -239,853 |
Unrealized gains and amortization on derivative contracts, net | ' | 21,758 |
Distributions and allocations | ' | -430,511 |
Ending balance | 13,653,093 | 13,653,093 |
Ending balance, Units | 498,603,000 | 498,603,000 |
Common [Member] | Limited Partners [Member] | Prologis, L.P. [Member] | ' | ' |
Beginning balance | ' | 51,194 |
Beginning balance, Units | ' | 1,893,000 |
Consolidated net earnings | ' | 1,009 |
Effect of REIT's common stock plans | ' | ' |
Issuance of units in exchange for contribution of equity offering proceeds | ' | ' |
Redemption of preferred units | ' | ' |
Issuance of warrants by the REIT | ' | ' |
Capital contributions | ' | ' |
Settlement of noncontrolling interests | ' | ' |
Foreign currency translation losses, net | ' | -888 |
Unrealized gains and amortization on derivative contracts, net | ' | 81 |
Distributions and allocations | ' | -864 |
Distributions and allocations, units | ' | -50,000 |
Ending balance | $50,532 | $50,532 |
Ending balance, Units | 1,843,000 | 1,843,000 |
General
General | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
General | ' | |
1 | General | |
Business. Prologis, Inc. (the “REIT”) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, and believes the current organization and method of operation will enable the REIT to maintain its status as a real estate investment trust. The REIT is the general partner of Prologis, L.P. (the “Operating Partnership”). Through the REIT’s controlling interest in the Operating Partnership, we are engaged in the ownership, acquisition, development and operation of industrial properties primarily in global and regional markets throughout the Americas, Europe and Asia. Our current business strategy includes two reportable business segments: Real Estate Operations and Investment Management. Our Real Estate Operations segment represents the long-term ownership of industrial properties. Our Investment Management segment (previously referred to as Private Capital) represents the long-term management of co-investment ventures and other unconsolidated entities. See Note 13 for further discussion of our business segments. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the REIT and the Operating Partnership. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the REIT and Operating Partnership collectively. | ||
As of September 30, 2013, the REIT owned an approximate 99.63% common general partnership interest in the Operating Partnership, and 100% of the preferred units. The remaining approximate 0.37% common limited partnership interests are owned by non-affiliated investors and certain current and former directors and officers of the REIT. As the sole general partner of the Operating Partnership, the REIT has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. We operate the REIT and the Operating Partnership as one enterprise. The management of the REIT consists of the same members as the management of the Operating Partnership. These members are officers of the REIT and employees of the Operating Partnership or one of its direct or indirect subsidiaries. As general partner with control of the Operating Partnership, the REIT consolidates the Operating Partnership for financial reporting purposes, and the REIT does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the REIT and the Operating Partnership are the same on their respective financial statements. | ||
Basis of Presentation. The accompanying consolidated financial statements, presented in the U.S. dollar, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements and revenue and expenses during the reporting period. Our actual results could differ from those estimates and assumptions. All material 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 footnote disclosures normally included in 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 REIT and the Operating Partnership 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 the December 31, 2012 Consolidated Financial Statements of Prologis, as previously filed with the SEC on Form 10-K and other public information. | ||
Certain amounts included in the accompanying Consolidated Financial Statements for 2012 have been reclassified to conform to the 2013 financial statement presentation. | ||
Recent Accounting Pronouncements. In March 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update on the accounting for currency translation adjustment (“CTA”) when a parent sells or transfers part of its ownership interest in a foreign subsidiary. When a company sells a subsidiary or group of assets that constitute a business while maintaining ownership of the foreign entity in which those assets or subsidiary reside, a complete or substantially complete liquidation of the foreign entity is required in order for a parent entity to release CTA to earnings. However, for a company that sells all or part of its ownership interest in a foreign entity, CTA is released upon the loss of a controlling financial interest in a consolidated foreign entity or partial sale of an equity method investment in a foreign entity. For step acquisitions, the CTA associated with the previous equity-method investment is fully released when control is obtained and consolidation occurs. The guidance is effective for us on January 1, 2014, and we do not expect the guidance to have a material impact on the Consolidated Financial Statements. | ||
In February 2013, the FASB issued an accounting standard update that requires disclosure of the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income. The new guidance was effective for us on January 1, 2013 for annual and interim periods. We adopted this standard as of January 1, 2013, and it did not have a material impact on the Consolidated Financial Statements. | ||
In December 2011, the FASB issued an accounting standard update that requires disclosures about offsetting and related arrangements to enable financial statement users to evaluate the effect or potential effect of netting arrangements on an entity’s financial position, including rights of setoff associated with certain financial instruments and derivative instruments. In January 2013, the FASB clarified that the guidance applies only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria under GAAP or subject to a master netting arrangement or similar agreement. We adopted this standard as of January 1, 2013, and it did not have a material impact on the Consolidated Financial Statements. | ||
In December 2011, the FASB issued an accounting standard update to clarify the scope of current GAAP. The update clarifies that the real estate sales guidance applies to the derecognition of in-substance real estate as a result of default on the subsidiary’s nonrecourse debt. That is, even if the reporting entity ceases to have a controlling financial interest under the consolidation guidance, the reporting entity would continue to include the real estate, debt, and the results of the subsidiary’s operations in its consolidated financial statements until legal title to the real estate is transferred to legally satisfy the debt. We adopted this standard as of January 1, 2013, and it did not have any impact on the Consolidated Financial Statements. |
Business_Combinations
Business Combinations | 9 Months Ended | |
Sep. 30, 2013 | ||
Business Combinations [Abstract] | ' | |
Business Combinations | ' | |
2 | Business Combinations | |
Acquisitions of Unconsolidated Co-Investment Ventures | ||
On August 6, 2013, we concluded the unconsolidated co-investment venture Prologis North American Industrial Fund III (“NAIF III”). The venture sold 73 properties aggregating 9.5 million square feet to a third party for proceeds of $427.5 million and subsequently paid off all the remaining debt obligations of the venture. Following the sale of these properties, we acquired our partner’s 80% ownership in this venture and now own 100% of the remaining assets and liabilities. The assets and liabilities of this venture, as well as the activity since the acquisition date, have been included in our Consolidated Financial Statements. In accordance with the accounting rules for business combinations, we marked our equity investment in NAIF III from its carrying value to the estimated fair value. The fair value was determined and allocated based on our valuation, estimates and assumptions of the acquisition date fair value of the tangible and intangible assets and liabilities. The preliminary allocation of net assets acquired was $519.2 million in real estate assets and $22.0 million of net other assets. As a result of these transactions, we have recorded a gain of $43.7 million in Gains on Acquisitions and Dispositions of Investments in Real Estate, Net, in the Consolidated Statements of Operations, for the three and nine months ended September 30, 2013. We have substantially completed the purchase price allocation and we do not expect future revisions, if any, to have a significant impact on our financial position or results of operations. The impact of the results in 2013 for the properties acquired from NAIF III was not significant. | ||
On February 3, 2012, we acquired our partner’s 63% interest in and now own 100% of our previously unconsolidated co-investment venture, Prologis North American Industrial Fund II (“NAIF II”), and we repaid the loan from NAIF II to our partner for a total of $336.1 million. The assets and liabilities of this venture, as well as the activity since the acquisition date, have been included in our Consolidated Financial Statements. In accordance with the accounting rules for business combinations, we marked our equity investment in NAIF II from its carrying value to the estimated fair value. The fair value was determined and allocated based on our valuation, estimates, and assumptions of the acquisition date fair value of the tangible and intangible assets and liabilities. The purchase price allocation is complete and adjustments recorded during the one year measurement period were not considered to be material to our financial position or results of operations. The allocation of net assets acquired was $1.6 billion in real estate assets, $27.3 million of net other assets and $875.4 million in debt. We did not record a gain or loss with this transaction, as the carrying value of our investment was equal to the estimated fair value. | ||
On February 22, 2012, we dissolved the unconsolidated co-investment venture Prologis California and divided the portfolio equally with our partner. The net value of the assets and liabilities distributed represented the fair value of our ownership interest in the co-investment venture on that date. In accordance with the accounting rules for business combinations, we marked our equity investment in Prologis California from its carrying value to the estimated fair value which resulted in a gain of $273.0 million for the nine months ended September 30, 2012. The gain was recorded in Gains on Acquisitions and Dispositions of Investments in Real Estate, Net in the Consolidated Statements of Operations. The fair value was determined and allocated based on our valuation, estimates, and assumptions of the acquisition date fair value of the tangible and intangible assets and liabilities. The purchase price allocation is complete and adjustments recorded during the one year measurement period were not considered to be material to our financial position or results of operations. The allocation of net assets acquired was $496.3 million in real estate assets, $17.7 million of net other assets and $150.0 million in debt. | ||
In connection with the acquisitions in 2012, our results for 2012 included rental income and rental expenses for the properties acquired of $124.0 million and $30.3 million, respectively, of which $9.2 million of rental income and $1.8 million of rental expenses were included in discontinued operations. |
Real_Estate
Real Estate | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Real Estate [Abstract] | ' | ||||||||
Real Estate | ' | ||||||||
3 | Real Estate | ||||||||
Investments in real estate properties are presented at cost, and consisted of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Industrial operating properties (1): | |||||||||
Improved land | $ | 4,311,193 | $ | 5,317,123 | |||||
Buildings and improvements | 14,093,704 | 17,291,125 | |||||||
Development portfolio, including cost of land (2) | 1,084,959 | 951,643 | |||||||
Land (3) | 1,643,055 | 1,794,364 | |||||||
Other real estate investments (4) | 466,997 | 454,868 | |||||||
Total investments in real estate properties | 21,599,908 | 25,809,123 | |||||||
Less accumulated depreciation | 2,540,370 | 2,480,660 | |||||||
Net investments in properties | $ | 19,059,538 | $ | 23,328,463 | |||||
-1 | At September 30, 2013 and December 31, 2012, we had 1,650 and 1,853 industrial properties consisting of 268.5 million square feet and 316.3 million square feet, respectively. In 2013, in connection with our two new ventures in Japan and Europe, we contributed 207 properties with a net carrying value of $4.6 billion, consisting of 58.3 million square feet for gross proceeds of $4.9 billion. At September 30, 2013, we had 30 properties aggregating 9.9 million square feet with an estimated value of $713.1 million that were acquired in connection with the wind down of Prologis Japan Fund 1 in June 2013 and the NAIF III acquisition in August 2013. See Notes 2 and 4 for further discussion on these transactions. | ||||||||
-2 | At September 30, 2013, the development portfolio consisted of 32 properties aggregating 15.1 million square feet under development with estimated completion dates primarily in 2013 and 2014 and 14 properties aggregating 6.3 million square feet of pre-stabilized completed properties. At December 31, 2012, the development portfolio consisted of 30 properties aggregating 13.2 million square feet that were under development and 15 properties aggregating 4.8 million square feet that were pre-stabilized completed properties. | ||||||||
-3 | Land consisted of 10,217 acres and 10,915 acres at September 30, 2013 and December 31, 2012, respectively, and included land parcels that we may develop or sell depending on market conditions and other factors. | ||||||||
-4 | Included in other investments were: (i) certain non-industrial real estate; (ii) our corporate office buildings; (iii) land parcels that are ground leased to third parties; (iv) certain infrastructure costs related to projects we are developing on behalf of others; (v) costs related to future development projects, including purchase options on land; (vi) restricted funds that are held in escrow pending the completion of tax-deferred exchange transactions involving operating properties; and (vii) earnest money deposits associated with potential acquisitions. | ||||||||
At September 30, 2013, excluding our assets held for sale, we owned real estate properties in the Americas (Canada, Mexico and the United States), Europe (Austria, Belgium, the Czech Republic, France, Germany, Hungary, Italy, the Netherlands, Poland, Romania, Slovakia, Spain, Sweden and the United Kingdom) and Asia (China, Japan and Singapore). | |||||||||
During the nine months ended September 30, 2013, we recognized Gains on Acquisitions and Dispositions of Investments in Real Estate, Net in the Consolidated Statement of Operations of $446.0 million. This principally included: (i) a combined gain from the contributions of properties to our new ventures in Japan and Europe in the first quarter of $337.9 million, net of the deferral of the gains due to our ongoing investments, (ii) a gain of $56.9 million in the second quarter related to the contribution of one property to our new venture in Japan and the wind down of Prologis Japan Fund I, and (iii) a gain of $43.7 million in the third quarter from the conclusion of NAIF III. See Notes 2 and 4 for further discussion of these transactions. The majority of the current income tax expense in 2013 relates to asset sales and contributions of certain properties that were held in certain foreign subsidiaries or taxable REIT subsidiaries. | |||||||||
See Note 5 for further discussion of properties we sold to third parties that are reported in discontinued operations. |
Unconsolidated_Entities
Unconsolidated Entities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||||||
Unconsolidated Entities | ' | ||||||||||||||||
4 | 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 strategic capital investors and provide asset and property management services to these entities. We refer to these entities as co-investment ventures. Our ownership interest in these entities generally ranges from 15-50%. These entities may be consolidated or unconsolidated, depending on the structure, our partner’s rights and participation and our level of control of the entity. This note details our unconsolidated co-investment ventures. See Note 9 for more detail regarding our consolidated investments. | |||||||||||||||||
We also have investments in other joint ventures, generally with one partner and that we do not manage. We refer to our investments in the entities accounted for on the equity method, both unconsolidated co-investment ventures and other unconsolidated joint ventures, collectively, as unconsolidated entities. | |||||||||||||||||
Our investments in and advances to our unconsolidated entities are summarized below (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unconsolidated co-investment ventures | $ | 4,035,790 | $ | 2,013,080 | |||||||||||||
Other joint ventures | 174,515 | 182,702 | |||||||||||||||
Totals | $ | 4,210,305 | $ | 2,195,782 | |||||||||||||
Unconsolidated Co-Investment Ventures | |||||||||||||||||
As of September 30, 2013, we had investments in and managed 11 unconsolidated co-investment ventures that own portfolios of operating industrial properties and may also develop properties. Investment Management Income includes revenues we earn for the management services we provide to unconsolidated entities and certain third parties. These fees are recognized as earned and may include property and asset management fees or transactional fees for leasing, acquisition, construction, financing, legal and tax services. We may also earn incentive returns or promotes based on the third party investor returns over time. In addition, we may earn fees for services provided to develop a building within the co-investment venture. These are reflected as Development Management and Other Income in the Consolidated Statements of Operations. | |||||||||||||||||
In the first quarter of 2013, we launched the initial public offering for Nippon Prologis REIT, Inc. (“NPR”). NPR is a long-term investment vehicle for our stabilized properties in Japan. On February 14, 2013, NPR was listed on the Japan Stock Exchange and commenced trading. At that time, NPR acquired a portfolio of 12 properties from us for an aggregate purchase price of ¥173 billion ($1.9 billion), net of cash proceeds of ¥158 billion ($1.7 billion). At the time, we had a 15% ownership interest that we accounted for under the equity method. As a result of this transaction, we recognized a gain of $337.9 million, net of a $59.6 million deferral due to our ongoing investment. The gain was recorded in Gains on Acquisitions and Dispositions of Investments in Real Estate, Net in the Consolidated Statements of Operations. We recognized $38.6 million of current tax expense in connection with this contribution. | |||||||||||||||||
In connection with the wind down of Prologis Japan Fund I in June 2013, we purchased 14 properties from the venture and the venture sold the remaining 6 properties aggregating 4.3 million square feet to NPR, based on appraised values. In addition, we contributed one pre-stabilized building to NPR for $232.6 million. As a result of the combined transactions, we recorded a net gain of $56.9 million in Gains on Acquisitions and Dispositions of Investments in Real Estate, Net in the Consolidated Statements of Operations. To fund these combined transactions, we contributed ¥14.2 billion ($144.0 million), which retained our 15% ownership interest following the exercise of the overallotment option by the underwriter. In connection with the contribution of the development building to NPR, we recognized $8.3 million of current tax expense. | |||||||||||||||||
On March 19, 2013, we closed Prologis European Logistics Partners Sàrl (“PELP”), a joint venture with Norges Bank Investment Management (“NBIM”), which is the manager of the Norwegian Government Pension Fund Global. We have a 50% ownership interest that we account for under the equity method. The venture has an initial term of 15 years, which may be extended for an additional 15-year period, and thereafter extended upon negotiation between partners. We will have the ability to reduce our ownership to 20% following the second anniversary of closing. The venture acquired a portfolio from us for approximately €2.3 billion ($3.0 billion) consisting of 195 properties in 11 target European global markets. As a result of this transaction, we recognized a gain of $1.8 million, net of a deferred gain due to our ongoing investment. The gain was recorded in Gains on Acquisitions and Dispositions of Investments in Real Estate, Net in the Consolidated Statements of Operations. In connection with the closing, a warrant NBIM received at signing to acquire six million shares of Prologis common stock with a strike price of $35.64 became exercisable. The warrant can be net share settled. | |||||||||||||||||
In August 2013 we concluded NAIF III. See Note 2 for information regarding this transaction. | |||||||||||||||||
Subsequent to quarter end, on October 2, 2013, we acquired our partner’s interest in Prologis SGP Mexico (“SGP Mexico”), one of our co-investment ventures, and concluded the venture. | |||||||||||||||||
Summarized information regarding our investments in the co-investment ventures is as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Earnings (loss) from unconsolidated co-investment ventures: | |||||||||||||||||
Americas (1) | $ | 1,664 | $ | (3,912 | ) | $ | 15,058 | $ | (8,378 | ) | |||||||
Europe (2) | 20,005 | 5,858 | 36,308 | 21,027 | |||||||||||||
Asia (3) | 4,100 | 432 | 6,569 | 2,640 | |||||||||||||
Total earnings from unconsolidated co-investment ventures, net | $ | 25,769 | $ | 2,378 | $ | 57,935 | $ | 15,289 | |||||||||
Investment management and other income: | |||||||||||||||||
Americas | $ | 17,512 | $ | 16,937 | $ | 48,407 | $ | 50,541 | |||||||||
Europe (2) | 20,037 | 9,546 | 44,504 | 28,008 | |||||||||||||
Asia (3) | 9,840 | 5,131 | 30,821 | 14,973 | |||||||||||||
Total investment management income | 47,389 | 31,614 | 123,732 | 93,522 | |||||||||||||
Development management and other income | 551 | 106 | 1,931 | 184 | |||||||||||||
Total | $ | 47,940 | $ | 31,720 | $ | 125,663 | $ | 93,706 | |||||||||
1) | During the three and nine months ended September 30, 2013, we recognized gains of $1.2 million and $10.0 million, respectively, representing our share of the gain from the sale of one and three properties, respectively, by the Prologis Brazil Logistics Partners Fund and related joint ventures (“Brazil Fund”). | ||||||||||||||||
2) | We launched PELP, which we account for under the equity method. Our proportionate share of its net earnings is included in 2013 from the date it commenced operations (see above for additional information). | ||||||||||||||||
3) | We launched NPR, which we account for under the equity method. Our proportionate share of its net earnings is included in 2013 from the date it commenced operations (see above for additional information). | ||||||||||||||||
Investment Management Income includes fees and incentives we earn for services provided to our unconsolidated co-investment ventures (shown above), as well as fees earned from other unconsolidated entities and third parties of $0.9 million and $1.9 million during the three and nine months ended September 30, 2013, respectively and $0.1 million and $1.6 million during the three and nine months ended September 30, 2012, respectively. | |||||||||||||||||
Information about our investments in the co-investment ventures is as follows (dollars in thousands): | |||||||||||||||||
Weighted Average Ownership | Investment in and Advances to | ||||||||||||||||
Percentage | |||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||
Unconsolidated co-investment ventures by region | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Americas | 23.5 | % | 23.2 | % | $ | 1,211,275 | $ | 1,111,831 | |||||||||
Europe (1) | 41.3 | % | 29.7 | % | 2,492,282 | 722,748 | |||||||||||
Asia (1) (2) | 15.1 | % | 19.2 | % | 332,233 | 178,501 | |||||||||||
Totals | 30.4 | % | 25.1 | % | $ | 4,035,790 | $ | 2,013,080 | |||||||||
-1 | As discussed above, the primary reason for the increase in our investments in and advances to our unconsolidated entities in Europe and Asia is due to PELP and NPR, respectively. | ||||||||||||||||
-2 | As discussed above, we completed the wind down of Prologis Japan Fund I in June 2013. | ||||||||||||||||
Summarized financial information of the co-investment ventures (for the entire entity, not our proportionate share) and our investment in such ventures is presented below (dollars in millions): | |||||||||||||||||
2013 | Americas | Europe | Asia | Total | |||||||||||||
For the three months ended September 30, 2013 (1): | |||||||||||||||||
Revenues | $ | 173.2 | $ | 215.3 | $ | 56.8 | $ | 445.3 | |||||||||
Net earnings (2) | $ | 9.1 | $ | 41.9 | $ | 15.7 | $ | 66.7 | |||||||||
For the nine months ended September 30, 2013 (1): | |||||||||||||||||
Revenues | $ | 538.4 | $ | 571.6 | $ | 160 | $ | 1,270.00 | |||||||||
Net earnings (2) | $ | 34.9 | $ | 77.8 | $ | 32.9 | $ | 145.6 | |||||||||
As of September 30, 2013 (1): | |||||||||||||||||
Total assets | $ | 8,433.40 | $ | 11,471.40 | $ | 3,477.30 | $ | 23,382.10 | |||||||||
Amounts due to us (3) | $ | 38.3 | $ | 44.8 | $ | 94.7 | $ | 177.8 | |||||||||
Third party debt (4) | $ | 3,277.20 | $ | 2,715.70 | $ | 1,441.80 | $ | 7,434.70 | |||||||||
Total liabilities | $ | 3,620.70 | $ | 4,409.70 | $ | 1,532.40 | $ | 9,562.80 | |||||||||
Noncontrolling interest | $ | 1.6 | $ | 10.7 | $ | — | $ | 12.3 | |||||||||
Venture partners’ equity | $ | 4,811.10 | $ | 7,051.00 | $ | 1,944.90 | $ | 13,807.00 | |||||||||
Our weighted average ownership (5) | 23.5 | % | 41.3 | % | 15.1 | % | 30.4 | % | |||||||||
Our investment balance (6) | $ | 1,211.30 | $ | 2,492.30 | $ | 332.2 | $ | 4,035.80 | |||||||||
Deferred gains, net of amortization (7) | $ | 141.1 | $ | 184.3 | $ | 69.5 | $ | 394.9 | |||||||||
2012 | Americas | Europe | Asia | Total | |||||||||||||
For the three months ended September 30, 2012: | |||||||||||||||||
Revenues | $ | 184.8 | $ | 115.5 | $ | 36 | $ | 336.3 | |||||||||
Net earnings (loss) | $ | (20.6 | ) | $ | 9.6 | $ | 4.2 | $ | (6.8 | ) | |||||||
For the nine months ended September 30, 2012 (1): | |||||||||||||||||
Revenues | $ | 581 | $ | 361.4 | $ | 105.8 | $ | 1,048.20 | |||||||||
Net earnings (loss) | $ | (66.5 | ) | $ | 49 | $ | 8.9 | $ | (8.6 | ) | |||||||
As of December 31, 2012: | |||||||||||||||||
Total assets | $ | 9,070.40 | $ | 6,605.20 | $ | 1,937.00 | $ | 17,612.60 | |||||||||
Amounts due to us (3) | $ | 31.9 | $ | 33.3 | $ | 7.7 | $ | 72.9 | |||||||||
Third party debt (4) | $ | 3,835.50 | $ | 2,384.20 | $ | 972.9 | $ | 7,192.60 | |||||||||
Total liabilities | $ | 4,170.40 | $ | 2,953.8 | $ | 1,062.50 | $ | 8,186.70 | |||||||||
Noncontrolling interest | $ | 1.4 | $ | 7.5 | $ | — | $ | 8.9 | |||||||||
Venture partners’ equity | $ | 4,898.60 | $ | 3,643.90 | $ | 874.5 | $ | 9,417.00 | |||||||||
Our weighted average ownership (5) | 23.2 | % | 29.7 | % | 19.2 | % | 25.1 | % | |||||||||
Our investment balance (6) | $ | 1,111.80 | $ | 722.8 | $ | 178.5 | $ | 2,013.10 | |||||||||
Deferred gains, net of amortization (7) | $ | 147.9 | $ | 181.6 | $ | 0.1 | $ | 329.6 | |||||||||
-1 | As discussed above and in Note 2, we have had significant activity with our unconsolidated co-investment ventures in 2012 and 2013. We concluded Prologis California and NAIF II in 2012 and NAIF III and the Prologis Japan Fund I in 2013 and only included the results of these ventures through the transaction dates. In 2013, we launched two new co-investment ventures (PELP and NPR) and the results of these ventures are included from the date these ventures acquired the properties. | ||||||||||||||||
-2 | During the three and nine months ended September 30, 2013, the Brazil Fund sold one and three buildings for a net gain of $2.9 million and $24.0 million, respectively. | ||||||||||||||||
-3 | As of September 30, 2013, we had receivables from PELP and Prologis Japan Fund I for the remaining sale proceeds of $34.8 million and $8.1 million, respectively, which we expect will be repaid by the end of the year. As of September 30, 2013 and December 31, 2012, we had a note receivable from SGP Mexico of $19.7 million. As discussed earlier, we acquired our partner’s interest in SGP Mexico on October 2, 2013 at which time the note receivable was settled. The remaining amounts generally represent current balances for services provided by us to the co-investment ventures. | ||||||||||||||||
-4 | As of September 30, 2013, we did not guarantee any third party debt of our co-investment ventures. As of December 31, 2012, we guaranteed $30.4 million of the third party debt of certain co-investment ventures. | ||||||||||||||||
-5 | Represents our weighted average ownership interest in all co-investment ventures based on each entity’s contribution to total assets, before depreciation, net of other liabilities. | ||||||||||||||||
-6 | The difference between our ownership interest of the venture’s equity and our investment balance results principally from three types of transactions: (i) deferring a portion of the gains we recognize from a contribution of one of our properties to the venture (see next subfootnote); (ii) recording additional costs associated with our investment in the venture; and (iii) advances to the venture. | ||||||||||||||||
-7 | This amount is recorded as a reduction to our investment and represents the gains that were deferred when we contributed a property to a venture due to our continuing ownership in the property. | ||||||||||||||||
Equity Commitments Related to Certain Unconsolidated Co-Investment Ventures | |||||||||||||||||
Certain co-investment ventures have equity commitments from us and our venture partners. Our venture partners fulfill their equity commitment with cash. We may fulfill our equity commitment through contributions of properties or cash. The venture may obtain financing for the properties and therefore the equity commitment may be less than the acquisition price of the real estate. Depending on market conditions, the investment objectives of the ventures, our liquidity needs and other factors, we may make contributions of properties to these ventures through the remaining commitment period and we may make additional cash investments in these ventures. | |||||||||||||||||
The following table is a summary of remaining equity commitments as of September 30, 2013 (in millions): | |||||||||||||||||
Equity commitments | Expiration date for remaining | ||||||||||||||||
commitments | |||||||||||||||||
Prologis Targeted U.S. Logistics Fund (1) | |||||||||||||||||
Prologis | $ | — | -1 | ||||||||||||||
Venture Partners | $ | 150 | |||||||||||||||
Prologis SGP Mexico (2) | |||||||||||||||||
Prologis | $ | 24.6 | -2 | ||||||||||||||
Venture Partner | $ | 98.1 | |||||||||||||||
Prologis European Properties Fund II (3) (4) | |||||||||||||||||
Prologis | $ | 23.4 | March 2015 | ||||||||||||||
Venture Partner | $ | 302.1 | |||||||||||||||
Europe Logistics Venture 1 (3) | |||||||||||||||||
Prologis | $ | 55.5 | February 2014 | ||||||||||||||
Venture Partner | $ | 314.5 | |||||||||||||||
Prologis European Logistics Partners (3) (5) | |||||||||||||||||
Prologis | $ | 193.3 | Jan-14 | ||||||||||||||
Venture Partner | $ | 193.3 | |||||||||||||||
Prologis China Logistics Venture 1 (6) | |||||||||||||||||
Prologis | $ | 63.2 | Mar-15 | ||||||||||||||
Venture Partner | $ | 358 | |||||||||||||||
Total | |||||||||||||||||
Prologis | $ | 360 | |||||||||||||||
Venture Partners | $ | 1,416.00 | |||||||||||||||
-1 | During the nine months ended September 30, 2013, equity commitments of $191.5 million were obtained from third party investors and we committed to contribute an additional $100.0 million. To fund the acquisition of properties during the third quarter, the venture called capital of $171.5 million, of which $71.5 million was from third parties and $100.0 million was from us, resulting in an increase of our ownership. In October 2013, the venture raised an additional $53.5 million from third party investors and called equity commitments of $101.8 million from third party investors to repay debt and fund the acquisition of properties. | ||||||||||||||||
-2 | As discussed above, we acquired our partner’s interest on October 2, 2013, and therefore have no remaining equity commitments after that date. | ||||||||||||||||
-3 | Equity commitments are denominated in euro and reported above in U.S. dollar. | ||||||||||||||||
-4 | During the nine months ended September 30, 2013, equity commitments of €325.0 million ($436.4 million) were obtained from new third party investors and we committed to contribute €125.0 million ($165.5 million). To meet the capital requirements of the venture, including the repayment of debt and contribution of properties by us, the venture called capital of €209.0 million ($276.3 million) of which €101.3 million ($134.3 million) was from third parties and €107.7 million ($142.1 million) was our share, increasing our ownership. | ||||||||||||||||
-5 | This venture was formed in March 2013 with an equity commitment of €2.4 billion ($3.1 billion), which included €1.2 billion ($1.6 billion) commitment from both our partner and us. As discussed above, in March we contributed 195 properties to this venture using the majority of the equity commitments. In June 2013, the venture obtained additional equity commitments of €138.0 million ($180.5 million) of which €69.0 million ($90.3 million) was our share. These commitments were called in July 2013 to fund the acquisition of properties from a third party. | ||||||||||||||||
-6 | Equity commitments of $36.0 million of which $5.4 million was our share were called during 2013 to fund development. | ||||||||||||||||
In addition, during the nine months ended September 30, 2013, Prologis Targeted European Logistics Fund had equity commitments of €160.0 million ($209.5 million) and €2.0 million ($2.6 million) which were obtained from us and a third party, respectively. The venture called the commitments from us and the third party to repay debt, which increased our ownership. In October 2013, the venture raised additional equity commitments of €99.0 million ($136.6 million) from third party investors, which have subsequently been called. | |||||||||||||||||
Other Joint Ventures | |||||||||||||||||
Our investments in and advances to these entities are as follows (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Americas | $ | 97,253 | $ | 106,655 | |||||||||||||
Europe | 50,166 | 48,503 | |||||||||||||||
Asia | 27,096 | 27,544 | |||||||||||||||
Total investments in and advances to other joint ventures | $ | 174,515 | $ | 182,702 | |||||||||||||
Assets_Held_for_Sale_and_Disco
Assets Held for Sale and Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
Assets Held for Sale and Discontinued Operations | ' | ||||||||||||||||
5 | Assets Held for Sale and Discontinued Operations | ||||||||||||||||
Held for Sale | |||||||||||||||||
As of September 30, 2013, we had land that met the criteria to be classified as held for sale. The amounts included in held for sale, as of September 30, 2013, include real estate investment balances and the related assets and liabilities for each property. | |||||||||||||||||
Discontinued Operations | |||||||||||||||||
During the nine months ended September 30, 2013, we disposed of 39 operating properties aggregating 4.8 million square feet to third parties. During all of 2012, we disposed of land, land subject to ground leases and 200 operating properties aggregating 27.2 million square feet to third parties. | |||||||||||||||||
The operations of the properties held for sale or disposed of to third parties and the aggregate net gains recognized upon their disposition are presented as Discontinued Operations in the Consolidated Statements of Operations for all periods presented. Interest expense is included in discontinued operations only if it is directly attributable to these properties. | |||||||||||||||||
Discontinued operations are summarized as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Rental income and recoveries | $ | 801 | $ | 23,910 | $ | 8,602 | $ | 88,245 | |||||||||
Rental expenses | (575 | ) | (7,364 | ) | (3,368 | ) | (26,840 | ) | |||||||||
Depreciation and amortization | (353 | ) | (8,148 | ) | (3,394 | ) | (30,862 | ) | |||||||||
Interest expense | — | (344 | ) | (87 | ) | (1,281 | ) | ||||||||||
Income (loss) attributable to disposed properties and assets held for sale | (127 | ) | 8,054 | 1,753 | 29,262 | ||||||||||||
Net gains (losses) on dispositions, net of taxes | 40,297 | (4,049 | ) | 59,598 | 17,074 | ||||||||||||
Impairment Charges | — | (27,409 | ) | — | (27,409 | ) | |||||||||||
Total discontinued operations | $ | 40,170 | $ | (23,404 | ) | $ | 61,351 | $ | 18,927 | ||||||||
Debt
Debt | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Debt | ' | ||||||||||||||||||||||||||||||||
6 | Debt | ||||||||||||||||||||||||||||||||
All debt is held directly or indirectly by the Operating Partnership. The REIT itself does not have any indebtedness, but guarantees the unsecured debt of the Operating Partnership. We generally do not guarantee the debt issued by non-wholly owned subsidiaries. | |||||||||||||||||||||||||||||||||
Our debt consisted of the following (dollars in thousands): | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Weighted | Amount | Weighted | Amount | ||||||||||||||||||||||||||||||
Average Interest | Outstanding (2) | Average Interest | Outstanding | ||||||||||||||||||||||||||||||
Rate (1) | Rate (1) | ||||||||||||||||||||||||||||||||
Credit Facilities | 1.2 | % | $ | 992,776 | 1.5 | % | $ | 888,966 | |||||||||||||||||||||||||
Senior notes | 5.1 | % | 4,980,625 | 5.6 | % | 5,223,136 | |||||||||||||||||||||||||||
Exchangeable senior notes (3) | 3.3 | % | 397,481 | 4.6 | % | 876,884 | |||||||||||||||||||||||||||
Secured mortgage debt (4) | 5.2 | % | 1,772,342 | 4 | % | 3,625,908 | |||||||||||||||||||||||||||
Secured mortgage debt of consolidated entities | 4.5 | % | 296,783 | 4.4 | % | 450,923 | |||||||||||||||||||||||||||
Other debt of consolidated entities | 4.5 | % | 4,345 | 4.8 | % | 67,749 | |||||||||||||||||||||||||||
Term loan and other debt | 1.7 | % | 674,965 | 1.8 | % | 657,228 | |||||||||||||||||||||||||||
Totals | 4.3 | % | $ | 9,119,317 | 4.4 | % | $ | 11,790,794 | |||||||||||||||||||||||||
-1 | The interest rates presented represent the effective interest rates (including amortization of the non-cash premiums or discount). | ||||||||||||||||||||||||||||||||
-2 | Included in the outstanding balances are borrowings denominated in non-U.S. currency, principally: euro ($1.4 billion) and Japanese yen ($0.5 billion). | ||||||||||||||||||||||||||||||||
-3 | The weighted average coupon interest rate was 3.3% and 2.8% as of September 30, 2013 and December 31, 2012, respectively. During the second quarter of 2013, we repaid $342.2 million of these notes. As of September 30, 2013, we have one series of exchangeable notes outstanding with a coupon interest rate of 3.3%. | ||||||||||||||||||||||||||||||||
-4 | In the first quarter of 2013, we repaid $1.4 billion of outstanding secured mortgage debt with the proceeds received from contributions of properties to PELP and NPR. In addition, we transferred $353.2 million of debt to PELP in connection with the contribution. | ||||||||||||||||||||||||||||||||
Credit Facilities | |||||||||||||||||||||||||||||||||
On July 11, 2013, we terminated our existing global senior credit facility (the “Global Facility”) and entered into a new facility. Under the new facility funds may be drawn in U.S. dollar, euro, Japanese yen, British pound sterling and Canadian dollar on a revolving basis up to $2.0 billion (subject to currency fluctuations). We may increase the Global Facility to $3.0 billion (subject to currency fluctuations and obtaining additional lender commitments). The Global Facility is scheduled to mature on July 11, 2017; however, we may extend the maturity date by six months twice, subject to satisfaction of certain conditions and payment of an extension fee. Pricing under the Global Facility, including the spread over LIBOR, facility fees and letter of credit fees, varies based upon the public debt ratings of the Operating Partnership. The Global Facility contains customary representations, covenants and defaults (including a cross-acceleration to other recourse indebtedness of more than $50 million). | |||||||||||||||||||||||||||||||||
On August 14, 2013, we entered into a fourth amended and restated Japanese yen revolver (the “Revolver”). As a result, we increased our availability under the Revolver to ¥45.0 billion (approximately $461.2 million at September 30, 2013). The Revolver matures on May 14, 2018. We may increase availability under the Revolver to an amount not exceeding ¥56.5 billion (approximately $579.0 million at September 30, 2013) subject to obtaining additional lender commitments. Pricing under the Revolver was consistent with the Global Facility pricing as of September 30, 2013. The Revolver contains certain customary representations, covenants and defaults that are substantially the same as the corresponding provisions of the Global Facility. | |||||||||||||||||||||||||||||||||
We refer to the Global Facility and the Revolver, collectively, as our “Credit Facilities”. | |||||||||||||||||||||||||||||||||
Commitments and availability under our Credit Facilities as of September 30, 2013, were as follows (dollars in millions): | |||||||||||||||||||||||||||||||||
Aggregate lender - commitments | $ | 2,504.40 | |||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||
Borrowings outstanding | 992.8 | ||||||||||||||||||||||||||||||||
Outstanding letters of credit | 72.3 | ||||||||||||||||||||||||||||||||
Current availability | $ | 1,439.30 | |||||||||||||||||||||||||||||||
In February 2013, we entered into a $500 million bridge loan under which we can borrow in U. S. dollar, euro or yen. We borrowed ¥20 billion ($215.7 million) under the bridge loan to make our initial cash investment in NPR. In connection with the contribution of properties to NPR, we paid the borrowings outstanding on this bridge loan and terminated the facility. | |||||||||||||||||||||||||||||||||
Senior Notes | |||||||||||||||||||||||||||||||||
In connection with the equity offering in April 2013 (see Note 8 for additional details), we repaid $202.3 million of outstanding senior notes at maturity and incurred $32.6 million of debt extinguishment costs, primarily due to the prepayment of $350.0 million of senior notes that were scheduled to mature in 2014. In August 2013, we issued $1.25 billion of senior notes, consisting of $400.0 million at an interest rate of 2.75% maturing in 2019, at 99.97% of par value for an all-in rate of 2.76%; and $850.0 million at an interest rate of 4.25% maturing in 2023, at 99.74% of par value for an all-in rate of 4.28%. In connection with this issuance, we tendered several series of debt maturing in 2018 through 2020 and acquired an aggregate principal amount of debt equal to $611.4 million and recognized $114.1 million loss from the early extinguishment. We used the remaining proceeds of this issuance to repay borrowings on our Credit Facilities. | |||||||||||||||||||||||||||||||||
In October 2013, we commenced an any and all tender offer through which we purchased $261.7 million in principal amount of our senior notes that mature in 2017 for a premium of $41.2 million, which will be recognized as a loss on early extinguishment of debt. In conjunction with this tender, we commenced another tender offer through which we may repurchase a portion of our senior notes that mature in 2018 for an aggregate purchase price up to approximately $45 million including premiums and accrued interest. The second tender offer is expected to expire on November 21, 2013. To fund the repurchase of these notes and repay borrowings on our Credit Facilities, on November 1, 2013, we issued $500 million in principal amount of senior notes with an interest rate of 3.35% and a maturity date of February 1, 2021. | |||||||||||||||||||||||||||||||||
Exchangeable Senior Notes | |||||||||||||||||||||||||||||||||
The accounting for the exchangeable senior notes requires us to separate the fair value of the derivative instrument (exchange feature) from the debt instrument and account for it separately as a derivative. At each reporting period, we adjust the derivative instrument to fair value with the resulting adjustment being recorded in earnings as Foreign Currency and Derivative Gains (Losses), Net in the Consolidated Statements of Operations. The fair value of the derivative associated with our exchangeable notes was a liability of $46.4 million and $39.8 million at September 30, 2013 and December 31, 2012, respectively. We recognized an unrealized gain of $6.5 million and an unrealized loss of $6.6 million for the three and nine months ended September 30, 2013, respectively, and an unrealized loss of $6.7 million and $19.1 million for the three and nine months ended September 30, 2012, respectively. | |||||||||||||||||||||||||||||||||
Long-Term Debt Maturities | |||||||||||||||||||||||||||||||||
Principal payments due on our debt, for the remainder of 2013 and for each of the years in the ten-year period ending December 31, 2022, and thereafter were as follows (in millions): | |||||||||||||||||||||||||||||||||
Prologis | |||||||||||||||||||||||||||||||||
Unsecured | Secured | Consolidated | Total | ||||||||||||||||||||||||||||||
Senior | Exchangeable | Credit | Other | Mortgage | Entities’ | Consolidated | |||||||||||||||||||||||||||
Maturity | Debt | Notes | Facilities | Debt | Debt | Total | Debt (1) | Debt | |||||||||||||||||||||||||
2013 (2) | $ | — | $ | — | $ | — | $ | — | $ | 48 | $ | 48 | $ | 30 | $ | 78 | |||||||||||||||||
2014 (2) | 574 | — | — | 659 | 291 | 1,524 | 27 | 1,551 | |||||||||||||||||||||||||
2015 | 175 | 460 | — | 1 | 164 | 800 | 25 | 825 | |||||||||||||||||||||||||
2016 | 641 | — | — | 1 | 310 | 952 | 126 | 1,078 | |||||||||||||||||||||||||
2017 | 700 | — | 850 | 1 | 229 | 1,780 | 4 | 1,784 | |||||||||||||||||||||||||
2018 | 862 | — | 142 | 1 | 113 | 1,118 | 74 | 1,192 | |||||||||||||||||||||||||
2019 | 693 | — | — | 1 | 294 | 988 | 2 | 990 | |||||||||||||||||||||||||
2020 | 444 | — | — | 1 | 9 | 454 | 2 | 456 | |||||||||||||||||||||||||
2021 | — | — | — | — | 137 | 137 | 2 | 139 | |||||||||||||||||||||||||
2022 | — | — | — | — | 7 | 7 | 3 | 10 | |||||||||||||||||||||||||
Thereafter | 850 | — | — | 10 | 137 | 997 | 6 | 1,003 | |||||||||||||||||||||||||
Subtotal | 4,939 | 460 | 992 | 675 | 1,739 | 8,805 | 301 | 9,106 | |||||||||||||||||||||||||
Unamortized premiums (discounts), net | 42 | (63 | ) | — | — | 33 | 12 | 1 | 13 | ||||||||||||||||||||||||
Total | $ | 4,981 | $ | 397 | $ | 992 | $ | 675 | $ | 1,772 | $ | 8,817 | $ | 302 | $ | 9,119 | |||||||||||||||||
-1 | Our consolidated entities have $13.7 million available to borrow under credit facilities. | ||||||||||||||||||||||||||||||||
-2 | We expect to use cash on hand to repay 2013 maturities of our wholly owned debt. Of the amounts maturing in 2014, we expect to refinance or repay these amounts with proceeds from asset sales, available cash and borrowings on our Credit Facilities. The maturities in 2013 of debt of our consolidated but not wholly owned subsidiaries includes $30.1 million of secured mortgage debt, which we expect to refinance or repay, through the issuance of new debt, with proceeds from asset sales, available cash or equity contributions to our consolidated entities by us and our venture partners. Included in other debt is a term loan that can be extended until 2017 (three times each at one year), subject to satisfaction of certain conditions and payment of an extension fee. | ||||||||||||||||||||||||||||||||
Debt Covenants | |||||||||||||||||||||||||||||||||
Our debt agreements contain various covenants, including maintenance of specified financial ratios. As of September 30, 2013, we were in compliance with all covenants. |
Other_Liabilities
Other Liabilities | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Liabilities | ' | ||||||||
7 | Other Liabilities | ||||||||
Other liabilities consisted of the following, net of amortization, if applicable, as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Tenant security deposits | $ | 192,114 | $ | 174,137 | |||||
Income tax liabilities | 168,876 | 463,102 | |||||||
Unearned rents | 72,648 | 115,020 | |||||||
Deferred income | 41,425 | 50,025 | |||||||
Value added taxes payable | 29,836 | 31,399 | |||||||
Lease intangible liabilities | 29,500 | 53,289 | |||||||
Environmental | 20,064 | 30,075 | |||||||
Other | 158,606 | 198,864 | |||||||
Total other liabilities | $ | 713,069 | $ | 1,115,911 | |||||
The decrease in other liabilities from December 31, 2012 to September 30, 2013, is principally due to the NPR and PELP contributions. See Note 4 for more details on these transactions. |
Stockholders_Equity_of_the_REI
Stockholders' Equity of the REIT and Partners' Capital of the Operating Partnership | 9 Months Ended | |
Sep. 30, 2013 | ||
Equity [Abstract] | ' | |
Stockholders' Equity of the REIT and Partners' Capital of the Operating Partnership | ' | |
8 | Stockholders’ Equity of the REIT and Partners’ Capital of the Operating Partnership | |
Operating Partnership | ||
For each share of common stock or preferred stock the REIT issues, the Operating Partnership issues a corresponding common or preferred partnership unit, as applicable, to the REIT in exchange for the contribution of the proceeds from the stock issuance. In addition, other third parties and certain current and former directors and officers of the REIT own common limited partnership units that make up approximately 0.37% of the common partnership units. | ||
Common Stock | ||
On April 30, 2013, we completed a public offering of 35.65 million shares of common stock at a price of $41.60 per share, generating approximately $1.4 billion in net proceeds. | ||
In June 2013, we entered into an equity distribution agreement that allows us to sell up to $750 million aggregate gross sales proceeds of shares of common stock through two designated agents, who earn a fee of up to 2% of the gross proceeds, as agreed to on a transaction-by-transaction basis. We have not issued any shares of common stock under the new agreement. | ||
Preferred Stock of the REIT | ||
On April 19, 2013, we redeemed all of the outstanding series L, M, O, P, R, and S preferred stock. We recognized a loss of $9.1 million in the first quarter of 2013, which primarily represented the difference between redemption value and carrying value net of deferred issuance costs. This amount was recognized in March when we notified the holders of our intent to redeem these series of preferred stock. | ||
We have two million shares of series Q preferred stock, our only remaining outstanding series of preferred stock, with a liquidation preference of $50 per share and a par value of $0.01, which will be redeemable at our option on and after November 13, 2026. |
Noncontrolling_Interests
Noncontrolling Interests | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||||||||||||||||||||||
Noncontrolling Interests | ' | ||||||||||||||||||||||||||||||||
9 | Noncontrolling Interests | ||||||||||||||||||||||||||||||||
Operating Partnership | |||||||||||||||||||||||||||||||||
We report noncontrolling interests related to several entities we consolidate but do not own 100% of the common 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 exchangeable into shares of the REIT’s common stock (or cash), generally at a rate of one share of common stock to one unit. We evaluated the noncontrolling interests with redemption provisions that permit the issuer to settle in either cash or common stock at the option of the issuer to determine whether temporary or permanent equity classification on the balance sheet is appropriate, including the requirement to settle in unregistered shares, and determined that these units meet the requirements to qualify for presentation as permanent equity. We also consolidate several entities in which we do not own 100% and the units of the entity are not exchangeable into our common stock. | |||||||||||||||||||||||||||||||||
If we contribute a property to a consolidated co-investment venture, the property is still reflected in the Consolidated Financial Statements, but due to our ownership of less than 100%, there is an increase in noncontrolling interest related to the contributed properties, which represents the cash we receive from our partners. | |||||||||||||||||||||||||||||||||
During the nine months ended September 30, 2013, net earnings attributable to noncontrolling interests was $3.1 million, of which $4.6 million was a loss from continuing operations and $7.7 million was income from discontinued operations. All other periods were not considered significant. | |||||||||||||||||||||||||||||||||
In June 2013, we acquired our partners’ interest in Prologis Institutional Alliance Fund II, a consolidated co-investment venture. In connection with this transaction, we paid $245.8 million and issued 804,734 limited partnership units worth $31.3 million in one of our limited partnerships based primarily on appraised values of the properties. These units are exchangeable into an equal number of shares of our common stock. The difference between the amount we paid and the noncontrolling interest balance at the time was not significant, but was adjusted through equity with no gain or loss recognized. As a result of this transaction, the assets and liabilities associated with this venture are now wholly owned in our Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||
In the second quarter of 2013, we earned a promote fee from Prologis Institutional Alliance Fund II of $18.8 million from the fund, which was based on the venture’s cumulative returns to the investors over the life of the venture. Of that amount, $13.5 million represented the third party investors’ portion and is reflected as a component of Noncontrolling Interest in the Consolidated Statements of Operations for the nine months ended September 30, 2013. We also recognized approximately $3.0 million of expense for the nine months ended September 30, 2013, in Investment Management Expenses in the Consolidated Statements of Operations, representing the cash bonus paid out to certain employees pursuant to the terms of the Prologis Promote Plan, previously referred to as the Private Capital Plan. | |||||||||||||||||||||||||||||||||
REIT | |||||||||||||||||||||||||||||||||
The noncontrolling interest of the REIT includes the noncontrolling interests presented in the Operating Partnership, as well as the common limited partnership units in the Operating Partnership that are not owned by the REIT. As of September 30, 2013, the REIT owned an approximate 99.63% common general partnership interest in the Operating Partnership. | |||||||||||||||||||||||||||||||||
The following is a summary of the noncontrolling interest and the consolidated entity’s total investment in real estate and debt at September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||
Our Ownership | Noncontrolling Interest | Total Investment In | Debt | ||||||||||||||||||||||||||||||
Percentage | Real Estate | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Partnerships with exchangeable units (1) | various | various | $ | 74,611 | $ | 44,476 | $ | 589,352 | $ | 826,605 | $ | — | $ | — | |||||||||||||||||||
Prologis Institutional Alliance Fund II (2) | N/A | 28.2 | % | — | 280,751 | — | 571,668 | — | 178,778 | ||||||||||||||||||||||||
Mexico Fondo Logistico (AFORES) (3) | 20 | % | 20 | % | 215,056 | 157,843 | 455,011 | 388,960 | 197,349 | 214,084 | |||||||||||||||||||||||
Brazil Fund (4) | 50 | % | 50 | % | 68,503 | 66,494 | — | — | — | — | |||||||||||||||||||||||
Prologis AMS | 38.5 | % | 38.5 | % | 63,005 | 59,631 | 145,102 | 160,649 | 44,861 | 63,749 | |||||||||||||||||||||||
Other consolidated entities | various | various | 38,722 | 43,930 | 379,472 | 404,825 | 59,086 | 62,061 | |||||||||||||||||||||||||
Operating Partnership noncontrolling interests | 459,897 | 653,125 | 1,568,937 | 2,352,707 | 301,296 | 518,672 | |||||||||||||||||||||||||||
Limited partners in the Operating Partnership (5) | 50,532 | 51,194 | — | — | — | — | |||||||||||||||||||||||||||
REIT noncontrolling interests | $ | 510,429 | $ | 704,319 | $ | 1,568,937 | $ | 2,352,707 | $ | 301,296 | $ | 518,672 | |||||||||||||||||||||
-1 | At September 30, 2013 and December 31, 2012, there were 1,949,501 and 1,173,571 limited partnership units, respectively, that were exchangeable into an equal number of shares of the REIT’s common stock. At September 30, 2013, this included the 804,734 units of one of our limited partnerships issued as part of the Prologis Institutional Alliance Fund II transaction. In the second quarter of 2013, 1,053 limited partnership units were redeemed for cash and the remaining limited partnership units of one of our limited partnerships were redeemed for 27,751 shares of common stock. All of these 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. | ||||||||||||||||||||||||||||||||
-2 | As disclosed above, we acquired our partners’ interest in June 2013. | ||||||||||||||||||||||||||||||||
-3 | In May 2013, we contributed land and five properties aggregating 0.7 million square feet to this entity for $52.1 million. As this entity is consolidated, we did not record a gain on this transaction. | ||||||||||||||||||||||||||||||||
-4 | We have a 50% ownership interest in and consolidate the Brazil Fund that in turn has investments in several joint ventures that are accounted for on the equity method. The Brazil Fund’s assets are primarily investments in unconsolidated entities of $139.6 million at September 30, 2013. For additional information on our unconsolidated investments, see Note 4. | ||||||||||||||||||||||||||||||||
-5 | At September 30, 2013 and December 31, 2012, there were 1,843,131 and 1,893,266 units respectively, that were associated with the limited partners in the Operating Partnership and were exchangeable into an equal number of shares of the REIT’s common stock. In the third quarter of 2013, 50,135 units were redeemed for cash. All of these outstanding limited partnership units receive quarterly cash distributions equal to the quarterly distributions paid on our common stock pursuant to the terms of the partnership agreement. |
LongTerm_Compensation
Long-Term Compensation | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||
Long-Term Compensation | ' | ||||||||||||
10 | Long-Term Compensation | ||||||||||||
Under its incentive plans, Prologis has stock options and full value awards (restricted stock, restricted share units (“RSUs”) and performance based shares (“PSAs”)) outstanding. | |||||||||||||
Summary of Activity | |||||||||||||
The activity for the nine months ended September 30, 2013, with respect to our stock options, was as follows: | |||||||||||||
Options Outstanding | |||||||||||||
Number of Options | Weighted Average | Options Exercisable | |||||||||||
Exercise Price | |||||||||||||
Balance at December 31, 2012 | 7,513,217 | ||||||||||||
Exercised | (755,264 | ) | |||||||||||
Forfeited / Expired | (322,925 | ) | |||||||||||
Balance at September 30, 2013 | 6,435,028 | $ | 36.04 | 6,290,114 | |||||||||
The activity for the nine months ended September 30, 2013, with respect to our unvested restricted stock, was as follows: | |||||||||||||
Number of | Weighted Average | ||||||||||||
Shares | Grant Date Fair | ||||||||||||
Value | |||||||||||||
Balance at December 31, 2012 | 687,277 | ||||||||||||
Vested | (352,727 | ) | |||||||||||
Forfeited | (18,326 | ) | |||||||||||
Balance at September 30, 2013 | 316,224 | $ | 34.01 | ||||||||||
The activity for the nine months ended September 30, 2013, with respect to our RSU and PSA awards, was as follows: | |||||||||||||
Number of | Weighted Average | Number of | |||||||||||
Shares | Grant-Date Fair Value | Shares Vested | |||||||||||
Balance at December 31, 2012 | 1,999,348 | ||||||||||||
Granted | 1,288,457 | ||||||||||||
Vested | (828,158 | ) | |||||||||||
Forfeited | (67,010 | ) | |||||||||||
Balance at September 30, 2013 | 2,392,637 | $ | 36.88 | 79,306 | |||||||||
During the nine months ended September 30, 2013, we granted 1,288,457 RSUs which, generally, will vest over three years. | |||||||||||||
Outperformance Plan | |||||||||||||
In February 2013, we granted points under our outperformance plan with an aggregate fair value of $23.9 million as of the date of the grant. Such points relate to a three-year performance period that began on January 1, 2013, and will end on December 31, 2015. If the compensation pool for this performance period is funded, the participants’ points will be paid in the form of restricted common stock. As the 2013 award is equity-classified, the fair value of the award is measured at the grant-date and amortized over the performance period. We recognized $2.0 million and $6.0 million of compensation expense during the three and nine months ended September 30, 2013, respectively, for the 2013 award. | |||||||||||||
On May 1, 2013, the compensation committee of the Board approved a modification of the settlement terms for the award granted under our outperformance plan in 2012. The 2012 award is now payable in shares of common stock instead of cash and was reclassified from liability to equity based on the fair value at the modification date using the Monte Carlo simulation model. The new grant-date fair value less the amount of compensation expense recognized to date is amortized over the remaining performance period, through December 31, 2014. We recognized $3.0 million and $12.0 million of compensation expense during the three and nine months ended September 30, 2013, respectively, for the 2012 award based on the fair value of $36.1 million as of the modification date in May 2013. |
Earnings_Per_Common_Share_Unit
Earnings Per Common Share / Unit | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Common Share / Unit | ' | ||||||||||||||||
11 | Earnings Per Common Share / Unit | ||||||||||||||||
We determine basic earnings per share/unit based on the weighted average number of shares of common stock/units outstanding during the period. We compute diluted earnings per share/unit based on the weighted average number of shares outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments. | |||||||||||||||||
The following table sets forth the computation of our basic and diluted earnings per share/unit (in thousands, except per share/unit amounts): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
REIT | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net earnings (loss) attributable to common stockholders | $ | (7,534 | ) | $ | (46,526 | ) | $ | 256,365 | $ | 147,767 | |||||||
Noncontrolling interest attributable to exchangeable limited partnership units (1) | (48 | ) | (152 | ) | 1,446 | 935 | |||||||||||
Adjusted net earnings (loss) attributable to common stockholders | $ | (7,582 | ) | $ | (46,678 | ) | $ | 257,811 | $ | 148,702 | |||||||
Weighted average common shares outstanding - Basic (2) | 497,989 | 460,079 | 482,007 | 459,720 | |||||||||||||
Incremental weighted average effect on exchange of limited partnership units (1) | 1,859 | 1,900 | 3,099 | 3,260 | |||||||||||||
Incremental weighted average effect of stock awards and warrants | — | — | 3,303 | 1,958 | |||||||||||||
Weighted average common shares outstanding - Diluted (3) | 499,848 | 461,979 | 488,409 | 464,938 | |||||||||||||
Net earnings (loss) per share attributable to common stockholders - Basic and Diluted | $ | (0.02 | ) | $ | (0.10 | ) | $ | 0.53 | $ | 0.32 | |||||||
Operating Partnership | |||||||||||||||||
Net earnings (loss) attributable to common unitholders | $ | (7,582 | ) | $ | (46,678 | ) | $ | 257,374 | $ | 148,503 | |||||||
Noncontrolling interest attributable to exchangeable limited partnership units | — | — | 437 | 199 | |||||||||||||
Adjusted net earnings (loss) attributable to common unitholders | $ | (7,582 | ) | $ | (46,678 | ) | $ | 257,811 | $ | 148,702 | |||||||
Weighted average common partnership units outstanding - Basic (2) | 499,848 | 461,979 | 483,889 | 461,693 | |||||||||||||
Incremental weighted average effect on exchange of limited partnership units | — | — | 1,217 | 1,287 | |||||||||||||
Incremental weighted average effect of stock awards and warrants of the REIT | — | — | 3,303 | 1,958 | |||||||||||||
Weighted average common partnership units outstanding - Diluted (3) | 499,848 | 461,979 | 488,409 | 464,938 | |||||||||||||
Net earnings (loss) per unit attributable to common unitholders - Basic and Diluted | $ | (0.02 | ) | $ | (0.10 | ) | $ | 0.53 | $ | 0.32 | |||||||
-1 | Income (loss) allocated to the exchangeable Operating Partnership units not held by the REIT has been included in the numerator and exchangeable Operating Partnership units have been included in the denominator for the purpose of computing diluted earnings per share for all periods since the per share/unit amount is the same. Weighted average exchangeable Operating Partnership units outstanding (in thousands) were 1,859 and 1,900 for the three months ended September 30, 2013 and 2012, respectively and were 1,882 and 1,973 for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
-2 | The increase in shares/units between the periods is due to an equity offering in April 2013. See Note 8 for more information. | ||||||||||||||||
-3 | Total weighted average potentially dilutive stock awards and warrants outstanding (in thousands) were 14,133 and 9,633 for the three months ended September 30, 2013 and 2012, respectively, and 14,070 and 9,824 for the nine months ended September 30, 2013 and 2012, respectively. Total weighted average potentially dilutive shares/units from exchangeable debt outstanding (in thousands) were 11,879 for all periods presented. Total weighted average potentially dilutive limited partnership units outstanding (in thousands) were 1,950 and 1,285 for the three months ended September 30, 2013 and 2012, respectively and 1,426 and 1,287 for the nine months ended September 30, 2013 and 2012, respectively. |
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Financial Instruments and Fair Value Measurements | ' | ||||||||||||||||||||||||
12 | Financial Instruments and Fair Value Measurements | ||||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||||
In the normal course of business, our operations are exposed to global market risks, including the effect of changes in foreign currency exchange rates and interest rates. To manage these risks, we may enter into various derivative contracts. Foreign currency contracts, including forwards and options, may be used to manage foreign currency exposure. We may use interest rate swaps to manage the effect of interest rate fluctuations. We do not use derivative financial instruments for trading or speculative purposes. The majority of our derivative financial instruments are customized derivative transactions and are not exchange-traded. Management reviews our hedging program, derivative positions, and overall risk management strategy on a regular basis. We only enter into transactions that we believe will be highly effective at offsetting the underlying risk. | |||||||||||||||||||||||||
Our use of derivatives does involve the risk that counterparties may default on a derivative contract. We establish exposure limits for each counterparty to minimize this risk and provide counterparty diversification. Substantially all of our derivative exposures are with counterparties that have long-term credit ratings of single-A or better. We enter into master agreements with counterparties that generally allow for netting of certain exposures; thereby significantly reducing the actual loss that would be incurred should a counterparty fail to perform its contractual obligations. To mitigate pre-settlement risk, minimum credit standards become more stringent as the duration of the derivative financial instrument increases. To minimize the concentration of credit risk, we enter into derivative transactions with a portfolio of financial institutions. Based on these factors, we consider the risk of counterparty default to be minimal. | |||||||||||||||||||||||||
All derivatives are recognized at fair value in the Consolidated Balance Sheets within the line items Other Assets or Accounts Payable and Accrued Expenses, as applicable. We do not net our derivative position by counterparty for purposes of balance sheet presentation and disclosure. Derivatives can be designated as fair value hedges, cash flow hedges or hedges of net investments in foreign operations. The accounting for gains and losses that result from changes in the fair values of derivative instruments depends on whether the derivatives are designated as, and qualify as, hedging instruments. | |||||||||||||||||||||||||
For derivatives that will be accounted for as hedging instruments in accordance with the accounting standards, at inception of the transaction, we formally designate and document: the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. In addition, we formally assess both at inception and at least quarterly thereafter, whether the derivatives used in hedging transactions are effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. The ineffective portion of a derivative financial instrument’s change in fair value, if any, is immediately recognized in earnings. Derivatives not designated as hedges are not speculative and are used to manage our exposure to foreign currency fluctuations but do not meet the strict hedge accounting requirements. | |||||||||||||||||||||||||
Changes in the fair value of derivatives that are designated and qualify as cash flow hedges and hedges of net investments in foreign operations are recorded in Accumulated Other Comprehensive Loss in the Consolidated Balance Sheets. Due to the high degree of effectiveness between the hedging instruments and the underlying exposures hedged, fluctuations in the value of the derivative instruments will generally be offset by changes in the fair values or cash flows of the underlying exposures being hedged. The changes in fair values of derivatives that were not designated and/or did not qualify as hedging instruments are immediately recognized in earnings. For cash flow hedges, we reclassify changes in the fair value of derivatives into the applicable line item in the Consolidated Statements of Operations in which the hedged items are recorded in the same period that the underlying hedged items affect earnings. | |||||||||||||||||||||||||
Our co-investment ventures may also enter into derivative contracts. As we act as the manager of these ventures, our ventures use the same risk mitigation and exposure limits related to counterparties. In addition, these ventures primarily follow the same hedging strategy as Prologis. For our consolidated co-investment ventures, the accounting treatment is as described in this footnote. For our unconsolidated co-investment ventures, we record our proportionate share of any earnings impact in Earnings from Unconsolidated Entities, Net in the Consolidated Statements of Operations. In addition, for derivatives in our unconsolidated ventures that have been designated and qualify as hedging instruments, we record our proportionate share of the effective gain or loss as a component of Accumulated Other Comprehensive Loss in the Consolidated Balance Sheets. In both circumstances, we record the offsetting amount as Investments in and Advances to Unconsolidated Entities in the Consolidated Balance Sheets. | |||||||||||||||||||||||||
Foreign currency hedges | |||||||||||||||||||||||||
We hedge the net assets of certain international subsidiaries (net investment hedges) using foreign currency derivative contracts to offset the translation and economic exposures related to our investments in these subsidiaries by locking in a forward exchange rate at the inception of the hedge. We measure the effectiveness of our net investment hedges by using the changes in forward exchange rates because this method reflects our risk management strategies, the economics of those strategies in our financial statements and better manages interest rate differentials between different countries. Under this method, all changes in fair value of the forward currency derivative contracts designated as net investment hedges are reported in equity in the foreign currency translation component of Accumulated Other Comprehensive Loss and offsets translation adjustments on the underlying net assets of foreign subsidiaries and affiliates, which are also recorded in Accumulated Other Comprehensive Loss. Ineffectiveness, if any, is recognized in earnings. | |||||||||||||||||||||||||
In 2013, we entered into seven foreign currency contracts that expire in June 2017 and June 2018 with an aggregate notional amount of €599.9 million ($800.0 million using the weighted average forward rate of 1.33) to hedge a portion of our investment in Europe at a fixed euro rate in U.S. dollars. We also entered into three foreign currency contracts that expire in June 2018 with an aggregate notional amount of ¥24.1 billion ($250.0 million using the weighted average forward rate of 96.54) to hedge a portion of our investment in Japan at a fixed yen rate in U.S. dollars. Pursuant to these contracts, we will sell either euro or yen and buy U.S. dollars at the forward rate upon maturity. In addition, we will receive quarterly payments in U.S. dollars at a predetermined rate with no corresponding payments by us. These derivatives were designated and qualify as hedging instruments and, therefore, the changes in fair value of these derivatives were recorded in the foreign currency translation component of Accumulated Other Comprehensive Loss in the Consolidated Balance Sheets. | |||||||||||||||||||||||||
In the fourth quarter of 2012, we entered into foreign currency contracts that expired in April and May 2013. These contracts were designated and qualified as hedging instruments. During 2013, we settled these contracts with a combined notional amount of $1.3 billion. As a result of these settlements, we have realized a gain of $4.3 million, in Other Comprehensive Income (Loss) in the Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2013, respectively. | |||||||||||||||||||||||||
We had $4.3 million recorded in Other Assets at September 30, 2013, and $15.6 million and $17.5 million recorded in Accounts Payable and Accrued Expenses at September 30, 2013 and December 31, 2012, respectively, in the Consolidated Balance Sheets relating to the fair value of our net investment hedges. Amounts included in Accumulated Other Comprehensive Loss in the Consolidated Balance Sheets at September 30, 2013 and December 31, 2012, were losses of $2.3 million and $17.5 million, respectively. None of our net investment hedges were ineffective during the three and nine months ended September 30, 2013, therefore, there was no impact on earnings. For the three and nine months ended September, 30, 2013, we recorded losses of $21.7 million and gains of $12.6 million, respectively, in Other Comprehensive Income (Loss) in the Consolidated Statements of Comprehensive Income due to the change in fair value of our net investment hedges. | |||||||||||||||||||||||||
Interest rate hedges | |||||||||||||||||||||||||
Our interest rate risk management strategy is to limit the impact of future interest rate changes on earnings and cash flows as well as to stabilize interest expense and manage our exposure to interest rate movements. To achieve this objective, we may enter into interest rate swap agreements, which allow us to borrow on a fixed rate basis for longer-term debt issuances, or interest rate cap agreements, which allow us to minimize the impact of increases in interest rates. We typically designate our interest rate swap and interest rate cap agreements as cash flow hedges as these derivative instruments may be used to manage the interest rate risk on potential future debt issuances or to fix the interest rate on variable rate debt issuances. The maximum length of time that we hedge our exposure to future cash flows is typically less than 10 years. We use cash flow hedges to minimize the variability in cash flows of assets, liabilities or forecasted transactions caused by fluctuations in interest rates. | |||||||||||||||||||||||||
We have entered into interest rate swap agreements that allow us to receive variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of our agreements without the exchange of the underlying notional amount. We had two interest rate swap contracts, including one contract denominated in euro and one contract denominated in U.S. dollar, outstanding at September 30, 2013. We had $6.2 million and $28.0 million accrued in Accounts Payable and Accrued Expenses in the Consolidated Balance Sheets relating to our unsettled derivative contracts at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||
The effective portion of the gain or loss on the derivative is reported as a component of Accumulated Other Comprehensive Loss in the Consolidated Balance Sheets, and reclassified to Interest Expense in the Consolidated Statements of Operations over the corresponding period of the hedged item. The amounts reclassified to interest expense for the three and nine months ended September 30, 2013 were not considered significant. The amounts reclassified to interest expense for the three and nine months ended September 30, 2012 were $3.6 million and $9.4 million, respectively. For the next twelve months from September 30, 2013, we estimate that an additional expense of $1.2 million will be reclassified into interest expense. Amounts included in Accumulated Other Comprehensive Loss in the Consolidated Balance Sheets at September 30, 2013 and December 31, 2012, were a losses of $14.8 million and $33.8 million, respectively. For the three and nine months ended September 30, 2013, we recorded gains of $2.6 million and $14.1 million, respectively, and for the three and nine months ended September 30, 2012, we recorded losses of $8.7 million and $9.8 million, respectively, in Other Comprehensive Income (Loss) in the Consolidated Statements of Comprehensive Income due to the change in fair value of these derivatives. To the extent the hedged debt is paid off early, the amounts in Accumulated Other Comprehensive Loss are recognized as Gains (Losses) on Early Extinguishment of Debt, Net in the Consolidated Statements of Operations. | |||||||||||||||||||||||||
Losses on a derivative representing hedge ineffectiveness are recognized in Interest Expense at the time the ineffectiveness occurred. Losses due to hedge ineffectiveness were not considered material during the three and nine months ended September 30, 2013. We recorded losses of $0.6 million and $3.1 million during the three and nine months ended September 30, 2012, respectively. | |||||||||||||||||||||||||
The following table summarizes the activity in our derivative instruments (in millions) for the nine months ended September 30, 2013: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Foreign | Interest | Interest | Foreign | Interest | Interest | ||||||||||||||||||||
Currency | Rate | Rate | Currency | Rate | Rate | ||||||||||||||||||||
Contracts | Swaps (1) | Caps | Forwards | Swaps | Caps | ||||||||||||||||||||
Notional amounts at January 1 | $ | 1,303.80 | $ | 1,314.80 | $ | — | $ | — | $ | 1,496.50 | $ | — | |||||||||||||
New contracts | 1,050.00 | — | — | — | 444.2 | — | |||||||||||||||||||
Acquired contracts (2) | — | — | — | — | 71 | — | |||||||||||||||||||
Matured or expired contracts | (1,303.8 | ) | (1,230.2 | ) | — | — | (460.0 | ) | — | ||||||||||||||||
Notional amounts at September 30 | $ | 1,050.00 | $ | 84.6 | $ | — | $ | — | $ | 1,551.70 | $ | — | |||||||||||||
-1 | During the nine months ended September 30, 2013, we settled 12 contracts with a notional value of $319.9 million, and contributed 13 contracts with a notional value of $383.9 million related to the transfer of assets to the newly formed PELP co-investment venture. We also settled five contracts in Japan with a notional value of $526.4 million in connection with the contributions of properties to NPR. | ||||||||||||||||||||||||
-2 | During the nine months ended September 30, 2012, we acquired one interest rate swap contract with a notional amount of $71.0 million in connection with the acquisition of our interest in NAIF II. | ||||||||||||||||||||||||
In connection with the contributions to NPR, we reclassified a loss related to interest rate swaps of $7.8 million during the first quarter of 2013 from Accumulated Other Comprehensive Loss in the Consolidated Balance Sheets to Gains (Losses) on Early Extinguishment of Debt, Net in the Consolidated Statements of Operations. | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
We have estimated the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that we would realize upon disposition. | |||||||||||||||||||||||||
Fair Value Measurements on a Recurring and Non-Recurring Basis | |||||||||||||||||||||||||
At September 30, 2013, other than the derivatives discussed above and in Note 6, we do not have any significant financial assets or financial liabilities that are measured at fair value on a recurring basis in the Consolidated Financial Statements. | |||||||||||||||||||||||||
Assets measured at fair value on a non-recurring basis in the Consolidated Financial Statements consist of real estate assets and investments in and advances to unconsolidated entities that were subject to impairment charges. There were no assets that met this criteria at September 30, 2013. | |||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, our carrying amounts of certain financial instruments, including cash and cash equivalents, restricted cash, accounts and notes receivable, accounts payable, and accrued expenses were representative of their fair values due to the short-term nature of these instruments. | |||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, the fair value of our derivative instruments were determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The fair values of our interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts or payments and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates, or forward curves, derived from observable market interest rate curves. The fair values of our net investment hedges are based upon the change in the spot rate at the end of the period as compared to the strike price at inception. | |||||||||||||||||||||||||
We incorporate credit valuation adjustments to appropriately reflect both our nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. | |||||||||||||||||||||||||
We have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy. Although the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. | |||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, the fair value of our senior notes and exchangeable senior notes has been estimated based upon quoted market prices for the same (Level 1) or similar (Level 2) issues when current quoted market prices are available, the fair value of our Credit Facilities has been estimated by discounting the future cash flows using rates and borrowing spreads currently available to us (Level 3), and the fair value of our secured mortgage debt and assessment bonds that do not have current quoted market prices available has been estimated by discounting the future cash flows using rates currently available to us for debt with similar terms and maturities (Level 3). The differences in the fair value of our debt from the carrying value in the table below are the result of differences in interest rates and/or borrowing spreads that were available to us at September 30, 2013 and December 31, 2012, as compared with those in effect when the debt was issued or acquired. The senior notes and many of the issues of secured mortgage debt contain pre-payment penalties or yield maintenance provisions that could make the cost of refinancing the debt at lower rates exceed the benefit that would be derived from doing so. | |||||||||||||||||||||||||
The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||
Debt: | |||||||||||||||||||||||||
Credit Facilities | $ | 992,776 | $ | 993,310 | $ | 888,966 | $ | 893,577 | |||||||||||||||||
Senior notes | 4,980,625 | 5,415,442 | 5,223,136 | 5,867,124 | |||||||||||||||||||||
Exchangeable senior notes | 397,481 | 525,958 | 876,884 | 1,007,236 | |||||||||||||||||||||
Secured mortgage debt | 1,772,342 | 1,922,436 | 3,625,908 | 3,765,556 | |||||||||||||||||||||
Secured mortgage debt of consolidated entities | 296,783 | 304,063 | 450,923 | 455,880 | |||||||||||||||||||||
Other debt of consolidated entities | 4,345 | 4,345 | 67,749 | 68,751 | |||||||||||||||||||||
Other debt | 674,965 | 685,293 | 657,228 | 660,951 | |||||||||||||||||||||
Total debt | $ | 9,119,317 | $ | 9,850,847 | $ | 11,790,794 | $ | 12,719,075 | |||||||||||||||||
Business_Segments
Business Segments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Business Segments | ' | ||||||||||||||||
13 | Business Segments | ||||||||||||||||
Our current business strategy includes two operating segments: Real Estate Operations and Investment Management. We generate revenues, earnings, net operating income and cash flows through our segments, as follows: | |||||||||||||||||
• | Real Estate Operations. This represents the direct long-term ownership of industrial operating properties and is the primary source of our core revenue and earnings. We collect rent from our customers under operating leases, including reimbursements for the vast majority of our operating costs. Each operating property is considered to be an individual operating segment having similar economic characteristics that are combined within the reportable segment based upon geographic location. Our Real Estate Operations segment also includes development and re-development activities. We develop and re-develop industrial properties primarily in global and regional markets to meet our customers’ needs. We provide additional value creation by utilizing: (i) the land that we currently own in global and regional markets; (ii) the development expertise of our local personnel; (iii) our global customer relationships; and (iv) the demand for high quality distribution facilities in key markets. Land held for development, properties currently under development and land we own and lease to customers under ground leases are also included in this segment. | ||||||||||||||||
We own real estate in the Americas (Canada, Mexico and the United States), Europe (Austria, Belgium, the Czech Republic, France, Germany, Hungary, Italy, the Netherlands, Poland, Romania, Slovakia, Spain, Sweden and the United Kingdom) and Asia (China, Japan and Singapore). | |||||||||||||||||
• | Investment Management. This represents the long-term management of unconsolidated co-investment ventures and other joint ventures. We have direct and long-standing relationships with a significant number of institutional investors. We tailor industrial portfolios to investors’ specific needs and deploy capital in both close-ended and open-ended venture structures and other joint ventures, while providing complete portfolio management and financial reporting services. We recognize fees and incentives earned for services performed on behalf of the unconsolidated entities and certain third parties. | ||||||||||||||||
We report the costs associated with our Investment Management segment for all periods presented in the line item Investment Management Expenses in the Consolidated Statements of Operations. These costs include the direct expenses associated with the asset management of the co-investment ventures provided by individuals who are assigned to our Investment Management segment. In addition, in order to achieve efficiencies and economies of scale, all of our property management functions are provided by a team of professionals who are assigned to our Real Estate Operations segment. These individuals perform the property-level management of the properties in our owned and managed portfolio, including properties we consolidate and the properties we manage that are owned by the unconsolidated entities. We allocate the costs of our property management function to the properties we consolidate (reported in Rental Expenses in the Consolidated Statements of Operations) and the properties owned by the unconsolidated entities (included in Investment Management Expenses in the Consolidated Statements of Operations), by using the square feet owned by the respective portfolios. We are further reimbursed by the co-investment ventures for certain expenses associated with managing these co-investment ventures. | |||||||||||||||||
Each entity we manage is considered to be an individual operating segment having similar economic characteristics that are combined within the reportable segment based upon geographic location. Our operations in the Investment Management segment are in the Americas (Brazil, Canada, Mexico and the United States), Europe (Belgium, the Czech Republic, France, Germany, Hungary, Italy, the Netherlands, Poland, Slovakia, Spain, Sweden and the United Kingdom) and Asia (China and Japan). | |||||||||||||||||
We present the operations and net gains associated with properties sold to third parties or classified as held for sale as discontinued operations, which results in the restatement of prior year operating results to exclude the items presented as discontinued operations. | |||||||||||||||||
Reconciliations are presented below for: (i) each reportable business segment’s revenue from external customers to Total Revenues in the Consolidated Statements of Operations; (ii) each reportable business segment’s net operating income from external customers to Earnings (Loss) before Income Taxes in the Consolidated Statements of Operations; and (iii) each reportable business segment’s assets to Total Assets in the Consolidated Balance Sheets. Our chief operating decision makers rely primarily on net operating income and similar measures to make decisions about allocating resources and assessing segment performance. The applicable components of Total Revenues, Earnings (Loss) before Income Taxes and Total Assets are allocated to each reportable business segment’s revenues, net operating income and assets. Items that are not directly assignable to a segment, such as certain corporate income and expenses, are reflected as reconciling items. The following reconciliations are presented in thousands: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues: | |||||||||||||||||
Real estate operations: | |||||||||||||||||
Americas | $ | 328,702 | $ | 303,465 | $ | 961,042 | $ | 883,758 | |||||||||
Europe | 26,199 | 104,804 | 154,961 | 326,120 | |||||||||||||
Asia | 26,962 | 59,479 | 92,172 | 168,688 | |||||||||||||
Total Real Estate Operations segment | 381,863 | 467,748 | 1,208,175 | 1,378,566 | |||||||||||||
Investment management: | |||||||||||||||||
Americas | 18,357 | 16,934 | 49,972 | 51,758 | |||||||||||||
Europe | 20,037 | 9,537 | 44,504 | 28,000 | |||||||||||||
Asia | 9,928 | 5,243 | 31,089 | 15,306 | |||||||||||||
Total Investment Management segment | 48,322 | 31,714 | 125,565 | 95,064 | |||||||||||||
Total revenues | $ | 430,185 | $ | 499,462 | $ | 1,333,740 | $ | 1,473,630 | |||||||||
Net operating income: | |||||||||||||||||
Real estate operations: | |||||||||||||||||
Americas | $ | 228,688 | $ | 210,004 | $ | 666,768 | $ | 614,594 | |||||||||
Europe | 18,625 | 79,103 | 104,324 | 246,158 | |||||||||||||
Asia | 19,268 | 46,630 | 66,317 | 131,388 | |||||||||||||
Total Real Estate Operations segment | 266,581 | 335,737 | 837,409 | 992,140 | |||||||||||||
Investment management: | |||||||||||||||||
Americas | 5,578 | 7,581 | 8,822 | 23,326 | |||||||||||||
Europe | 14,115 | 5,762 | 28,516 | 16,564 | |||||||||||||
Asia | 6,606 | 2,641 | 21,289 | 7,488 | |||||||||||||
Total Investment Management segment | 26,299 | 15,984 | 58,627 | 47,378 | |||||||||||||
Total segment net operating income | 292,880 | 351,721 | 896,036 | 1,039,518 | |||||||||||||
Reconciling items: | |||||||||||||||||
General and administrative expenses | (55,034 | ) | (55,886 | ) | (166,140 | ) | (167,460 | ) | |||||||||
Depreciation and amortization | (158,889 | ) | (190,148 | ) | (492,690 | ) | (547,036 | ) | |||||||||
Merger, acquisition and other integration expenses | — | (20,659 | ) | — | (52,573 | ) | |||||||||||
Impairment of real estate properties | — | (9,778 | ) | — | (12,963 | ) | |||||||||||
Earnings from unconsolidated entities, net | 26,365 | 2,563 | 59,554 | 20,447 | |||||||||||||
Interest expense | (84,885 | ) | (122,817 | ) | (292,383 | ) | (383,369 | ) | |||||||||
Interest and other income, net | 5,653 | 8,758 | 21,772 | 19,771 | |||||||||||||
Gains on acquisitions and dispositions of investments in real estate, net | 46,074 | 12,677 | 445,954 | 280,968 | |||||||||||||
Foreign currency and derivative gains (losses), net | 6,875 | (5,908 | ) | 15 | (19,930 | ) | |||||||||||
Gains (losses) on early extinguishment of debt, net | (114,196 | ) | — | (164,155 | ) | 4,919 | |||||||||||
Impairment of other assets | — | — | — | (16,135 | ) | ||||||||||||
Total reconciling items | (328,037 | ) | (381,198 | ) | (588,073 | ) | (873,361 | ) | |||||||||
Earnings (loss) before income taxes | $ | (35,157 | ) | $ | (29,477 | ) | $ | 307,963 | $ | 166,157 | |||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Assets: | |||||||||||||||||
Real estate operations: | |||||||||||||||||
Americas | $ | 15,885,306 | $ | 15,304,053 | |||||||||||||
Europe | 2,160,506 | 5,738,257 | |||||||||||||||
Asia | 1,926,527 | 3,476,996 | |||||||||||||||
Total Real Estate Operations segment | 19,972,339 | 24,519,306 | |||||||||||||||
Investment management (1): | |||||||||||||||||
Americas | 23,280 | 24,373 | |||||||||||||||
Europe | 60,089 | 61,266 | |||||||||||||||
Asia | 4,138 | 6,108 | |||||||||||||||
Total Investment Management segment | 87,507 | 91,747 | |||||||||||||||
Total segment assets | 20,059,846 | 24,611,053 | |||||||||||||||
Reconciling items: | |||||||||||||||||
Investments in and advances to other unconsolidated entities | 4,210,305 | 2,195,782 | |||||||||||||||
Notes receivable backed by real estate | 189,663 | 188,000 | |||||||||||||||
Assets held for sale | 3,958 | 26,027 | |||||||||||||||
Cash and cash equivalents | 121,693 | 100,810 | |||||||||||||||
Other assets | 204,078 | 188,473 | |||||||||||||||
Total reconciling items | 4,729,697 | 2,699,092 | |||||||||||||||
Total assets | $ | 24,789,543 | $ | 27,310,145 | |||||||||||||
-1 | Represents management contracts recorded in connection with business combinations and goodwill associated with the Investment Management segment. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Supplemental Cash Flow Elements [Abstract] | ' | |||
Supplemental Cash Flow Information | ' | |||
14 | Supplemental Cash Flow Information | |||
Non-cash investing and financing activities for the nine months ended September 30, 2013 and 2012, are as follows: | ||||
• | As partial consideration for properties we contributed to PELP during the first quarter of 2013, we received ownership interests of $1.3 billion, representing a 50% ownership interest, and PELP assumed $353.2 million of secured debt. | |||
• | During the nine months ended September 30, 2013 and 2012, we received $19.5 million and $2.5 million, respectively, of ownership interests in certain unconsolidated co-investment ventures as a portion of our proceeds from the contribution of properties to these entities. | |||
• | During the nine months ended September 30, 2013 and 2012, we capitalized portions of the total cost of our stock-based compensation awards of $12.5 million and $6.3 million, respectively, to the investment basis of our real estate or other assets. | |||
• | See Note 2 for discussion on the acquisition of our unconsolidated co-investment ventures in 2013 and 2012. | |||
The amount of interest paid in cash, net of amounts capitalized, for the nine months ended September 30, 2013 and 2012, was $308.9 million and $377.3 million, respectively. | ||||
During the nine months ended September 30, 2013 and 2012, cash paid for income taxes, net of refunds, was $80.3 million and $27.7 million, respectively. |
General_Policies
General (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Business | ' |
Business. Prologis, Inc. (the “REIT”) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, and believes the current organization and method of operation will enable the REIT to maintain its status as a real estate investment trust. The REIT is the general partner of Prologis, L.P. (the “Operating Partnership”). Through the REIT’s controlling interest in the Operating Partnership, we are engaged in the ownership, acquisition, development and operation of industrial properties primarily in global and regional markets throughout the Americas, Europe and Asia. Our current business strategy includes two reportable business segments: Real Estate Operations and Investment Management. Our Real Estate Operations segment represents the long-term ownership of industrial properties. Our Investment Management segment (previously referred to as Private Capital) represents the long-term management of co-investment ventures and other unconsolidated entities. See Note 13 for further discussion of our business segments. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the REIT and the Operating Partnership. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the REIT and Operating Partnership collectively. | |
As of September 30, 2013, the REIT owned an approximate 99.63% common general partnership interest in the Operating Partnership, and 100% of the preferred units. The remaining approximate 0.37% common limited partnership interests are owned by non-affiliated investors and certain current and former directors and officers of the REIT. As the sole general partner of the Operating Partnership, the REIT has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. We operate the REIT and the Operating Partnership as one enterprise. The management of the REIT consists of the same members as the management of the Operating Partnership. These members are officers of the REIT and employees of the Operating Partnership or one of its direct or indirect subsidiaries. As general partner with control of the Operating Partnership, the REIT consolidates the Operating Partnership for financial reporting purposes, and the REIT does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the REIT and the Operating Partnership are the same on their respective financial statements. | |
Basis of Presentation | ' |
Basis of Presentation. The accompanying consolidated financial statements, presented in the U.S. dollar, are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the financial statements and revenue and expenses during the reporting period. Our actual results could differ from those estimates and assumptions. All material 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 footnote disclosures normally included in 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 REIT and the Operating Partnership 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 the December 31, 2012 Consolidated Financial Statements of Prologis, as previously filed with the SEC on Form 10-K and other public information. | |
Certain amounts included in the accompanying Consolidated Financial Statements for 2012 have been reclassified to conform to the 2013 financial statement presentation. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements. In March 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update on the accounting for currency translation adjustment (“CTA”) when a parent sells or transfers part of its ownership interest in a foreign subsidiary. When a company sells a subsidiary or group of assets that constitute a business while maintaining ownership of the foreign entity in which those assets or subsidiary reside, a complete or substantially complete liquidation of the foreign entity is required in order for a parent entity to release CTA to earnings. However, for a company that sells all or part of its ownership interest in a foreign entity, CTA is released upon the loss of a controlling financial interest in a consolidated foreign entity or partial sale of an equity method investment in a foreign entity. For step acquisitions, the CTA associated with the previous equity-method investment is fully released when control is obtained and consolidation occurs. The guidance is effective for us on January 1, 2014, and we do not expect the guidance to have a material impact on the Consolidated Financial Statements. | |
In February 2013, the FASB issued an accounting standard update that requires disclosure of the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income. The new guidance was effective for us on January 1, 2013 for annual and interim periods. We adopted this standard as of January 1, 2013, and it did not have a material impact on the Consolidated Financial Statements. | |
In December 2011, the FASB issued an accounting standard update that requires disclosures about offsetting and related arrangements to enable financial statement users to evaluate the effect or potential effect of netting arrangements on an entity’s financial position, including rights of setoff associated with certain financial instruments and derivative instruments. In January 2013, the FASB clarified that the guidance applies only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria under GAAP or subject to a master netting arrangement or similar agreement. We adopted this standard as of January 1, 2013, and it did not have a material impact on the Consolidated Financial Statements. | |
In December 2011, the FASB issued an accounting standard update to clarify the scope of current GAAP. The update clarifies that the real estate sales guidance applies to the derecognition of in-substance real estate as a result of default on the subsidiary’s nonrecourse debt. That is, even if the reporting entity ceases to have a controlling financial interest under the consolidation guidance, the reporting entity would continue to include the real estate, debt, and the results of the subsidiary’s operations in its consolidated financial statements until legal title to the real estate is transferred to legally satisfy the debt. We adopted this standard as of January 1, 2013, and it did not have any impact on the Consolidated Financial Statements. |
Real_Estate_Tables
Real Estate (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Real Estate [Abstract] | ' | ||||||||
Real Estate Assets | ' | ||||||||
Investments in real estate properties are presented at cost, and consisted of the following (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Industrial operating properties (1): | |||||||||
Improved land | $ | 4,311,193 | $ | 5,317,123 | |||||
Buildings and improvements | 14,093,704 | 17,291,125 | |||||||
Development portfolio, including cost of land (2) | 1,084,959 | 951,643 | |||||||
Land (3) | 1,643,055 | 1,794,364 | |||||||
Other real estate investments (4) | 466,997 | 454,868 | |||||||
Total investments in real estate properties | 21,599,908 | 25,809,123 | |||||||
Less accumulated depreciation | 2,540,370 | 2,480,660 | |||||||
Net investments in properties | $ | 19,059,538 | $ | 23,328,463 | |||||
-1 | At September 30, 2013 and December 31, 2012, we had 1,650 and 1,853 industrial properties consisting of 268.5 million square feet and 316.3 million square feet, respectively. In 2013, in connection with our two new ventures in Japan and Europe, we contributed 207 properties with a net carrying value of $4.6 billion, consisting of 58.3 million square feet for gross proceeds of $4.9 billion. At September 30, 2013, we had 30 properties aggregating 9.9 million square feet with an estimated value of $713.1 million that were acquired in connection with the wind down of Prologis Japan Fund 1 in June 2013 and the NAIF III acquisition in August 2013. See Notes 2 and 4 for further discussion on these transactions. | ||||||||
-2 | At September 30, 2013, the development portfolio consisted of 32 properties aggregating 15.1 million square feet under development with estimated completion dates primarily in 2013 and 2014 and 14 properties aggregating 6.3 million square feet of pre-stabilized completed properties. At December 31, 2012, the development portfolio consisted of 30 properties aggregating 13.2 million square feet that were under development and 15 properties aggregating 4.8 million square feet that were pre-stabilized completed properties. | ||||||||
-3 | Land consisted of 10,217 acres and 10,915 acres at September 30, 2013 and December 31, 2012, respectively, and included land parcels that we may develop or sell depending on market conditions and other factors. | ||||||||
-4 | Included in other investments were: (i) certain non-industrial real estate; (ii) our corporate office buildings; (iii) land parcels that are ground leased to third parties; (iv) certain infrastructure costs related to projects we are developing on behalf of others; (v) costs related to future development projects, including purchase options on land; (vi) restricted funds that are held in escrow pending the completion of tax-deferred exchange transactions involving operating properties; and (vii) earnest money deposits associated with potential acquisitions. |
Unconsolidated_Entities_Tables
Unconsolidated Entities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||||||
Summary of Investments | ' | ||||||||||||||||
Our investments in and advances to our unconsolidated entities are summarized below (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unconsolidated co-investment ventures | $ | 4,035,790 | $ | 2,013,080 | |||||||||||||
Other joint ventures | 174,515 | 182,702 | |||||||||||||||
Totals | $ | 4,210,305 | $ | 2,195,782 | |||||||||||||
Earnings on Investment in Co-Investment Ventures | ' | ||||||||||||||||
Summarized information regarding our investments in the co-investment ventures is as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Earnings (loss) from unconsolidated co-investment ventures: | |||||||||||||||||
Americas (1) | $ | 1,664 | $ | (3,912 | ) | $ | 15,058 | $ | (8,378 | ) | |||||||
Europe (2) | 20,005 | 5,858 | 36,308 | 21,027 | |||||||||||||
Asia (3) | 4,100 | 432 | 6,569 | 2,640 | |||||||||||||
Total earnings from unconsolidated co-investment ventures, net | $ | 25,769 | $ | 2,378 | $ | 57,935 | $ | 15,289 | |||||||||
Investment management and other income: | |||||||||||||||||
Americas | $ | 17,512 | $ | 16,937 | $ | 48,407 | $ | 50,541 | |||||||||
Europe (2) | 20,037 | 9,546 | 44,504 | 28,008 | |||||||||||||
Asia (3) | 9,840 | 5,131 | 30,821 | 14,973 | |||||||||||||
Total investment management income | 47,389 | 31,614 | 123,732 | 93,522 | |||||||||||||
Development management and other income | 551 | 106 | 1,931 | 184 | |||||||||||||
Total | $ | 47,940 | $ | 31,720 | $ | 125,663 | $ | 93,706 | |||||||||
1) | During the three and nine months ended September 30, 2013, we recognized gains of $1.2 million and $10.0 million, respectively, representing our share of the gain from the sale of one and three properties, respectively, by the Prologis Brazil Logistics Partners Fund and related joint ventures (“Brazil Fund”). | ||||||||||||||||
2) | We launched PELP, which we account for under the equity method. Our proportionate share of its net earnings is included in 2013 from the date it commenced operations (see above for additional information). | ||||||||||||||||
3) | We launched NPR, which we account for under the equity method. Our proportionate share of its net earnings is included in 2013 from the date it commenced operations (see above for additional information). | ||||||||||||||||
Investments in Co-Investment Ventures by Region | ' | ||||||||||||||||
Information about our investments in the co-investment ventures is as follows (dollars in thousands): | |||||||||||||||||
Weighted Average Ownership | Investment in and Advances to | ||||||||||||||||
Percentage | |||||||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||||||
Unconsolidated co-investment ventures by region | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Americas | 23.5 | % | 23.2 | % | $ | 1,211,275 | $ | 1,111,831 | |||||||||
Europe (1) | 41.3 | % | 29.7 | % | 2,492,282 | 722,748 | |||||||||||
Asia (1) (2) | 15.1 | % | 19.2 | % | 332,233 | 178,501 | |||||||||||
Totals | 30.4 | % | 25.1 | % | $ | 4,035,790 | $ | 2,013,080 | |||||||||
-1 | As discussed above, the primary reason for the increase in our investments in and advances to our unconsolidated entities in Europe and Asia is due to PELP and NPR, respectively. | ||||||||||||||||
-2 | As discussed above, we completed the wind down of Prologis Japan Fund I in June 2013. | ||||||||||||||||
Summarized Financial Information of Co-Investment Ventures | ' | ||||||||||||||||
Summarized financial information of the co-investment ventures (for the entire entity, not our proportionate share) and our investment in such ventures is presented below (dollars in millions): | |||||||||||||||||
2013 | Americas | Europe | Asia | Total | |||||||||||||
For the three months ended September 30, 2013 (1): | |||||||||||||||||
Revenues | $ | 173.2 | $ | 215.3 | $ | 56.8 | $ | 445.3 | |||||||||
Net earnings (2) | $ | 9.1 | $ | 41.9 | $ | 15.7 | $ | 66.7 | |||||||||
For the nine months ended September 30, 2013 (1): | |||||||||||||||||
Revenues | $ | 538.4 | $ | 571.6 | $ | 160 | $ | 1,270.00 | |||||||||
Net earnings (2) | $ | 34.9 | $ | 77.8 | $ | 32.9 | $ | 145.6 | |||||||||
As of September 30, 2013 (1): | |||||||||||||||||
Total assets | $ | 8,433.40 | $ | 11,471.40 | $ | 3,477.30 | $ | 23,382.10 | |||||||||
Amounts due to us (3) | $ | 38.3 | $ | 44.8 | $ | 94.7 | $ | 177.8 | |||||||||
Third party debt (4) | $ | 3,277.20 | $ | 2,715.70 | $ | 1,441.80 | $ | 7,434.70 | |||||||||
Total liabilities | $ | 3,620.70 | $ | 4,409.70 | $ | 1,532.40 | $ | 9,562.80 | |||||||||
Noncontrolling interest | $ | 1.6 | $ | 10.7 | $ | — | $ | 12.3 | |||||||||
Venture partners’ equity | $ | 4,811.10 | $ | 7,051.00 | $ | 1,944.90 | $ | 13,807.00 | |||||||||
Our weighted average ownership (5) | 23.5 | % | 41.3 | % | 15.1 | % | 30.4 | % | |||||||||
Our investment balance (6) | $ | 1,211.30 | $ | 2,492.30 | $ | 332.2 | $ | 4,035.80 | |||||||||
Deferred gains, net of amortization (7) | $ | 141.1 | $ | 184.3 | $ | 69.5 | $ | 394.9 | |||||||||
2012 | Americas | Europe | Asia | Total | |||||||||||||
For the three months ended September 30, 2012: | |||||||||||||||||
Revenues | $ | 184.8 | $ | 115.5 | $ | 36 | $ | 336.3 | |||||||||
Net earnings (loss) | $ | (20.6 | ) | $ | 9.6 | $ | 4.2 | $ | (6.8 | ) | |||||||
For the nine months ended September 30, 2012 (1): | |||||||||||||||||
Revenues | $ | 581 | $ | 361.4 | $ | 105.8 | $ | 1,048.20 | |||||||||
Net earnings (loss) | $ | (66.5 | ) | $ | 49 | $ | 8.9 | $ | (8.6 | ) | |||||||
As of December 31, 2012: | |||||||||||||||||
Total assets | $ | 9,070.40 | $ | 6,605.20 | $ | 1,937.00 | $ | 17,612.60 | |||||||||
Amounts due to us (3) | $ | 31.9 | $ | 33.3 | $ | 7.7 | $ | 72.9 | |||||||||
Third party debt (4) | $ | 3,835.50 | $ | 2,384.20 | $ | 972.9 | $ | 7,192.60 | |||||||||
Total liabilities | $ | 4,170.40 | $ | 2,953.8 | $ | 1,062.50 | $ | 8,186.70 | |||||||||
Noncontrolling interest | $ | 1.4 | $ | 7.5 | $ | — | $ | 8.9 | |||||||||
Venture partners’ equity | $ | 4,898.60 | $ | 3,643.90 | $ | 874.5 | $ | 9,417.00 | |||||||||
Our weighted average ownership (5) | 23.2 | % | 29.7 | % | 19.2 | % | 25.1 | % | |||||||||
Our investment balance (6) | $ | 1,111.80 | $ | 722.8 | $ | 178.5 | $ | 2,013.10 | |||||||||
Deferred gains, net of amortization (7) | $ | 147.9 | $ | 181.6 | $ | 0.1 | $ | 329.6 | |||||||||
-1 | As discussed above and in Note 2, we have had significant activity with our unconsolidated co-investment ventures in 2012 and 2013. We concluded Prologis California and NAIF II in 2012 and NAIF III and the Prologis Japan Fund I in 2013 and only included the results of these ventures through the transaction dates. In 2013, we launched two new co-investment ventures (PELP and NPR) and the results of these ventures are included from the date these ventures acquired the properties. | ||||||||||||||||
-2 | During the three and nine months ended September 30, 2013, the Brazil Fund sold one and three buildings for a net gain of $2.9 million and $24.0 million, respectively. | ||||||||||||||||
-3 | As of September 30, 2013, we had receivables from PELP and Prologis Japan Fund I for the remaining sale proceeds of $34.8 million and $8.1 million, respectively, which we expect will be repaid by the end of the year. As of September 30, 2013 and December 31, 2012, we had a note receivable from SGP Mexico of $19.7 million. As discussed earlier, we acquired our partner’s interest in SGP Mexico on October 2, 2013 at which time the note receivable was settled. The remaining amounts generally represent current balances for services provided by us to the co-investment ventures. | ||||||||||||||||
-4 | As of September 30, 2013, we did not guarantee any third party debt of our co-investment ventures. As of December 31, 2012, we guaranteed $30.4 million of the third party debt of certain co-investment ventures. | ||||||||||||||||
-5 | Represents our weighted average ownership interest in all co-investment ventures based on each entity’s contribution to total assets, before depreciation, net of other liabilities. | ||||||||||||||||
-6 | The difference between our ownership interest of the venture’s equity and our investment balance results principally from three types of transactions: (i) deferring a portion of the gains we recognize from a contribution of one of our properties to the venture (see next subfootnote); (ii) recording additional costs associated with our investment in the venture; and (iii) advances to the venture. | ||||||||||||||||
-7 | This amount is recorded as a reduction to our investment and represents the gains that were deferred when we contributed a property to a venture due to our continuing ownership in the property. | ||||||||||||||||
Summary of Remaining Equity Commitments | ' | ||||||||||||||||
The following table is a summary of remaining equity commitments as of September 30, 2013 (in millions): | |||||||||||||||||
Equity commitments | Expiration date for remaining | ||||||||||||||||
commitments | |||||||||||||||||
Prologis Targeted U.S. Logistics Fund (1) | |||||||||||||||||
Prologis | $ | — | -1 | ||||||||||||||
Venture Partners | $ | 150 | |||||||||||||||
Prologis SGP Mexico (2) | |||||||||||||||||
Prologis | $ | 24.6 | -2 | ||||||||||||||
Venture Partner | $ | 98.1 | |||||||||||||||
Prologis European Properties Fund II (3) (4) | |||||||||||||||||
Prologis | $ | 23.4 | March 2015 | ||||||||||||||
Venture Partner | $ | 302.1 | |||||||||||||||
Europe Logistics Venture 1 (3) | |||||||||||||||||
Prologis | $ | 55.5 | February 2014 | ||||||||||||||
Venture Partner | $ | 314.5 | |||||||||||||||
Prologis European Logistics Partners (3) (5) | |||||||||||||||||
Prologis | $ | 193.3 | Jan-14 | ||||||||||||||
Venture Partner | $ | 193.3 | |||||||||||||||
Prologis China Logistics Venture 1 (6) | |||||||||||||||||
Prologis | $ | 63.2 | Mar-15 | ||||||||||||||
Venture Partner | $ | 358 | |||||||||||||||
Total | |||||||||||||||||
Prologis | $ | 360 | |||||||||||||||
Venture Partners | $ | 1,416.00 | |||||||||||||||
-1 | During the nine months ended September 30, 2013, equity commitments of $191.5 million were obtained from third party investors and we committed to contribute an additional $100.0 million. To fund the acquisition of properties during the third quarter, the venture called capital of $171.5 million, of which $71.5 million was from third parties and $100.0 million was from us, resulting in an increase of our ownership. In October 2013, the venture raised an additional $53.5 million from third party investors and called equity commitments of $101.8 million from third party investors to repay debt and fund the acquisition of properties. | ||||||||||||||||
-2 | As discussed above, we acquired our partner’s interest on October 2, 2013, and therefore have no remaining equity commitments after that date. | ||||||||||||||||
-3 | Equity commitments are denominated in euro and reported above in U.S. dollar. | ||||||||||||||||
-4 | During the nine months ended September 30, 2013, equity commitments of €325.0 million ($436.4 million) were obtained from new third party investors and we committed to contribute €125.0 million ($165.5 million). To meet the capital requirements of the venture, including the repayment of debt and contribution of properties by us, the venture called capital of €209.0 million ($276.3 million) of which €101.3 million ($134.3 million) was from third parties and €107.7 million ($142.1 million) was our share, increasing our ownership. | ||||||||||||||||
-5 | This venture was formed in March 2013 with an equity commitment of €2.4 billion ($3.1 billion), which included €1.2 billion ($1.6 billion) commitment from both our partner and us. As discussed above, in March we contributed 195 properties to this venture using the majority of the equity commitments. In June 2013, the venture obtained additional equity commitments of €138.0 million ($180.5 million) of which €69.0 million ($90.3 million) was our share. These commitments were called in July 2013 to fund the acquisition of properties from a third party. | ||||||||||||||||
-6 | Equity commitments of $36.0 million of which $5.4 million was our share were called during 2013 to fund development. | ||||||||||||||||
Other Joint Ventures, Investment in and Advances to by Region | ' | ||||||||||||||||
Our investments in and advances to these entities are as follows (in thousands): | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Americas | $ | 97,253 | $ | 106,655 | |||||||||||||
Europe | 50,166 | 48,503 | |||||||||||||||
Asia | 27,096 | 27,544 | |||||||||||||||
Total investments in and advances to other joint ventures | $ | 174,515 | $ | 182,702 | |||||||||||||
Assets_Held_for_Sale_and_Disco1
Assets Held for Sale and Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
Income Attributable to Discontinued Operations | ' | ||||||||||||||||
Discontinued operations are summarized as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Rental income and recoveries | $ | 801 | $ | 23,910 | $ | 8,602 | $ | 88,245 | |||||||||
Rental expenses | (575 | ) | (7,364 | ) | (3,368 | ) | (26,840 | ) | |||||||||
Depreciation and amortization | (353 | ) | (8,148 | ) | (3,394 | ) | (30,862 | ) | |||||||||
Interest expense | — | (344 | ) | (87 | ) | (1,281 | ) | ||||||||||
Income (loss) attributable to disposed properties and assets held for sale | (127 | ) | 8,054 | 1,753 | 29,262 | ||||||||||||
Net gains (losses) on dispositions, net of taxes | 40,297 | (4,049 | ) | 59,598 | 17,074 | ||||||||||||
Impairment Charges | — | (27,409 | ) | — | (27,409 | ) | |||||||||||
Total discontinued operations | $ | 40,170 | $ | (23,404 | ) | $ | 61,351 | $ | 18,927 | ||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Long-Term Debt Maturities | ' | ||||||||||||||||||||||||||||||||
Principal payments due on our debt, for the remainder of 2013 and for each of the years in the ten-year period ending December 31, 2022, and thereafter were as follows (in millions): | |||||||||||||||||||||||||||||||||
Prologis | |||||||||||||||||||||||||||||||||
Unsecured | Secured | Consolidated | Total | ||||||||||||||||||||||||||||||
Senior | Exchangeable | Credit | Other | Mortgage | Entities’ | Consolidated | |||||||||||||||||||||||||||
Maturity | Debt | Notes | Facilities | Debt | Debt | Total | Debt (1) | Debt | |||||||||||||||||||||||||
2013 (2) | $ | — | $ | — | $ | — | $ | — | $ | 48 | $ | 48 | $ | 30 | $ | 78 | |||||||||||||||||
2014 (2) | 574 | — | — | 659 | 291 | 1,524 | 27 | 1,551 | |||||||||||||||||||||||||
2015 | 175 | 460 | — | 1 | 164 | 800 | 25 | 825 | |||||||||||||||||||||||||
2016 | 641 | — | — | 1 | 310 | 952 | 126 | 1,078 | |||||||||||||||||||||||||
2017 | 700 | — | 850 | 1 | 229 | 1,780 | 4 | 1,784 | |||||||||||||||||||||||||
2018 | 862 | — | 142 | 1 | 113 | 1,118 | 74 | 1,192 | |||||||||||||||||||||||||
2019 | 693 | — | — | 1 | 294 | 988 | 2 | 990 | |||||||||||||||||||||||||
2020 | 444 | — | — | 1 | 9 | 454 | 2 | 456 | |||||||||||||||||||||||||
2021 | — | — | — | — | 137 | 137 | 2 | 139 | |||||||||||||||||||||||||
2022 | — | — | — | — | 7 | 7 | 3 | 10 | |||||||||||||||||||||||||
Thereafter | 850 | — | — | 10 | 137 | 997 | 6 | 1,003 | |||||||||||||||||||||||||
Subtotal | 4,939 | 460 | 992 | 675 | 1,739 | 8,805 | 301 | 9,106 | |||||||||||||||||||||||||
Unamortized premiums (discounts), net | 42 | (63 | ) | — | — | 33 | 12 | 1 | 13 | ||||||||||||||||||||||||
Total | $ | 4,981 | $ | 397 | $ | 992 | $ | 675 | $ | 1,772 | $ | 8,817 | $ | 302 | $ | 9,119 | |||||||||||||||||
-1 | Our consolidated entities have $13.7 million available to borrow under credit facilities. | ||||||||||||||||||||||||||||||||
-2 | We expect to use cash on hand to repay 2013 maturities of our wholly owned debt. Of the amounts maturing in 2014, we expect to refinance or repay these amounts with proceeds from asset sales, available cash and borrowings on our Credit Facilities. The maturities in 2013 of debt of our consolidated but not wholly owned subsidiaries includes $30.1 million of secured mortgage debt, which we expect to refinance or repay, through the issuance of new debt, with proceeds from asset sales, available cash or equity contributions to our consolidated entities by us and our venture partners. Included in other debt is a term loan that can be extended until 2017 (three times each at one year), subject to satisfaction of certain conditions and payment of an extension fee. |
Other_Liabilities_Tables
Other Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Schedule of Other Liabilities | ' | ||||||||
Other liabilities consisted of the following, net of amortization, if applicable, as of September 30, 2013 and December 31, 2012 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Tenant security deposits | $ | 192,114 | $ | 174,137 | |||||
Income tax liabilities | 168,876 | 463,102 | |||||||
Unearned rents | 72,648 | 115,020 | |||||||
Deferred income | 41,425 | 50,025 | |||||||
Value added taxes payable | 29,836 | 31,399 | |||||||
Lease intangible liabilities | 29,500 | 53,289 | |||||||
Environmental | 20,064 | 30,075 | |||||||
Other | 158,606 | 198,864 | |||||||
Total other liabilities | $ | 713,069 | $ | 1,115,911 | |||||
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||||||||||||||||||||||
Noncontrolling Interest Summary | ' | ||||||||||||||||||||||||||||||||
The following is a summary of the noncontrolling interest and the consolidated entity’s total investment in real estate and debt at September 30, 2013 and December 31, 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||
Our Ownership | Noncontrolling Interest | Total Investment In | Debt | ||||||||||||||||||||||||||||||
Percentage | Real Estate | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Partnerships with exchangeable units (1) | various | various | $ | 74,611 | $ | 44,476 | $ | 589,352 | $ | 826,605 | $ | — | $ | — | |||||||||||||||||||
Prologis Institutional Alliance Fund II (2) | N/A | 28.2 | % | — | 280,751 | — | 571,668 | — | 178,778 | ||||||||||||||||||||||||
Mexico Fondo Logistico (AFORES) (3) | 20 | % | 20 | % | 215,056 | 157,843 | 455,011 | 388,960 | 197,349 | 214,084 | |||||||||||||||||||||||
Brazil Fund (4) | 50 | % | 50 | % | 68,503 | 66,494 | — | — | — | — | |||||||||||||||||||||||
Prologis AMS | 38.5 | % | 38.5 | % | 63,005 | 59,631 | 145,102 | 160,649 | 44,861 | 63,749 | |||||||||||||||||||||||
Other consolidated entities | various | various | 38,722 | 43,930 | 379,472 | 404,825 | 59,086 | 62,061 | |||||||||||||||||||||||||
Operating Partnership noncontrolling interests | 459,897 | 653,125 | 1,568,937 | 2,352,707 | 301,296 | 518,672 | |||||||||||||||||||||||||||
Limited partners in the Operating Partnership (5) | 50,532 | 51,194 | — | — | — | — | |||||||||||||||||||||||||||
REIT noncontrolling interests | $ | 510,429 | $ | 704,319 | $ | 1,568,937 | $ | 2,352,707 | $ | 301,296 | $ | 518,672 | |||||||||||||||||||||
-1 | At September 30, 2013 and December 31, 2012, there were 1,949,501 and 1,173,571 limited partnership units, respectively, that were exchangeable into an equal number of shares of the REIT’s common stock. At September 30, 2013, this included the 804,734 units of one of our limited partnerships issued as part of the Prologis Institutional Alliance Fund II transaction. In the second quarter of 2013, 1,053 limited partnership units were redeemed for cash and the remaining limited partnership units of one of our limited partnerships were redeemed for 27,751 shares of common stock. All of these 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. | ||||||||||||||||||||||||||||||||
-2 | As disclosed above, we acquired our partners’ interest in June 2013. | ||||||||||||||||||||||||||||||||
-3 | In May 2013, we contributed land and five properties aggregating 0.7 million square feet to this entity for $52.1 million. As this entity is consolidated, we did not record a gain on this transaction. | ||||||||||||||||||||||||||||||||
-4 | We have a 50% ownership interest in and consolidate the Brazil Fund that in turn has investments in several joint ventures that are accounted for on the equity method. The Brazil Fund’s assets are primarily investments in unconsolidated entities of $139.6 million at September 30, 2013. For additional information on our unconsolidated investments, see Note 4. | ||||||||||||||||||||||||||||||||
-5 | At September 30, 2013 and December 31, 2012, there were 1,843,131 and 1,893,266 units respectively, that were associated with the limited partners in the Operating Partnership and were exchangeable into an equal number of shares of the REIT’s common stock. In the third quarter of 2013, 50,135 units were redeemed for cash. All of these outstanding limited partnership units receive quarterly cash distributions equal to the quarterly distributions paid on our common stock pursuant to the terms of the partnership agreement. |
LongTerm_Compensation_Tables
Long-Term Compensation (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
RSU and PSU Awards | ' | ||||||||||||
The activity for the nine months ended September 30, 2013, with respect to our stock options, was as follows: | |||||||||||||
Options Outstanding | |||||||||||||
Number of Options | Weighted Average | Options Exercisable | |||||||||||
Exercise Price | |||||||||||||
Balance at December 31, 2012 | 7,513,217 | ||||||||||||
Exercised | (755,264 | ) | |||||||||||
Forfeited / Expired | (322,925 | ) | |||||||||||
Balance at September 30, 2013 | 6,435,028 | $ | 36.04 | 6,290,114 | |||||||||
Non-Vested Share Options | ' | ||||||||||||
The activity for the nine months ended September 30, 2013, with respect to our unvested restricted stock, was as follows: | |||||||||||||
Number of | Weighted Average | ||||||||||||
Shares | Grant Date Fair | ||||||||||||
Value | |||||||||||||
Balance at December 31, 2012 | 687,277 | ||||||||||||
Vested | (352,727 | ) | |||||||||||
Forfeited | (18,326 | ) | |||||||||||
Balance at September 30, 2013 | 316,224 | $ | 34.01 | ||||||||||
RSU and PSA [Member] | ' | ||||||||||||
RSU and PSU Awards | ' | ||||||||||||
The activity for the nine months ended September 30, 2013, with respect to our RSU and PSA awards, was as follows: | |||||||||||||
Number of | Weighted Average | Number of | |||||||||||
Shares | Grant-Date Fair Value | Shares Vested | |||||||||||
Balance at December 31, 2012 | 1,999,348 | ||||||||||||
Granted | 1,288,457 | ||||||||||||
Vested | (828,158 | ) | |||||||||||
Forfeited | (67,010 | ) | |||||||||||
Balance at September 30, 2013 | 2,392,637 | $ | 36.88 | 79,306 | |||||||||
Earnings_Per_Common_Share_Unit1
Earnings Per Common Share / Unit (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Earnings Per Share Unit | ' | ||||||||||||||||
The following table sets forth the computation of our basic and diluted earnings per share/unit (in thousands, except per share/unit amounts): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
REIT | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net earnings (loss) attributable to common stockholders | $ | (7,534 | ) | $ | (46,526 | ) | $ | 256,365 | $ | 147,767 | |||||||
Noncontrolling interest attributable to exchangeable limited partnership units (1) | (48 | ) | (152 | ) | 1,446 | 935 | |||||||||||
Adjusted net earnings (loss) attributable to common stockholders | $ | (7,582 | ) | $ | (46,678 | ) | $ | 257,811 | $ | 148,702 | |||||||
Weighted average common shares outstanding - Basic (2) | 497,989 | 460,079 | 482,007 | 459,720 | |||||||||||||
Incremental weighted average effect on exchange of limited partnership units (1) | 1,859 | 1,900 | 3,099 | 3,260 | |||||||||||||
Incremental weighted average effect of stock awards and warrants | — | — | 3,303 | 1,958 | |||||||||||||
Weighted average common shares outstanding - Diluted (3) | 499,848 | 461,979 | 488,409 | 464,938 | |||||||||||||
Net earnings (loss) per share attributable to common stockholders - Basic and Diluted | $ | (0.02 | ) | $ | (0.10 | ) | $ | 0.53 | $ | 0.32 | |||||||
Operating Partnership | |||||||||||||||||
Net earnings (loss) attributable to common unitholders | $ | (7,582 | ) | $ | (46,678 | ) | $ | 257,374 | $ | 148,503 | |||||||
Noncontrolling interest attributable to exchangeable limited partnership units | — | — | 437 | 199 | |||||||||||||
Adjusted net earnings (loss) attributable to common unitholders | $ | (7,582 | ) | $ | (46,678 | ) | $ | 257,811 | $ | 148,702 | |||||||
Weighted average common partnership units outstanding - Basic (2) | 499,848 | 461,979 | 483,889 | 461,693 | |||||||||||||
Incremental weighted average effect on exchange of limited partnership units | — | — | 1,217 | 1,287 | |||||||||||||
Incremental weighted average effect of stock awards and warrants of the REIT | — | — | 3,303 | 1,958 | |||||||||||||
Weighted average common partnership units outstanding - Diluted (3) | 499,848 | 461,979 | 488,409 | 464,938 | |||||||||||||
Net earnings (loss) per unit attributable to common unitholders - Basic and Diluted | $ | (0.02 | ) | $ | (0.10 | ) | $ | 0.53 | $ | 0.32 | |||||||
-1 | Income (loss) allocated to the exchangeable Operating Partnership units not held by the REIT has been included in the numerator and exchangeable Operating Partnership units have been included in the denominator for the purpose of computing diluted earnings per share for all periods since the per share/unit amount is the same. Weighted average exchangeable Operating Partnership units outstanding (in thousands) were 1,859 and 1,900 for the three months ended September 30, 2013 and 2012, respectively and were 1,882 and 1,973 for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
-2 | The increase in shares/units between the periods is due to an equity offering in April 2013. See Note 8 for more information. | ||||||||||||||||
-3 | Total weighted average potentially dilutive stock awards and warrants outstanding (in thousands) were 14,133 and 9,633 for the three months ended September 30, 2013 and 2012, respectively, and 14,070 and 9,824 for the nine months ended September 30, 2013 and 2012, respectively. Total weighted average potentially dilutive shares/units from exchangeable debt outstanding (in thousands) were 11,879 for all periods presented. Total weighted average potentially dilutive limited partnership units outstanding (in thousands) were 1,950 and 1,285 for the three months ended September 30, 2013 and 2012, respectively and 1,426 and 1,287 for the nine months ended September 30, 2013 and 2012, respectively. |
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Activity | ' | ||||||||||||||||||||||||
The following table summarizes the activity in our derivative instruments (in millions) for the nine months ended September 30, 2013: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Foreign | Interest | Interest | Foreign | Interest | Interest | ||||||||||||||||||||
Currency | Rate | Rate | Currency | Rate | Rate | ||||||||||||||||||||
Contracts | Swaps (1) | Caps | Forwards | Swaps | Caps | ||||||||||||||||||||
Notional amounts at January 1 | $ | 1,303.80 | $ | 1,314.80 | $ | — | $ | — | $ | 1,496.50 | $ | — | |||||||||||||
New contracts | 1,050.00 | — | — | — | 444.2 | — | |||||||||||||||||||
Acquired contracts (2) | — | — | — | — | 71 | — | |||||||||||||||||||
Matured or expired contracts | (1,303.8 | ) | (1,230.2 | ) | — | — | (460.0 | ) | — | ||||||||||||||||
Notional amounts at September 30 | $ | 1,050.00 | $ | 84.6 | $ | — | $ | — | $ | 1,551.70 | $ | — | |||||||||||||
-1 | During the nine months ended September 30, 2013, we settled 12 contracts with a notional value of $319.9 million, and contributed 13 contracts with a notional value of $383.9 million related to the transfer of assets to the newly formed PELP co-investment venture. We also settled five contracts in Japan with a notional value of $526.4 million in connection with the contributions of properties to NPR. | ||||||||||||||||||||||||
-2 | During the nine months ended September 30, 2012, we acquired one interest rate swap contract with a notional amount of $71.0 million in connection with the acquisition of our interest in NAIF II. | ||||||||||||||||||||||||
Fair Value of Debt | ' | ||||||||||||||||||||||||
The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||
Debt: | |||||||||||||||||||||||||
Credit Facilities | $ | 992,776 | $ | 993,310 | $ | 888,966 | $ | 893,577 | |||||||||||||||||
Senior notes | 4,980,625 | 5,415,442 | 5,223,136 | 5,867,124 | |||||||||||||||||||||
Exchangeable senior notes | 397,481 | 525,958 | 876,884 | 1,007,236 | |||||||||||||||||||||
Secured mortgage debt | 1,772,342 | 1,922,436 | 3,625,908 | 3,765,556 | |||||||||||||||||||||
Secured mortgage debt of consolidated entities | 296,783 | 304,063 | 450,923 | 455,880 | |||||||||||||||||||||
Other debt of consolidated entities | 4,345 | 4,345 | 67,749 | 68,751 | |||||||||||||||||||||
Other debt | 674,965 | 685,293 | 657,228 | 660,951 | |||||||||||||||||||||
Total debt | $ | 9,119,317 | $ | 9,850,847 | $ | 11,790,794 | $ | 12,719,075 | |||||||||||||||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting, Reconciliation of Revenues, Operating Income and Assets | ' | ||||||||||||||||
The following reconciliations are presented in thousands: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues: | |||||||||||||||||
Real estate operations: | |||||||||||||||||
Americas | $ | 328,702 | $ | 303,465 | $ | 961,042 | $ | 883,758 | |||||||||
Europe | 26,199 | 104,804 | 154,961 | 326,120 | |||||||||||||
Asia | 26,962 | 59,479 | 92,172 | 168,688 | |||||||||||||
Total Real Estate Operations segment | 381,863 | 467,748 | 1,208,175 | 1,378,566 | |||||||||||||
Investment management: | |||||||||||||||||
Americas | 18,357 | 16,934 | 49,972 | 51,758 | |||||||||||||
Europe | 20,037 | 9,537 | 44,504 | 28,000 | |||||||||||||
Asia | 9,928 | 5,243 | 31,089 | 15,306 | |||||||||||||
Total Investment Management segment | 48,322 | 31,714 | 125,565 | 95,064 | |||||||||||||
Total revenues | $ | 430,185 | $ | 499,462 | $ | 1,333,740 | $ | 1,473,630 | |||||||||
Net operating income: | |||||||||||||||||
Real estate operations: | |||||||||||||||||
Americas | $ | 228,688 | $ | 210,004 | $ | 666,768 | $ | 614,594 | |||||||||
Europe | 18,625 | 79,103 | 104,324 | 246,158 | |||||||||||||
Asia | 19,268 | 46,630 | 66,317 | 131,388 | |||||||||||||
Total Real Estate Operations segment | 266,581 | 335,737 | 837,409 | 992,140 | |||||||||||||
Investment management: | |||||||||||||||||
Americas | 5,578 | 7,581 | 8,822 | 23,326 | |||||||||||||
Europe | 14,115 | 5,762 | 28,516 | 16,564 | |||||||||||||
Asia | 6,606 | 2,641 | 21,289 | 7,488 | |||||||||||||
Total Investment Management segment | 26,299 | 15,984 | 58,627 | 47,378 | |||||||||||||
Total segment net operating income | 292,880 | 351,721 | 896,036 | 1,039,518 | |||||||||||||
Reconciling items: | |||||||||||||||||
General and administrative expenses | (55,034 | ) | (55,886 | ) | (166,140 | ) | (167,460 | ) | |||||||||
Depreciation and amortization | (158,889 | ) | (190,148 | ) | (492,690 | ) | (547,036 | ) | |||||||||
Merger, acquisition and other integration expenses | — | (20,659 | ) | — | (52,573 | ) | |||||||||||
Impairment of real estate properties | — | (9,778 | ) | — | (12,963 | ) | |||||||||||
Earnings from unconsolidated entities, net | 26,365 | 2,563 | 59,554 | 20,447 | |||||||||||||
Interest expense | (84,885 | ) | (122,817 | ) | (292,383 | ) | (383,369 | ) | |||||||||
Interest and other income, net | 5,653 | 8,758 | 21,772 | 19,771 | |||||||||||||
Gains on acquisitions and dispositions of investments in real estate, net | 46,074 | 12,677 | 445,954 | 280,968 | |||||||||||||
Foreign currency and derivative gains (losses), net | 6,875 | (5,908 | ) | 15 | (19,930 | ) | |||||||||||
Gains (losses) on early extinguishment of debt, net | (114,196 | ) | — | (164,155 | ) | 4,919 | |||||||||||
Impairment of other assets | — | — | — | (16,135 | ) | ||||||||||||
Total reconciling items | (328,037 | ) | (381,198 | ) | (588,073 | ) | (873,361 | ) | |||||||||
Earnings (loss) before income taxes | $ | (35,157 | ) | $ | (29,477 | ) | $ | 307,963 | $ | 166,157 | |||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Assets: | |||||||||||||||||
Real estate operations: | |||||||||||||||||
Americas | $ | 15,885,306 | $ | 15,304,053 | |||||||||||||
Europe | 2,160,506 | 5,738,257 | |||||||||||||||
Asia | 1,926,527 | 3,476,996 | |||||||||||||||
Total Real Estate Operations segment | 19,972,339 | 24,519,306 | |||||||||||||||
Investment management (1): | |||||||||||||||||
Americas | 23,280 | 24,373 | |||||||||||||||
Europe | 60,089 | 61,266 | |||||||||||||||
Asia | 4,138 | 6,108 | |||||||||||||||
Total Investment Management segment | 87,507 | 91,747 | |||||||||||||||
Total segment assets | 20,059,846 | 24,611,053 | |||||||||||||||
Reconciling items: | |||||||||||||||||
Investments in and advances to other unconsolidated entities | 4,210,305 | 2,195,782 | |||||||||||||||
Notes receivable backed by real estate | 189,663 | 188,000 | |||||||||||||||
Assets held for sale | 3,958 | 26,027 | |||||||||||||||
Cash and cash equivalents | 121,693 | 100,810 | |||||||||||||||
Other assets | 204,078 | 188,473 | |||||||||||||||
Total reconciling items | 4,729,697 | 2,699,092 | |||||||||||||||
Total assets | $ | 24,789,543 | $ | 27,310,145 | |||||||||||||
-1 | Represents management contracts recorded in connection with business combinations and goodwill associated with the Investment Management segment. |
General_Additional_Information
General - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 2 |
Percentage of ownership in general partnership | 99.63% |
Percentage of interest in preferred units | 100.00% |
Percentage of common limited partnership interest | 0.37% |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 31, 2013 | Aug. 06, 2013 | Aug. 06, 2013 | Aug. 06, 2013 | Sep. 30, 2013 | Feb. 03, 2012 | Sep. 30, 2012 | Feb. 22, 2012 | |
Prologis North American Industrial Fund III [Member] | Prologis North American Industrial Fund III [Member] | Prologis North American Industrial Fund III [Member] | Prologis North American Industrial Fund III [Member] | NAIF II [Member] | NAIF II [Member] | Prologis California [Member] | Prologis California [Member] | |||||
Property | Minimum [Member] | Maximum [Member] | ||||||||||
sqft | ||||||||||||
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties sold | ' | ' | ' | ' | ' | 73 | ' | ' | ' | ' | ' | ' |
Square footage of property | ' | ' | ' | ' | ' | 9,500,000 | ' | ' | ' | ' | ' | ' |
Proceeds from sale of properties | ' | ' | ' | ' | $427,500,000 | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, percentage | ' | ' | ' | ' | ' | ' | 80.00% | 100.00% | 63.00% | ' | ' | ' |
Business acquisition purchase price allocation real estate | ' | ' | ' | ' | ' | 519,200,000 | ' | ' | ' | 1,600,000,000 | ' | 496,300,000 |
Business acquisition purchase price allocation other assets | ' | ' | ' | ' | ' | 22,000,000 | ' | ' | ' | 27,300,000 | ' | 17,700,000 |
Business acquisition purchase price allocation debt | ' | ' | ' | ' | ' | 43,700,000 | ' | ' | ' | 875,400,000 | ' | 150,000,000 |
Gain on acquisition | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 273,000,000 | ' |
Percentage owned in unconsolidated co-investment venture | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Business acquisition, loan repayment | ' | ' | ' | ' | ' | ' | ' | ' | 336,100,000 | ' | ' | ' |
Rental income | 297,044,000 | 372,491,000 | 941,969,000 | 1,096,600,000 | ' | ' | ' | ' | 124,000,000 | ' | ' | ' |
Rental expenses | 108,912,000 | 126,431,000 | 353,272,000 | 369,284,000 | ' | ' | ' | ' | 30,300,000 | ' | ' | ' |
Rental Income included in discontinued operations | 801,000 | 23,910,000 | 8,602,000 | 88,245,000 | ' | ' | ' | ' | 9,200,000 | ' | ' | ' |
Rental expenses included in discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | $1,800,000 | ' | ' | ' |
Real_Estate_Real_Estate_Assets
Real Estate - Real Estate Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Industrial operating properties: | ' | ' |
Improved land | $4,311,193 | $5,317,123 |
Buildings and improvements | 14,093,704 | 17,291,125 |
Development portfolio, including cost of land | 1,084,959 | 951,643 |
Land | 1,643,055 | 1,794,364 |
Other real estate investments | 466,997 | 454,868 |
Total investments in real estate properties | 21,599,908 | 25,809,123 |
Less accumulated depreciation | 2,540,370 | 2,480,660 |
Net investments in properties | $19,059,538 | $23,328,463 |
Real_Estate_Real_Estate_Assets1
Real Estate - Real Estate Assets (Parenthetical) (Detail) (USD $) | 9 Months Ended | 6 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
Property | Land held for future development [Member] | Land held for future development [Member] | Prologis Japan Fund 1 [Member] | Prologis Japan Fund 1 [Member] | Industrial Properties [Member] | Industrial Properties [Member] | Under Development Portfolio [Member] | Under Development Portfolio [Member] | Pre-Stabilized Completed Properties [Member] | Pre-Stabilized Completed Properties [Member] | Europe and Japan [Member] | ||
Venture | acre | acre | Property | Property | sqft | sqft | Property | sqft | sqft | sqft | Property | ||
sqft | Property | Property | sqft | Property | Property | Property | sqft | ||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of real estate properties | ' | ' | ' | ' | ' | ' | 1,650 | 1,853 | ' | ' | ' | ' | ' |
Square footage of property | ' | ' | ' | ' | ' | 9,900,000 | 268,500,000 | 316,300,000 | 15,100,000 | 13,200,000 | 6,300,000 | 4,800,000 | 58,300,000 |
Number of new ventures in foreign | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties contributed for new ventures | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 207 |
Net investment in properties | $19,059,538,000 | $23,328,463,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,600,000,000 |
Proceeds from contribution of properties for new ventures | $4,900,000,000 | ' | ' | ' | ' | $713,100,000 | ' | ' | ' | ' | ' | ' | ' |
Number of properties purchased | ' | ' | ' | ' | 14 | 30 | ' | ' | ' | ' | ' | ' | ' |
Number of properties under development | ' | ' | ' | ' | ' | ' | ' | ' | 32 | 30 | 14 | 15 | ' |
Acreage of land held for development | ' | ' | 10,217 | 10,915 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Additional_Informa
Real Estate - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||
Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | |
Property | Europe and Japan [Member] | Europe and Japan [Member] | |||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Gains on acquisitions and dispositions of investments in real estate, net | $46,074,000 | $56,900,000 | $12,677,000 | $445,954,000 | $280,968,000 | $43,700,000 | $337,900,000 |
Number of properties contributed | ' | 1 | ' | ' | ' | ' | ' |
Gains on Acquisitions and Dispositions of Investments in Real Estate | ' | ' | ' | $446,000,000 | ' | ' | ' |
Unconsolidated_Entities_Additi
Unconsolidated Entities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||||||||||||
Share data in Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Feb. 14, 2013 | Feb. 14, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Feb. 14, 2013 | Feb. 14, 2013 | Mar. 19, 2013 | Mar. 19, 2013 | Mar. 31, 2013 | Mar. 19, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Nippon Prologis REIT Inc [Member] | Nippon Prologis REIT Inc [Member] | Nippon Prologis REIT Inc [Member] | Nippon Prologis REIT Inc [Member] | Nippon Prologis REIT Inc [Member] | Secondary Offering [Member] | Secondary Offering [Member] | Secondary Offering [Member] | Co Investment Venture In Japan [Member] | Co Investment Venture In Japan [Member] | Prologis European Logistics Partners [Member] | Prologis European Logistics Partners [Member] | Prologis European Logistics Partners [Member] | Norges Bank Investment Management [Member] | Prologis Targeted European Logistics Fund [Member] | Prologis Targeted European Logistics Fund [Member] | Prologis Targeted European Logistics Fund [Member] | Prologis Targeted European Logistics Fund [Member] | Prologis Targeted European Logistics Fund [Member] | Prologis Targeted European Logistics Fund [Member] | Prologis Japan Fund 1 [Member] | Prologis Japan Fund 1 [Member] | Prologis Japan Fund 1 [Member] | Minimum [Member] | Maximum [Member] | |
Investment | Investment | USD ($) | JPY (¥) | Property | USD ($) | USD ($) | Nippon Prologis REIT Inc [Member] | Nippon Prologis REIT Inc [Member] | Nippon Prologis REIT Inc [Member] | USD ($) | JPY (¥) | USD ($) | EUR (€) | Property | USD ($) | EUR (€) | Third Party [Member] | Third Party [Member] | Third Party [Member] | Third Party [Member] | Property | Property | Nippon Prologis REIT Inc [Member] | |||||||
Property | USD ($) | JPY (¥) | Property | Property | USD ($) | EUR (€) | USD ($) | EUR (€) | sqft | sqft | ||||||||||||||||||||
Markets | ||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, percentage | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | 15.00% | 15.00% | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 50.00% |
Unconsolidated co-investment ventures | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated property funds | 11 | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of acquired operating properties | ' | ' | ' | 1 | ' | ' | ' | 1 | ' | ' | ' | ' | ' | 12 | 12 | 195 | 195 | 195 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price of co-investment venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,900,000,000 | ¥ 173,000,000,000 | $3,000,000,000 | € 2,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from selling of a portfolio | ' | ' | ' | ' | ' | 1,700,000,000 | 158,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains on acquisitions and dispositions of investments in real estate, net | 46,074,000 | 56,900,000 | 12,677,000 | 445,954,000 | 280,968,000 | ' | ' | ' | ' | 337,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net deferred gain due to our ongoing investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution toward Income tax expense Benefit | 11,012,000 | ' | -18,099,000 | 91,357,000 | 10,969,000 | ' | ' | ' | ' | 38,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties acquired from the fund | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | 30 | ' | ' | ' |
Number of properties sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' |
Square footage of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,900,000 | 4,300,000 | ' | ' |
Contribution of property | ' | ' | ' | ' | ' | ' | ' | ' | 232,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains on Acquisitions and Dispositions of Investments in Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | 56,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 144,000,000 | 14,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax expense | 12,180,000 | ' | -19,983,000 | 84,534,000 | 216,000 | ' | ' | ' | 8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Venture initial term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Venture extended term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Joint venture investment ownership reduction after second anniversary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of global markets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of asset | ' | ' | ' | ' | -29,098,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant received at signing to acquire shares of Prologis common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Strike Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.64 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees earned from other investees and third parties | 900,000 | ' | 100,000 | 1,900,000 | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments from third parties, secured | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $209,500,000 | € 160,000,000 | $136,600,000 | € 99,000,000 | $2,600,000 | € 2,000,000 | ' | ' | ' | ' | ' |
Unconsolidated_Entities_Summar
Unconsolidated Entities - Summary of Investments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' |
Investments in and advances to unconsolidated entities | $4,210,305 | $2,195,782 |
Unconsolidated co-investment ventures [Member] | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' |
Investments in and advances to unconsolidated entities | 4,035,790 | 2,013,080 |
Other joint ventures [Member] | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' |
Investments in and advances to unconsolidated entities | $174,515 | $182,702 |
Unconsolidated_Entities_Earnin
Unconsolidated Entities - Earnings on Investment in Co-Investment Ventures (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Earnings (loss) from unconsolidated entities, net | $26,365 | $2,563 | $59,554 | $20,447 |
Private capital revenue | 48,322 | 31,714 | 125,565 | 95,064 |
Unconsolidated co-investment ventures [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Earnings (loss) from unconsolidated entities, net | 25,769 | 2,378 | 57,935 | 15,289 |
Total Investment management revenue | 47,389 | 31,614 | 123,732 | 93,522 |
Private capital revenue | 47,940 | 31,720 | 125,663 | 93,706 |
Unconsolidated co-investment ventures [Member] | Development management and other income - Europe [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Total Investment management revenue | 551 | 106 | 1,931 | 184 |
Unconsolidated co-investment ventures [Member] | Americas [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Earnings (loss) from unconsolidated entities, net | 1,664 | -3,912 | 15,058 | -8,378 |
Total Investment management revenue | 17,512 | 16,937 | 48,407 | 50,541 |
Unconsolidated co-investment ventures [Member] | Europe [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Earnings (loss) from unconsolidated entities, net | 20,005 | 5,858 | 36,308 | 21,027 |
Total Investment management revenue | 20,037 | 9,546 | 44,504 | 28,008 |
Unconsolidated co-investment ventures [Member] | Asia [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Earnings (loss) from unconsolidated entities, net | 4,100 | 432 | 6,569 | 2,640 |
Total Investment management revenue | $9,840 | $5,131 | $30,821 | $14,973 |
Unconsolidated_Entities_Earnin1
Unconsolidated Entities - Earnings on Investment in Co-Investment Ventures (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Gain on sale of property | $26,365 | $2,563 | $59,554 | $20,447 |
Brazil Fund [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Gain on sale of property | $1,200 | ' | $10,000 | ' |
Number of Properties sold | 1 | ' | 3 | ' |
Unconsolidated_Entities_Invest
Unconsolidated Entities - Investments in Co-Investment Ventures by Region (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' |
Investments in and advances to unconsolidated entities | $4,210,305 | $2,195,782 |
Unconsolidated Co-Investment Ventures [Member] | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' |
Equity method investment, percentage | 30.40% | 25.10% |
Investments in and advances to unconsolidated entities | 4,035,790 | 2,013,080 |
Americas [Member] | Unconsolidated Co-Investment Ventures [Member] | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' |
Equity method investment, percentage | 23.50% | 23.20% |
Investments in and advances to unconsolidated entities | 1,211,275 | 1,111,831 |
Europe [Member] | Unconsolidated Co-Investment Ventures [Member] | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' |
Equity method investment, percentage | 41.30% | 29.70% |
Investments in and advances to unconsolidated entities | 2,492,282 | 722,748 |
Asia [Member] | Unconsolidated Co-Investment Ventures [Member] | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' |
Equity method investment, percentage | 15.10% | 19.20% |
Investments in and advances to unconsolidated entities | $332,233 | $178,501 |
Unconsolidated_Entities_Summar1
Unconsolidated Entities - Summarized Financial Information of Co-Investment Ventures (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' | ' | ' |
Revenues | $445.30 | $336.30 | $1,270 | $1,048.20 | ' |
Net earnings | 66.7 | -6.8 | 145.6 | -8.6 | ' |
Total assets | 23,382.10 | ' | 23,382.10 | ' | 17,612.60 |
Amounts due to us | 177.8 | ' | 177.8 | ' | 72.9 |
Third party debt | 7,434.70 | ' | 7,434.70 | ' | 7,192.60 |
Total liabilities | 9,562.80 | ' | 9,562.80 | ' | 8,186.70 |
Noncontrolling interest | 12.3 | ' | 12.3 | ' | 8.9 |
Venture partners' equity | 13,807 | ' | 13,807 | ' | 9,417 |
Our weighted average ownership | 30.40% | ' | 30.40% | ' | 25.10% |
Our investment balance | 4,035.80 | ' | 4,035.80 | ' | 2,013.10 |
Deferred gains, net of amortization | 394.9 | ' | 394.9 | ' | 329.6 |
Americas [Member] | ' | ' | ' | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' | ' | ' |
Revenues | 173.2 | 184.8 | 538.4 | 581 | ' |
Net earnings | 9.1 | -20.6 | 34.9 | -66.5 | ' |
Total assets | 8,433.40 | ' | 8,433.40 | ' | 9,070.40 |
Amounts due to us | 38.3 | ' | 38.3 | ' | 31.9 |
Third party debt | 3,277.20 | ' | 3,277.20 | ' | 3,835.50 |
Total liabilities | 3,620.70 | ' | 3,620.70 | ' | 4,170.40 |
Noncontrolling interest | 1.6 | ' | 1.6 | ' | 1.4 |
Venture partners' equity | 4,811.10 | ' | 4,811.10 | ' | 4,898.60 |
Our weighted average ownership | 23.50% | ' | 23.50% | ' | 23.20% |
Our investment balance | 1,211.30 | ' | 1,211.30 | ' | 1,111.80 |
Deferred gains, net of amortization | 141.1 | ' | 141.1 | ' | 147.9 |
Europe [Member] | ' | ' | ' | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' | ' | ' |
Revenues | 215.3 | 115.5 | 571.6 | 361.4 | ' |
Net earnings | 41.9 | 9.6 | 77.8 | 49 | ' |
Total assets | 11,471.40 | ' | 11,471.40 | ' | 6,605.20 |
Amounts due to us | 44.8 | ' | 44.8 | ' | 33.3 |
Third party debt | 2,715.70 | ' | 2,715.70 | ' | 2,384.20 |
Total liabilities | 4,409.70 | ' | 4,409.70 | ' | 2,953.80 |
Noncontrolling interest | 10.7 | ' | 10.7 | ' | 7.5 |
Venture partners' equity | 7,051 | ' | 7,051 | ' | 3,643.90 |
Our weighted average ownership | 41.30% | ' | 41.30% | ' | 29.70% |
Our investment balance | 2,492.30 | ' | 2,492.30 | ' | 722.8 |
Deferred gains, net of amortization | 184.3 | ' | 184.3 | ' | 181.6 |
Asia [Member] | ' | ' | ' | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' | ' | ' |
Revenues | 56.8 | 36 | 160 | 105.8 | ' |
Net earnings | 15.7 | 4.2 | 32.9 | 8.9 | ' |
Total assets | 3,477.30 | ' | 3,477.30 | ' | 1,937 |
Amounts due to us | 94.7 | ' | 94.7 | ' | 7.7 |
Third party debt | 1,441.80 | ' | 1,441.80 | ' | 972.9 |
Total liabilities | 1,532.40 | ' | 1,532.40 | ' | 1,062.50 |
Venture partners' equity | 1,944.90 | ' | 1,944.90 | ' | 874.5 |
Our weighted average ownership | 15.10% | ' | 15.10% | ' | 19.20% |
Our investment balance | 332.2 | ' | 332.2 | ' | 178.5 |
Deferred gains, net of amortization | $69.50 | ' | $69.50 | ' | $0.10 |
Unconsolidated_Entities_Summar2
Unconsolidated Entities - Summarized Financial Information of Co-Investment Ventures (Parenthetical) (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 19, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Property | Prologis SGP Mexico [Member] | Prologis European Logistics Partners [Member] | Prologis European Logistics Partners [Member] | Prologis European Logistics Partners [Member] | Prologis Japan Fund 1 [Member] | Operating Building [Member] | Operating Building [Member] | ||
Transactions | Property | Property | Brazil Fund [Member] | Brazil Fund [Member] | |||||
Venture | Property | Property | |||||||
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Co-investment ventures | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of buildings | ' | ' | ' | ' | ' | ' | ' | $2.90 | $24 |
Number of building sold | ' | ' | ' | ' | ' | ' | ' | 1 | 3 |
Intercompany receivable | ' | ' | 19.7 | ' | ' | 34.8 | ' | ' | ' |
Investment in real estate property receivable | ' | ' | ' | ' | ' | ' | 8.1 | ' | ' |
Guaranteed debt | $0 | $30.40 | ' | ' | ' | ' | ' | ' | ' |
Number of types of transactions | 3 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional property contributed | 1 | ' | ' | 195 | 195 | ' | ' | ' | ' |
Unconsolidated_Entities_Summar3
Unconsolidated Entities - Summary of Remaining Equity Commitments (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Prologis [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | $360 |
Venture Partners [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 1,416 |
Prologis Targeted U.S. Logistics Fund [Member] | Prologis [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 0 |
Prologis Targeted U.S. Logistics Fund [Member] | Venture Partners [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 150 |
Prologis SGP Mexico [Member] | Prologis [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 24.6 |
Prologis SGP Mexico [Member] | Venture Partners [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 98.1 |
Prologis European Properties Fund II [Member] | Prologis [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 23.4 |
Prologis European Properties Fund II [Member] | Venture Partners [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 302.1 |
Europe Logistics Venture 1 [Member] | Prologis [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 55.5 |
Europe Logistics Venture 1 [Member] | Venture Partners [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 314.5 |
Prologis European Logistics Partners [Member] | Prologis [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 193.3 |
Prologis European Logistics Partners [Member] | Venture Partners [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 193.3 |
Prologis China Logistics Venture 1 [Member] | Prologis [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 63.2 |
Prologis China Logistics Venture 1 [Member] | Venture Partners [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | $358 |
Unconsolidated_Entities_Summar4
Unconsolidated Entities - Summary of Remaining Equity Commitments (Parenthetical) (Detail) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Mar. 19, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Property | Prologis Targeted U.S. Logistics Fund [Member] | Prologis Targeted U.S. Logistics Fund [Member] | Prologis Targeted U.S. Logistics Fund [Member] | Prologis European Properties Fund II [Member] | Prologis European Properties Fund II [Member] | Prologis European Logistics Partners [Member] | Prologis European Logistics Partners [Member] | Prologis European Logistics Partners [Member] | Prologis European Logistics Partners [Member] | Prologis European Logistics Partners [Member] | Third Party [Member] | Third Party [Member] | |
USD ($) | USD ($) | October Two Thousand And Thirteen [Member] | USD ($) | EUR (€) | USD ($) | EUR (€) | Property | USD ($) | EUR (€) | Prologis Targeted U.S. Logistics Fund [Member] | Prologis China Logistics Venture [Member] | ||
USD ($) | Property | USD ($) | USD ($) | ||||||||||
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments from third parties, secured | ' | ' | $191,500,000 | ' | $436,400,000 | € 325,000,000 | ' | ' | ' | ' | ' | ' | $36,000,000 |
Equity method investment remaining contribution | ' | ' | ' | 101,800,000 | 142,100,000 | 107,700,000 | 90,300,000 | 69,000,000 | ' | ' | ' | 71,500,000 | 5,400,000 |
Additional equity commitments | ' | 100,000,000 | 100,000,000 | ' | 165,500,000 | 125,000,000 | 180,500,000 | 138,000,000 | ' | ' | ' | ' | ' |
venture capital for fund acquisition of properties | ' | 171,500,000 | ' | 53,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments contribution | ' | ' | ' | ' | 276,300,000 | 209,000,000 | ' | ' | ' | ' | ' | ' | ' |
Equity method investment partner contribution | ' | ' | ' | ' | 134,300,000 | 101,300,000 | ' | ' | ' | ' | ' | ' | ' |
Investment closed with NBIM | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000,000 | 2,400,000,000 | ' | ' |
Partner capital, contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,600,000,000 | € 1,200,000,000 | ' | ' |
Number of properties contributed to venture | 1 | ' | ' | ' | ' | ' | ' | ' | 195 | 195 | 195 | ' | ' |
Unconsolidated_Entities_Other_
Unconsolidated Entities - Other Joint Ventures, Investment in and Advances to by Region (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in and advances to unconsolidated entities | $4,210,305 | $2,195,782 |
Other joint ventures [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in and advances to unconsolidated entities | 174,515 | 182,702 |
Other joint ventures [Member] | Americas [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in and advances to unconsolidated entities | 97,253 | 106,655 |
Other joint ventures [Member] | Europe [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in and advances to unconsolidated entities | 50,166 | 48,503 |
Other joint ventures [Member] | Asia [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investments in and advances to unconsolidated entities | $27,096 | $27,544 |
Assets_Held_for_Sale_and_Disco2
Assets Held for Sale and Discontinued Operations - Additional Information (Detail) (Discontinued Operations [Member]) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Property | Property | |
sqft | sqft | |
Discontinued Operations [Member] | ' | ' |
Discontinued Operations And Assets Held For Sale [Line Items] | ' | ' |
Number of properties sold to third parties | 39 | 200 |
Square footage of property | 4,800,000 | 27,200,000 |
Assets_Held_for_Sale_and_Disco3
Assets Held for Sale and Discontinued Operations - Income Attributable to Discontinued Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' | ' |
Rental income and recoveries | $801 | $23,910 | $8,602 | $88,245 |
Rental expenses | -575 | -7,364 | -3,368 | -26,840 |
Depreciation and amortization | -353 | -8,148 | -3,394 | -30,862 |
Interest expense | ' | -344 | -87 | -1,281 |
Income (loss) attributable to disposed properties and assets held for sale | -127 | 8,054 | 1,753 | 29,262 |
Net gains (losses) on dispositions, net of taxes | 40,297 | -4,049 | 59,598 | 17,074 |
Impairment Charges | ' | -27,409 | ' | -27,409 |
Total discontinued operations | $40,170 | ($23,404) | $61,351 | $18,927 |
Debt_Debt_Summary_Detail
Debt - Debt Summary (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule Of Long Term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 4.30% | 4.40% |
Amount Outstanding | $9,119,317 | $11,790,794 |
Credit Facilities [Member] | ' | ' |
Schedule Of Long Term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 1.20% | 1.50% |
Amount Outstanding | 992,776 | 888,966 |
Senior notes [Member] | ' | ' |
Schedule Of Long Term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 5.10% | 5.60% |
Amount Outstanding | 4,980,625 | 5,223,136 |
Exchangeable senior notes [Member] | ' | ' |
Schedule Of Long Term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 3.30% | 4.60% |
Amount Outstanding | 397,481 | 876,884 |
Secured mortgage debt [Member] | ' | ' |
Schedule Of Long Term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 5.20% | 4.00% |
Amount Outstanding | 1,772,342 | 3,625,908 |
Secured mortgage debt of consolidated entities [Member] | ' | ' |
Schedule Of Long Term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 4.50% | 4.40% |
Amount Outstanding | 296,783 | 450,923 |
Other debt of consolidated entities [Member] | ' | ' |
Schedule Of Long Term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 4.50% | 4.80% |
Amount Outstanding | 4,345 | 67,749 |
Other Debt [Member] | ' | ' |
Schedule Of Long Term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 1.70% | 1.80% |
Amount Outstanding | $674,965 | $657,228 |
Debt_Debt_Summary_Parenthetica
Debt - Debt Summary (Parenthetical) (Detail) (USD $) | 3 Months Ended | |||||
Mar. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Exchangeable Senior Notes [Member] | Exchangeable Senior Notes [Member] | Exchangeable Senior Notes [Member] | Euro [Member] | Japanese Yen [Member] | ||
Schedule Of Long Term Debt [Line Items] | ' | ' | ' | ' | ' | ' |
Foreign principal borrowing included in total debt denominated in non-U.S. dollars | ' | ' | ' | ' | $1,400,000,000 | $500,000,000 |
Weighted average coupon interest rate | ' | ' | 3.30% | 2.80% | ' | ' |
Repayment of exchangeable senior notes | ' | 342,200,000 | ' | ' | ' | ' |
Interest rate of exchangeable note | ' | ' | 3.30% | ' | ' | ' |
Repayment of outstanding secured mortgage debt | 1,400,000,000 | ' | ' | ' | ' | ' |
Debt transferred to PELP | $353,200,000 | ' | ' | ' | ' | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Nov. 01, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | JPY (¥) | USD ($) | 2013 Senior Secured Notes [Member] | 2014 Senior Notes [Member] | 2023 Senior Notes [Member] | 2019 Senior Notes [Member] | 2018 to 2020 Series [Member] | 2017 Senior Notes [Member] | 2018 Senior Notes Notes [Member] | 2021 Senior Notes [Member] | Global Facility [Member] | Global Facility [Member] | Global Facility [Member] | Revolver [Member] | Revolver [Member] | Bridge Loan [Member] | Bridge Loan [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | USD ($) | USD ($) | USD ($) | JPY (¥) | USD ($) | JPY (¥) | ||||||||
USD ($) | USD ($) | USD ($) | |||||||||||||||||||
Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000,000,000 | ' | ' | ' | ' | ' | ' |
Credit facility maximum borrowing capacity | 2,504,400,000 | ' | 2,504,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000,000 | ' | ' | 461,200,000 | 45,000,000,000 | 500,000,000 | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-21 | ' | 11-Aug-17 | ' | 14-May-18 | 14-May-18 | ' | ' |
Global Facility extended maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11-Aug-18 | ' | ' | ' | ' | ' |
Cross acceleration to other recourse indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' |
Potential future debt revolver borrowing amount | 579,000,000 | ' | 579,000,000 | ' | 56,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bridge loan, amount outstanding during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 215,700,000 | 20,000,000,000 |
Amount paid for outstanding senior notes | ' | ' | 1,302,876,000 | 166,198,000 | ' | ' | 202,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt extinguishment costs | ' | ' | ' | ' | ' | ' | 32,600,000 | ' | ' | ' | ' | 41,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment of Senior notes | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | 261,700,000 | 45,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes issued | 1,250,000,000 | ' | 1,250,000,000 | ' | ' | ' | ' | ' | 850 | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' |
Senior notes all-in interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 4.28% | 2.76% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | 2.75% | ' | ' | ' | 3.35% | ' | ' | ' | ' | ' | ' | ' |
Issue price of notes as a percentage of par value | ' | ' | ' | ' | ' | ' | ' | ' | 99.74% | 99.97% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of debt | 9,119,000,000 | ' | 9,119,000,000 | ' | ' | ' | ' | ' | ' | ' | 611,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -114,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value of derivative instruments | 46,400,000 | ' | 46,400,000 | ' | ' | 39,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency exchange gain loss | $6,500,000 | ($6,700,000) | ($6,600,000) | ($19,100,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Credit_Facilities_Detail
Debt - Credit Facilities (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
Aggregate lender - commitments | $2,504.40 |
Borrowings outstanding | 992.8 |
Outstanding letters of credit | 72.3 |
Current availability | $1,439.30 |
Debt_LongTerm_Debt_Maturities_
Debt - Long-Term Debt Maturities (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Maturities Of Long Term Debt [Line Items] | ' |
2013 | $78 |
2014 | 1,551 |
2015 | 825 |
2016 | 1,078 |
2017 | 1,784 |
2018 | 1,192 |
2019 | 990 |
2020 | 456 |
2021 | 139 |
2022 | 10 |
Thereafter | 1,003 |
Subtotal | 9,106 |
Unamortized premiums (discounts), net | 13 |
Total | 9,119 |
Consolidated Entities [Member] | ' |
Maturities Of Long Term Debt [Line Items] | ' |
2013 | 30 |
2014 | 27 |
2015 | 25 |
2016 | 126 |
2017 | 4 |
2018 | 74 |
2019 | 2 |
2020 | 2 |
2021 | 2 |
2022 | 3 |
Thereafter | 6 |
Subtotal | 301 |
Unamortized premiums (discounts), net | 1 |
Total | 302 |
Consolidated Entities [Member] | Secured Mortgage Debt [Member] | ' |
Maturities Of Long Term Debt [Line Items] | ' |
2013 | 30.1 |
Wholly Owned [Member] | ' |
Maturities Of Long Term Debt [Line Items] | ' |
2013 | 48 |
2014 | 1,524 |
2015 | 800 |
2016 | 952 |
2017 | 1,780 |
2018 | 1,118 |
2019 | 988 |
2020 | 454 |
2021 | 137 |
2022 | 7 |
Thereafter | 997 |
Subtotal | 8,805 |
Unamortized premiums (discounts), net | 12 |
Total | 8,817 |
Wholly Owned [Member] | Senior notes [Member] | ' |
Maturities Of Long Term Debt [Line Items] | ' |
2014 | 574 |
2015 | 175 |
2016 | 641 |
2017 | 700 |
2018 | 862 |
2019 | 693 |
2020 | 444 |
Thereafter | 850 |
Subtotal | 4,939 |
Unamortized premiums (discounts), net | 42 |
Total | 4,981 |
Wholly Owned [Member] | Exchangeable Notes [Member] | ' |
Maturities Of Long Term Debt [Line Items] | ' |
2015 | 460 |
Subtotal | 460 |
Unamortized premiums (discounts), net | -63 |
Total | 397 |
Wholly Owned [Member] | Credit Facilities [Member] | ' |
Maturities Of Long Term Debt [Line Items] | ' |
2017 | 850 |
2018 | 142 |
Subtotal | 992 |
Total | 992 |
Wholly Owned [Member] | Other Debt [Member] | ' |
Maturities Of Long Term Debt [Line Items] | ' |
2014 | 659 |
2015 | 1 |
2016 | 1 |
2017 | 1 |
2018 | 1 |
2019 | 1 |
2020 | 1 |
Thereafter | 10 |
Subtotal | 675 |
Total | 675 |
Wholly Owned [Member] | Secured Mortgage Debt [Member] | ' |
Maturities Of Long Term Debt [Line Items] | ' |
2013 | 48 |
2014 | 291 |
2015 | 164 |
2016 | 310 |
2017 | 229 |
2018 | 113 |
2019 | 294 |
2020 | 9 |
2021 | 137 |
2022 | 7 |
Thereafter | 137 |
Subtotal | 1,739 |
Unamortized premiums (discounts), net | 33 |
Total | $1,772 |
Debt_LongTerm_Debt_Maturities_1
Debt - Long-Term Debt Maturities (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Maturities Of Long Term Debt [Line Items] | ' |
Debt maturities | $78 |
Consolidated Entities [Member] | ' |
Maturities Of Long Term Debt [Line Items] | ' |
Consolidated investee credit facility included in debt | 13.7 |
Debt maturities | 30 |
Consolidated Entities [Member] | Secured Mortgage Debt [Member] | ' |
Maturities Of Long Term Debt [Line Items] | ' |
Debt maturities | $30.10 |
Other_Liabilities_Schedule_of_
Other Liabilities - Schedule of Other Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ' | ' |
Tenant security deposits | $192,114 | $174,137 |
Income tax liabilities | 168,876 | 463,102 |
Unearned rents | 72,648 | 115,020 |
Deferred income | 41,425 | 50,025 |
Value added taxes payable | 29,836 | 31,399 |
Lease intangible liabilities | 29,500 | 53,289 |
Environmental | 20,064 | 30,075 |
Other | 158,606 | 198,864 |
Total other liabilities | $713,069 | $1,115,911 |
Stockholders_Equity_of_REIT_an
Stockholders' Equity of REIT and Partners' Capital of Operating Partnership - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 3 Months Ended | ||
Apr. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | |
Series Q Preferred Stock [Member] | Series Q Preferred Stock [Member] | ||||
Shareholders Equity [Line Items] | ' | ' | ' | ' | ' |
Third party ownership interest of common partnership units | ' | 0.37% | ' | ' | ' |
Public offering common shares | 35,650,000 | ' | ' | ' | ' |
Share Price | $41.60 | ' | ' | ' | ' |
Net proceeds fro public offering | $1,400,000,000 | ' | ' | ' | ' |
Maximum amount of equity distribution agreement amount | ' | ' | 750,000,000 | ' | ' |
Equity distribution agents commission percentage | ' | ' | 2.00% | ' | ' |
Redemption Premium of Preferred Stock | ' | $9,108,000 | ' | $9,100,000 | ' |
Preferred Stock Outstanding | ' | ' | ' | ' | 2,000,000 |
Liquidation Preference Per share | ' | ' | ' | ' | $50 |
Preferred Stock Par Value | ' | ' | ' | ' | $0.01 |
Noncontrolling_Interests_Addit
Noncontrolling Interests - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 |
Prologis Institutional Alliance Fund II [Member] | Prologis Institutional Alliance Fund II [Member] | |||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Description of conversion rate | 'One share of common stock to one unit | ' | ' | ' |
Percentage of co-investment | 'less than 100% | ' | ' | ' |
Net earnings attributable to noncontrolling interest | $3.10 | ' | ' | ' |
(Loss) from continuing operations | -4.6 | ' | ' | ' |
Income from discontinued operations | 7.7 | ' | ' | ' |
Payment to acquire partners' interest | ' | ' | 245.8 | ' |
Number of limited partnership units issued | 1,949,501 | 1,173,571 | 804,734 | 804,734 |
Amount of partnership units issued | ' | ' | 31.3 | ' |
Earnings from the fund | ' | ' | 18.8 | ' |
Earnings attributable to noncontrolling interest | ' | ' | ' | 13.5 |
Investment management expenses | ' | ' | ' | $3 |
Common partnership units of operating partnership owned by REIT | 99.63% | ' | ' | ' |
Noncontrolling_Interests_Nonco
Noncontrolling Interests - Noncontrolling Interest Summary (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Noncontrolling Interest [Line Items] | ' | ' |
Debt for Noncontrolling interest | $301,296 | $518,672 |
Debt for noncontrolling interest limited partnerships | ' | ' |
Total Investment In Real Estate | 1,568,937 | 2,352,707 |
Investment in real estate, Limited partnerships | ' | ' |
Operating Partnership noncontrolling interest | 459,897 | 653,125 |
Limited partners in the Operating Partnership | 50,532 | 51,194 |
REIT noncontrolling interests | 510,429 | 704,319 |
Partnerships with Exchangeable Units [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Debt for Noncontrolling interest | ' | ' |
Total Investment In Real Estate | 589,352 | 826,605 |
Parent Company's Ownership | 'various | 'various |
Operating Partnership noncontrolling interest | 74,611 | 44,476 |
Prologis Institutional Alliance Fund II [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Debt for Noncontrolling interest | ' | 178,778 |
Total Investment In Real Estate | ' | 571,668 |
Parent Company's Ownership Percentage | ' | 28.20% |
Operating Partnership noncontrolling interest | ' | 280,751 |
Brazil Fund [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Total Investment In Real Estate | ' | ' |
Parent Company's Ownership Percentage | 50.00% | 50.00% |
Operating Partnership noncontrolling interest | 68,503 | 66,494 |
Mexico Fondo Logistico [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Debt for Noncontrolling interest | 197,349 | 214,084 |
Total Investment In Real Estate | 455,011 | 388,960 |
Parent Company's Ownership Percentage | 20.00% | 20.00% |
Operating Partnership noncontrolling interest | 215,056 | 157,843 |
Prologis AMS [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Debt for Noncontrolling interest | 44,861 | 63,749 |
Total Investment In Real Estate | 145,102 | 160,649 |
Parent Company's Ownership Percentage | 38.50% | 38.50% |
Operating Partnership noncontrolling interest | 63,005 | 59,631 |
Other Consolidated Entities [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Debt for Noncontrolling interest | 59,086 | 62,061 |
Total Investment In Real Estate | 379,472 | 404,825 |
Parent Company's Ownership | 'various | 'various |
Operating Partnership noncontrolling interest | $38,722 | $43,930 |
Noncontrolling_Interests_Nonco1
Noncontrolling Interests - Noncontrolling Interest Summary (Parenthetical) (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | 31-May-13 | Sep. 30, 2013 | Dec. 31, 2012 |
Prologis Institutional Alliance Fund II [Member] | Prologis Institutional Alliance Fund II [Member] | Prologis Institutional Alliance Fund II [Member] | Brazil Fund [Member] | Brazil Fund [Member] | Brazil Fund [Member] | Mexico Fondo Logistico [Member] | Prologis, L.P. [Member] | Prologis, L.P. [Member] | ||||
Property | Property | sqft | ||||||||||
Property | ||||||||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding limited partnership units | 1,949,501 | ' | 1,173,571 | 804,734 | 804,734 | ' | ' | ' | ' | ' | 1,843,131 | 1,893,266 |
Limited partnership units redeemed for cash | ' | 1,053 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partnership units redeemed for common stock | ' | 27,751 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties sold | ' | ' | ' | ' | ' | ' | 1 | 3 | ' | 5 | ' | ' |
Square footage of properties sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' |
Proceeds from sale of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | $52.10 | ' | ' |
Investments in unconsolidated entities | ' | ' | ' | ' | ' | ' | $139.60 | $139.60 | ' | ' | ' | ' |
Parent Company's Ownership Percentage | ' | ' | ' | ' | ' | 28.20% | 50.00% | 50.00% | 50.00% | ' | ' | ' |
Number of limited partnership units redeemed | 50,135 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Compensation_Stock_Op
Long-Term Compensation - Stock Option and Other Share Based Activity (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Number of Options, Beginning balance | 7,513,217 |
Number of Options, Exercised | -755,264 |
Number of Options, Forfeited/ Expired | -322,925 |
Number of Options, Ending balance | 6,435,028 |
Weighted Average Exercise Price, Ending Balance | $36.04 |
Options Exercisable, Number of Options Ending balance | 6,290,114 |
LongTerm_Compensation_NonVeste
Long-Term Compensation - Non-Vested Share Options (Detail) (Restricted Stock [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Balance at December 31, 2012 | 687,277 |
Vested | -352,727 |
Forfeited | -18,326 |
Balance at September 30, 2013 | 316,224 |
Weighted Average Grant-Date Fair Value, Ending balance | $34.01 |
LongTerm_Compensation_RSU_and_
Long-Term Compensation - RSU and PSU Awards (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Forfeited | -322,925 |
RSU and PSA [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Balance at December 31, 2012 | 1,999,348 |
Granted | 1,288,457 |
Vested | -828,158 |
Forfeited | -67,010 |
Balance at September 30, 2013 | 2,392,637 |
Weighted Average Grant-Date Fair Value, Ending balance | 36.88 |
Vested, Ending Balance | 79,306 |
LongTerm_Compensation_Addition
Long-Term Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Performance shares granted | ' | 1,288,457 |
Vesting period | ' | '3 years |
Aggregate fair value | ' | $23.90 |
Performance period initiation date | ' | 1-Jan-13 |
Performance period expiration date | ' | 31-Dec-15 |
Compensation expense | 2 | 6 |
2012 Stock Awards Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Aggregate fair value | ' | 36.1 |
Compensation expense | $3 | $12 |
Earnings_Per_Common_Share_Unit2
Earnings Per Common Share / Unit - Schedule of Earnings Per Share Basic and Diluted by Common Class (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net earnings (loss) attributable to common stockholders | ($7,534) | ($46,526) | $256,365 | $147,767 |
Noncontrolling interest attributable to exchangeable limited partnership units | -48 | -152 | 1,446 | 935 |
Adjusted net earnings (loss) attributable to common stockholders | -7,582 | -46,678 | 257,811 | 148,702 |
Weighted average common partnership units outstanding-Basic | 497,989 | 460,079 | 482,007 | 459,720 |
Incremental weighted average effect on exchange of limited partnership units | 1,859 | 1,900 | 3,099 | 3,260 |
Incremental weighted average effect of stock awards and warrants | ' | ' | 3,303 | 1,958 |
Weighted average common partnership units outstanding-Diluted | 499,848 | 461,979 | 488,409 | 464,938 |
Net earnings (loss) per share attributable to common stockholders-Basic and Diluted | ($0.02) | ($0.10) | $0.53 | $0.32 |
Prologis, L.P. [Member] | ' | ' | ' | ' |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net earnings (loss) attributable to common stockholders | -7,582 | -46,678 | 257,374 | 148,503 |
Noncontrolling interest attributable to exchangeable limited partnership units | ' | ' | 437 | 199 |
Adjusted net earnings (loss) attributable to common stockholders | ($7,582) | ($46,678) | $257,811 | $148,702 |
Weighted average common partnership units outstanding-Basic | 499,848 | 461,979 | 483,889 | 461,693 |
Incremental weighted average effect on exchange of limited partnership units | ' | ' | 1,217 | 1,287 |
Incremental weighted average effect of stock awards and warrants | ' | ' | 3,303 | 1,958 |
Weighted average common partnership units outstanding-Diluted | 499,848 | 461,979 | 488,409 | 464,938 |
Net earnings (loss) per share attributable to common stockholders-Basic and Diluted | ($0.02) | ($0.10) | $0.53 | $0.32 |
Earnings_Per_Common_Share_Unit3
Earnings Per Common Share / Unit - Schedule of Earnings Per Share Basic and Diluted by Common Class (Parenthetical) (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ' | ' | ' | ' |
Weighted average exchangeable Operating Partnership units outstanding | 1,859 | 1,900 | 1,882 | 1,973 |
Total weighted average potentially dilutive limited partnership units outstanding | 14,133 | 9,633 | 14,070 | 9,824 |
Prologis, L.P. [Member] | ' | ' | ' | ' |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total weighted average potentially dilutive limited partnership units outstanding | 1,950 | 1,285 | 1,426 | 1,287 |
Total weighted average potentially dilutive exchangeable debt outstanding | 11,879 | 11,879 | 11,879 | 11,879 |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Euro [Member] | United States of America, Dollars | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Interest Rate Swaps [Member] | June 2017 And June 2018 [Member] | June 2017 And June 2018 [Member] | June 2018 [Member] | June 2018 [Member] | June 2018 [Member] | |
Contract | Contract | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Nippon Prologis REIT Inc [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | USD ($) | JPY (¥) | Foreign Currency Forward Contracts [Member] | ||||||
USD ($) | USD ($) | EUR (€) | Contract | ||||||||||||||||||
Contract | |||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of foreign currency forward contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 7 | ' | ' | 3 |
Foreign currency forward contracts maturity dates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'April and May 2013 | ' | ' | 'June 2017 and June 2018 | 'June 2017 and June 2018 | 'June 2018 | 'June 2018 | ' |
Aggregate notional amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $800,000,000 | € 599,900,000 | $250,000,000 | ¥ 24,100,000,000 | ' |
Derivative forward exchange rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.33 | 1.33 | 96.54 | 96.54 | ' |
Settled derivative contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000,000 | ' | ' | ' | ' | ' | ' |
Gain (loss) in other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000,000 | ' | ' | ' | ' | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | ' | 4,300,000 | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued expenses | 692,241,000 | ' | 692,241,000 | ' | 611,770,000 | ' | ' | ' | ' | ' | ' | ' | 15,600,000 | 17,500,000 | 15,600,000 | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | 14,800,000 | ' | 14,800,000 | ' | 33,800,000 | 2,300,000 | 17,500,000 | 2,300,000 | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss) | 83,472,000 | 137,867,000 | 56,368,000 | 191,651,000 | ' | ' | ' | ' | ' | ' | ' | ' | 21,700,000 | ' | 12,600,000 | ' | ' | ' | ' | ' | ' |
Maximum length of time hedged in Cash Flow Hedge | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate swap contracts | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsettled derivative contract included in accounts payable and accrued expenses | 6,200,000 | ' | 6,200,000 | ' | 28,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense reclassified | 84,885,000 | 122,817,000 | 292,383,000 | 383,369,000 | ' | ' | ' | ' | 3,600,000 | ' | 9,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimate of additional interest expense reclassified | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation losses, net | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | 8,700,000 | 14,100,000 | 9,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedge ineffectiveness loss | ' | 600,000 | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss related to interest rate swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,800,000 | ' | ' | ' | ' | ' |
Financial_Instruments_and_Fair3
Financial Instruments and Fair Value Measurements - Derivative Activity (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative [Line Items] | ' | ' |
Acquired contracts | ' | $71 |
Matured or expired contracts | -319.9 | ' |
Foreign Currency Forwards [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amounts at January 1 | 1,303.80 | ' |
New contracts | 1,050 | ' |
Acquired contracts | ' | ' |
Matured or expired contracts | -1,303.80 | ' |
Notional amounts at September 30 | 1,050 | ' |
Interest Rate Swaps [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amounts at January 1 | 1,314.80 | 1,496.50 |
New contracts | ' | 444.2 |
Acquired contracts | ' | 71 |
Matured or expired contracts | -1,230.20 | -460 |
Notional amounts at September 30 | 84.6 | 1,551.70 |
Interest Rate Caps [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amounts at January 1 | ' | ' |
New contracts | ' | ' |
Acquired contracts | ' | ' |
Matured or expired contracts | ' | ' |
Notional amounts at September 30 | ' | ' |
Financial_Instruments_and_Fair4
Financial Instruments and Fair Value Measurements - Derivative Activity (Parenthetical) (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Contract | Contract | |
Derivative [Line Items] | ' | ' |
Number of swap contracts | 12 | ' |
Notional value of swap contracts settled | $319.90 | ' |
Acquired contracts | ' | 71 |
Number of interest rate contracts acquired | ' | 1 |
Prologis European Logistics Partners [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional value of swap contracts settled | 383.9 | ' |
Notional value of swap contracts contributed | 13 | ' |
Nippon Prologis REIT Inc [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Number of swap contracts | 5 | ' |
Notional value of swap contracts settled | $526.40 | ' |
Financial_Instruments_and_Fair5
Financial Instruments and Fair Value Measurements - Fair Value of Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt: | ' | ' |
Carrying Value of Debt | $9,119,317 | $11,790,794 |
Fair Value of Debt | 9,850,847 | 12,719,075 |
Credit Facilities [Member] | ' | ' |
Debt: | ' | ' |
Carrying Value of Debt | 992,776 | 888,966 |
Fair Value of Debt | 993,310 | 893,577 |
Senior notes [Member] | ' | ' |
Debt: | ' | ' |
Carrying Value of Debt | 4,980,625 | 5,223,136 |
Fair Value of Debt | 5,415,442 | 5,867,124 |
Exchangeable senior notes [Member] | ' | ' |
Debt: | ' | ' |
Carrying Value of Debt | 397,481 | 876,884 |
Fair Value of Debt | 525,958 | 1,007,236 |
Secured mortgage debt [Member] | ' | ' |
Debt: | ' | ' |
Carrying Value of Debt | 1,772,342 | 3,625,908 |
Fair Value of Debt | 1,922,436 | 3,765,556 |
Secured mortgage debt of consolidated entities [Member] | ' | ' |
Debt: | ' | ' |
Carrying Value of Debt | 296,783 | 450,923 |
Fair Value of Debt | 304,063 | 455,880 |
Other debt of consolidated entities [Member] | ' | ' |
Debt: | ' | ' |
Carrying Value of Debt | 4,345 | 67,749 |
Fair Value of Debt | 4,345 | 68,751 |
Other Debt [Member] | ' | ' |
Debt: | ' | ' |
Carrying Value of Debt | 674,965 | 657,228 |
Fair Value of Debt | $685,293 | $660,951 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of operating segments | 2 |
Business_Segments_Segment_Repo
Business Segments - Segment Reporting, Reconciliation of Revenues, Operating Income and Assets (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $430,185 | ' | $499,462 | $1,333,740 | $1,473,630 | ' | ' |
General and administrative expenses | -55,034 | ' | -55,886 | -166,140 | -167,460 | ' | ' |
Depreciation and amortization | -158,889 | ' | -190,148 | -492,690 | -547,036 | ' | ' |
Merger, acquisition and other integration expenses | ' | ' | -20,659 | ' | -52,573 | ' | ' |
Earnings from unconsolidated entities, net | 26,365 | ' | 2,563 | 59,554 | 20,447 | ' | ' |
Interest expense | -84,885 | ' | -122,817 | -292,383 | -383,369 | ' | ' |
Interest and other income, net | 5,653 | ' | 8,758 | 21,772 | 19,771 | ' | ' |
Gains on acquisitions and dispositions of investments in real estate, net | 46,074 | 56,900 | 12,677 | 445,954 | 280,968 | ' | ' |
Gains (losses) on early extinguishment of debt, net | -114,196 | ' | ' | -164,155 | 4,919 | ' | ' |
Impairment of other assets | ' | ' | ' | ' | -16,135 | ' | ' |
Consolidated net earnings (loss) | -7,167 | ' | -32,898 | 284,780 | 184,868 | ' | ' |
Earnings (loss) before income taxes | -35,157 | ' | -29,477 | 307,963 | 166,157 | ' | ' |
Total assets | 24,789,543 | ' | ' | 24,789,543 | ' | 27,310,145 | ' |
Assets held for sale | 3,958 | ' | ' | 3,958 | ' | 26,027 | ' |
Cash and cash equivalents | 121,693 | ' | 158,188 | 121,693 | 158,188 | 100,810 | 176,072 |
Americas [Member] | Real Estate Operations [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total revenues | 328,702 | ' | 303,465 | 961,042 | 883,758 | ' | ' |
Europe [Member] | Real Estate Operations [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total revenues | 26,199 | ' | 104,804 | 154,961 | 326,120 | ' | ' |
Asia [Member] | Real Estate Operations [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total revenues | 26,962 | ' | 59,479 | 92,172 | 168,688 | ' | ' |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total revenues | 430,185 | ' | 499,462 | 1,333,740 | 1,473,630 | ' | ' |
Consolidated net earnings (loss) | 292,880 | ' | 351,721 | 896,036 | 1,039,518 | ' | ' |
Total assets | 20,059,846 | ' | ' | 20,059,846 | ' | 24,611,053 | ' |
Operating Segments [Member] | Real Estate Operations [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total revenues | 381,863 | ' | 467,748 | 1,208,175 | 1,378,566 | ' | ' |
Consolidated net earnings (loss) | 266,581 | ' | 335,737 | 837,409 | 992,140 | ' | ' |
Total assets | 19,972,339 | ' | ' | 19,972,339 | ' | 24,519,306 | ' |
Operating Segments [Member] | Investment Management [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total revenues | 48,322 | ' | 31,714 | 125,565 | 95,064 | ' | ' |
Consolidated net earnings (loss) | 26,299 | ' | 15,984 | 58,627 | 47,378 | ' | ' |
Total assets | 87,507 | ' | ' | 87,507 | ' | 91,747 | ' |
Operating Segments [Member] | Americas [Member] | Real Estate Operations [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Consolidated net earnings (loss) | 228,688 | ' | 210,004 | 666,768 | 614,594 | ' | ' |
Total assets | 15,885,306 | ' | ' | 15,885,306 | ' | 15,304,053 | ' |
Operating Segments [Member] | Americas [Member] | Investment Management [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total revenues | 18,357 | ' | 16,934 | 49,972 | 51,758 | ' | ' |
Consolidated net earnings (loss) | 5,578 | ' | 7,581 | 8,822 | 23,326 | ' | ' |
Total assets | 23,280 | ' | ' | 23,280 | ' | 24,373 | ' |
Operating Segments [Member] | Europe [Member] | Real Estate Operations [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Consolidated net earnings (loss) | 18,625 | ' | 79,103 | 104,324 | 246,158 | ' | ' |
Total assets | 2,160,506 | ' | ' | 2,160,506 | ' | 5,738,257 | ' |
Operating Segments [Member] | Europe [Member] | Investment Management [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total revenues | 20,037 | ' | 9,537 | 44,504 | 28,000 | ' | ' |
Consolidated net earnings (loss) | 14,115 | ' | 5,762 | 28,516 | 16,564 | ' | ' |
Total assets | 60,089 | ' | ' | 60,089 | ' | 61,266 | ' |
Operating Segments [Member] | Asia [Member] | Real Estate Operations [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Consolidated net earnings (loss) | 19,268 | ' | 46,630 | 66,317 | 131,388 | ' | ' |
Total assets | 1,926,527 | ' | ' | 1,926,527 | ' | 3,476,996 | ' |
Operating Segments [Member] | Asia [Member] | Investment Management [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total revenues | 9,928 | ' | 5,243 | 31,089 | 15,306 | ' | ' |
Consolidated net earnings (loss) | 6,606 | ' | 2,641 | 21,289 | 7,488 | ' | ' |
Total assets | 4,138 | ' | ' | 4,138 | ' | 6,108 | ' |
Reconciling Items [Member] | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
General and administrative expenses | -55,034 | ' | -55,886 | -166,140 | -167,460 | ' | ' |
Depreciation and amortization | -158,889 | ' | -190,148 | -492,690 | -547,036 | ' | ' |
Merger, acquisition and other integration expenses | ' | ' | -20,659 | ' | -52,573 | ' | ' |
Impairment of real estate properties | ' | ' | -9,778 | ' | -12,963 | ' | ' |
Earnings from unconsolidated entities, net | 26,365 | ' | 2,563 | 59,554 | 20,447 | ' | ' |
Interest expense | -84,885 | ' | -122,817 | -292,383 | -383,369 | ' | ' |
Interest and other income, net | 5,653 | ' | 8,758 | 21,772 | 19,771 | ' | ' |
Gains on acquisitions and dispositions of investments in real estate, net | 46,074 | ' | 12,677 | 445,954 | 280,968 | ' | ' |
Foreign currency and derivative gains (losses), net | 6,875 | ' | -5,908 | 15 | -19,930 | ' | ' |
Gains (losses) on early extinguishment of debt, net | -114,196 | ' | ' | -164,155 | 4,919 | ' | ' |
Impairment of other assets | ' | ' | ' | ' | -16,135 | ' | ' |
Consolidated net earnings (loss) | -328,037 | ' | -381,198 | -588,073 | -873,361 | ' | ' |
Investments in and advances to other unconsolidated entities | 4,210,305 | ' | ' | 4,210,305 | ' | 2,195,782 | ' |
Notes receivable backed by real estate | 189,663 | ' | ' | 189,663 | ' | 188,000 | ' |
Assets held for sale | 3,958 | ' | ' | 3,958 | ' | 26,027 | ' |
Cash and cash equivalents | 121,693 | ' | ' | 121,693 | ' | 100,810 | ' |
Other assets | 204,078 | ' | ' | 204,078 | ' | 188,473 | ' |
Total reconciling items | $4,729,697 | ' | ' | $4,729,697 | ' | $2,699,092 | ' |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | |
Prologis European Logistics Partners [Member] | Investment of Real Estate or Other Assets [Member] | Investment of Real Estate or Other Assets [Member] | |||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' |
Ownership interest received as part of non-cash proceed from contribution | ' | ' | $1,300,000,000 | ' | ' |
Percentage of ownership interest | ' | ' | 50.00% | ' | ' |
Secured debt | ' | ' | 353,200,000 | ' | ' |
Proceeds from contribution of properties to entities | 19,500,000 | 2,500,000 | ' | ' | ' |
Costs of share-based compensation awards | 71,536,000 | ' | ' | 12,500,000 | 6,300,000 |
Interest paid in cash | 308,900,000 | 377,300,000 | ' | ' | ' |
Cash paid for income taxes | $80,300,000 | $27,700,000 | ' | ' | ' |