Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
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 | ' | 499,688,000 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Investments in real estate properties | $21,038,790 | $20,824,477 |
Less accumulated depreciation | 2,698,043 | 2,568,998 |
Net investments in real estate properties | 18,340,747 | 18,255,479 |
Investments in and advances to unconsolidated entities | 4,687,922 | 4,430,239 |
Notes receivable backed by real estate and other | 191,703 | 192,042 |
Net investments in real estate | 23,220,372 | 22,877,760 |
Cash and cash equivalents | 188,886 | 491,129 |
Restricted cash | 9,750 | 14,210 |
Accounts receivable | 114,880 | 128,196 |
Other assets | 1,121,260 | 1,061,012 |
Total assets | 24,655,148 | 24,572,307 |
Liabilities: | ' | ' |
Debt | 8,870,635 | 9,011,216 |
Accounts payable and accrued expenses | 572,754 | 641,011 |
Other liabilities | 718,516 | 743,627 |
Total liabilities | 10,161,905 | 10,395,854 |
Prologis, Inc. stockholders' equity: | ' | ' |
Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 2,000 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 100,000 | 100,000 |
Common stock; $0.01 par value; 499,651 shares and 498,799 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 4,997 | 4,988 |
Additional paid-in capital | 18,005,321 | 17,974,509 |
Accumulated other comprehensive loss | -444,594 | -435,675 |
Distributions in excess of net earnings | -4,094,689 | -3,932,664 |
Total Prologis, Inc. stockholders' equity | 13,571,035 | 13,711,158 |
Noncontrolling interests | 922,208 | 465,295 |
Total equity | 14,493,243 | 14,176,453 |
Partners' capital: | ' | ' |
Noncontrolling interests | 922,208 | 465,295 |
Total liabilities and equity/capital | 24,655,148 | 24,572,307 |
Prologis, L.P. [Member] | ' | ' |
ASSETS | ' | ' |
Investments in real estate properties | 21,038,790 | 20,824,477 |
Less accumulated depreciation | 2,698,043 | 2,568,998 |
Net investments in real estate properties | 18,340,747 | 18,255,479 |
Investments in and advances to unconsolidated entities | 4,687,922 | 4,430,239 |
Notes receivable backed by real estate and other | 191,703 | 192,042 |
Net investments in real estate | 23,220,372 | 22,877,760 |
Cash and cash equivalents | 188,886 | 491,129 |
Restricted cash | 9,750 | 14,210 |
Accounts receivable | 114,880 | 128,196 |
Other assets | 1,121,260 | 1,061,012 |
Total assets | 24,655,148 | 24,572,307 |
Liabilities: | ' | ' |
Debt | 8,870,635 | 9,011,216 |
Accounts payable and accrued expenses | 572,754 | 641,011 |
Other liabilities | 718,516 | 743,627 |
Total liabilities | 10,161,905 | 10,395,854 |
Prologis, Inc. stockholders' equity: | ' | ' |
Noncontrolling interests | 874,576 | 417,086 |
Partners' capital: | ' | ' |
Limited partners | 47,632 | 48,209 |
Total partners' capital | 13,618,667 | 13,759,367 |
Noncontrolling interests | 874,576 | 417,086 |
Total capital | 14,493,243 | 14,176,453 |
Total liabilities and equity/capital | 24,655,148 | 24,572,307 |
Prologis, L.P. [Member] | Preferred [Member] | ' | ' |
Partners' capital: | ' | ' |
General partner | 100,000 | 100,000 |
Prologis, L.P. [Member] | Common [Member] | ' | ' |
Partners' capital: | ' | ' |
General partner | $13,471,035 | $13,611,158 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, liquidation preference per share | $50 | $50 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares issued | 2,000 | 2,000 |
Preferred stock, shares outstanding | 2,000 | 2,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares issued | 499,651 | 498,799 |
Common stock, shares outstanding | 499,651 | 498,799 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Rental income | $300,878 | $347,256 |
Rental recoveries | 87,362 | 96,888 |
Investment management income | 45,310 | 33,635 |
Development management and other income | 1,132 | 2,192 |
Total revenues | 434,682 | 479,971 |
Expenses: | ' | ' |
Rental expenses | 110,517 | 130,354 |
Investment management expenses | 24,163 | 19,909 |
General and administrative expenses | 63,203 | 56,197 |
Depreciation and amortization | 160,280 | 172,119 |
Other expenses | 5,053 | 4,353 |
Total expenses | 363,216 | 382,932 |
Operating income | 71,466 | 97,039 |
Other income (expense): | ' | ' |
Earnings from unconsolidated entities, net | 29,746 | 24,768 |
Interest expense | -85,523 | -114,641 |
Interest and other income, net | 14,050 | 11,627 |
Gains on acquisitions and dispositions of investments in real estate, net | 17,055 | 338,845 |
Foreign currency and derivative gains (losses), net | -28,184 | 884 |
Gains (losses) on early extinguishment of debt, net | 273 | -17,351 |
Total other income (expense) | -52,583 | 244,132 |
Earnings before income taxes | 18,883 | 341,171 |
Current income tax expense | 5,848 | 55,506 |
Deferred income tax expense (benefit) | 1,032 | -3,640 |
Total income tax expense | 6,880 | 51,866 |
Earnings from continuing operations | 12,003 | 289,305 |
Discontinued operations: | ' | ' |
Income attributable to disposed properties and assets held for sale | ' | 1,793 |
Net gains on dispositions, including related impairment charges and taxes | ' | 5,834 |
Total discontinued operations | ' | 7,627 |
Consolidated net earnings | 12,003 | 296,932 |
Net earnings attributable to noncontrolling interests | -5,202 | -12,103 |
Net earnings attributable to controlling interests | 6,801 | 284,829 |
Less preferred stock dividends | 2,135 | 10,305 |
Loss on preferred stock redemption | ' | 9,108 |
Net earnings attributable to common stockholders | 4,666 | 265,416 |
Weighted average common shares outstanding-Basic | 498,696 | 461,468 |
Weighted average common shares outstanding-Diluted | 504,373 | 478,952 |
Net earnings per share attributable to common stockholders-Basic: | ' | ' |
Continuing operations | $0.01 | $0.56 |
Discontinued operations | ' | $0.02 |
Net earnings per share attributable to common stockholders-Basic | $0.01 | $0.58 |
Net earnings per share attributable to common stockholders-Diluted: | ' | ' |
Continuing operations | $0.01 | $0.55 |
Discontinued operations | ' | $0.02 |
Net earnings per share attributable to common stockholders-Diluted | $0.01 | $0.57 |
Dividends per common share | $0.33 | $0.28 |
Prologis, L.P. [Member] | ' | ' |
Revenues: | ' | ' |
Rental income | 300,878 | 347,256 |
Rental recoveries | 87,362 | 96,888 |
Investment management income | 45,310 | 33,635 |
Development management and other income | 1,132 | 2,192 |
Total revenues | 434,682 | 479,971 |
Expenses: | ' | ' |
Rental expenses | 110,517 | 130,354 |
Investment management expenses | 24,163 | 19,909 |
General and administrative expenses | 63,203 | 56,197 |
Depreciation and amortization | 160,280 | 172,119 |
Other expenses | 5,053 | 4,353 |
Total expenses | 363,216 | 382,932 |
Operating income | 71,466 | 97,039 |
Other income (expense): | ' | ' |
Earnings from unconsolidated entities, net | 29,746 | 24,768 |
Interest expense | -85,523 | -114,641 |
Interest and other income, net | 14,050 | 11,627 |
Gains on acquisitions and dispositions of investments in real estate, net | 17,055 | 338,845 |
Foreign currency and derivative gains (losses), net | -28,184 | 884 |
Gains (losses) on early extinguishment of debt, net | 273 | -17,351 |
Total other income (expense) | -52,583 | 244,132 |
Earnings before income taxes | 18,883 | 341,171 |
Current income tax expense | 5,848 | 55,506 |
Deferred income tax expense (benefit) | 1,032 | -3,640 |
Total income tax expense | 6,880 | 51,866 |
Earnings from continuing operations | 12,003 | 289,305 |
Discontinued operations: | ' | ' |
Income attributable to disposed properties and assets held for sale | ' | 1,793 |
Net gains on dispositions, including related impairment charges and taxes | ' | 5,834 |
Total discontinued operations | ' | 7,627 |
Consolidated net earnings | 12,003 | 296,932 |
Net earnings attributable to noncontrolling interests | -5,185 | -10,971 |
Net earnings attributable to controlling interests | 6,818 | 285,961 |
Less preferred stock dividends | 2,135 | 10,305 |
Loss on preferred stock redemption | ' | 9,108 |
Net earnings attributable to common stockholders | $4,683 | $266,548 |
Weighted average common shares outstanding-Basic | 500,463 | 463,361 |
Weighted average common shares outstanding-Diluted | 504,373 | 478,952 |
Net earnings per share attributable to common stockholders-Basic: | ' | ' |
Continuing operations | $0.01 | $0.56 |
Discontinued operations | ' | $0.02 |
Net earnings per share attributable to common stockholders-Basic | $0.01 | $0.58 |
Net earnings per share attributable to common stockholders-Diluted: | ' | ' |
Continuing operations | $0.01 | $0.55 |
Discontinued operations | ' | $0.02 |
Net earnings per share attributable to common stockholders-Diluted | $0.01 | $0.57 |
Dividends per common share | $0.33 | $0.28 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated net earnings | $12,003 | $296,932 |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation losses, net | -4,723 | -286,254 |
Unrealized gains (losses) and amortization on derivative contracts, net | -1,261 | 12,636 |
Comprehensive income | 6,019 | 23,314 |
Net earnings attributable to noncontrolling interests | -5,202 | -12,103 |
Other comprehensive loss (income) attributable to noncontrolling interest | -2,935 | 3,395 |
Comprehensive income (loss) attributable to common stockholders | -2,118 | 14,606 |
Prologis, L.P. [Member] | ' | ' |
Consolidated net earnings | 12,003 | 296,932 |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation losses, net | -4,723 | -286,254 |
Unrealized gains (losses) and amortization on derivative contracts, net | -1,261 | 12,636 |
Comprehensive income | 6,019 | 23,314 |
Net earnings attributable to noncontrolling interests | -5,185 | -10,971 |
Other comprehensive loss (income) attributable to noncontrolling interest | -2,966 | 2,288 |
Comprehensive income (loss) attributable to common stockholders | ($2,132) | $14,631 |
CONSOLIDATED_STATEMENT_OF_EQUI
CONSOLIDATED STATEMENT OF EQUITY (Unaudited) (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions in Excess of Net Earnings [Member] | Non-controlling Interests [Member] |
In Thousands | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance at Dec. 31, 2013 | $14,176,453 | ' | $4,988 | $17,974,509 | ($435,675) | ($3,932,664) | $465,295 |
Balance, Shares at Dec. 31, 2013 | 498,799 | 100,000 | 498,799 | ' | ' | ' | ' |
Consolidated net earnings | 12,003 | ' | ' | ' | ' | 6,801 | 5,202 |
Effect of common stock plans | 17,019 | ' | 9 | 17,010 | ' | ' | ' |
Effect of common stock plans, Shares | ' | ' | 852 | ' | ' | ' | ' |
Formation of Prologis U.S. Logistics Venture | 455,611 | ' | ' | 13,360 | ' | ' | 442,251 |
Capital contributions, net | 7,430 | ' | ' | ' | ' | ' | 7,430 |
Settlement of noncontrolling interests | ' | ' | ' | -246 | ' | ' | 246 |
Foreign currency translation gains (losses), net | -4,723 | ' | ' | ' | -7,662 | ' | 2,939 |
Unrealized losses and amortization on derivative contracts, net | -1,261 | ' | ' | ' | -1,257 | ' | -4 |
Distributions and allocations | -169,289 | ' | ' | 688 | ' | -168,826 | -1,151 |
Balance at Mar. 31, 2014 | $14,493,243 | ' | $4,997 | $18,005,321 | ($444,594) | ($4,094,689) | $922,208 |
Balance, Shares at Mar. 31, 2014 | 499,651 | 100,000 | 499,651 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities: | ' | ' |
Consolidated net earnings | $12,003 | $296,932 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Straight-lined rents | -13,066 | -16,661 |
Stock-based compensation awards, net | 15,238 | 9,755 |
Depreciation and amortization | 160,280 | 177,431 |
Earnings from unconsolidated entities, net | -29,746 | -24,768 |
Distributions and changes in operating receivables from unconsolidated entities | 26,025 | 24,937 |
Amortization of debt and lease intangibles | 5,326 | 2,492 |
Gains on acquisitions and dispositions of investments in real estate, net | -17,055 | -344,679 |
Losses (gains) on early extinguishment of debt, net | -273 | 17,351 |
Unrealized foreign currency and derivative losses (gains), net | 27,828 | -1,955 |
Deferred income tax expense (benefit) | 1,032 | -3,640 |
Decrease (increase) in restricted cash, accounts receivable and other assets | -54,819 | 32,936 |
Decrease in accounts payable and accrued expenses and other liabilities | -60,530 | -40,991 |
Net cash provided by operating activities | 72,243 | 129,140 |
Investing activities: | ' | ' |
Real estate development activity | -244,268 | -161,673 |
Real estate acquisitions | -77,307 | -55,907 |
Tenant improvements on previously leased space and lease commissions | -33,346 | -29,950 |
Non-development capital expenditures | -7,576 | -13,012 |
Investments in and advances to unconsolidated entities, net | -328,321 | -258,414 |
Return of investment from unconsolidated entities | 92,460 | 82,847 |
Proceeds from dispositions and contributions of real estate properties | 81,231 | 3,250,691 |
Net cash provided by (used in) investing activities | -517,127 | 2,814,582 |
Financing activities: | ' | ' |
Proceeds from issuance of common stock, net | 7,465 | 5,202 |
Dividends paid on common and preferred stock | -168,241 | -140,528 |
Noncontrolling interest contributions | 452,327 | 8,400 |
Noncontrolling interest distributions | -1,171 | -7,356 |
Debt and equity issuance costs paid | -5,659 | ' |
Net proceeds from credit facilities, net | -607,496 | -496,045 |
Repurchase and payments of debt | -710,400 | -1,631,538 |
Proceeds from issuance of debt | 1,165,359 | ' |
Net cash provided by (used in) financing activities | 132,184 | -2,261,865 |
Effect of foreign currency exchange rate changes on cash | 10,457 | 2,692 |
Net increase (decrease) in cash and cash equivalents | -302,243 | 684,549 |
Cash and cash equivalents, beginning of period | 491,129 | 100,810 |
Cash and cash equivalents, end of period | 188,886 | 785,359 |
Prologis, L.P. [Member] | ' | ' |
Operating activities: | ' | ' |
Consolidated net earnings | 12,003 | 296,932 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Straight-lined rents | -13,066 | -16,661 |
Stock-based compensation awards, net | 15,238 | 9,755 |
Depreciation and amortization | 160,280 | 177,431 |
Earnings from unconsolidated entities, net | -29,746 | -24,768 |
Distributions and changes in operating receivables from unconsolidated entities | 26,025 | 24,937 |
Amortization of debt and lease intangibles | 5,326 | 2,492 |
Gains on acquisitions and dispositions of investments in real estate, net | -17,055 | -344,679 |
Losses (gains) on early extinguishment of debt, net | -273 | 17,351 |
Unrealized foreign currency and derivative losses (gains), net | 27,828 | -1,955 |
Deferred income tax expense (benefit) | 1,032 | -3,640 |
Decrease (increase) in restricted cash, accounts receivable and other assets | -54,819 | 32,936 |
Decrease in accounts payable and accrued expenses and other liabilities | -60,530 | -40,991 |
Net cash provided by operating activities | 72,243 | 129,140 |
Investing activities: | ' | ' |
Real estate development activity | -244,268 | -161,673 |
Real estate acquisitions | -77,307 | -55,907 |
Tenant improvements on previously leased space and lease commissions | -33,346 | -29,950 |
Non-development capital expenditures | -7,576 | -13,012 |
Investments in and advances to unconsolidated entities, net | -328,321 | -258,414 |
Return of investment from unconsolidated entities | 92,460 | 82,847 |
Proceeds from dispositions and contributions of real estate properties | 81,231 | 3,250,691 |
Net cash provided by (used in) investing activities | -517,127 | 2,814,582 |
Financing activities: | ' | ' |
Proceeds from issuance of common stock, net | 7,465 | 5,202 |
Distributions paid on common and preferred units | -168,824 | -141,058 |
Noncontrolling interest contributions | 452,327 | 8,400 |
Noncontrolling interest distributions | -588 | -6,826 |
Debt and equity issuance costs paid | -5,659 | ' |
Net proceeds from credit facilities, net | -607,496 | -496,045 |
Repurchase and payments of debt | -710,400 | -1,631,538 |
Proceeds from issuance of debt | 1,165,359 | ' |
Net cash provided by (used in) financing activities | 132,184 | -2,261,865 |
Effect of foreign currency exchange rate changes on cash | 10,457 | 2,692 |
Net increase (decrease) in cash and cash equivalents | -302,243 | 684,549 |
Cash and cash equivalents, beginning of period | 491,129 | 100,810 |
Cash and cash equivalents, end of period | $188,886 | $785,359 |
CONSOLIDATED_STATEMENT_OF_CAPI
CONSOLIDATED STATEMENT OF CAPITAL (Unaudited) (Prologis, L.P. [Member], USD $) | 3 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
Non-controlling Interests [Member] | Preferred [Member] | Preferred [Member] | Common [Member] | Common [Member] | ||
General Partner [Member] | General Partner [Member] | General Partner [Member] | Limited Partners [Member] | |||
Beginning balance | $14,176,453 | $417,086 | $100,000 | $100,000 | $13,611,158 | $48,209 |
Beginning balance, Units | ' | ' | 2,000 | 2,000 | 498,799 | 1,767 |
Consolidated net earnings | 12,003 | 5,185 | ' | ' | 6,801 | 17 |
Effect of REIT's common stock plans | 17,019 | ' | ' | ' | 17,019 | ' |
Effect of REIT's common stock plans, Units | ' | ' | ' | ' | 852 | ' |
Formation of Prologis U.S. Logistics Venture | 455,611 | 442,251 | ' | ' | 13,360 | ' |
Capital contributions | 7,430 | 7,430 | ' | ' | ' | ' |
Settlement of noncontrolling interests | ' | 246 | ' | ' | -246 | ' |
Foreign currency translation gains (losses), net | -4,723 | 2,966 | ' | ' | -7,662 | -27 |
Unrealized losses and amortization on derivative contracts, net | -1,261 | ' | ' | ' | -1,257 | -4 |
Distributions and allocations | -169,289 | -588 | ' | ' | -168,138 | -563 |
Ending balance | $14,493,243 | $874,576 | $100,000 | $100,000 | $13,471,035 | $47,632 |
Ending balance, Units | ' | ' | 2,000 | 2,000 | 499,651 | 1,767 |
General
General | 3 Months Ended | |
Mar. 31, 2014 | ||
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 (“Internal Revenue Code”), 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 controlling interest in the Operating Partnership, we are engaged in the ownership, acquisition, development and operation of industrial properties 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 represents the long-term management of co-investment ventures. See Note 11 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. | ||
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. As of March 31, 2014, the REIT owned an approximate 99.65% common general partnership interest in the Operating Partnership, and 100% of the preferred units. The remaining approximate 0.35% 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. The REIT does not have significant assets other than its investment in the Operating Partnership and 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, 2013, 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 2013, have been reclassified to conform to the 2014 financial statement presentation. | ||
Recent Accounting Pronouncements. In April 2014, the FASB issued an accounting standard update that changed the criteria for classifying and reporting discontinued operations while enhancing disclosures. Under the new guidance, only disposals of a component of an entity, or a group of components of an entity, representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have, or will have, a major effect on the organization’s operations and financial results. Examples of disposals that may meet the new criteria include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires additional disclosures about discontinued operations and the disposal of an individually significant component of an entity that does not meet the criteria for discontinued operations. We early adopted this standard prospectively for all disposals subsequent to January 1, 2014. Prior to adoption, the results of operations for real estate properties sold or held for sale during the reported periods were shown under Discontinued Operations on the Consolidated Statements of Operations (see Note 4). Going forward, we expect the majority of our dispositions will not qualify as discontinued operations and the results will be presented in Income from Continuing Operations. | ||
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 entity. 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. We adopted this standard as of January 1, 2014, and it did not have, and we do not expect it to have, a material impact on the Consolidated Financial Statements. |
Business_Combinations
Business Combinations | 3 Months Ended | |
Mar. 31, 2014 | ||
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. The venture sold 73 properties to a third party and we subsequently acquired our partner’s 80% ownership interest in the venture. The allocation of net assets acquired was $519.2 million in real estate assets and $22.0 million of net other assets. While the current allocation of the purchase price is substantially complete, the valuation of the real estate properties is being finalized. We do not expect future revisions, if any, to have a significant impact on our financial position or results of operations. | ||
On October 2, 2013, we acquired our partner’s 78.4% interest in the unconsolidated co-investment venture Prologis SGP Mexico and concluded the venture. The allocation of net assets acquired was $409.5 million in real estate assets and $4.0 million of net other assets and $158.4 million in debt. While the current allocation of the purchase price is substantially complete, the valuation of the real estate properties is being finalized. 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 in these acquisitions was not significant. |
Real_Estate
Real Estate | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||||||||||
Real Estate | ' | ||||||||||||||||||||||||
3 | Real Estate | ||||||||||||||||||||||||
Investments in real estate properties are presented at cost, and consisted of the following (square feet and dollars in thousands): | |||||||||||||||||||||||||
Square Feet / Acres (1) | No. of Buildings (1) | Investment Balance | |||||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Industrial operating properties: | |||||||||||||||||||||||||
Improved land | — | — | — | — | $ | 4,116,518 | $ | 4,074,647 | |||||||||||||||||
Buildings and improvements | 270,527 | 267,097 | 1,614 | 1,610 | 13,831,955 | 13,726,417 | |||||||||||||||||||
Development portfolio, including land costs: | |||||||||||||||||||||||||
Pre-stabilized | 5,289 | 4,491 | 14 | 11 | 340,035 | 204,022 | |||||||||||||||||||
Properties under development | 15,386 | 18,587 | 43 | 46 | 711,681 | 816,995 | |||||||||||||||||||
Land | 9,496 | 9,747 | — | — | 1,544,242 | 1,516,166 | |||||||||||||||||||
Other real estate investments (2) | — | — | — | — | 494,359 | 486,230 | |||||||||||||||||||
Total investments in real estate properties | 21,038,790 | 20,824,477 | |||||||||||||||||||||||
Less accumulated depreciation | 2,698,043 | 2,568,998 | |||||||||||||||||||||||
Net investments in real estate properties | $ | 18,340,747 | $ | 18,255,479 | |||||||||||||||||||||
-1 | Items indicated by ‘—‘are not applicable. | ||||||||||||||||||||||||
-2 | Included in other real estate investments are: (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; and (vi) earnest money deposits associated with potential acquisitions. | ||||||||||||||||||||||||
At March 31, 2014, we owned real estate assets 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). | |||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||
Real estate disposition activity for the three months ended March 31, was as follows (square feet and dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Continuing Operations | |||||||||||||||||||||||||
Number of properties | 5 | 209 | |||||||||||||||||||||||
Square feet | 715 | 58,888 | |||||||||||||||||||||||
Net proceeds from contributions and dispositions | $ | 81,231 | $ | 4,876,214 | |||||||||||||||||||||
Net gains from contributions and dispositions | $ | 17,055 | $ | 338,845 | |||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||||||
Number of properties | — | 7 | |||||||||||||||||||||||
Square feet | — | 432 | |||||||||||||||||||||||
Net proceeds from dispositions | $ | — | $ | 35,546 | |||||||||||||||||||||
Net gains from dispositions, including related impairment charges and taxes | $ | — | $ | 5,834 | |||||||||||||||||||||
The net gains included in continuing operations for the three months ended March 31, 2013, primarily represent the gain from the initial contribution of properties to our new unconsolidated co-investment venture in Japan, Nippon Prologis REIT (“NPR”). |
Unconsolidated_Entities
Unconsolidated Entities | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 range from 15-55%. 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 investments in unconsolidated co-investment ventures, which are accounted for using the equity method of accounting. See Note 7 for more detail regarding our consolidated investments. | |||||||||||||||||
We also have other 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 ventures, collectively, as unconsolidated entities. | |||||||||||||||||
Our investments in and advances to our unconsolidated entities are summarized below (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unconsolidated co-investment ventures | $ | 4,513,180 | $ | 4,250,015 | |||||||||||||
Other ventures | 174,742 | 180,224 | |||||||||||||||
Totals | $ | 4,687,922 | $ | 4,430,239 | |||||||||||||
Unconsolidated Co-Investment Ventures | |||||||||||||||||
As of March 31, 2014, we had investments in and managed unconsolidated co-investment ventures that own portfolios of operating industrial properties and may also develop properties. We account for our investments in these ventures under the equity method of accounting and, therefore, we record our share of each venture’s net earnings or loss as Earnings from Unconsolidated Entities, Net in the Consolidated Statements of Operations. We earn fees for the management services we provide to these ventures. 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. We report these fees and incentives as Investment Management Income in the Consolidated Statements of Operations. In addition, we may earn fees for services provided to develop a building within these ventures and those fees are reflected as Development Management and Other Income in the Consolidated Statements of Operations. | |||||||||||||||||
Summarized information regarding the amounts we recognize in the Consolidated Statements of Operations from our investments in the unconsolidated co-investment ventures is as follows (in thousands): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Earnings (loss) from unconsolidated co-investment ventures: | |||||||||||||||||
Americas (1) | $ | (329 | ) | $ | 14,268 | ||||||||||||
Europe (2) | 25,495 | 7,542 | |||||||||||||||
Asia (2) | 3,665 | 2,485 | |||||||||||||||
Total earnings from unconsolidated co-investment ventures, net | $ | 28,831 | $ | 24,295 | |||||||||||||
Investment management and other income: | |||||||||||||||||
Americas | $ | 14,325 | $ | 16,077 | |||||||||||||
Europe (2) | 21,700 | 10,613 | |||||||||||||||
Asia (2) | 8,797 | 6,742 | |||||||||||||||
Total investment management income | 44,822 | 33,432 | |||||||||||||||
Development management and other income | 707 | 1,047 | |||||||||||||||
Total investment management and other income | $ | 45,529 | $ | 34,479 | |||||||||||||
-1 | During the first quarter of 2013, we recognized a gain of $9.7 million representing our share of the sale of two properties in the Prologis Brazil Logistics Partners Fund. | ||||||||||||||||
-2 | During the first quarter of 2013, we started two new co-investment ventures, one in Europe and one in Japan, and started accounting for these ventures under the equity method and recognizing investment management income from these two new co-investment ventures. | ||||||||||||||||
The amounts of Investment Management income and earnings we recognize depend on the size of co-investment ventures that we manage and in which we have an ownership interest. A summary of our outstanding unconsolidated co-investment ventures was as follows (square feet and total assets in thousands and represents 100% of the venture): | |||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||
Americas: | |||||||||||||||||
Number of properties owned | 712 | 709 | 804 | ||||||||||||||
Square feet | 109,147 | 108,537 | 127,869 | ||||||||||||||
Total assets | $ | 8,074,306 | $ | 8,014,339 | $ | 9,329,047 | |||||||||||
Europe: | |||||||||||||||||
Number of properties owned | 585 | 571 | 514 | ||||||||||||||
Square feet | 136,647 | 132,876 | 119,736 | ||||||||||||||
Total assets | $ | 12,119,512 | $ | 11,818,786 | $ | 9,698,216 | |||||||||||
Asia: | |||||||||||||||||
Number of properties owned | 45 | 43 | 53 | ||||||||||||||
Square feet | 23,332 | 22,880 | 20,027 | ||||||||||||||
Total assets | $ | 4,047,560 | $ | 4,032,125 | $ | 3,666,689 | |||||||||||
Total: | |||||||||||||||||
Number of properties owned | 1,342 | 1,323 | 1,371 | ||||||||||||||
Square feet | 269,126 | 264,293 | 267,632 | ||||||||||||||
Total assets | $ | 24,241,378 | $ | 23,865,250 | $ | 22,693,952 | |||||||||||
The following is summarized financial information of the unconsolidated co-investment ventures and our investment (dollars in millions). The co-investment venture information represents the venture’s information (not our proportionate share) based on our U.S. GAAP basis in the entity. | |||||||||||||||||
2014 (1) | Americas | Europe | Asia | Total | |||||||||||||
For the three months ended March 31, 2014: | |||||||||||||||||
Revenues | $ | 168.2 | $ | 246.7 | $ | 68.5 | $ | 483.4 | |||||||||
Net operating income | $ | 119.2 | $ | 196.1 | $ | 53.6 | $ | 368.9 | |||||||||
Net earnings | $ | 2.2 | $ | 62.6 | $ | 22 | $ | 86.8 | |||||||||
As of March 31, 2014: | |||||||||||||||||
Amounts due to us (2) | $ | 14.7 | $ | 8.8 | $ | 99.1 | $ | 122.6 | |||||||||
Third party debt (3) | $ | 2,961.10 | $ | 2,685.20 | $ | 1,737.60 | $ | 7,383.90 | |||||||||
Total liabilities | $ | 3,110.80 | $ | 3,818.80 | $ | 1,911.30 | $ | 8,840.90 | |||||||||
Our weighted average ownership | 23.3 | % | 38.9 | % | 15 | % | 29.4 | % | |||||||||
Our investment balance | $ | 1,225.40 | $ | 2,943.80 | $ | 344 | $ | 4,513.20 | |||||||||
Deferred gains, net of amortization (4) | $ | 138 | $ | 195.7 | $ | 93.6 | $ | 427.3 | |||||||||
2013 (1) | Americas | Europe | Asia | Total | |||||||||||||
For the three months ended March 31, 2013: | |||||||||||||||||
Revenues | $ | 182.1 | $ | 148.4 | $ | 45.3 | $ | 375.8 | |||||||||
Net operating income | $ | 133.1 | $ | 105.3 | $ | 36.2 | $ | 274.6 | |||||||||
Net earnings (5) | $ | 26.1 | $ | 24.1 | $ | 4.2 | $ | 54.4 | |||||||||
As of December 31, 2013: | |||||||||||||||||
Amounts due to us (2) | $ | 10.3 | $ | 43.7 | $ | 110 | $ | 164 | |||||||||
Third party debt (3) | $ | 2,999.10 | $ | 2,998.20 | $ | 1,715.20 | $ | 7,712.50 | |||||||||
Total liabilities | $ | 3,177.10 | $ | 4,113.60 | $ | 1,899.20 | $ | 9,189.90 | |||||||||
Our weighted average ownership | 22.7 | % | 39 | % | 15 | % | 29.2 | % | |||||||||
Our investment balance | $ | 1,194.00 | $ | 2,703.30 | $ | 352.7 | $ | 4,250.00 | |||||||||
Deferred gains, net of amortization (4) | $ | 139.6 | $ | 196.7 | $ | 94.8 | $ | 431.1 | |||||||||
-1 | We have had significant activity with our unconsolidated co-investment ventures in 2013. We concluded three co-investment ventures (the results of these ventures are included only through the transaction dates), and we launched two new co-investment ventures (the results of these ventures are included from the date these ventures acquired the properties). | ||||||||||||||||
-2 | As of March 31, 2014, and December 31, 2013, we had receivables from NPR of $87.8 million and $88.5 million, respectively, related to customer security deposits that are made through a leasing company owned by Prologis that pertain to properties owned by NPR. There is a corresponding payable to NPR’s customers in Other Liabilities in the Consolidated Balance Sheets. As of December 31, 2013, we had receivables from Prologis European Logistics Partners Sàrl (“PELP”) for remaining sale proceeds of $35.5 million which were received in the first quarter of 2014. The remaining amounts generally represent current balances for services provided by us to the co-investment ventures. | ||||||||||||||||
-3 | As of March 31, 2014 and December 31, 2013, we did not guarantee any third party debt of our co-investment ventures. | ||||||||||||||||
-4 | 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. | ||||||||||||||||
-5 | During the first quarter of 2013, one venture in the Americas recorded net gains of $21.1 million from the disposition of two properties. | ||||||||||||||||
In April 2014, we acquired a partner’s 5.6% ownership interest in the Prologis North American Industrial Fund for $83.5 million and now own 28.7% of the venture. | |||||||||||||||||
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 acquisition price of additional investments that the venture could make may be more than the equity commitment. 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 March 31, 2014 (in millions): | |||||||||||||||||
Equity commitments | Expiration date | ||||||||||||||||
for remaining | |||||||||||||||||
commitments | |||||||||||||||||
Prologis | Venture | Total | |||||||||||||||
Partners | |||||||||||||||||
Prologis Targeted U.S. Logistics Fund | $ | — | $ | 319.8 | $ | 319.8 | 2014-2015 | ||||||||||
Prologis Targeted Europe Logistics Fund (1) | 181.1 | 242 | 423.1 | Jun-15 | |||||||||||||
Prologis European Properties Fund II (1) | 100.6 | 293.8 | 394.4 | September 2015 | |||||||||||||
Europe Logistics Venture 1 (1) | 24 | 135.7 | 159.7 | Dec-14 | |||||||||||||
Prologis European Logistics Partners (2) | 110.9 | 110.9 | 221.8 | Feb-16 | |||||||||||||
Prologis China Logistics Venture 1 and 2 | 148.1 | 839.3 | 987.4 | 2015 and 2017 | |||||||||||||
Total | $ | 564.7 | $ | 1,941.50 | $ | 2,506.20 | |||||||||||
-1 | Equity commitments are denominated in euro and reported above in U.S. dollars based on an exchange rate of 1.38 U.S. dollars to the euro. | ||||||||||||||||
-2 | The equity commitments as of March 31, 2014, are expected to fund the future repayment of debt and are denominated in British pound sterling, will be called in euros and are reported above in U.S. dollar using an exchange rate of 1.66 U.S. dollars to the British pound sterling. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||
Discontinued Operations | ' | ||||
5 | Discontinued Operations | ||||
In April 2014, the FASB issued a standard updating the accounting and disclosure regarding discontinued operations. As discussed in Note 1, we have adopted this standard as of January 1, 2014. None of our property dispositions in 2014 met the new criteria to be classified as discontinued operations. The operations of the properties that were disposed of to third parties during 2013 that met the criteria for discontinued operations, including the aggregate net gains or losses recognized upon their disposition (See Note 3 for more detail on dispositions), are presented as discontinued operations in the Consolidated Statements of Operations. Income attributable to disposed properties and assets held for sale during the three months ended March 31, 2013, was as follows (in thousands): | |||||
Rental income and recoveries | $ | 11,268 | |||
Rental expenses | (3,739 | ) | |||
Depreciation and amortization | (5,311 | ) | |||
Interest expense | (425 | ) | |||
Income attributable to disposed properties and assets held for sale | $ | 1,793 | |||
Debt
Debt | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
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): | |||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Weighted | Amount | Weighted | Amount | ||||||||||||||||||||||||||||||
Average Interest | Outstanding (2) | Average Interest | Outstanding | ||||||||||||||||||||||||||||||
Rate (1) | Rate (1) | ||||||||||||||||||||||||||||||||
Credit Facilities | 1.2 | % | $ | 119,466 | 1.2 | % | $ | 725,483 | |||||||||||||||||||||||||
Senior notes | 4.3 | % | 6,296,308 | 4.5 | % | 5,357,933 | |||||||||||||||||||||||||||
Exchangeable senior notes | 3.3 | % | 442,729 | 3.3 | % | 438,481 | |||||||||||||||||||||||||||
Secured mortgage debt | 5.5 | % | 1,674,488 | 5.6 | % | 1,696,597 | |||||||||||||||||||||||||||
Secured mortgage debt of consolidated entities | 4.7 | % | 238,148 | 4.7 | % | 239,992 | |||||||||||||||||||||||||||
Term loan | 1.5 | % | 82,728 | 1.7 | % | 535,908 | |||||||||||||||||||||||||||
Other debt | 6.2 | % | 16,768 | 6.2 | % | 16,822 | |||||||||||||||||||||||||||
Totals | 4.4 | % | $ | 8,870,635 | 4.2 | % | $ | 9,011,216 | |||||||||||||||||||||||||
-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 ($2.0 billion) and Japanese yen ($0.2 billion). | ||||||||||||||||||||||||||||||||
Credit Facilities | |||||||||||||||||||||||||||||||||
We have a global senior credit facility (the “Global Facility”), in which 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 also have a ¥45.0 billion (approximately $435.7 million at March 31, 2014) Japanese yen revolver (the “Revolver”) with availability to ¥56.5 billion (approximately $547.0 million at March 31, 2014). We refer to the Global Facility and the Revolver, collectively, as our “Credit Facilities.” | |||||||||||||||||||||||||||||||||
Commitments and availability under our Credit Facilities as of March 31, 2014, were as follows (in millions): | |||||||||||||||||||||||||||||||||
Aggregate lender—commitments | $ | 2,465.10 | |||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||
Borrowings outstanding | 119.5 | ||||||||||||||||||||||||||||||||
Outstanding letters of credit | 72.7 | ||||||||||||||||||||||||||||||||
Current availability | $ | 2,272.90 | |||||||||||||||||||||||||||||||
Senior Notes | |||||||||||||||||||||||||||||||||
In February 2014, we issued €700 million ($959.4 million) of senior notes with an interest rate of 3.375%, maturing in 2024, at 98.9% of par value for an all-in rate of 3.52%. We used the net proceeds for general corporate purposes, including to repay borrowings under our multi-currency senior term loan (“Term Loan”) and our Global Facility. | |||||||||||||||||||||||||||||||||
Exchangeable Senior Notes | |||||||||||||||||||||||||||||||||
The fair value of the embedded derivative associated with our exchangeable notes was a liability of $63.8 million and $41.0 million at March 31, 2014 and December 31, 2013, respectively. In adjusting to fair value, we recognized unrealized losses of $22.8 million and $1.0 million for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
Long-Term Debt Maturities | |||||||||||||||||||||||||||||||||
Principal payments due on our debt, for the remainder of 2014 and for each of the years in the ten-year period ending December 31, 2023, and thereafter are as follows (in millions): | |||||||||||||||||||||||||||||||||
Prologis | |||||||||||||||||||||||||||||||||
Unsecured | Secured | Consolidated | Total | ||||||||||||||||||||||||||||||
Senior | Exchangeable | Credit | Other | Mortgage | Entities’ | Consolidated | |||||||||||||||||||||||||||
Maturity | Debt | Notes | Facilities | Debt | Debt | Total | Debt | Debt | |||||||||||||||||||||||||
2014 (1) | $ | 9 | $ | — | $ | — | $ | 1 | $ | 275 | $ | 285 | $ | 10 | $ | 295 | |||||||||||||||||
2015 (2) | 175 | 460 | — | 84 | 134 | 853 | 9 | 862 | |||||||||||||||||||||||||
2016 | 641 | — | — | 1 | 456 | 1,098 | 126 | 1,224 | |||||||||||||||||||||||||
2017 | 438 | — | — | 1 | 226 | 665 | 4 | 669 | |||||||||||||||||||||||||
2018 | 667 | — | 119 | 1 | 110 | 897 | 74 | 971 | |||||||||||||||||||||||||
2019 | 693 | — | — | 1 | 285 | 979 | 2 | 981 | |||||||||||||||||||||||||
2020 | 380 | — | — | 1 | 6 | 387 | 2 | 389 | |||||||||||||||||||||||||
2021 | 500 | — | — | — | 6 | 506 | 2 | 508 | |||||||||||||||||||||||||
2022 | 965 | — | — | — | 7 | 972 | 3 | 975 | |||||||||||||||||||||||||
2023 | 850 | — | — | — | 7 | 857 | 1 | 858 | |||||||||||||||||||||||||
Thereafter | 965 | — | — | 10 | 130 | 1,105 | 5 | 1,110 | |||||||||||||||||||||||||
Subtotal | 6,283 | 460 | 119 | 100 | 1,642 | 8,604 | 238 | 8,842 | |||||||||||||||||||||||||
Unamortized premiums (discounts), net | 13 | (17 | ) | — | — | 32 | 28 | 1 | 29 | ||||||||||||||||||||||||
Total | $ | 6,296 | $ | 443 | $ | 119 | $ | 100 | $ | 1,674 | $ | 8,632 | $ | 239 | $ | 8,871 | |||||||||||||||||
-1 | We expect to repay the amounts maturing in 2014 related to our wholly owned debt with cash generated from operations, proceeds from the disposition of wholly owned real estate properties and with borrowings on our Credit Facilities. | ||||||||||||||||||||||||||||||||
-2 | Included in other debt is a term loan that can be extended until 2017 (two 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 March 31, 2014, we were in compliance with all covenants. |
Noncontrolling_Interests
Noncontrolling Interests | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||||||||||||||||||||||
Noncontrolling Interests | ' | ||||||||||||||||||||||||||||||||
7 | Noncontrolling Interests | ||||||||||||||||||||||||||||||||
We consolidate several entities in which we do not own 100% of the common equity. In certain partnerships, the units of the entity are 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 that represents the portion of the ownership attributable to our partners and the difference between cash received and historical cost is reflected as an adjustment to Additional Paid in Capital with no gain or loss recognized. | |||||||||||||||||||||||||||||||||
In January 2014, we closed on a U.S. co-investment venture, Prologis U.S. Logistics Venture (“USLV”), in which we hold a 55% equity ownership interest. The venture is consolidated for accounting purposes due to the structure and voting rights of the venture. At closing, the venture acquired from us a portfolio of 66 operating properties aggregating 12.8 million square feet for an aggregate purchase price of $1.0 billion. | |||||||||||||||||||||||||||||||||
The noncontrolling interests of the REIT include the noncontrolling interests presented for the Operating Partnership, as well as the common limited partnership units in the Operating Partnership that are not owned by the REIT. As of March 31, 2014, the REIT owned 99.65% common general partnership units in the Operating Partnership. | |||||||||||||||||||||||||||||||||
The following is a summary of the noncontrolling interests and the consolidated entity’s total investment in real estate and debt at March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||
Our Ownership | Noncontrolling | Total Investment In | Debt | ||||||||||||||||||||||||||||||
Percentage | Interest | Real Estate | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Partnerships with exchangeable units (1) | various | various | $ | 75,673 | $ | 75,532 | $ | 728,023 | $ | 783,052 | $ | — | $ | — | |||||||||||||||||||
Mexico Fondo Logistico (AFORES) | 20 | % | 20 | % | 224,723 | 220,292 | 458,859 | 457,006 | 190,716 | 191,866 | |||||||||||||||||||||||
Brazil Fund (2) | 50 | % | 50 | % | 74,137 | 65,006 | — | — | — | — | |||||||||||||||||||||||
Prologis AMS | 38.5 | % | 38.5 | % | 25,029 | 24,791 | 58,619 | 58,575 | 16,739 | 17,063 | |||||||||||||||||||||||
Prologis U.S. Logistics Venture (3) | 55 | % | N/A | 443,846 | — | 999,134 | — | — | — | ||||||||||||||||||||||||
Other consolidated entities | various | various | 31,168 | 31,465 | 312,548 | 312,358 | 30,693 | 31,063 | |||||||||||||||||||||||||
Operating Partnership noncontrolling interests | 874,576 | 417,086 | 2,557,183 | 1,610,991 | 238,148 | 239,992 | |||||||||||||||||||||||||||
Limited partners in the Operating Partnership (4) | 47,632 | 48,209 | — | — | — | — | |||||||||||||||||||||||||||
REIT noncontrolling interests | $ | 922,208 | $ | 465,295 | $ | 2,557,183 | $ | 1,610,991 | $ | 238,148 | $ | 239,992 | |||||||||||||||||||||
-1 | At March 31, 2014 and December 31, 2013, there were 1,948,608 limited partnership units that were exchangeable for cash or into an equal number of shares of the REIT’s common stock at the option of the issuer. 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 | 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 $166.4 million at March 31, 2014. For additional information on our unconsolidated investments, see Note 4. | ||||||||||||||||||||||||||||||||
-3 | As discussed above, this was a newly formed co-investment venture in the first quarter of 2014. | ||||||||||||||||||||||||||||||||
-4 | At March 31, 2014 and December 31, 2013, there were 1,766,691 units that were associated with the limited partners in the Operating Partnership and were exchangeable for cash or into an equal number of shares of the REIT’s common stock at the option of the issuer. 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 | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||
Long-Term Compensation | ' | ||||||||||||
8 | Long-Term Compensation | ||||||||||||
At March 31, 2014, Prologis had stock options and full value awards (restricted stock, performance share awards and restricted share units (“RSUs”)) under its incentive plan. | |||||||||||||
Summary of Activity | |||||||||||||
The activity for the three months ended March 31, 2014, with respect to our RSU and performance share awards, was as follows: | |||||||||||||
Number of | Weighted Average | Number of | |||||||||||
Shares | Grant-Date Fair Value | Shares Vested | |||||||||||
Balance at December 31, 2013 | 2,266,443 | ||||||||||||
Granted | 1,240,852 | ||||||||||||
Vested and distributed | (913,078 | ) | |||||||||||
Forfeited | (10,468 | ) | |||||||||||
Balance at March 31, 2014 | 2,583,749 | $ | 39.06 | 83,791 | |||||||||
All awards granted in the period were in the form of RSUs which, generally vest over three years. | |||||||||||||
The activity for the three months ended March 31, 2014, with respect to our stock options, was as follows: | |||||||||||||
Options Outstanding | |||||||||||||
Number of Options | Weighted Average | Options Exercisable | |||||||||||
Exercise Price | |||||||||||||
Balance at December 31, 2013 | 6,253,497 | ||||||||||||
Exercised | (219,362 | ) | |||||||||||
Forfeited / Expired | (500 | ) | |||||||||||
Balance at March 31, 2014 | 6,033,635 | $ | 36.02 | 6,027,635 | |||||||||
Outperformance Plan | |||||||||||||
We grant awards in the form of points under our Outperformance Plan (“OPP”) corresponding to three-year performance periods. As of March 31, 2014, all awards were equity classified. At the end of the applicable performance period, if the performance criteria are met, the participants’ points will be paid in the form of common stock of the REIT or units of the Operating Partnership. The fair value of the awards are measured as of the grant date and amortized over the performance period. | |||||||||||||
We granted points on February 13, 2014, with a fair value of $23.1 million as of the date of the grant using a Monte Carlo valuation model that assumed a risk free interest rate of 0.67% and an expected volatility of 46% for Prologis and 30% for the index of selected peer companies. Such points related to a three-year performance period that began on January 1, 2014, and will end on December 31, 2016. We also granted points in 2012 (three-year performance period will end on December 31, 2014) and 2013 (three-year performance period will end on December 31, 2015). | |||||||||||||
We recognized $6.9 million and $7.8 million of compensation expense related to our outstanding OPP awards during the three months ended March 31, 2014 and 2013, respectively. |
Earnings_Per_Common_Share_Unit
Earnings Per Common Share / Unit | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Common Share / Unit | ' | ||||||||
9 | 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 | |||||||||
March 31, | |||||||||
REIT | 2014 | 2013 | |||||||
Net earnings attributable to common stockholders | $ | 4,666 | $ | 265,416 | |||||
Noncontrolling interest attributable to exchangeable limited partnership units | 17 | 1,182 | |||||||
Interest expense on exchangeable debt assumed exchanged | — | 4,235 | |||||||
Adjusted net earnings attributable to common stockholders | $ | 4,683 | $ | 270,833 | |||||
Weighted average common shares outstanding—Basic (1) | 498,696 | 461,468 | |||||||
Incremental weighted average effect on exchange of limited partnership units (2) | 1,767 | 3,039 | |||||||
Incremental weighted average effect of stock awards and warrants | 3,910 | 2,566 | |||||||
Incremental weighted average effect on exchange of certain exchangeable debt | — | 11,879 | |||||||
Weighted average common shares outstanding—Diluted (3) | 504,373 | 478,952 | |||||||
Net earnings per share attributable to common stockholders - | |||||||||
Basic | $ | 0.01 | $ | 0.58 | |||||
Diluted | $ | 0.01 | $ | 0.57 | |||||
Operating Partnership | |||||||||
Net earnings attributable to common unitholders | $ | 4,683 | $ | 266,548 | |||||
Noncontrolling interest attributable to exchangeable limited partnership units | — | 50 | |||||||
Interest expense on exchangeable debt assumed exchanged | — | 4,235 | |||||||
Adjusted net earnings attributable to common unitholders | $ | 4,683 | $ | 270,833 | |||||
Weighted average common partnership units outstanding—Basic (1) | 500,463 | 463,361 | |||||||
Incremental weighted average effect on exchange of limited partnership units | — | 1,146 | |||||||
Incremental weighted average effect of stock awards and warrants of the REIT | 3,910 | 2,566 | |||||||
Incremental weighted average effect on exchange of certain exchangeable debt | — | 11,879 | |||||||
Weighted average common partnership units outstanding—Diluted (3) | 504,373 | 478,952 | |||||||
Net earnings per unit attributable to common unitholders - | |||||||||
Basic | $ | 0.01 | $ | 0.58 | |||||
Diluted | $ | 0.01 | $ | 0.57 | |||||
-1 | The increase in shares/units between the periods is due to an equity offering in April 2013. | ||||||||
-2 | Income 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. The incremental weighted average exchangeable Operating Partnership units (in thousands) were 1,767 and 1,894 for the three months ended March 31, 2014 and 2013, respectively. | ||||||||
-3 | Total weighted average potentially dilutive stock awards and warrants outstanding (in thousands) were 15,546 and 14,140 for the three months ended March 31, 2014 and 2013, respectively. Total weighted average potentially dilutive shares/units from exchangeable debt outstanding (in thousands) were 11,879 for both periods presented. Total weighted average potentially dilutive limited partnership units outstanding (in thousands) were 1,949 and 1,173 for the three months ended March 31, 2014 and 2013, respectively. |
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Financial Instruments and Fair Value Measurements | ' | ||||||||||||||||||||||||
10 | 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, such as foreign currency contracts to manage foreign currency exposure, and interest rate swaps to manage the effect of interest rate fluctuations. The majority of our derivative financial instruments are customized derivative transactions and are not exchange-traded. We only enter into transactions that we believe will be highly effective at offsetting the underlying risk. There have been no significant changes in our policy or strategy from what was previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December, 31, 2013. | |||||||||||||||||||||||||
Foreign Currency | |||||||||||||||||||||||||
We hedge the net assets of certain international subsidiaries using foreign currency derivative contracts (net investment hedges) 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 the 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 Income (Loss) in the Consolidated Balance Sheets (“AOCI”) and offsets translation adjustments on the underlying net assets of our foreign investments, which are also recorded in AOCI. Ineffectiveness, if any, is recognized in earnings. | |||||||||||||||||||||||||
In certain circumstances, we may also borrow debt in a currency that is not the same functional currency of the borrowing entity to offset the translation and economic exposures related to our net investment in international subsidiaries. To mitigate the impact to our earnings from the fluctuations in the exchange rate, we may designate the debt as a non-derivative financial instrument hedge. We measure our effectiveness in the same manner as our net investment hedges described above. As a result, the change in the value of this debt upon translation is recorded in the foreign currency translation component of AOCI to offset the foreign currency fluctuations related to the net investment in our subsidiaries with the same functional currency as the debt. | |||||||||||||||||||||||||
Interest Rate | |||||||||||||||||||||||||
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. We may enter 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 the agreement. The effective portion of the gain or loss on the derivative is reported as a component of AOCI in the Consolidated Balance Sheets, and reclassified to Interest Expense in the Consolidated Statements of Operations over the corresponding period of the hedged item. Losses on a derivative representing hedge ineffectiveness, if any, are recognized in Interest Expense at the time the ineffectiveness occurred. | |||||||||||||||||||||||||
Summary of Activity | |||||||||||||||||||||||||
The following table summarizes the activity in our derivative instruments for the three months ended March 31, (in millions): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Foreign | Interest Rate | Foreign | Interest Rate | ||||||||||||||||||||||
Currency | Swaps (2) | Currency | Swaps (3) | ||||||||||||||||||||||
Contracts (1) | Forwards | ||||||||||||||||||||||||
Notional amounts at January 1, | $ | 1,050.00 | $ | 71 | $ | 1,303.80 | $ | 1,314.80 | |||||||||||||||||
New contracts | 1,040.00 | — | — | — | |||||||||||||||||||||
Matured or expired contracts | (470.0 | ) | — | (663.7 | ) | (1,230.2 | ) | ||||||||||||||||||
Notional amounts at March 31, | $ | 1,620.00 | $ | 71 | $ | 640.1 | $ | 84.6 | |||||||||||||||||
-1 | To hedge a portion of our investment in Europe at a fixed euro rate in U.S. dollars, we entered into two foreign currency contracts that expired in March with an aggregate notional amount of €345.9 million ($470.0 million using the weighted average forward rate of 1.36) and four foreign currency contracts that will expire in April 2014 with an aggregate notional amount of €414.5 million ($570.0 million using the weighted average forward rate of 1.38). As of March 31, 2014, we had 11 contracts with an aggregate notional amount of €1.0 billion ($1.4 billion using the weighted average forward rate of 1.35) and three contracts with an aggregate notional amount of ¥24.1billion ($250.0 million using the weighted average forward rate of 96.54). | ||||||||||||||||||||||||
-2 | We currently have one interest rate swap contract that matures in May 2017. | ||||||||||||||||||||||||
-3 | During the three months ended March 31, 2013, we settled or contributed contracts in connection with the formation of our new co-investment ventures in Europe and Japan. | ||||||||||||||||||||||||
As discussed in Note 6, we issued €700 million ($959.4 million) of debt in February 2014. This debt was issued by the Operating Partnership, which is a U.S. dollar functional entity, and designated as a non-derivative financial instrument hedge. As of March 31, 2014 and December 31, 2013, we had €1.4 billion ($1.9 billion) and €700 million ($1.0 billion) of debt designated as non-derivative financial instrument hedges on our net investment in international subsidiaries, respectively. Amounts included in AOCI in the Consolidated Balance Sheets at March 31, 2014 and December 31, 2013, were losses of $20.4 million and $14.9 million, respectively. | |||||||||||||||||||||||||
All derivatives are recognized at fair value in the Consolidated Balance Sheets and are within the line items Other Assets or Accounts Payable and Accrued Expenses, as applicable. 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 as accumulated gains (losses) in AOCI in the Consolidated Balance Sheets. The following table presents the fair value of our derivative instruments (in thousands): | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Asset | Liability | AOCI | Asset | Liability | AOCI | ||||||||||||||||||||
Net investment hedges—euro denominated | $ | 407 | $ | 38,042 | $ | (35,334 | ) | $ | 137 | $ | 30,302 | $ | (21,705 | ) | |||||||||||
Net investment hedges—yen denominated | 15,786 | — | 18,817 | 20,104 | — | 22,102 | |||||||||||||||||||
Interest rate swap hedges | — | 5,264 | (15,549 | ) | — | 5,638 | (14,442 | ) | |||||||||||||||||
Total derivatives | $ | 16,193 | $ | 43,306 | $ | (32,066 | ) | $ | 20,241 | $ | 35,940 | $ | (14,045 | ) | |||||||||||
During the three months ended March 31, 2014, we did not record any ineffectiveness on our derivative contracts. During the three months ended March 31, 2013, we had no significant hedge ineffectiveness. In addition, the effective portion of the gain or loss on the interest rate swaps reclassified to interest expense was not considered significant for the first quarter of 2014, and is not expected to be significant for the next 12 months. In the first quarter 2013, the effective portion reclassified to interest expense was $2.3 million. | |||||||||||||||||||||||||
The following table presents gains (losses) from the change in fair value for the effective portion of our derivative and non-derivative instruments included in Other Comprehensive Income (Loss) in the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, (in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Derivative net investment hedges (1) | $ | (16,914 | ) | $ | 34,724 | ||||||||||||||||||||
Non-derivative net investment hedges | (5,530 | ) | — | ||||||||||||||||||||||
Interest rate swap hedges | (1,107 | ) | 12,511 | ||||||||||||||||||||||
Total derivatives | $ | (23,551 | ) | $ | 47,235 | ||||||||||||||||||||
-1 | This includes losses of $6.9 million and gains of $5.4 million in 2014 and 2013, respectively, upon the settlement of net investment hedges. | ||||||||||||||||||||||||
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 Basis | |||||||||||||||||||||||||
At March 31, 2014 and December 31, 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. 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. As a result, all of our derivatives held as of March 31, 2014 and December 31, 2013, were classified as Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||
Fair Value Measurements on Non-Recurring Basis | |||||||||||||||||||||||||
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 these criteria at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||
At March 31, 2014 and December 31, 2013, 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 March 31, 2014 and December 31, 2013, 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 March 31, 2014 and December 31, 2013, 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): | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||
Credit Facilities | $ | 119,466 | $ | 119,711 | $ | 725,483 | $ | 725,679 | |||||||||||||||||
Senior notes | 6,296,308 | 6,676,298 | 5,357,933 | 5,698,864 | |||||||||||||||||||||
Exchangeable senior notes | 442,729 | 532,783 | 438,481 | 514,381 | |||||||||||||||||||||
Secured mortgage debt | 1,674,488 | 1,825,836 | 1,696,597 | 1,840,829 | |||||||||||||||||||||
Secured mortgage debt of consolidated entities | 238,148 | 248,154 | 239,992 | 246,324 | |||||||||||||||||||||
Term loan and other debt | 99,496 | 101,437 | 552,730 | 560,714 | |||||||||||||||||||||
Total debt | $ | 8,870,635 | $ | 9,504,219 | $ | 9,011,216 | $ | 9,586,791 | |||||||||||||||||
Business_Segments
Business Segments | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Business Segments | ' | ||||||||
11 | 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 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, re-development and acquisition activities. We develop, re-develop and acquire industrial properties primarily in global and regional markets to meet our customers’ needs. Within this line of business, we capitalize on: (i) the land that we currently own; (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. | ||||||||
• | Investment Management—This represents the long-term management of unconsolidated co-investment ventures. We invest with partners and investors through our ventures, both private and public. We tailor industrial portfolios to investors’ specific needs and deploy capital with a focus on larger, long duration ventures and open ended funds with leading global institutions. These private and public vehicles source strategic capital for distinct geographies across our global platform. We hold an ownership interest in these ventures and believe our significant ownership in each of our ventures provides a strong alignment of interests with our partners. We generate investment management revenues from our unconsolidated co-investment ventures by providing asset management and property management services. We may earn revenues through additional services provided such as leasing, acquisition, construction, development, disposition, legal and tax services. Depending on the structure of the venture and the returns provided to our partners, we may also earn revenues through incentive returns or promotes during the life of a venture or upon liquidation. 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. | ||||||||
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 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 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 | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues: | |||||||||
Real estate operations: | |||||||||
Americas | $ | 356,125 | $ | 308,400 | |||||
Europe | 16,188 | 99,467 | |||||||
Asia | 17,059 | 38,469 | |||||||
Total Real Estate Operations segment | 389,372 | 446,336 | |||||||
Investment management: | |||||||||
Americas | 14,575 | 16,187 | |||||||
Europe | 21,700 | 10,613 | |||||||
Asia | 9,035 | 6,835 | |||||||
Total Investment Management segment | 45,310 | 33,635 | |||||||
Total revenues | $ | 434,682 | $ | 479,971 | |||||
Net operating income: | |||||||||
Real estate operations: | |||||||||
Americas | $ | 253,461 | $ | 216,128 | |||||
Europe | 8,224 | 67,206 | |||||||
Asia | 12,117 | 28,295 | |||||||
Total Real Estate Operations segment | 273,802 | 311,629 | |||||||
Investment management: | |||||||||
Americas | 2,056 | 2,883 | |||||||
Europe | 13,684 | 6,871 | |||||||
Asia | 5,407 | 3,972 | |||||||
Total Investment Management segment | 21,147 | 13,726 | |||||||
Total segment net operating income | 294,949 | 325,355 | |||||||
Reconciling items: | |||||||||
General and administrative expenses | (63,203 | ) | (56,197 | ) | |||||
Depreciation and amortization | (160,280 | ) | (172,119 | ) | |||||
Earnings from unconsolidated entities, net | 29,746 | 24,768 | |||||||
Interest expense | (85,523 | ) | (114,641 | ) | |||||
Interest and other income, net | 14,050 | 11,627 | |||||||
Gains on acquisitions and dispositions of investments in real estate, net | 17,055 | 338,845 | |||||||
Foreign currency and derivative gains (losses), net | (28,184 | ) | 884 | ||||||
Gains (losses) on early extinguishment of debt, net | 273 | (17,351 | ) | ||||||
Total reconciling items | (276,066 | ) | 15,816 | ||||||
Earnings before income taxes | $ | 18,883 | $ | 341,171 | |||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Assets: | |||||||||
Real estate operations: | |||||||||
Americas | $ | 16,276,368 | $ | 16,293,109 | |||||
Europe | 1,675,895 | 1,634,867 | |||||||
Asia | 1,268,613 | 1,176,774 | |||||||
Total Real Estate Operations segment | 19,220,876 | 19,104,750 | |||||||
Investment management (1): | |||||||||
Americas | 21,836 | 22,154 | |||||||
Europe | 59,816 | 60,327 | |||||||
Asia | 3,475 | 3,634 | |||||||
Total Investment Management segment | 85,127 | 86,115 | |||||||
Total segment assets | 19,306,003 | 19,190,865 | |||||||
Reconciling items: | |||||||||
Investments in and advances to unconsolidated entities | 4,687,922 | 4,430,239 | |||||||
Notes receivable backed by real estate and other | 191,703 | 192,042 | |||||||
Cash and cash equivalents | 188,886 | 491,129 | |||||||
Other assets | 280,634 | 268,032 | |||||||
Total reconciling items | 5,349,145 | 5,381,442 | |||||||
Total assets | $ | 24,655,148 | $ | 24,572,307 | |||||
-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 | 3 Months Ended | |
Mar. 31, 2014 | ||
Supplemental Cash Flow Elements [Abstract] | ' | |
Supplemental Cash Flow Information | ' | |
12 | Supplemental Cash Flow Information | |
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. | ||
The amount of interest paid in cash, net of amounts capitalized, for the three months ended March 31, 2014 and 2013, was $75.1 million and $110.6 million, respectively. | ||
During the three months ended March 31, 2014 and 2013, cash paid for income taxes, net of refunds, was $23.6 million and $4.9 million, respectively. |
General_Policies
General (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
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 (“Internal Revenue Code”), 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 controlling interest in the Operating Partnership, we are engaged in the ownership, acquisition, development and operation of industrial properties 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 represents the long-term management of co-investment ventures. See Note 11 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. | |
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. As of March 31, 2014, the REIT owned an approximate 99.65% common general partnership interest in the Operating Partnership, and 100% of the preferred units. The remaining approximate 0.35% 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. The REIT does not have significant assets other than its investment in the Operating Partnership and 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, 2013, 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 2013, have been reclassified to conform to the 2014 financial statement presentation. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements. In April 2014, the FASB issued an accounting standard update that changed the criteria for classifying and reporting discontinued operations while enhancing disclosures. Under the new guidance, only disposals of a component of an entity, or a group of components of an entity, representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have, or will have, a major effect on the organization’s operations and financial results. Examples of disposals that may meet the new criteria include a disposal of a major geographic area, a major line of business, or a major equity method investment. In addition, the new guidance requires additional disclosures about discontinued operations and the disposal of an individually significant component of an entity that does not meet the criteria for discontinued operations. We early adopted this standard prospectively for all disposals subsequent to January 1, 2014. Prior to adoption, the results of operations for real estate properties sold or held for sale during the reported periods were shown under Discontinued Operations on the Consolidated Statements of Operations (see Note 4). Going forward, we expect the majority of our dispositions will not qualify as discontinued operations and the results will be presented in Income from Continuing Operations. | |
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 entity. 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. We adopted this standard as of January 1, 2014, and it did not have, and we do not expect it to have, a material impact on the Consolidated Financial Statements. |
Real_Estate_Tables
Real Estate (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||||||||||
Real Estate Assets | ' | ||||||||||||||||||||||||
Investments in real estate properties are presented at cost, and consisted of the following (square feet and dollars in thousands): | |||||||||||||||||||||||||
Square Feet / Acres (1) | No. of Buildings (1) | Investment Balance | |||||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Industrial operating properties: | |||||||||||||||||||||||||
Improved land | — | — | — | — | $ | 4,116,518 | $ | 4,074,647 | |||||||||||||||||
Buildings and improvements | 270,527 | 267,097 | 1,614 | 1,610 | 13,831,955 | 13,726,417 | |||||||||||||||||||
Development portfolio, including land costs: | |||||||||||||||||||||||||
Pre-stabilized | 5,289 | 4,491 | 14 | 11 | 340,035 | 204,022 | |||||||||||||||||||
Properties under development | 15,386 | 18,587 | 43 | 46 | 711,681 | 816,995 | |||||||||||||||||||
Land | 9,496 | 9,747 | — | — | 1,544,242 | 1,516,166 | |||||||||||||||||||
Other real estate investments (2) | — | — | — | — | 494,359 | 486,230 | |||||||||||||||||||
Total investments in real estate properties | 21,038,790 | 20,824,477 | |||||||||||||||||||||||
Less accumulated depreciation | 2,698,043 | 2,568,998 | |||||||||||||||||||||||
Net investments in real estate properties | $ | 18,340,747 | $ | 18,255,479 | |||||||||||||||||||||
-1 | Items indicated by ‘—‘are not applicable. | ||||||||||||||||||||||||
-2 | Included in other real estate investments are: (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; and (vi) earnest money deposits associated with potential acquisitions. | ||||||||||||||||||||||||
Summary of Properties Disposed | ' | ||||||||||||||||||||||||
Real estate disposition activity for the three months ended March 31, was as follows (square feet and dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Continuing Operations | |||||||||||||||||||||||||
Number of properties | 5 | 209 | |||||||||||||||||||||||
Square feet | 715 | 58,888 | |||||||||||||||||||||||
Net proceeds from contributions and dispositions | $ | 81,231 | $ | 4,876,214 | |||||||||||||||||||||
Net gains from contributions and dispositions | $ | 17,055 | $ | 338,845 | |||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||||||
Number of properties | — | 7 | |||||||||||||||||||||||
Square feet | — | 432 | |||||||||||||||||||||||
Net proceeds from dispositions | $ | — | $ | 35,546 | |||||||||||||||||||||
Net gains from dispositions, including related impairment charges and taxes | $ | — | $ | 5,834 | |||||||||||||||||||||
Unconsolidated_Entities_Tables
Unconsolidated Entities (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||||||
Summary of Investments | ' | ||||||||||||||||
Our investments in and advances to our unconsolidated entities are summarized below (in thousands): | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Unconsolidated co-investment ventures | $ | 4,513,180 | $ | 4,250,015 | |||||||||||||
Other ventures | 174,742 | 180,224 | |||||||||||||||
Totals | $ | 4,687,922 | $ | 4,430,239 | |||||||||||||
Earnings on Investment in Co-Investment Ventures | ' | ||||||||||||||||
Summarized information regarding the amounts we recognize in the Consolidated Statements of Operations from our investments in the unconsolidated co-investment ventures is as follows (in thousands): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Earnings (loss) from unconsolidated co-investment ventures: | |||||||||||||||||
Americas (1) | $ | (329 | ) | $ | 14,268 | ||||||||||||
Europe (2) | 25,495 | 7,542 | |||||||||||||||
Asia (2) | 3,665 | 2,485 | |||||||||||||||
Total earnings from unconsolidated co-investment ventures, net | $ | 28,831 | $ | 24,295 | |||||||||||||
Investment management and other income: | |||||||||||||||||
Americas | $ | 14,325 | $ | 16,077 | |||||||||||||
Europe (2) | 21,700 | 10,613 | |||||||||||||||
Asia (2) | 8,797 | 6,742 | |||||||||||||||
Total investment management income | 44,822 | 33,432 | |||||||||||||||
Development management and other income | 707 | 1,047 | |||||||||||||||
Total investment management and other income | $ | 45,529 | $ | 34,479 | |||||||||||||
-1 | During the first quarter of 2013, we recognized a gain of $9.7 million representing our share of the sale of two properties in the Prologis Brazil Logistics Partners Fund. | ||||||||||||||||
-2 | During the first quarter of 2013, we started two new co-investment ventures, one in Europe and one in Japan, and started accounting for these ventures under the equity method and recognizing investment management income from these two new co-investment ventures. | ||||||||||||||||
Summary of Outstanding Unconsolidated Co-investment Ventures | ' | ||||||||||||||||
A summary of our outstanding unconsolidated co-investment ventures was as follows (square feet and total assets in thousands and represents 100% of the venture): | |||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||
Americas: | |||||||||||||||||
Number of properties owned | 712 | 709 | 804 | ||||||||||||||
Square feet | 109,147 | 108,537 | 127,869 | ||||||||||||||
Total assets | $ | 8,074,306 | $ | 8,014,339 | $ | 9,329,047 | |||||||||||
Europe: | |||||||||||||||||
Number of properties owned | 585 | 571 | 514 | ||||||||||||||
Square feet | 136,647 | 132,876 | 119,736 | ||||||||||||||
Total assets | $ | 12,119,512 | $ | 11,818,786 | $ | 9,698,216 | |||||||||||
Asia: | |||||||||||||||||
Number of properties owned | 45 | 43 | 53 | ||||||||||||||
Square feet | 23,332 | 22,880 | 20,027 | ||||||||||||||
Total assets | $ | 4,047,560 | $ | 4,032,125 | $ | 3,666,689 | |||||||||||
Total: | |||||||||||||||||
Number of properties owned | 1,342 | 1,323 | 1,371 | ||||||||||||||
Square feet | 269,126 | 264,293 | 267,632 | ||||||||||||||
Total assets | $ | 24,241,378 | $ | 23,865,250 | $ | 22,693,952 | |||||||||||
Summarized Financial Information of Co-Investment Ventures | ' | ||||||||||||||||
The following is summarized financial information of the unconsolidated co-investment ventures and our investment (dollars in millions). The co-investment venture information represents the venture’s information (not our proportionate share) based on our U.S. GAAP basis in the entity. | |||||||||||||||||
2014 (1) | Americas | Europe | Asia | Total | |||||||||||||
For the three months ended March 31, 2014: | |||||||||||||||||
Revenues | $ | 168.2 | $ | 246.7 | $ | 68.5 | $ | 483.4 | |||||||||
Net operating income | $ | 119.2 | $ | 196.1 | $ | 53.6 | $ | 368.9 | |||||||||
Net earnings | $ | 2.2 | $ | 62.6 | $ | 22 | $ | 86.8 | |||||||||
As of March 31, 2014: | |||||||||||||||||
Amounts due to us (2) | $ | 14.7 | $ | 8.8 | $ | 99.1 | $ | 122.6 | |||||||||
Third party debt (3) | $ | 2,961.10 | $ | 2,685.20 | $ | 1,737.60 | $ | 7,383.90 | |||||||||
Total liabilities | $ | 3,110.80 | $ | 3,818.80 | $ | 1,911.30 | $ | 8,840.90 | |||||||||
Our weighted average ownership | 23.3 | % | 38.9 | % | 15 | % | 29.4 | % | |||||||||
Our investment balance | $ | 1,225.40 | $ | 2,943.80 | $ | 344 | $ | 4,513.20 | |||||||||
Deferred gains, net of amortization (4) | $ | 138 | $ | 195.7 | $ | 93.6 | $ | 427.3 | |||||||||
2013 (1) | Americas | Europe | Asia | Total | |||||||||||||
For the three months ended March 31, 2013: | |||||||||||||||||
Revenues | $ | 182.1 | $ | 148.4 | $ | 45.3 | $ | 375.8 | |||||||||
Net operating income | $ | 133.1 | $ | 105.3 | $ | 36.2 | $ | 274.6 | |||||||||
Net earnings (5) | $ | 26.1 | $ | 24.1 | $ | 4.2 | $ | 54.4 | |||||||||
As of December 31, 2013: | |||||||||||||||||
Amounts due to us (2) | $ | 10.3 | $ | 43.7 | $ | 110 | $ | 164 | |||||||||
Third party debt (3) | $ | 2,999.10 | $ | 2,998.20 | $ | 1,715.20 | $ | 7,712.50 | |||||||||
Total liabilities | $ | 3,177.10 | $ | 4,113.60 | $ | 1,899.20 | $ | 9,189.90 | |||||||||
Our weighted average ownership | 22.7 | % | 39 | % | 15 | % | 29.2 | % | |||||||||
Our investment balance | $ | 1,194.00 | $ | 2,703.30 | $ | 352.7 | $ | 4,250.00 | |||||||||
Deferred gains, net of amortization (4) | $ | 139.6 | $ | 196.7 | $ | 94.8 | $ | 431.1 | |||||||||
-1 | We have had significant activity with our unconsolidated co-investment ventures in 2013. We concluded three co-investment ventures (the results of these ventures are included only through the transaction dates), and we launched two new co-investment ventures (the results of these ventures are included from the date these ventures acquired the properties). | ||||||||||||||||
-2 | As of March 31, 2014, and December 31, 2013, we had receivables from NPR of $87.8 million and $88.5 million, respectively, related to customer security deposits that are made through a leasing company owned by Prologis that pertain to properties owned by NPR. There is a corresponding payable to NPR’s customers in Other Liabilities in the Consolidated Balance Sheets. As of December 31, 2013, we had receivables from Prologis European Logistics Partners Sàrl (“PELP”) for remaining sale proceeds of $35.5 million which were received in the first quarter of 2014. The remaining amounts generally represent current balances for services provided by us to the co-investment ventures. | ||||||||||||||||
-3 | As of March 31, 2014 and December 31, 2013, we did not guarantee any third party debt of our co-investment ventures. | ||||||||||||||||
-4 | 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. | ||||||||||||||||
-5 | During the first quarter of 2013, one venture in the Americas recorded net gains of $21.1 million from the disposition of two properties. | ||||||||||||||||
Summary of Remaining Equity Commitments | ' | ||||||||||||||||
The following table is a summary of remaining equity commitments as of March 31, 2014 (in millions): | |||||||||||||||||
Equity commitments | Expiration date | ||||||||||||||||
for remaining | |||||||||||||||||
commitments | |||||||||||||||||
Prologis | Venture | Total | |||||||||||||||
Partners | |||||||||||||||||
Prologis Targeted U.S. Logistics Fund | $ | — | $ | 319.8 | $ | 319.8 | 2014-2015 | ||||||||||
Prologis Targeted Europe Logistics Fund (1) | 181.1 | 242 | 423.1 | Jun-15 | |||||||||||||
Prologis European Properties Fund II (1) | 100.6 | 293.8 | 394.4 | September 2015 | |||||||||||||
Europe Logistics Venture 1 (1) | 24 | 135.7 | 159.7 | Dec-14 | |||||||||||||
Prologis European Logistics Partners (2) | 110.9 | 110.9 | 221.8 | Feb-16 | |||||||||||||
Prologis China Logistics Venture 1 and 2 | 148.1 | 839.3 | 987.4 | 2015 and 2017 | |||||||||||||
Total | $ | 564.7 | $ | 1,941.50 | $ | 2,506.20 | |||||||||||
-1 | Equity commitments are denominated in euro and reported above in U.S. dollars based on an exchange rate of 1.38 U.S. dollars to the euro. | ||||||||||||||||
-2 | The equity commitments as of March 31, 2014, are expected to fund the future repayment of debt and are denominated in British pound sterling, will be called in euros and are reported above in U.S. dollar using an exchange rate of 1.66 U.S. dollars to the British pound sterling. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||
Income Attributable to Disposed Properties and Assets Held for Sale | ' | ||||
Income attributable to disposed properties and assets held for sale during the three months ended March 31, 2013, was as follows (in thousands): | |||||
Rental income and recoveries | $ | 11,268 | |||
Rental expenses | (3,739 | ) | |||
Depreciation and amortization | (5,311 | ) | |||
Interest expense | (425 | ) | |||
Income attributable to disposed properties and assets held for sale | $ | 1,793 | |||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Debt Summary | ' | ||||||||||||||||||||||||||||||||
Our debt consisted of the following (dollars in thousands): | |||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Weighted | Amount | Weighted | Amount | ||||||||||||||||||||||||||||||
Average Interest | Outstanding (2) | Average Interest | Outstanding | ||||||||||||||||||||||||||||||
Rate (1) | Rate (1) | ||||||||||||||||||||||||||||||||
Credit Facilities | 1.2 | % | $ | 119,466 | 1.2 | % | $ | 725,483 | |||||||||||||||||||||||||
Senior notes | 4.3 | % | 6,296,308 | 4.5 | % | 5,357,933 | |||||||||||||||||||||||||||
Exchangeable senior notes | 3.3 | % | 442,729 | 3.3 | % | 438,481 | |||||||||||||||||||||||||||
Secured mortgage debt | 5.5 | % | 1,674,488 | 5.6 | % | 1,696,597 | |||||||||||||||||||||||||||
Secured mortgage debt of consolidated entities | 4.7 | % | 238,148 | 4.7 | % | 239,992 | |||||||||||||||||||||||||||
Term loan | 1.5 | % | 82,728 | 1.7 | % | 535,908 | |||||||||||||||||||||||||||
Other debt | 6.2 | % | 16,768 | 6.2 | % | 16,822 | |||||||||||||||||||||||||||
Totals | 4.4 | % | $ | 8,870,635 | 4.2 | % | $ | 9,011,216 | |||||||||||||||||||||||||
-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 ($2.0 billion) and Japanese yen ($0.2 billion). | ||||||||||||||||||||||||||||||||
Credit Facilities | ' | ||||||||||||||||||||||||||||||||
Commitments and availability under our Credit Facilities as of March 31, 2014, were as follows (in millions): | |||||||||||||||||||||||||||||||||
Aggregate lender—commitments | $ | 2,465.10 | |||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||
Borrowings outstanding | 119.5 | ||||||||||||||||||||||||||||||||
Outstanding letters of credit | 72.7 | ||||||||||||||||||||||||||||||||
Current availability | $ | 2,272.90 | |||||||||||||||||||||||||||||||
Long-Term Debt Maturities | ' | ||||||||||||||||||||||||||||||||
Principal payments due on our debt, for the remainder of 2014 and for each of the years in the ten-year period ending December 31, 2023, and thereafter are as follows (in millions): | |||||||||||||||||||||||||||||||||
Prologis | |||||||||||||||||||||||||||||||||
Unsecured | Secured | Consolidated | Total | ||||||||||||||||||||||||||||||
Senior | Exchangeable | Credit | Other | Mortgage | Entities’ | Consolidated | |||||||||||||||||||||||||||
Maturity | Debt | Notes | Facilities | Debt | Debt | Total | Debt | Debt | |||||||||||||||||||||||||
2014 (1) | $ | 9 | $ | — | $ | — | $ | 1 | $ | 275 | $ | 285 | $ | 10 | $ | 295 | |||||||||||||||||
2015 (2) | 175 | 460 | — | 84 | 134 | 853 | 9 | 862 | |||||||||||||||||||||||||
2016 | 641 | — | — | 1 | 456 | 1,098 | 126 | 1,224 | |||||||||||||||||||||||||
2017 | 438 | — | — | 1 | 226 | 665 | 4 | 669 | |||||||||||||||||||||||||
2018 | 667 | — | 119 | 1 | 110 | 897 | 74 | 971 | |||||||||||||||||||||||||
2019 | 693 | — | — | 1 | 285 | 979 | 2 | 981 | |||||||||||||||||||||||||
2020 | 380 | — | — | 1 | 6 | 387 | 2 | 389 | |||||||||||||||||||||||||
2021 | 500 | — | — | — | 6 | 506 | 2 | 508 | |||||||||||||||||||||||||
2022 | 965 | — | — | — | 7 | 972 | 3 | 975 | |||||||||||||||||||||||||
2023 | 850 | — | — | — | 7 | 857 | 1 | 858 | |||||||||||||||||||||||||
Thereafter | 965 | — | — | 10 | 130 | 1,105 | 5 | 1,110 | |||||||||||||||||||||||||
Subtotal | 6,283 | 460 | 119 | 100 | 1,642 | 8,604 | 238 | 8,842 | |||||||||||||||||||||||||
Unamortized premiums (discounts), net | 13 | (17 | ) | — | — | 32 | 28 | 1 | 29 | ||||||||||||||||||||||||
Total | $ | 6,296 | $ | 443 | $ | 119 | $ | 100 | $ | 1,674 | $ | 8,632 | $ | 239 | $ | 8,871 | |||||||||||||||||
-1 | We expect to repay the amounts maturing in 2014 related to our wholly owned debt with cash generated from operations, proceeds from the disposition of wholly owned real estate properties and with borrowings on our Credit Facilities. | ||||||||||||||||||||||||||||||||
-2 | Included in other debt is a term loan that can be extended until 2017 (two times each at one year), subject to satisfaction of certain conditions and payment of an extension fee. |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||||||||||||||||||||||
Noncontrolling Interests Summary | ' | ||||||||||||||||||||||||||||||||
The following is a summary of the noncontrolling interests and the consolidated entity’s total investment in real estate and debt at March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||
Our Ownership | Noncontrolling | Total Investment In | Debt | ||||||||||||||||||||||||||||||
Percentage | Interest | Real Estate | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Partnerships with exchangeable units (1) | various | various | $ | 75,673 | $ | 75,532 | $ | 728,023 | $ | 783,052 | $ | — | $ | — | |||||||||||||||||||
Mexico Fondo Logistico (AFORES) | 20 | % | 20 | % | 224,723 | 220,292 | 458,859 | 457,006 | 190,716 | 191,866 | |||||||||||||||||||||||
Brazil Fund (2) | 50 | % | 50 | % | 74,137 | 65,006 | — | — | — | — | |||||||||||||||||||||||
Prologis AMS | 38.5 | % | 38.5 | % | 25,029 | 24,791 | 58,619 | 58,575 | 16,739 | 17,063 | |||||||||||||||||||||||
Prologis U.S. Logistics Venture (3) | 55 | % | N/A | 443,846 | — | 999,134 | — | — | — | ||||||||||||||||||||||||
Other consolidated entities | various | various | 31,168 | 31,465 | 312,548 | 312,358 | 30,693 | 31,063 | |||||||||||||||||||||||||
Operating Partnership noncontrolling interests | 874,576 | 417,086 | 2,557,183 | 1,610,991 | 238,148 | 239,992 | |||||||||||||||||||||||||||
Limited partners in the Operating Partnership (4) | 47,632 | 48,209 | — | — | — | — | |||||||||||||||||||||||||||
REIT noncontrolling interests | $ | 922,208 | $ | 465,295 | $ | 2,557,183 | $ | 1,610,991 | $ | 238,148 | $ | 239,992 | |||||||||||||||||||||
-1 | At March 31, 2014 and December 31, 2013, there were 1,948,608 limited partnership units that were exchangeable for cash or into an equal number of shares of the REIT’s common stock at the option of the issuer. 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 | 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 $166.4 million at March 31, 2014. For additional information on our unconsolidated investments, see Note 4. | ||||||||||||||||||||||||||||||||
-3 | As discussed above, this was a newly formed co-investment venture in the first quarter of 2014. | ||||||||||||||||||||||||||||||||
-4 | At March 31, 2014 and December 31, 2013, there were 1,766,691 units that were associated with the limited partners in the Operating Partnership and were exchangeable for cash or into an equal number of shares of the REIT’s common stock at the option of the issuer. 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) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Stock Options, RSU and Performance Share Awards | ' | ||||||||||||
The activity for the three months ended March 31, 2014, with respect to our RSU and performance share awards, was as follows: | |||||||||||||
Number of | Weighted Average | Number of | |||||||||||
Shares | Grant-Date Fair Value | Shares Vested | |||||||||||
Balance at December 31, 2013 | 2,266,443 | ||||||||||||
Granted | 1,240,852 | ||||||||||||
Vested and distributed | (913,078 | ) | |||||||||||
Forfeited | (10,468 | ) | |||||||||||
Balance at March 31, 2014 | 2,583,749 | $ | 39.06 | 83,791 | |||||||||
RSU and PSA [Member] | ' | ||||||||||||
Stock Options, RSU and Performance Share Awards | ' | ||||||||||||
The activity for the three months ended March 31, 2014, with respect to our stock options, was as follows: | |||||||||||||
Options Outstanding | |||||||||||||
Number of Options | Weighted Average | Options Exercisable | |||||||||||
Exercise Price | |||||||||||||
Balance at December 31, 2013 | 6,253,497 | ||||||||||||
Exercised | (219,362 | ) | |||||||||||
Forfeited / Expired | (500 | ) | |||||||||||
Balance at March 31, 2014 | 6,033,635 | $ | 36.02 | 6,027,635 | |||||||||
Earnings_Per_Common_Share_Unit1
Earnings Per Common Share / Unit (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 | |||||||||
March 31, | |||||||||
REIT | 2014 | 2013 | |||||||
Net earnings attributable to common stockholders | $ | 4,666 | $ | 265,416 | |||||
Noncontrolling interest attributable to exchangeable limited partnership units | 17 | 1,182 | |||||||
Interest expense on exchangeable debt assumed exchanged | — | 4,235 | |||||||
Adjusted net earnings attributable to common stockholders | $ | 4,683 | $ | 270,833 | |||||
Weighted average common shares outstanding—Basic (1) | 498,696 | 461,468 | |||||||
Incremental weighted average effect on exchange of limited partnership units (2) | 1,767 | 3,039 | |||||||
Incremental weighted average effect of stock awards and warrants | 3,910 | 2,566 | |||||||
Incremental weighted average effect on exchange of certain exchangeable debt | — | 11,879 | |||||||
Weighted average common shares outstanding—Diluted (3) | 504,373 | 478,952 | |||||||
Net earnings per share attributable to common stockholders - | |||||||||
Basic | $ | 0.01 | $ | 0.58 | |||||
Diluted | $ | 0.01 | $ | 0.57 | |||||
Operating Partnership | |||||||||
Net earnings attributable to common unitholders | $ | 4,683 | $ | 266,548 | |||||
Noncontrolling interest attributable to exchangeable limited partnership units | — | 50 | |||||||
Interest expense on exchangeable debt assumed exchanged | — | 4,235 | |||||||
Adjusted net earnings attributable to common unitholders | $ | 4,683 | $ | 270,833 | |||||
Weighted average common partnership units outstanding—Basic (1) | 500,463 | 463,361 | |||||||
Incremental weighted average effect on exchange of limited partnership units | — | 1,146 | |||||||
Incremental weighted average effect of stock awards and warrants of the REIT | 3,910 | 2,566 | |||||||
Incremental weighted average effect on exchange of certain exchangeable debt | — | 11,879 | |||||||
Weighted average common partnership units outstanding—Diluted (3) | 504,373 | 478,952 | |||||||
Net earnings per unit attributable to common unitholders - | |||||||||
Basic | $ | 0.01 | $ | 0.58 | |||||
Diluted | $ | 0.01 | $ | 0.57 | |||||
-1 | The increase in shares/units between the periods is due to an equity offering in April 2013. | ||||||||
-2 | Income 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. The incremental weighted average exchangeable Operating Partnership units (in thousands) were 1,767 and 1,894 for the three months ended March 31, 2014 and 2013, respectively. | ||||||||
-3 | Total weighted average potentially dilutive stock awards and warrants outstanding (in thousands) were 15,546 and 14,140 for the three months ended March 31, 2014 and 2013, respectively. Total weighted average potentially dilutive shares/units from exchangeable debt outstanding (in thousands) were 11,879 for both periods presented. Total weighted average potentially dilutive limited partnership units outstanding (in thousands) were 1,949 and 1,173 for the three months ended March 31, 2014 and 2013, respectively. |
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Activity | ' | ||||||||||||||||||||||||
The following table summarizes the activity in our derivative instruments for the three months ended March 31, (in millions): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Foreign | Interest Rate | Foreign | Interest Rate | ||||||||||||||||||||||
Currency | Swaps (2) | Currency | Swaps (3) | ||||||||||||||||||||||
Contracts (1) | Forwards | ||||||||||||||||||||||||
Notional amounts at January 1, | $ | 1,050.00 | $ | 71 | $ | 1,303.80 | $ | 1,314.80 | |||||||||||||||||
New contracts | 1,040.00 | — | — | — | |||||||||||||||||||||
Matured or expired contracts | (470.0 | ) | — | (663.7 | ) | (1,230.2 | ) | ||||||||||||||||||
Notional amounts at March 31, | $ | 1,620.00 | $ | 71 | $ | 640.1 | $ | 84.6 | |||||||||||||||||
-1 | To hedge a portion of our investment in Europe at a fixed euro rate in U.S. dollars, we entered into two foreign currency contracts that expired in March with an aggregate notional amount of €345.9 million ($470.0 million using the weighted average forward rate of 1.36) and four foreign currency contracts that will expire in April 2014 with an aggregate notional amount of €414.5 million ($570.0 million using the weighted average forward rate of 1.38). As of March 31, 2014, we had 11 contracts with an aggregate notional amount of €1.0 billion ($1.4 billion using the weighted average forward rate of 1.35) and three contracts with an aggregate notional amount of ¥24.1billion ($250.0 million using the weighted average forward rate of 96.54). | ||||||||||||||||||||||||
-2 | We currently have one interest rate swap contract that matures in May 2017. | ||||||||||||||||||||||||
-3 | During the three months ended March 31, 2013, we settled or contributed contracts in connection with the formation of our new co-investment ventures in Europe and Japan. | ||||||||||||||||||||||||
Schedule of Fair Value of Derivative Instruments | ' | ||||||||||||||||||||||||
All derivatives are recognized at fair value in the Consolidated Balance Sheets and are within the line items Other Assets or Accounts Payable and Accrued Expenses, as applicable. 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 as accumulated gains (losses) in AOCI in the Consolidated Balance Sheets. The following table presents the fair value of our derivative instruments (in thousands): | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Asset | Liability | AOCI | Asset | Liability | AOCI | ||||||||||||||||||||
Net investment hedges—euro denominated | $ | 407 | $ | 38,042 | $ | (35,334 | ) | $ | 137 | $ | 30,302 | $ | (21,705 | ) | |||||||||||
Net investment hedges—yen denominated | 15,786 | — | 18,817 | 20,104 | — | 22,102 | |||||||||||||||||||
Interest rate swap hedges | — | 5,264 | (15,549 | ) | — | 5,638 | (14,442 | ) | |||||||||||||||||
Total derivatives | $ | 16,193 | $ | 43,306 | $ | (32,066 | ) | $ | 20,241 | $ | 35,940 | $ | (14,045 | ) | |||||||||||
Summary of Gains (Losses) From the Change in Fair Value of Derivative Instruments Included in Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
The following table presents gains (losses) from the change in fair value for the effective portion of our derivative and non-derivative instruments included in Other Comprehensive Income (Loss) in the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, (in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Derivative net investment hedges (1) | $ | (16,914 | ) | $ | 34,724 | ||||||||||||||||||||
Non-derivative net investment hedges | (5,530 | ) | — | ||||||||||||||||||||||
Interest rate swap hedges | (1,107 | ) | 12,511 | ||||||||||||||||||||||
Total derivatives | $ | (23,551 | ) | $ | 47,235 | ||||||||||||||||||||
-1 | This includes losses of $6.9 million and gains of $5.4 million in 2014 and 2013, respectively, upon the settlement of net investment hedges. | ||||||||||||||||||||||||
Carrying Amounts and Estimated Fair Values of Debt | ' | ||||||||||||||||||||||||
The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||
Credit Facilities | $ | 119,466 | $ | 119,711 | $ | 725,483 | $ | 725,679 | |||||||||||||||||
Senior notes | 6,296,308 | 6,676,298 | 5,357,933 | 5,698,864 | |||||||||||||||||||||
Exchangeable senior notes | 442,729 | 532,783 | 438,481 | 514,381 | |||||||||||||||||||||
Secured mortgage debt | 1,674,488 | 1,825,836 | 1,696,597 | 1,840,829 | |||||||||||||||||||||
Secured mortgage debt of consolidated entities | 238,148 | 248,154 | 239,992 | 246,324 | |||||||||||||||||||||
Term loan and other debt | 99,496 | 101,437 | 552,730 | 560,714 | |||||||||||||||||||||
Total debt | $ | 8,870,635 | $ | 9,504,219 | $ | 9,011,216 | $ | 9,586,791 | |||||||||||||||||
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting, Reconciliation of Revenues, Operating Income and Assets | ' | ||||||||
The following reconciliations are presented in thousands: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues: | |||||||||
Real estate operations: | |||||||||
Americas | $ | 356,125 | $ | 308,400 | |||||
Europe | 16,188 | 99,467 | |||||||
Asia | 17,059 | 38,469 | |||||||
Total Real Estate Operations segment | 389,372 | 446,336 | |||||||
Investment management: | |||||||||
Americas | 14,575 | 16,187 | |||||||
Europe | 21,700 | 10,613 | |||||||
Asia | 9,035 | 6,835 | |||||||
Total Investment Management segment | 45,310 | 33,635 | |||||||
Total revenues | $ | 434,682 | $ | 479,971 | |||||
Net operating income: | |||||||||
Real estate operations: | |||||||||
Americas | $ | 253,461 | $ | 216,128 | |||||
Europe | 8,224 | 67,206 | |||||||
Asia | 12,117 | 28,295 | |||||||
Total Real Estate Operations segment | 273,802 | 311,629 | |||||||
Investment management: | |||||||||
Americas | 2,056 | 2,883 | |||||||
Europe | 13,684 | 6,871 | |||||||
Asia | 5,407 | 3,972 | |||||||
Total Investment Management segment | 21,147 | 13,726 | |||||||
Total segment net operating income | 294,949 | 325,355 | |||||||
Reconciling items: | |||||||||
General and administrative expenses | (63,203 | ) | (56,197 | ) | |||||
Depreciation and amortization | (160,280 | ) | (172,119 | ) | |||||
Earnings from unconsolidated entities, net | 29,746 | 24,768 | |||||||
Interest expense | (85,523 | ) | (114,641 | ) | |||||
Interest and other income, net | 14,050 | 11,627 | |||||||
Gains on acquisitions and dispositions of investments in real estate, net | 17,055 | 338,845 | |||||||
Foreign currency and derivative gains (losses), net | (28,184 | ) | 884 | ||||||
Gains (losses) on early extinguishment of debt, net | 273 | (17,351 | ) | ||||||
Total reconciling items | (276,066 | ) | 15,816 | ||||||
Earnings before income taxes | $ | 18,883 | $ | 341,171 | |||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Assets: | |||||||||
Real estate operations: | |||||||||
Americas | $ | 16,276,368 | $ | 16,293,109 | |||||
Europe | 1,675,895 | 1,634,867 | |||||||
Asia | 1,268,613 | 1,176,774 | |||||||
Total Real Estate Operations segment | 19,220,876 | 19,104,750 | |||||||
Investment management (1): | |||||||||
Americas | 21,836 | 22,154 | |||||||
Europe | 59,816 | 60,327 | |||||||
Asia | 3,475 | 3,634 | |||||||
Total Investment Management segment | 85,127 | 86,115 | |||||||
Total segment assets | 19,306,003 | 19,190,865 | |||||||
Reconciling items: | |||||||||
Investments in and advances to unconsolidated entities | 4,687,922 | 4,430,239 | |||||||
Notes receivable backed by real estate and other | 191,703 | 192,042 | |||||||
Cash and cash equivalents | 188,886 | 491,129 | |||||||
Other assets | 280,634 | 268,032 | |||||||
Total reconciling items | 5,349,145 | 5,381,442 | |||||||
Total assets | $ | 24,655,148 | $ | 24,572,307 | |||||
-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) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 2 |
Percentage of ownership in general partnership | 99.65% |
Percentage of interest in preferred units | 100.00% |
Percentage of common limited partnership interest | 0.35% |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | Oct. 02, 2013 | Aug. 06, 2013 |
In Millions, unless otherwise specified | Prologis SGP Mexico [Member] | Prologis North American Industrial Fund III [Member] |
Property | ||
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | ' | ' |
Number of properties sold | ' | 73 |
Equity method investment, percentage | 78.40% | 80.00% |
Business acquisition purchase price allocation real estate | ' | $519.20 |
Business acquisition purchase price allocation other assets | 4 | 22 |
Business acquisition purchase price allocation real estate | 409.5 | ' |
Business acquisition purchase price allocation other liabilities | $158.40 | ' |
Real_Estate_Real_Estate_Assets
Real Estate - Real Estate Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Industrial operating properties: | ' | ' |
Total investments in real estate properties | $21,038,790 | $20,824,477 |
Less accumulated depreciation | 2,698,043 | 2,568,998 |
Net investments in real estate properties | 18,340,747 | 18,255,479 |
Improved land [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Square Feet / Acres | ' | ' |
Number of buildings | ' | ' |
Industrial operating properties: | ' | ' |
Total investments in real estate properties | 4,116,518 | 4,074,647 |
Building and improvements [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Square Feet / Acres | 270,527,000 | 267,097,000 |
Number of buildings | 1,614 | 1,610 |
Industrial operating properties: | ' | ' |
Total investments in real estate properties | 13,831,955 | 13,726,417 |
Development portfolio, including cost of land: Pre-stabilized [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Square Feet / Acres | 5,289,000 | 4,491,000 |
Number of buildings | 14 | 11 |
Industrial operating properties: | ' | ' |
Total investments in real estate properties | 340,035 | 204,022 |
Properties Under Development [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Square Feet / Acres | 15,386,000 | 18,587,000 |
Number of buildings | 43 | 46 |
Industrial operating properties: | ' | ' |
Total investments in real estate properties | 711,681 | 816,995 |
Land [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Square Feet / Acres | 9,496,000 | 9,747,000 |
Number of buildings | ' | ' |
Industrial operating properties: | ' | ' |
Total investments in real estate properties | 1,544,242 | 1,516,166 |
Other real estate investments [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Square Feet / Acres | ' | ' |
Number of buildings | ' | ' |
Industrial operating properties: | ' | ' |
Total investments in real estate properties | $494,359 | $486,230 |
Real_Estate_Summary_of_Disposi
Real Estate - Summary of Dispositions (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
sqft | Property | |
Property | sqft | |
Continuing Operations [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Number of properties | 5 | 209 |
Square feet | 715,000 | 58,888,000 |
Net proceeds from contributions and dispositions | $81,231 | $4,876,214 |
Net gains from contributions and dispositions | 17,055 | 338,845 |
Discontinued Operations [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Number of properties | ' | 7 |
Square feet | ' | 432,000 |
Net proceeds from contributions and dispositions | ' | 35,546 |
Net gains from contributions and dispositions | ' | $5,834 |
Unconsolidated_Entities_Additi
Unconsolidated Entities - Additional Information (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Investment | Subsequent Event [Member] | Minimum [Member] | Maximum [Member] | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity method investment, percentage | ' | 28.70% | 15.00% | 55.00% |
Unconsolidated co-investment ventures | 1 | ' | ' | ' |
Acquired ownership in co-investment venture | ' | 5.60% | ' | ' |
Acquired partners ownership, amount | ' | $83.50 | ' | ' |
Unconsolidated_Entities_Summar
Unconsolidated Entities - Summary of Investments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' |
Investments in and advances to unconsolidated entities | $4,687,922 | $4,430,239 |
Unconsolidated Co-Investment Ventures [Member] | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' |
Investments in and advances to unconsolidated entities | 4,513,180 | 4,250,015 |
Other joint ventures [Member] | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' |
Investments in and advances to unconsolidated entities | $174,742 | $180,224 |
Unconsolidated_Entities_Earnin
Unconsolidated Entities - Earnings on Investment in Co-Investment Ventures (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Earnings from unconsolidated entities, net | $29,746 | $24,768 |
Private capital revenue | 45,310 | 33,635 |
Unconsolidated Co-Investment Ventures [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Earnings from unconsolidated entities, net | 28,831 | 24,295 |
Total Investment management revenue | 44,822 | 33,432 |
Private capital revenue | 45,529 | 34,479 |
Unconsolidated Co-Investment Ventures [Member] | Development management and other income - Europe [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Total Investment management revenue | 707 | 1,047 |
Unconsolidated Co-Investment Ventures [Member] | Americas [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Earnings from unconsolidated entities, net | -329 | 14,268 |
Total Investment management revenue | 14,325 | 16,077 |
Unconsolidated Co-Investment Ventures [Member] | Europe [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Earnings from unconsolidated entities, net | 25,495 | 7,542 |
Total Investment management revenue | 21,700 | 10,613 |
Unconsolidated Co-Investment Ventures [Member] | Asia [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Earnings from unconsolidated entities, net | 3,665 | 2,485 |
Total Investment management revenue | $8,797 | $6,742 |
Unconsolidated_Entities_Earnin1
Unconsolidated Entities - Earnings on Investment in Co-Investment Ventures (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Venture | Venture | |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Gain on sale of properties | $29,746 | $24,768 |
Number of co-investment ventures | 2 | 2 |
Prologis Brazil Logistics Partners Fund [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Gain on sale of properties | ' | $9,700 |
Number of properties sold | ' | 2 |
Europe [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Number of co-investment ventures | ' | 1 |
Japan [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Number of co-investment ventures | ' | 1 |
Unconsolidated_Entities_Summar1
Unconsolidated Entities - Summary of Outstanding Unconsolidated Co-investment Ventures (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | Property | Property | Property |
sqft | sqft | sqft | |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' |
Total assets | $24,655,148 | $24,572,307 | ' |
Unconsolidated Co-Investment Ventures [Member] | ' | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' |
Number of properties owned | 1,342 | 1,323 | 1,371 |
Square feet | 269,126,000 | 264,293,000 | 267,632,000 |
Total assets | 24,241,378 | 23,865,250 | 22,693,952 |
Investment Management [Member] | Unconsolidated Co-Investment Ventures [Member] | Americas [Member] | ' | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' |
Number of properties owned | 712 | 709 | 804 |
Square feet | 109,147,000 | 108,537,000 | 127,869,000 |
Total assets | 8,074,306 | 8,014,339 | 9,329,047 |
Investment Management [Member] | Unconsolidated Co-Investment Ventures [Member] | Europe [Member] | ' | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' |
Number of properties owned | 585 | 571 | 514 |
Square feet | 136,647,000 | 132,876,000 | 119,736,000 |
Total assets | 12,119,512 | 11,818,786 | 9,698,216 |
Investment Management [Member] | Unconsolidated Co-Investment Ventures [Member] | Asia [Member] | ' | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' |
Number of properties owned | 45 | 43 | 53 |
Square feet | 23,332,000 | 22,880,000 | 20,027,000 |
Total assets | $4,047,560 | $4,032,125 | $3,666,689 |
Unconsolidated_Entities_Summar2
Unconsolidated Entities - Summarized Financial Information of Co-Investment Ventures (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' |
Revenues | $483.40 | $375.80 | ' |
Net operating income | 368.9 | 274.6 | ' |
Net earnings | 86.8 | 54.4 | ' |
Amounts due to us | 122.6 | ' | 164 |
Third party debt | 7,383.90 | ' | 7,712.50 |
Total liabilities | 8,840.90 | ' | 9,189.90 |
Our weighted average ownership | 29.40% | ' | 29.20% |
Our investment balance | 4,513.20 | ' | 4,250 |
Deferred gains, net of amortization | 427.3 | ' | 431.1 |
Americas [Member] | ' | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' |
Revenues | 168.2 | 182.1 | ' |
Net operating income | 119.2 | 133.1 | ' |
Net earnings | 2.2 | 26.1 | ' |
Amounts due to us | 14.7 | ' | 10.3 |
Third party debt | 2,961.10 | ' | 2,999.10 |
Total liabilities | 3,110.80 | ' | 3,177.10 |
Our weighted average ownership | 23.30% | ' | 22.70% |
Our investment balance | 1,225.40 | ' | 1,194 |
Deferred gains, net of amortization | 138 | ' | 139.6 |
Europe [Member] | ' | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' |
Revenues | 246.7 | 148.4 | ' |
Net operating income | 196.1 | 105.3 | ' |
Net earnings | 62.6 | 24.1 | ' |
Amounts due to us | 8.8 | ' | 43.7 |
Third party debt | 2,685.20 | ' | 2,998.20 |
Total liabilities | 3,818.80 | ' | 4,113.60 |
Our weighted average ownership | 38.90% | ' | 39.00% |
Our investment balance | 2,943.80 | ' | 2,703.30 |
Deferred gains, net of amortization | 195.7 | ' | 196.7 |
Asia [Member] | ' | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' |
Revenues | 68.5 | 45.3 | ' |
Net operating income | 53.6 | 36.2 | ' |
Net earnings | 22 | 4.2 | ' |
Amounts due to us | 99.1 | ' | 110 |
Third party debt | 1,737.60 | ' | 1,715.20 |
Total liabilities | 1,911.30 | ' | 1,899.20 |
Our weighted average ownership | 15.00% | ' | 15.00% |
Our investment balance | 344 | ' | 352.7 |
Deferred gains, net of amortization | $93.60 | ' | $94.80 |
Unconsolidated_Entities_Summar3
Unconsolidated Entities - Summarized Financial Information of Co-Investment Ventures (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Venture | Venture | Nippon Prologis REIT Inc [Member] | Nippon Prologis REIT Inc [Member] | Prologis European Logistics Partners [Member] | U.S, Prologis North American Industrial Fund III [Member] | |
Property | |||||||
Venture | |||||||
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of co-investment ventures | 2 | ' | 2 | ' | ' | ' | 1 |
Number of Co-investment ventures concluded | 3 | ' | ' | ' | ' | ' | ' |
Intercompany notes receivable | ' | ' | ' | $87.80 | $88.50 | ' | ' |
Proceeds of remaining sale | ' | ' | ' | ' | ' | 35.5 | ' |
Guaranteed debt | 0 | 0 | ' | ' | ' | ' | ' |
Gain (Loss) on disposition of property | ' | ' | ' | ' | ' | ' | $21.10 |
Number of disposed Properties | ' | ' | ' | ' | ' | ' | 2 |
Unconsolidated_Entities_Summar4
Unconsolidated Entities - Summary of Remaining Equity Commitments (Detail) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | $2,506.20 |
Prologis Targeted U.S. Logistics Fund [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 319.8 |
Prologis Targeted Europe Logistics Fund [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 423.1 |
Prologis European Properties Fund II [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 394.4 |
Europe Logistics Venture 1 [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 159.7 |
Prologis European Logistics Partners [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 221.8 |
Prologis China Logistics Venture 1 and 2 [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 987.4 |
Prologis [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 564.7 |
Prologis [Member] | Prologis Targeted U.S. Logistics Fund [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | ' |
Prologis [Member] | Prologis Targeted Europe Logistics Fund [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 181.1 |
Prologis [Member] | Prologis European Properties Fund II [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 100.6 |
Prologis [Member] | Europe Logistics Venture 1 [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 24 |
Prologis [Member] | Prologis European Logistics Partners [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 110.9 |
Prologis [Member] | Prologis China Logistics Venture 1 and 2 [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 148.1 |
Venture Partners [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 1,941.50 |
Venture Partners [Member] | Prologis Targeted U.S. Logistics Fund [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 319.8 |
Venture Partners [Member] | Prologis Targeted Europe Logistics Fund [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 242 |
Venture Partners [Member] | Prologis European Properties Fund II [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 293.8 |
Venture Partners [Member] | Europe Logistics Venture 1 [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 135.7 |
Venture Partners [Member] | Prologis European Logistics Partners [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 110.9 |
Venture Partners [Member] | Prologis China Logistics Venture 1 and 2 [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | $839.30 |
Unconsolidated_Entities_Summar5
Unconsolidated Entities - Summary of Remaining Equity Commitments (Parenthetical) (Detail) | Mar. 31, 2014 |
U.S. Dollars to Euro [Member] | Prologis Targeted U.S. Logistics Fund [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
exchange rate | 1.38 |
U.S. Dollars to Euro [Member] | Prologis European Properties Fund II [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
exchange rate | 1.38 |
U.S. Dollars to Euro [Member] | Europe Logistics Venture 1 [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
exchange rate | 1.38 |
British Pound Sterling to U.S. Dollar [Member] | Prologis European Logistics Partners [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
exchange rate | 1.66 |
Discontinued_Operations_Income
Discontinued Operations - Income Attributable to Disposed Properties and Assets Held for Sale (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 |
Discontinued Operations And Disposal Groups [Abstract] | ' |
Rental income and recoveries | $11,268 |
Rental expenses | -3,739 |
Depreciation and amortization | -5,311 |
Interest expense | -425 |
Income attributable to disposed properties and assets held for sale | $1,793 |
Debt_Debt_Summary_Detail
Debt - Debt Summary (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 4.40% | 4.20% |
Amount Outstanding | $8,870,635 | $9,011,216 |
Credit Facilities [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 1.20% | 1.20% |
Amount Outstanding | 119,466 | 725,483 |
Senior notes [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 4.30% | 4.50% |
Amount Outstanding | 6,296,308 | 5,357,933 |
Exchangeable senior notes [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 3.30% | 3.30% |
Amount Outstanding | 442,729 | 438,481 |
Secured mortgage debt [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 5.50% | 5.60% |
Amount Outstanding | 1,674,488 | 1,696,597 |
Secured mortgage debt of consolidated entities [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 4.70% | 4.70% |
Amount Outstanding | 238,148 | 239,992 |
Term Loan [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 1.50% | 1.70% |
Amount Outstanding | 82,728 | 535,908 |
Other debt [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 6.20% | 6.20% |
Amount Outstanding | $16,768 | $16,822 |
Debt_Debt_Summary_Parenthetica
Debt - Debt Summary (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 |
In Billions, unless otherwise specified | |
Euro [Member] | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' |
Foreign principal borrowing included in total debt denominated in non-U.S. dollars | $2 |
Japanese Yen [Member] | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' |
Foreign principal borrowing included in total debt denominated in non-U.S. dollars | $0.20 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | USD ($) | Exchangeable senior notes [Member] | Exchangeable senior notes [Member] | Exchangeable senior notes [Member] | Senior Notes Maturing Two Thousand Twenty Four [Member] | Senior Notes Maturing Two Thousand Twenty Four [Member] | Global Facility [Member] | Revolver [Member] | Revolver [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | JPY (¥) | ||
Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility current borrowing capacity | ' | ' | ' | ' | ' | ' | $2,000 | $435.70 | ¥ 45,000 |
Maximum borrowing capacity | 2,465.10 | ' | ' | ' | ' | ' | ' | 547 | 56.5 |
Senior notes issued | ' | ' | ' | ' | 959.4 | 700 | ' | ' | ' |
Senior note redemption price percentage | ' | ' | ' | ' | 3.38% | 3.38% | ' | ' | ' |
Debt Instrument maturity year | ' | ' | ' | ' | '2024 | '2024 | ' | ' | ' |
Senior note interest rate | ' | ' | ' | ' | 98.90% | 98.90% | ' | ' | ' |
Senior note effective interest rate | ' | ' | ' | ' | 3.52% | 3.52% | ' | ' | ' |
Fair value of derivative liability | ' | 63.8 | ' | 41 | ' | ' | ' | ' | ' |
Unrealized losses | ' | $22.80 | $1 | ' | ' | ' | ' | ' | ' |
Debt_Credit_Facilities_Detail
Debt - Credit Facilities (Detail) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
Aggregate lender - commitments | $2,465.10 |
Borrowings outstanding | 119.5 |
Outstanding letters of credit | 72.7 |
Current availability | $2,272.90 |
Debt_LongTerm_Debt_Maturities_
Debt - Long-Term Debt Maturities (Detail) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
2014 | $295 |
2015 | 862 |
2016 | 1,224 |
2017 | 669 |
2018 | 971 |
2019 | 981 |
2020 | 389 |
2021 | 508 |
2022 | 975 |
2023 | 858 |
Thereafter | 1,110 |
Subtotal | 8,842 |
Unamortized premiums (discounts), net | 29 |
Total | 8,871 |
Wholly Owned [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | 285 |
2015 | 853 |
2016 | 1,098 |
2017 | 665 |
2018 | 897 |
2019 | 979 |
2020 | 387 |
2021 | 506 |
2022 | 972 |
2023 | 857 |
Thereafter | 1,105 |
Subtotal | 8,604 |
Unamortized premiums (discounts), net | 28 |
Total | 8,632 |
Wholly Owned [Member] | Senior notes [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | 9 |
2015 | 175 |
2016 | 641 |
2017 | 438 |
2018 | 667 |
2019 | 693 |
2020 | 380 |
2021 | 500 |
2022 | 965 |
2023 | 850 |
Thereafter | 965 |
Subtotal | 6,283 |
Unamortized premiums (discounts), net | 13 |
Total | 6,296 |
Wholly Owned [Member] | Exchangeable Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | ' |
2015 | 460 |
2016 | ' |
2017 | ' |
2018 | ' |
2019 | ' |
2020 | ' |
2021 | ' |
2022 | ' |
2023 | ' |
Thereafter | ' |
Subtotal | 460 |
Unamortized premiums (discounts), net | -17 |
Total | 443 |
Wholly Owned [Member] | Credit Facilities [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | ' |
2015 | ' |
2016 | ' |
2017 | ' |
2018 | 119 |
2019 | ' |
2020 | ' |
2021 | ' |
2022 | ' |
2023 | ' |
Thereafter | ' |
Subtotal | 119 |
Unamortized premiums (discounts), net | ' |
Total | 119 |
Wholly Owned [Member] | Other debt [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | 1 |
2015 | 84 |
2016 | 1 |
2017 | 1 |
2018 | 1 |
2019 | 1 |
2020 | 1 |
2021 | ' |
2022 | ' |
2023 | ' |
Thereafter | 10 |
Subtotal | 100 |
Unamortized premiums (discounts), net | ' |
Total | 100 |
Wholly Owned [Member] | Secured Mortgage Debt [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | 275 |
2015 | 134 |
2016 | 456 |
2017 | 226 |
2018 | 110 |
2019 | 285 |
2020 | 6 |
2021 | 6 |
2022 | 7 |
2023 | 7 |
Thereafter | 130 |
Subtotal | 1,642 |
Unamortized premiums (discounts), net | 32 |
Total | 1,674 |
Consolidated Entities [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | 10 |
2015 | 9 |
2016 | 126 |
2017 | 4 |
2018 | 74 |
2019 | 2 |
2020 | 2 |
2021 | 2 |
2022 | 3 |
2023 | 1 |
Thereafter | 5 |
Subtotal | 238 |
Unamortized premiums (discounts), net | 1 |
Total | $239 |
Noncontrolling_Interests_Addit
Noncontrolling Interests - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended |
In Billions, unless otherwise specified | Mar. 31, 2014 | Jan. 31, 2014 |
Prologis US Logistics Venture [Member] | ||
Property | ||
sqft | ||
Noncontrolling Interest [Line Items] | ' | ' |
Percentage of co-investment | 'Less than 100% | ' |
Number of properties sold | ' | 66 |
Square footage of properties | ' | 12,800,000 |
Proceeds for contributed properties | ' | $1 |
Equity method investment, percentage | ' | 55.00% |
Common partnership units of operating partnership owned by REIT | 99.65% | ' |
Noncontrolling_Interests_Nonco
Noncontrolling Interests - Noncontrolling Interest Summary (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Noncontrolling Interest [Line Items] | ' | ' |
Debt for Noncontrolling Interest | $238,148 | $239,992 |
Debt for Noncontrolling Interest, Limited Partnerships | ' | ' |
Debt for Noncontrolling Interest and Limited Partnerships | 238,148 | 239,992 |
Total Investment In Real Estate | 18,340,747 | 18,255,479 |
Operating Partnership noncontrolling interest | 874,576 | 417,086 |
Limited partners in the Operating Partnership | 47,632 | 48,209 |
REIT noncontrolling interests | 922,208 | 465,295 |
Non-controlling Interests [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Total Investment In Real Estate | 2,557,183 | 1,610,991 |
Prologis, L.P. [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Total Investment In Real Estate | 18,340,747 | 18,255,479 |
REIT noncontrolling interests | 874,576 | 417,086 |
Mexico Fondo Logistico [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Debt for Noncontrolling Interest | 190,716 | 191,866 |
Total Investment In Real Estate | 458,859 | 457,006 |
Parent Company's Ownership Percentage | 20.00% | 20.00% |
Operating Partnership noncontrolling interest | 224,723 | 220,292 |
Prologis AMS [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Debt for Noncontrolling Interest | 16,739 | 17,063 |
Total Investment In Real Estate | 58,619 | 58,575 |
Parent Company's Ownership Percentage | 38.50% | 38.50% |
Operating Partnership noncontrolling interest | 25,029 | 24,791 |
Prologis US Logistics Venture [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Debt for Noncontrolling Interest | ' | ' |
Total Investment In Real Estate | 999,134 | ' |
Parent Company's Ownership Percentage | 55.00% | ' |
Operating Partnership noncontrolling interest | 443,846 | ' |
Other Consolidated Entities [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Debt for Noncontrolling Interest | 30,693 | 31,063 |
Total Investment In Real Estate | 312,548 | 312,358 |
Parent Company's Ownership | 'various | 'various |
Operating Partnership noncontrolling interest | 31,168 | 31,465 |
Partnerships with Exchangeable Units [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Debt for Noncontrolling Interest | ' | ' |
Total Investment In Real Estate | 728,023 | 783,052 |
Parent Company's Ownership | 'various | 'various |
Operating Partnership noncontrolling interest | 75,673 | 75,532 |
Brazil Fund [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Debt for Noncontrolling Interest | ' | ' |
Total Investment In Real Estate | ' | ' |
Parent Company's Ownership Percentage | 50.00% | 50.00% |
Operating Partnership noncontrolling interest | 74,137 | 65,006 |
Operating Partnership noncontrolling interests [Member] | Prologis, L.P. [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Total Investment In Real Estate | 2,557,183 | 1,610,991 |
Limited Partnership Interests [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Total Investment In Real Estate | ' | ' |
Noncontrolling_Interests_Nonco1
Noncontrolling Interests - Noncontrolling Interest Summary (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Noncontrolling Interest [Line Items] | ' | ' |
Outstanding limited partnership units | 1,948,608 | 1,948,608 |
Brazil Fund [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Investments in unconsolidated entities | 166.4 | ' |
Parent Company's Ownership Percentage | 50.00% | 50.00% |
Prologis, L.P. [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Outstanding limited partnership units | 1,766,691 | 1,766,691 |
LongTerm_Compensation_RSU_and_
Long-Term Compensation - RSU and Performance Share Awards (Detail) (RSU and PSA [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
RSU and PSA [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Shares , beginning balance | 2,266,443 |
Granted | 1,240,852 |
Vested and distributed | -913,078 |
Forfeited | -10,468 |
Number of Shares , ending balance | 2,583,749 |
Weighted Average Grant-Date Fair Value, Ending balance | $39.06 |
Number of Shares, Ending Balance | 83,791 |
LongTerm_Compensation_Addition
Long-Term Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 13, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Period | ' | '3 years | ' |
Aggregate fair value | $23.10 | ' | ' |
Assumed risk free interest rate | 0.67% | ' | ' |
Expected volatility rate | 46.00% | ' | ' |
Compensation expense | ' | $6.90 | $7.80 |
Peer Company [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected volatility rate | 30.00% | ' | ' |
LongTerm_Compensation_Stock_Op
Long-Term Compensation - Stock Option and Other Share Based Activity (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Number of Options, Beginning balance | 6,253,497 |
Number of Options, Exercised | -219,362 |
Number of Options, Forfeited/ Expired | -500 |
Number of Options, Ending balance | 6,033,635 |
Weighted Average Exercise Price, Ending Balance | $36.02 |
Options Exercisable, Number of Options Ending balance | 6,027,635 |
Earnings_Per_Common_Share_Unit2
Earnings Per Common Share / Unit - Computation of Basic and Diluted Earnings Per Share Unit (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ' | ' |
Net earnings attributable to common stockholders | $4,666 | $265,416 |
Noncontrolling interest attributable to exchangeable limited partnership units | 17 | 1,182 |
Interest expense on exchangeable debt assumed exchanged | ' | 4,235 |
Adjusted net earnings attributable to common stockholders | 4,683 | 270,833 |
Weighted average common partnership units outstanding-Basic | 498,696 | 461,468 |
Incremental weighted average effect on exchange of limited partnership units | 1,767 | 3,039 |
Incremental weighted average effect of stock awards and warrants | 3,910 | 2,566 |
Incremental weighted average effect on exchange of certain exchangeable debt | ' | 11,879 |
Weighted average common partnership units outstanding-Diluted | 504,373 | 478,952 |
Net earnings per share attributable to common stockholders - | ' | ' |
Basic | $0.01 | $0.58 |
Diluted | $0.01 | $0.57 |
Prologis, L.P. [Member] | ' | ' |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ' | ' |
Net earnings attributable to common stockholders | 4,683 | 266,548 |
Noncontrolling interest attributable to exchangeable limited partnership units | ' | 50 |
Interest expense on exchangeable debt assumed exchanged | ' | 4,235 |
Adjusted net earnings attributable to common stockholders | $4,683 | $270,833 |
Weighted average common partnership units outstanding-Basic | 500,463 | 463,361 |
Incremental weighted average effect on exchange of limited partnership units | ' | 1,146 |
Incremental weighted average effect of stock awards and warrants | 3,910 | 2,566 |
Incremental weighted average effect on exchange of certain exchangeable debt | ' | 11,879 |
Weighted average common partnership units outstanding-Diluted | 504,373 | 478,952 |
Net earnings per share attributable to common stockholders - | ' | ' |
Basic | $0.01 | $0.58 |
Diluted | $0.01 | $0.57 |
Earnings_Per_Common_Share_Unit3
Earnings Per Common Share / Unit - Computation of Basic and Diluted Earnings Per Share Unit (Parenthetical) (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ' | ' |
Weighted average exchangeable Operating Partnership units outstanding | 1,767 | 1,894 |
Total weighted average potentially dilutive limited partnership units outstanding | 15,546 | 14,140 |
Prologis, L.P. [Member] | ' | ' |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ' | ' |
Total weighted average potentially dilutive limited partnership units outstanding | 1,949 | 1,173 |
Total weighted average potentially dilutive exchangeable debt outstanding | 11,879 | 11,879 |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements - Derivative Activity (Detail) | 3 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
USD ($) | EUR (€) | Foreign Currency Contracts [Member] | Foreign Currency Forwards [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | |
Contract | USD ($) | USD ($) | USD ($) | USD ($) | ||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Notional amounts at January 1, | ' | ' | $1,050 | $1,303.80 | $71 | $1,314.80 |
New contracts | ' | ' | 1,040 | ' | ' | ' |
Matured or expired contracts | ' | ' | -470 | -663.7 | ' | -1,230.20 |
Notional amounts at March 31, | $1,400 | € 1,000 | $1,620 | $640.10 | $71 | $84.60 |
Number of interest rate swaps | 1 | 1 | ' | ' | ' | ' |
Swap contract maturity date | '2017-05 | '2017-05 | ' | ' | ' | ' |
Financial_Instruments_and_Fair3
Financial Instruments and Fair Value Measurements - Derivative Activity (Parenthetical) (Detail) | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
USD ($) | EUR (€) | Foreign Currency Contracts Expires In March [Member] | Foreign Currency Contracts Expires In March [Member] | Foreign Currency Contracts Expires In April 2014 [Member] | Foreign Currency Contracts Expires In April 2014 [Member] | Foreign Currency Derivative Contracts Yen denominator [Member] | Foreign Currency Derivative Contracts Yen denominator [Member] | |
Contract | Contract | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | JPY (¥) | |
Contracts | Contracts | Contract | Contract | Contract | Contract | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of foreign currency contracts | 11 | 11 | 2 | 2 | 4 | 4 | 3 | 3 |
Maturity date of the contract | ' | ' | 'Expired in March | 'Expired in March | 'Expire in April 2014 | 'Expire in April 2014 | ' | ' |
Notional value of foreign currency contract | $1,400 | € 1,000 | $470 | € 345.90 | $570 | € 414.50 | $250 | ¥ 24,100 |
Weighted average forward rate | 1.35 | 1.35 | 1.36 | 1.36 | 1.38 | 1.38 | 96.54 | 96.54 |
Financial_Instruments_and_Fair4
Financial Instruments and Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | |
USD ($) | USD ($) | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | |
USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | EUR (€) | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issued | $8,842,000,000 | ' | ' | $1,900,000,000 | $1,000,000,000 | € 1,400,000,000 | $959,400,000 | € 700,000,000 | € 700,000,000 |
Amount of loss included in AOCI | -4,723,000 | -286,254,000 | ' | 20,400,000 | 14,900,000 | ' | ' | ' | ' |
Interest expense reclassified | $85,523,000 | $114,641,000 | $2,300,000 | ' | ' | ' | ' | ' | ' |
Financial_Instruments_and_Fair5
Financial Instruments and Fair Value Measurements - Schedule of Fair Value of Derivative Instruments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset | $16,193 | $20,241 |
Liability | 43,306 | 35,940 |
AOCI | -32,066 | -14,045 |
Net investment hedges-euro denominated [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset | 407 | 137 |
Liability | 38,042 | 30,302 |
AOCI | -35,334 | -21,705 |
Net investment hedges-yen denominated[Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset | 15,786 | 20,104 |
AOCI | 18,817 | 22,102 |
Interest rate swap hedges [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset | ' | ' |
Liability | 5,264 | 5,638 |
AOCI | ($15,549) | ($14,442) |
Financial_Instruments_and_Fair6
Financial Instruments and Fair Value Measurements - Summary of Gains (Losses) From the Change in Fair Value of Derivative Instruments Included in Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Total derivatives | ($23,551) | $47,235 |
Derivative net investment hedges [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Total derivatives | -16,914 | 34,724 |
Non-derivative net investment hedges [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Total derivatives | -5,530 | ' |
Interest rate swap hedges [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Total derivatives | ($1,107) | $12,511 |
Financial_Instruments_and_Fair7
Financial Instruments and Fair Value Measurements - Summary of Gains (Losses) From the Change in Fair Value of Derivative Instruments Included in Other Comprehensive Income (Loss) (Parenthetical) (Detail) (Net investment hedges [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net investment hedges [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Gain (Loss) on settlement of derivatives | $6.90 | $5.40 |
Financial_Instruments_and_Fair8
Financial Instruments and Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value of Debt | $8,870,635 | $9,011,216 |
Fair Value of Debt | 9,504,219 | 9,586,791 |
Credit Facilities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value of Debt | 119,466 | 725,483 |
Fair Value of Debt | 119,711 | 725,679 |
Senior notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value of Debt | 6,296,308 | 5,357,933 |
Fair Value of Debt | 6,676,298 | 5,698,864 |
Exchangeable senior notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value of Debt | 442,729 | 438,481 |
Fair Value of Debt | 532,783 | 514,381 |
Secured mortgage debt [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value of Debt | 1,674,488 | 1,696,597 |
Fair Value of Debt | 1,825,836 | 1,840,829 |
Secured mortgage debt of consolidated entities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value of Debt | 238,148 | 239,992 |
Fair Value of Debt | 248,154 | 246,324 |
Term loan and other debt [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value of Debt | 99,496 | 552,730 |
Fair Value of Debt | $101,437 | $560,714 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
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 | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | $434,682 | $479,971 | ' | ' |
General and administrative expenses | -63,203 | -56,197 | ' | ' |
Depreciation and amortization | -160,280 | -172,119 | ' | ' |
Earnings from unconsolidated entities, net | 29,746 | 24,768 | ' | ' |
Interest expense | -85,523 | -114,641 | ' | ' |
Interest and other income, net | 14,050 | 11,627 | ' | ' |
Gains on acquisitions and dispositions of investments in real estate, net | 17,055 | 338,845 | ' | ' |
Foreign currency and derivative gains (losses), net | -28,184 | 884 | ' | ' |
Gains (losses) on early extinguishment of debt, net | 273 | -17,351 | ' | ' |
Consolidated net earnings (loss) | 12,003 | 296,932 | ' | ' |
Earnings before income taxes | 18,883 | 341,171 | ' | ' |
Investments in and advances to unconsolidated entities | 4,687,922 | ' | 4,430,239 | ' |
Cash and cash equivalents | 188,886 | 785,359 | 491,129 | 100,810 |
Total assets | 24,655,148 | ' | 24,572,307 | ' |
Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 434,682 | 479,971 | ' | ' |
Consolidated net earnings (loss) | 294,949 | 325,355 | ' | ' |
Total assets | 19,306,003 | ' | 19,190,865 | ' |
Operating Segments [Member] | Real Estate Operations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 389,372 | 446,336 | ' | ' |
Consolidated net earnings (loss) | 273,802 | 311,629 | ' | ' |
Total assets | 19,220,876 | ' | 19,104,750 | ' |
Operating Segments [Member] | Investment Management [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 45,310 | 33,635 | ' | ' |
Consolidated net earnings (loss) | 21,147 | 13,726 | ' | ' |
Total assets | 85,127 | ' | 86,115 | ' |
Operating Segments [Member] | Americas [Member] | Real Estate Operations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 356,125 | 308,400 | ' | ' |
Consolidated net earnings (loss) | 253,461 | 216,128 | ' | ' |
Total assets | 16,276,368 | ' | 16,293,109 | ' |
Operating Segments [Member] | Americas [Member] | Investment Management [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 14,575 | 16,187 | ' | ' |
Consolidated net earnings (loss) | 2,056 | 2,883 | ' | ' |
Total assets | 21,836 | ' | 22,154 | ' |
Operating Segments [Member] | Europe [Member] | Real Estate Operations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 16,188 | 99,467 | ' | ' |
Consolidated net earnings (loss) | 8,224 | 67,206 | ' | ' |
Total assets | 1,675,895 | ' | 1,634,867 | ' |
Operating Segments [Member] | Europe [Member] | Investment Management [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 21,700 | 10,613 | ' | ' |
Consolidated net earnings (loss) | 13,684 | 6,871 | ' | ' |
Total assets | 59,816 | ' | 60,327 | ' |
Operating Segments [Member] | Asia [Member] | Real Estate Operations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 17,059 | 38,469 | ' | ' |
Consolidated net earnings (loss) | 12,117 | 28,295 | ' | ' |
Total assets | 1,268,613 | ' | 1,176,774 | ' |
Operating Segments [Member] | Asia [Member] | Investment Management [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total revenues | 9,035 | 6,835 | ' | ' |
Consolidated net earnings (loss) | 5,407 | 3,972 | ' | ' |
Total assets | 3,475 | ' | 3,634 | ' |
Reconciling Items [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
General and administrative expenses | -63,203 | -56,197 | ' | ' |
Depreciation and amortization | -160,280 | -172,119 | ' | ' |
Earnings from unconsolidated entities, net | 29,746 | 24,768 | ' | ' |
Interest expense | -85,523 | -114,641 | ' | ' |
Interest and other income, net | 14,050 | 11,627 | ' | ' |
Gains on acquisitions and dispositions of investments in real estate, net | 17,055 | 338,845 | ' | ' |
Foreign currency and derivative gains (losses), net | -28,184 | 884 | ' | ' |
Gains (losses) on early extinguishment of debt, net | 273 | -17,351 | ' | ' |
Consolidated net earnings (loss) | -276,066 | 15,816 | ' | ' |
Investments in and advances to unconsolidated entities | 4,687,922 | ' | 4,430,239 | ' |
Notes receivable backed by real estate and other | 191,703 | ' | 192,042 | ' |
Cash and cash equivalents | 188,886 | ' | 491,129 | ' |
Other assets | 280,634 | ' | 268,032 | ' |
Total assets | $5,349,145 | ' | $5,381,442 | ' |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Real Estate Properties [Line Items] | ' | ' |
Interest paid in cash | $75,100,000 | $110,600,000 |
Cash paid for income taxes | 23,600,000 | 4,900,000 |
Prologis European Logistics Partners [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Ownership interests received | ' | 1,300,000,000 |
Percentage of ownership interests received | ' | 50.00% |
Assumed debt | ' | $353,200,000 |