Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'PLD | ' |
Entity Registrant Name | 'Prologis, Inc. | ' |
Entity Central Index Key | '0001045609 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 499,989,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Investments in real estate properties | $19,466,582 | $20,824,477 |
Less accumulated depreciation | 2,695,745 | 2,568,998 |
Net investments in real estate properties | 16,770,837 | 18,255,479 |
Investments in and advances to unconsolidated entities | 5,814,056 | 4,430,239 |
Notes receivable backed by real estate and other | ' | 192,042 |
Net investments in real estate | 22,584,893 | 22,877,760 |
Cash and cash equivalents | 311,879 | 491,129 |
Accounts receivable | 132,464 | 128,196 |
Other assets | 1,042,867 | 1,075,222 |
Total assets | 24,072,103 | 24,572,307 |
Liabilities: | ' | ' |
Debt | 8,822,952 | 9,011,216 |
Accounts payable and accrued expenses | 556,965 | 641,011 |
Other liabilities | 555,437 | 743,627 |
Total liabilities | 9,935,354 | 10,395,854 |
Prologis, Inc. stockholders' equity: | ' | ' |
Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,565 shares and 2,000 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively | 78,235 | 100,000 |
Common stock; $0.01 par value; 499,953 shares and 498,799 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively | 5,000 | 4,988 |
Additional paid-in capital | 18,081,751 | 17,974,509 |
Accumulated other comprehensive loss | -510,661 | -435,675 |
Distributions in excess of net earnings | -4,214,224 | -3,932,664 |
Total Prologis, Inc. stockholders' equity | 13,440,101 | 13,711,158 |
Noncontrolling interests | 696,648 | 465,295 |
Total equity | 14,136,749 | 14,176,453 |
Partners' capital: | ' | ' |
Noncontrolling interests | 696,648 | 465,295 |
Total liabilities and capital | 24,072,103 | 24,572,307 |
Prologis, L.P. [Member] | ' | ' |
ASSETS | ' | ' |
Investments in real estate properties | 19,466,582 | 20,824,477 |
Less accumulated depreciation | 2,695,745 | 2,568,998 |
Net investments in real estate properties | 16,770,837 | 18,255,479 |
Investments in and advances to unconsolidated entities | 5,814,056 | 4,430,239 |
Notes receivable backed by real estate and other | ' | 192,042 |
Net investments in real estate | 22,584,893 | 22,877,760 |
Cash and cash equivalents | 311,879 | 491,129 |
Accounts receivable | 132,464 | 128,196 |
Other assets | 1,042,867 | 1,075,222 |
Total assets | 24,072,103 | 24,572,307 |
Liabilities: | ' | ' |
Debt | 8,822,952 | 9,011,216 |
Accounts payable and accrued expenses | 556,965 | 641,011 |
Other liabilities | 555,437 | 743,627 |
Total liabilities | 9,935,354 | 10,395,854 |
Prologis, Inc. stockholders' equity: | ' | ' |
Noncontrolling interests | 646,404 | 417,086 |
Partners' capital: | ' | ' |
Limited partners | 50,244 | 48,209 |
Total partners' capital | 13,490,345 | 13,759,367 |
Noncontrolling interests | 646,404 | 417,086 |
Total capital | 14,136,749 | 14,176,453 |
Total liabilities and capital | 24,072,103 | 24,572,307 |
Prologis, L.P. [Member] | Preferred [Member] | ' | ' |
Partners' capital: | ' | ' |
General partner | 78,235 | 100,000 |
Prologis, L.P. [Member] | Common [Member] | ' | ' |
Partners' capital: | ' | ' |
General partner | $13,361,866 | $13,611,158 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 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 | 1,565 | 2,000 |
Preferred stock, shares outstanding | 1,565 | 2,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares issued | 499,953 | 498,799 |
Common stock, shares outstanding | 499,953 | 498,799 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Rental income | $275,686 | $291,621 | $871,025 | $926,348 |
Rental recoveries | 80,136 | 80,564 | 254,310 | 253,937 |
Strategic capital income | 54,070 | 48,322 | 175,714 | 125,565 |
Development management and other income | 5,259 | 2,551 | 8,873 | 7,872 |
Total revenues | 415,151 | 423,058 | 1,309,922 | 1,313,722 |
Expenses: | ' | ' | ' | ' |
Rental expenses | 102,324 | 106,811 | 322,417 | 347,002 |
Strategic capital expenses | 22,442 | 22,023 | 74,442 | 66,938 |
General and administrative expenses | 58,203 | 55,034 | 181,781 | 166,140 |
Depreciation and amortization | 149,202 | 155,439 | 471,059 | 483,215 |
Other expenses | 4,868 | 6,370 | 15,371 | 17,494 |
Total expenses | 337,039 | 345,677 | 1,065,070 | 1,080,789 |
Operating income | 78,112 | 77,381 | 244,852 | 232,933 |
Other income (expense): | ' | ' | ' | ' |
Earnings from unconsolidated entities, net | 28,514 | 26,365 | 79,411 | 59,554 |
Interest expense | -69,086 | -84,642 | -234,793 | -291,496 |
Interest and other income, net | 550 | 5,653 | 19,716 | 21,772 |
Gains on acquisitions and dispositions of investments in real estate, net | 151,057 | 46,074 | 337,695 | 445,954 |
Foreign currency and derivative gains (losses) and related amortization, net | 20,792 | 6,875 | 2,738 | 15 |
Losses on early extinguishment of debt, net | -86,076 | -114,196 | -163,361 | -164,155 |
Total other income (expense) | 45,751 | -113,871 | 41,406 | 71,644 |
Earnings (loss) before income taxes | 123,863 | -36,490 | 286,258 | 304,577 |
Current income tax expense | 10,394 | 11,012 | 59,292 | 91,357 |
Deferred income tax expense (benefit) | -33,658 | 1,168 | -84,594 | -6,823 |
Total income tax expense (benefit) | -23,264 | 12,180 | -25,302 | 84,534 |
Earnings (loss) from continuing operations | 147,127 | -48,670 | 311,560 | 220,043 |
Discontinued operations: | ' | ' | ' | ' |
Income attributable to disposed properties and assets held for sale | ' | 1,206 | ' | 5,139 |
Net gains on dispositions, including taxes | ' | 40,297 | ' | 59,598 |
Total discontinued operations | ' | 41,503 | ' | 64,737 |
Consolidated net earnings (loss) | 147,127 | -7,167 | 311,560 | 284,780 |
Net loss (earnings) attributable to noncontrolling interests | -9,212 | 1,768 | -85,664 | -3,051 |
Net earnings (loss) attributable to controlling interests | 137,915 | -5,399 | 225,896 | 281,729 |
Less preferred stock dividends | 1,670 | 2,135 | 5,753 | 16,256 |
Loss on preferred stock redemption | ' | ' | 6,517 | 9,108 |
Net earnings (loss) attributable to common stockholders | 136,245 | -7,534 | 213,626 | 256,365 |
Weighted average common shares outstanding-Basic | 499,292 | 497,989 | 499,045 | 482,007 |
Weighted average common shares outstanding-Diluted | 516,088 | 499,848 | 504,211 | 488,409 |
Net earnings (loss) per share attributable to common stockholders - Basic: | ' | ' | ' | ' |
Continuing operations | $0.27 | ($0.10) | $0.43 | $0.40 |
Discontinued operations | ' | $0.08 | ' | $0.13 |
Net earnings (loss) per share attributable to common stockholders - Basic | $0.27 | ($0.02) | $0.43 | $0.53 |
Net earnings (loss) per share attributable to common stockholders - Diluted: | ' | ' | ' | ' |
Continuing operations | $0.23 | ($0.10) | $0.43 | $0.40 |
Discontinued operations | ' | $0.08 | ' | $0.13 |
Net earnings (loss) per share attributable to common stockholders - Diluted | $0.23 | ($0.02) | $0.43 | $0.53 |
Dividends per common share | $0.33 | $0.28 | $0.99 | $0.84 |
Prologis, L.P. [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rental income | 275,686 | 291,621 | 871,025 | 926,348 |
Rental recoveries | 80,136 | 80,564 | 254,310 | 253,937 |
Strategic capital income | 54,070 | 48,322 | 175,714 | 125,565 |
Development management and other income | 5,259 | 2,551 | 8,873 | 7,872 |
Total revenues | 415,151 | 423,058 | 1,309,922 | 1,313,722 |
Expenses: | ' | ' | ' | ' |
Rental expenses | 102,324 | 106,811 | 322,417 | 347,002 |
Strategic capital expenses | 22,442 | 22,023 | 74,442 | 66,938 |
General and administrative expenses | 58,203 | 55,034 | 181,781 | 166,140 |
Depreciation and amortization | 149,202 | 155,439 | 471,059 | 483,215 |
Other expenses | 4,868 | 6,370 | 15,371 | 17,494 |
Total expenses | 337,039 | 345,677 | 1,065,070 | 1,080,789 |
Operating income | 78,112 | 77,381 | 244,852 | 232,933 |
Other income (expense): | ' | ' | ' | ' |
Earnings from unconsolidated entities, net | 28,514 | 26,365 | 79,411 | 59,554 |
Interest expense | -69,086 | -84,642 | -234,793 | -291,496 |
Interest and other income, net | 550 | 5,653 | 19,716 | 21,772 |
Gains on acquisitions and dispositions of investments in real estate, net | 151,057 | 46,074 | 337,695 | 445,954 |
Foreign currency and derivative gains (losses) and related amortization, net | 20,792 | 6,875 | 2,738 | 15 |
Losses on early extinguishment of debt, net | -86,076 | -114,196 | -163,361 | -164,155 |
Total other income (expense) | 45,751 | -113,871 | 41,406 | 71,644 |
Earnings (loss) before income taxes | 123,863 | -36,490 | 286,258 | 304,577 |
Current income tax expense | 10,394 | 11,012 | 59,292 | 91,357 |
Deferred income tax expense (benefit) | -33,658 | 1,168 | -84,594 | -6,823 |
Total income tax expense (benefit) | -23,264 | 12,180 | -25,302 | 84,534 |
Earnings (loss) from continuing operations | 147,127 | -48,670 | 311,560 | 220,043 |
Discontinued operations: | ' | ' | ' | ' |
Income attributable to disposed properties and assets held for sale | ' | 1,206 | ' | 5,139 |
Net gains on dispositions, including taxes | ' | 40,297 | ' | 59,598 |
Total discontinued operations | ' | 41,503 | ' | 64,737 |
Consolidated net earnings (loss) | 147,127 | -7,167 | 311,560 | 284,780 |
Net loss (earnings) attributable to noncontrolling interests | -8,719 | 1,720 | -84,897 | -2,042 |
Net earnings (loss) attributable to controlling interests | 138,408 | -5,447 | 226,663 | 282,738 |
Less preferred stock dividends | 1,670 | 2,135 | 5,753 | 16,256 |
Loss on preferred stock redemption | ' | ' | 6,517 | 9,108 |
Net earnings (loss) attributable to common stockholders | $136,738 | ($7,582) | $214,393 | $257,374 |
Weighted average common shares outstanding-Basic | 501,135 | 499,848 | 500,837 | 483,889 |
Weighted average common shares outstanding-Diluted | 516,088 | 499,848 | 504,211 | 488,409 |
Net earnings (loss) per share attributable to common stockholders - Basic: | ' | ' | ' | ' |
Continuing operations | $0.27 | ($0.10) | $0.43 | $0.40 |
Discontinued operations | ' | $0.08 | ' | $0.13 |
Net earnings (loss) per share attributable to common stockholders - Basic | $0.27 | ($0.02) | $0.43 | $0.53 |
Net earnings (loss) per share attributable to common stockholders - Diluted: | ' | ' | ' | ' |
Continuing operations | $0.23 | ($0.10) | $0.43 | $0.40 |
Discontinued operations | ' | $0.08 | ' | $0.13 |
Net earnings (loss) per share attributable to common stockholders - Diluted | $0.23 | ($0.02) | $0.43 | $0.53 |
Dividends per common share | $0.33 | $0.28 | $0.99 | $0.84 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated net earnings (loss) | $147,127 | ($7,167) | $311,560 | $284,780 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation gains (losses), net | -130,763 | 88,001 | -72,022 | -250,251 |
Unrealized gains (losses) and amortization on derivative contracts, net | -4,359 | 2,638 | -7,784 | 21,839 |
Comprehensive income (loss) | 12,005 | 83,472 | 231,754 | 56,368 |
Net loss (earnings) attributable to noncontrolling interests | -9,212 | 1,768 | -85,664 | -3,051 |
Other comprehensive loss (income) attributable to noncontrolling interest | 9,709 | -942 | 4,820 | 10,317 |
Comprehensive income (loss) attributable to common stockholders | 12,502 | 84,298 | 150,910 | 63,634 |
Prologis, L.P. [Member] | ' | ' | ' | ' |
Consolidated net earnings (loss) | 147,127 | -7,167 | 311,560 | 284,780 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation gains (losses), net | -130,763 | 88,001 | -72,022 | -250,251 |
Unrealized gains (losses) and amortization on derivative contracts, net | -4,359 | 2,638 | -7,784 | 21,839 |
Comprehensive income (loss) | 12,005 | 83,472 | 231,754 | 56,368 |
Net loss (earnings) attributable to noncontrolling interests | -8,719 | 1,720 | -84,897 | -2,042 |
Other comprehensive loss (income) attributable to noncontrolling interest | 9,249 | -579 | 4,538 | 9,510 |
Comprehensive income (loss) attributable to common stockholders | $12,535 | $84,613 | $151,395 | $63,836 |
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 Loss [Member] | Distributions in Excess of Net Earnings [Member] | Non-controlling Interests [Member] |
In Thousands | |||||||
Balance at Dec. 31, 2013 | $14,176,453 | $100,000 | $4,988 | $17,974,509 | ($435,675) | ($3,932,664) | $465,295 |
Balance, Shares at Dec. 31, 2013 | 498,799 | ' | 498,799 | ' | ' | ' | ' |
Consolidated net earnings | 311,560 | ' | ' | ' | ' | 225,896 | 85,664 |
Effect of common stock plans | 61,790 | ' | 12 | 61,777 | ' | ' | 1 |
Effect of common stock plans, Shares | ' | ' | 1,154 | ' | ' | ' | ' |
Redemption of preferred stock | -27,643 | -21,765 | ' | 639 | ' | -6,517 | ' |
Formation of Prologis U.S. Logistics Venture | 455,166 | ' | ' | 12,915 | ' | ' | 442,251 |
Capital contributions | 13,153 | ' | ' | ' | ' | ' | 13,153 |
Settlement of noncontrolling interests | -2,440 | ' | ' | 33,803 | ' | ' | -36,243 |
Foreign currency translation losses, net | -72,022 | ' | ' | ' | -67,231 | ' | -4,791 |
Unrealized losses and amortization on derivative contracts, net | -7,784 | ' | ' | ' | -7,755 | ' | -29 |
Distributions and allocations | -771,484 | ' | ' | -1,892 | ' | -500,939 | -268,653 |
Balance at Sep. 30, 2014 | $14,136,749 | $78,235 | $5,000 | $18,081,751 | ($510,661) | ($4,214,224) | $696,948 |
Balance, Shares at Sep. 30, 2014 | 499,953 | ' | 499,953 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities: | ' | ' |
Consolidated net earnings | $311,560 | $284,780 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Straight-lined rents | -32,990 | -37,425 |
Stock-based compensation awards, net | 43,042 | 34,253 |
Depreciation and amortization | 471,059 | 496,085 |
Earnings from unconsolidated entities, net | -79,411 | -59,554 |
Distributions and net changes in operating receivables from unconsolidated entities | 78,702 | 71,234 |
Amortization of debt and lease intangibles | 19,686 | 6,583 |
Gains on acquisitions and dispositions of investment in real estate, net | -337,695 | -506,485 |
Losses on early extinguishment of debt, net | 163,361 | 164,155 |
Unrealized foreign currency and derivative losses (gains) and related amortization, net | 1,993 | -3,000 |
Deferred income tax benefit | -84,594 | -6,823 |
Increase in restricted cash, accounts receivable and other assets | -20,688 | -37,726 |
Decrease in accounts payable and accrued expenses and other liabilities | -83,238 | -73,829 |
Net cash provided by operating activities | 450,787 | 332,248 |
Investing activities: | ' | ' |
Real estate development activity | -776,441 | -541,678 |
Real estate acquisitions | -389,818 | -402,358 |
Tenant improvements and lease commissions on previously leased space | -95,812 | -105,324 |
Non-development capital expenditures | -47,915 | -56,378 |
Investments in and advances to unconsolidated entities | -1,324,530 | -1,036,410 |
Return of investment from unconsolidated entities | 188,507 | 356,969 |
Proceeds from repayment of notes receivable backed by real estate | 188,000 | ' |
Proceeds from dispositions and contributions of real estate properties | 1,654,554 | 3,913,670 |
Acquisition of unconsolidated co-investment venture, net of cash received | ' | -461,823 |
Net cash provided by (used in) investing activities | -603,445 | 1,666,668 |
Financing activities: | ' | ' |
Proceeds from issuance of common stock, net | 15,085 | 1,502,394 |
Dividends paid on common and preferred stock | -502,259 | -431,088 |
Redemption of preferred stock | -27,643 | -482,500 |
Noncontrolling interest contributions | 467,016 | 110,552 |
Noncontrolling interest distributions | -269,400 | -54,297 |
Purchase of noncontrolling interest | -2,440 | -247,803 |
Debt and equity / capital issuance costs paid | -19,318 | -65,056 |
Net proceeds from credit facilities | 22,076 | 158,586 |
Repurchase and payments of debt | -3,731,044 | -3,985,781 |
Proceeds from issuance of debt | 4,024,785 | 1,565,883 |
Net cash used in financing activities | -23,142 | -1,929,110 |
Effect of foreign currency exchange rate changes on cash | -3,440 | -48,923 |
Net increase (decrease) in cash and cash equivalents | -179,250 | 20,883 |
Cash and cash equivalents, beginning of period | 491,129 | 100,810 |
Cash and cash equivalents, end of period | 311,879 | 121,693 |
Prologis, L.P. [Member] | ' | ' |
Operating activities: | ' | ' |
Consolidated net earnings | 311,560 | 284,780 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Straight-lined rents | -32,990 | -37,425 |
Stock-based compensation awards, net | 43,042 | 34,253 |
Depreciation and amortization | 471,059 | 496,085 |
Earnings from unconsolidated entities, net | -79,411 | -59,554 |
Distributions and net changes in operating receivables from unconsolidated entities | 78,702 | 71,234 |
Amortization of debt and lease intangibles | 19,686 | 6,583 |
Gains on acquisitions and dispositions of investment in real estate, net | -337,695 | -506,485 |
Losses on early extinguishment of debt, net | 163,361 | 164,155 |
Unrealized foreign currency and derivative losses (gains) and related amortization, net | 1,993 | -3,000 |
Deferred income tax benefit | -84,594 | -6,823 |
Increase in restricted cash, accounts receivable and other assets | -20,688 | -37,726 |
Decrease in accounts payable and accrued expenses and other liabilities | -83,238 | -73,829 |
Net cash provided by operating activities | 450,787 | 332,248 |
Investing activities: | ' | ' |
Real estate development activity | -776,441 | -541,678 |
Real estate acquisitions | -389,818 | -402,358 |
Tenant improvements and lease commissions on previously leased space | -95,812 | -105,324 |
Non-development capital expenditures | -47,915 | -56,378 |
Investments in and advances to unconsolidated entities | -1,324,530 | -1,036,410 |
Return of investment from unconsolidated entities | 188,507 | 356,969 |
Proceeds from repayment of notes receivable backed by real estate | 188,000 | ' |
Proceeds from dispositions and contributions of real estate properties | 1,654,554 | 3,913,670 |
Acquisition of unconsolidated co-investment venture, net of cash received | ' | -461,823 |
Net cash provided by (used in) investing activities | -603,455 | 1,666,668 |
Financing activities: | ' | ' |
Proceeds from issuance of common stock, net | 15,085 | 1,502,394 |
Distributions paid on common and preferred units | -504,045 | -434,664 |
Redemption of preferred stock | -27,643 | -482,500 |
Noncontrolling interest contributions | 467,016 | 110,552 |
Noncontrolling interest distributions | -267,617 | -52,721 |
Purchase of noncontrolling interest | -2,440 | -245,803 |
Debt and equity / capital issuance costs paid | -19,318 | -65,056 |
Net proceeds from credit facilities | 22,076 | 158,586 |
Repurchase and payments of debt | -3,731,044 | -3,985,781 |
Proceeds from issuance of debt | 4,024,785 | 1,565,883 |
Net cash used in financing activities | -23,142 | -1,929,110 |
Effect of foreign currency exchange rate changes on cash | -3,440 | -48,923 |
Net increase (decrease) in cash and cash equivalents | -179,250 | 20,883 |
Cash and cash equivalents, beginning of period | 491,129 | 100,810 |
Cash and cash equivalents, end of period | $311,879 | $121,693 |
Consolidated_Statement_of_Capi
Consolidated Statement of Capital (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Consolidated net earnings | $147,127 | $311,560 |
Effect of REIT's common stock plans | ' | 61,790 |
Redemption of preferred units | ' | -27,643 |
Capital contributions | ' | 13,153 |
Unrealized losses and amortization on derivative contracts, net on derivative contracts, net | -4,359 | -7,784 |
Non-controlling Interests [Member] | ' | ' |
Consolidated net earnings | ' | 85,664 |
Effect of REIT's common stock plans | ' | 1 |
Capital contributions | ' | 13,153 |
Unrealized losses and amortization on derivative contracts, net on derivative contracts, net | ' | -29 |
Prologis, L.P. [Member] | ' | ' |
Beginning balance | ' | 14,176,453 |
Consolidated net earnings | ' | 311,560 |
Effect of REIT's common stock plans | ' | 61,790 |
Redemption of preferred units | ' | -27,643 |
Formation of Prologis U.S. Logistics Venture | 455,166 | 455,166 |
Capital contributions | ' | 13,153 |
Settlement of noncontrolling interests | ' | -2,440 |
Foreign currency translation losses, net | ' | -72,022 |
Unrealized losses and amortization on derivative contracts, net on derivative contracts, net | ' | -7,784 |
Distributions and allocations | ' | -771,484 |
Ending balance | 14,136,749 | 14,136,749 |
Prologis, L.P. [Member] | Non-controlling Interests [Member] | ' | ' |
Beginning balance | ' | 417,086 |
Consolidated net earnings | ' | 84,897 |
Formation of Prologis U.S. Logistics Venture | 442,251 | 442,251 |
Capital contributions | ' | 13,153 |
Settlement of noncontrolling interests | ' | -36,243 |
Foreign currency translation losses, net | ' | -4,538 |
Distributions and allocations | ' | -270,202 |
Ending balance | 646,404 | 646,404 |
Preferred [Member] | Prologis, L.P. [Member] | General Partner [Member] | ' | ' |
Beginning balance | ' | 100,000 |
Beginning balance, Units | ' | 2,000 |
Redemption of preferred units | ' | -21,765 |
Redemption of preferred stock, Units | ' | -435 |
Ending balance | 78,235 | 78,235 |
Ending balance, Units | 1,565 | 1,565 |
Common [Member] | Prologis, L.P. [Member] | General Partner [Member] | ' | ' |
Beginning balance | ' | 13,611,158 |
Beginning balance, Units | ' | 498,799 |
Consolidated net earnings | ' | 225,896 |
Effect of REIT's common stock plans | ' | 61,789 |
Effect of REIT's common stock plans, Units | ' | 1,154 |
Redemption of preferred units | ' | -5,878 |
Formation of Prologis U.S. Logistics Venture | 12,915 | 12,915 |
Settlement of noncontrolling interests | ' | 33,803 |
Foreign currency translation losses, net | ' | -67,231 |
Unrealized losses and amortization on derivative contracts, net on derivative contracts, net | ' | -7,755 |
Distributions and allocations | ' | -502,831 |
Ending balance | 13,361,866 | 13,361,866 |
Ending balance, Units | 499,953 | 499,953 |
Common [Member] | Prologis, L.P. [Member] | Limited Partners [Member] | ' | ' |
Beginning balance | ' | 48,209 |
Beginning balance, Units | ' | 1,767 |
Consolidated net earnings | ' | 767 |
Effect of REIT's common stock plans | ' | 1 |
Effect of REIT's common stock plans, Units | ' | 113 |
Foreign currency translation losses, net | ' | -253 |
Unrealized losses and amortization on derivative contracts, net on derivative contracts, net | ' | -29 |
Distributions and allocations | ' | 1,549 |
Ending balance | $50,244 | $50,244 |
Ending balance, Units | 1,880 | 1,880 |
General
General | 9 Months Ended | |
Sep. 30, 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 Strategic Capital (formerly Investment Management). Our Real Estate Operations segment represents the long-term ownership of industrial properties. Our Strategic Capital segment represents the long-term management of co-investment ventures, both private and public. See Note 13 for further discussion of our business segments. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the REIT and the Operating Partnership. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the REIT and Operating Partnership collectively. | ||
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 September 30, 2014, the REIT owned an approximate 99.63% common general partnership interest in the Operating Partnership, and 100% of the preferred units. The remaining approximate 0.37% common limited partnership interests are owned by non-affiliated investors and certain current and former directors and officers of the REIT. As the sole general partner of the Operating Partnership, the REIT has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. We operate the REIT and the Operating Partnership as one enterprise. The management of the REIT consists of the same members as the management of the Operating Partnership. These members are officers of the REIT and employees of the Operating Partnership or one of its subsidiaries. As general partner with control of the Operating Partnership, the REIT consolidates the Operating Partnership for financial reporting purposes. The REIT’s only significant asset is 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 May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update that will use a five step model to recognize revenue from customer contracts in an effort to increase consistency and comparability throughout global capital markets and across industries. Under the model, a company will identify the contract, identify any separate performance obligations in the contract, determine the transaction price, allocate the transaction price and recognize revenue when the performance obligation is satisfied. The new standard will replace most existing revenue recognition in GAAP when it becomes effective for us on January 1, 2017. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | ||
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 10). Going forward, we expect the majority of our property dispositions will not qualify as discontinued operations and the results will be presented in Income from Continuing Operations. See Notes 3 and 4 for additional discussion. | ||
In March 2013, the 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, nor do we expect it to have, a material impact on the Consolidated Financial Statements. |
Business_Combinations
Business Combinations | 9 Months Ended | |
Sep. 30, 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. The adjustments to finalize the purchase price allocation during the measurement period were not considered to be material to our financial position or results of operations. These properties were contributed in January 2014 to a consolidated venture in which we own 55% of the equity as discussed in Note 8. When we acquire a controlling interest in an equity investment, we mark our equity investment to fair value and recognize a gain or loss. In the second quarter of 2013, we also concluded an unconsolidated co-investment in Japan. We recognized a net gain of $35.9 million from these transaction for the nine months ended September 30, 2013, in Gains on Acquisitions and Dispositions of Investments in Real Estate, Net in the Consolidated Statements of Operations. The results of operations for these properties were not significant in 2013. | ||
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. The adjustments to finalize the purchase price allocation during the measurement period were not considered to be material to our financial position or results of operations. All properties acquired in this transaction were contributed in June 2014 to our new unconsolidated co-investment venture in Mexico, as discussed in Note 3. When we acquire a controlling interest in an equity investment, we mark our equity investment to fair value and recognize a gain or loss. We recognized a net loss of $1.1 million for this transaction during the fourth quarter of 2013. The results of operations for these properties were not significant in 2013. |
Real_Estate
Real Estate | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 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 | |||||||||||||||||||||||
September 30, | December 31, | September 30, | December 31, | September 30, | December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Industrial operating properties: | |||||||||||||||||||||||||
Improved land | -- | -- | -- | -- | $ | 3,641,571 | $ | 4,074,647 | |||||||||||||||||
Buildings and improvements | 241,104 | 267,097 | 1,415 | 1,610 | 12,514,097 | 13,726,417 | |||||||||||||||||||
Development portfolio, including land costs: | |||||||||||||||||||||||||
Pre-stabilized | 5,105 | 4,491 | 15 | 11 | 391,055 | 204,022 | |||||||||||||||||||
Properties under development | 21,158 | 18,587 | 51 | 46 | 925,415 | 816,995 | |||||||||||||||||||
Land | 9,226 | 9,747 | -- | -- | 1,533,590 | 1,516,166 | |||||||||||||||||||
Other real estate investments (2) | -- | -- | -- | -- | 460,854 | 486,230 | |||||||||||||||||||
Total investments in real estate properties | 19,466,582 | 20,824,477 | |||||||||||||||||||||||
Less accumulated depreciation | 2,695,745 | 2,568,998 | |||||||||||||||||||||||
Net investments in real estate properties | $ | 16,770,837 | $ | 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 September 30, 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). | |||||||||||||||||||||||||
Real estate acquisition activity for the nine months ended September 30, was as follows (square feet and dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Acquisitions of properties from unconsolidated co-investment ventures | |||||||||||||||||||||||||
Number of properties | — | 32 | |||||||||||||||||||||||
Square feet | — | 9,958 | |||||||||||||||||||||||
Real estate acquisition value | $ | — | $ | 731,644 | |||||||||||||||||||||
Net gains | $ | — | $ | 35,886 | |||||||||||||||||||||
Building acquisitions from third parties | |||||||||||||||||||||||||
Number of properties | 8 | 4 | |||||||||||||||||||||||
Square feet | 1,004 | 1,134 | |||||||||||||||||||||||
Real estate acquisition value | $ | 78,314 | $ | 48,922 | |||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||
Real estate disposition activity for the nine months ended September 30, was as follows (square feet and dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Continuing Operations | |||||||||||||||||||||||||
Contributions to co-investment ventures | |||||||||||||||||||||||||
Number of properties | 115 | 221 | |||||||||||||||||||||||
Square feet | 22,806 | 62,213 | |||||||||||||||||||||||
Net proceeds | $ | 1,627,424 | $ | 5,205,322 | |||||||||||||||||||||
Net gains on contributions | $ | 156,746 | $ | 407,788 | |||||||||||||||||||||
Dispositions to third parties | |||||||||||||||||||||||||
Number of properties | 106 | — | |||||||||||||||||||||||
Square feet | 14,663 | — | |||||||||||||||||||||||
Net proceeds (1) | $ | 955,240 | $ | 84,518 | |||||||||||||||||||||
Net gains on dispositions (1) | $ | 180,949 | $ | 2,280 | |||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||||||
Number of properties | — | 39 | |||||||||||||||||||||||
Square feet | — | 4,802 | |||||||||||||||||||||||
Net proceeds from dispositions | $ | — | $ | 297,465 | |||||||||||||||||||||
Net gains from dispositions, including taxes | $ | — | $ | 59,598 | |||||||||||||||||||||
-1 | Dispositions to third parties include land sales. | ||||||||||||||||||||||||
In June 2014, we launched the initial public offering for FIBRA Prologis (“FIBRA”), a Mexican real estate investment trust, on the Mexican Stock Exchange. In connection with the offering, FIBRA purchased 177 properties aggregating 29.7 million square feet (12.6 million square feet from our wholly-owned portfolio, 7.6 million square feet from our consolidated co-investment venture Mexico Fondo Logistico (“AFORES”) and 9.5 million square feet from our unconsolidated co-investment venture Prologis Mexico Industrial Fund). We received 287.3 million equity units of FIBRA (priced at Ps 27.00 ($2.09)) in exchange for our combined investments and have a 45% ownership interest that we account for under the equity method. The closing price of the equity units on the Mexican Stock Exchange was Ps 28.10 ($2.08) per unit on September 30, 2014. Based on this transaction, we recognized a gain on disposition of investments in real estate of $52.5 million; current tax expense of $32.4 million; deferred tax benefit of $55.5 million; and earnings attributable to noncontrolling interest of $61.0 million, which represented the third party investors’ portion of this transaction. |
Unconsolidated_Entities
Unconsolidated Entities | 9 Months Ended | ||||||||||||||||
Sep. 30, 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. 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 8 for more detail regarding our consolidated investments. | |||||||||||||||||
We also have other ventures, generally with one partner and that we do not manage. At September 30, 2014, our investment in these other ventures totaled $173.5 million. 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. | |||||||||||||||||
Unconsolidated Co-Investment Ventures | |||||||||||||||||
As of September 30, 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 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 promote fees based on the venture’s cumulative returns to the investors over time. We report these fees in Strategic Capital 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 in Development Management and Other Income in the Consolidated Statements of Operations. | |||||||||||||||||
In June 2014, we earned a promote fee from Prologis Targeted U.S. Logistics Fund of $42.1 million, which was based on the venture’s cumulative returns to the investors over the prior three-year period ended June 30, 2014. Of that amount, $31.3 million represented the third party investors’ portion and is reflected in Strategic Capital Income in the Consolidated Statements of Operations. We also recognized $4.2 million of expense which is reflected in Strategic Capital Expenses in the Consolidated Statements of Operations, representing the associated cash bonus paid pursuant to the terms of the Prologis Promote Plan. | |||||||||||||||||
During the nine months ended September 30, 2014, we increased our ownership of Prologis North American Industrial Fund (“NAIF”) to 63.3% by acquiring the equity units from several partners for $632.1 million. On October 20, 2014, we acquired an additional partner’s interest further increasing our ownership to 66.1% leaving one remaining limited partner, which resulted in us obtaining control over NAIF and required us to consolidate this entity in the fourth quarter of 2014. | |||||||||||||||||
In 2014, we also invested our proportionate ownership interest in certain other co-investment ventures for the acquisition of properties and repayment of debt, primarily in Europe. | |||||||||||||||||
As discussed in Note 3, we started a co-investment venture in Mexico in June 2014. During the first quarter of 2013, we started two co-investment ventures, one in Europe and one in Japan. We account for these ventures under the equity method and recognize strategic capital income from them. | |||||||||||||||||
The amounts recognized in Strategic Capital Income and Earnings from Unconsolidated Entities, Net in the Consolidated Statements of Operations depend on the size of co-investment ventures that we manage and in which we have an equity interest. Our ownership interest in these ventures also impacts the equity in earnings we recognize. A summary of our unconsolidated co-investment ventures was as follows and represents 100% of the venture (square feet and total assets in thousands): | |||||||||||||||||
September 30, | December 31, | September 30, | |||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||
Americas: | |||||||||||||||||
Number of properties owned | 814 | 709 | 737 | ||||||||||||||
Square feet | 130,476 | 108,537 | 114,042 | ||||||||||||||
Total assets | $ | 9,395,900 | $ | 8,014,339 | $ | 8,433,418 | |||||||||||
Europe: | |||||||||||||||||
Number of properties owned | 629 | 571 | 534 | ||||||||||||||
Square feet | 145,332 | 132,876 | 124,794 | ||||||||||||||
Total assets | $ | 11,951,749 | $ | 11,818,786 | $ | 11,471,358 | |||||||||||
Asia: | |||||||||||||||||
Number of properties owned | 51 | 43 | 37 | ||||||||||||||
Square feet | 25,943 | 22,880 | 18,733 | ||||||||||||||
Total assets | $ | 4,366,286 | $ | 4,032,125 | $ | 3,477,339 | |||||||||||
Total: | |||||||||||||||||
Number of properties owned | 1,494 | 1,323 | 1,308 | ||||||||||||||
Square feet | 301,751 | 264,293 | 257,569 | ||||||||||||||
Total assets | $ | 25,713,935 | $ | 23,865,250 | $ | 23,382,115 | |||||||||||
The following is summarized financial information of the unconsolidated co-investment ventures, the amount we recognized as our share of their earnings and our investment (dollars in millions). The co-investment venture information represents the venture’s information (not our proportionate share) based on our GAAP basis in the entity. | |||||||||||||||||
2014 (1) | Americas | Europe | Asia | Total | |||||||||||||
For the three months ended September 30, 2014: | |||||||||||||||||
Revenues | $ | 204.2 | $ | 250.5 | $ | 71 | $ | 525.7 | |||||||||
Net operating income | $ | 154.4 | $ | 198 | $ | 55.6 | $ | 408 | |||||||||
Net earnings | $ | 24.4 | $ | 38.7 | $ | 22.4 | $ | 85.5 | |||||||||
Equity in earnings | $ | 8.9 | $ | 14.6 | $ | 3.7 | $ | 27.2 | |||||||||
For the nine months ended September 30, 2014: | |||||||||||||||||
Revenues | $ | 551.1 | $ | 749.5 | $ | 209.2 | $ | 1,509.80 | |||||||||
Net operating income | $ | 405.8 | $ | 590.9 | $ | 162.9 | $ | 1,159.60 | |||||||||
Net earnings (2) | $ | 16.9 | $ | 166.9 | $ | 60.9 | $ | 244.7 | |||||||||
Equity in earnings | $ | 0.1 | $ | 66.8 | $ | 10.2 | $ | 77.1 | |||||||||
As of September 30, 2014: | |||||||||||||||||
Amounts due to us (3) | $ | 11.9 | $ | 16.7 | $ | 103.8 | $ | 132.4 | |||||||||
Third party debt (4) | $ | 3,309.40 | $ | 2,797.70 | $ | 1,758.00 | $ | 7,865.10 | |||||||||
Total liabilities | $ | 3,513.30 | $ | 3,822.50 | $ | 1,955.40 | $ | 9,291.20 | |||||||||
Our weighted average ownership | 40.2 | % | 38.8 | % | 15 | % | 35.4 | % | |||||||||
Our investment balance | $ | 2,371.30 | $ | 2,893.60 | $ | 375.6 | $ | 5,640.50 | |||||||||
Deferred gains, net of amortization (5) | $ | 120.3 | $ | 197.1 | $ | 111.9 | $ | 429.3 | |||||||||
2013 (1) | Americas | Europe | Asia | Total | |||||||||||||
For the three months ended September 30, 2013: | |||||||||||||||||
Revenues | $ | 173.2 | $ | 215.3 | $ | 56.8 | $ | 445.3 | |||||||||
Net operating income | $ | 126.6 | $ | 170.1 | $ | 44.6 | $ | 341.3 | |||||||||
Net earnings | $ | 9.1 | $ | 41.9 | $ | 15.7 | $ | 66.7 | |||||||||
Equity in earnings | $ | 1.7 | $ | 20 | $ | 4.1 | $ | 25.8 | |||||||||
For the nine months ended September 30, 2013: | |||||||||||||||||
Revenues | $ | 538.4 | $ | 571.6 | $ | 160 | $ | 1,270.00 | |||||||||
Net operating income | $ | 393.9 | $ | 434.8 | $ | 121.3 | $ | 950 | |||||||||
Net earnings (2) | $ | 34.9 | $ | 77.8 | $ | 32.9 | $ | 145.6 | |||||||||
Equity in earnings | $ | 15 | $ | 36.3 | $ | 6.6 | $ | 57.9 | |||||||||
As of December 31, 2013: | |||||||||||||||||
Amounts due to us (3) | $ | 10.3 | $ | 43.7 | $ | 110 | $ | 164 | |||||||||
Third party debt (4) | $ | 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 (5) | $ | 139.6 | $ | 196.7 | $ | 94.8 | $ | 431.1 | |||||||||
-1 | We had significant activity with our unconsolidated co-investment ventures in 2014 and 2013. As described above, we started FIBRA in June 2014. In connection with this transaction, we concluded our unconsolidated co-investment venture in Mexico. During 2013, we concluded three co-investment ventures and we started two new co-investment ventures. | ||||||||||||||||
-2 | During the nine months ended September 30, 2014, two ventures in the Americas recorded net gains of $16.9 million ($5.6 million was our share) from the disposition of 14 properties and FIBRA recorded acquisition costs of $37.2 million ($16.7 million was our share). During the nine months ended September 30, 2013, one venture in the Americas recorded net gains of $24.0 million from the disposition of three properties ($10.0 million was our share). | ||||||||||||||||
-3 | As of September 30, 2014 and December 31, 2013, we had receivables from Nippon Prologis REIT, Inc. (“NPR”) of $91.7 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. We have 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 that 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. | ||||||||||||||||
-4 | As of September 30, 2014 and December 31, 2013, we did not guarantee any third party debt of our co-investment ventures. | ||||||||||||||||
-5 | This amount is recorded as a reduction to our investment and represents the gains that were deferred when we contributed a property to a venture due to our continuing ownership in the property. | ||||||||||||||||
Equity Commitments Related to Certain Unconsolidated Co-Investment Ventures | |||||||||||||||||
Certain co-investment ventures have equity commitments from us and our venture partners. Our venture partners fulfill their equity commitment with cash. We may fulfill our equity commitment through contributions of properties or cash. The venture may obtain financing for the properties and therefore the 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 September 30, 2014 (in millions): | |||||||||||||||||
Equity commitments | Expiration date | ||||||||||||||||
for remaining | |||||||||||||||||
commitments | |||||||||||||||||
Prologis | Venture | Total | |||||||||||||||
Partners | |||||||||||||||||
Prologis Targeted U.S. Logistics Fund | $ | — | $ | 351.5 | $ | 351.5 | 2015-2017 | ||||||||||
Prologis Targeted Europe Logistics Fund (1) | 121.4 | 160.5 | 281.9 | Jun-15 | |||||||||||||
Prologis European Properties Fund II (1) | 78.6 | 179.3 | 257.9 | September 2015 | |||||||||||||
Europe Logistics Venture 1 (1) | 21.9 | 123.9 | 145.8 | Dec-14 | |||||||||||||
Prologis European Logistics Partners (2) | 107.8 | 107.8 | 215.6 | Feb-16 | |||||||||||||
Prologis China Logistics Venture (3) | 226.9 | 1,285.60 | 1,512.50 | 2015 and 2017 | |||||||||||||
Total | $ | 556.6 | $ | 2,208.60 | $ | 2,765.20 | |||||||||||
-1 | Equity commitments are denominated in euro and reported above in U.S. dollars based on an exchange rate of 1.26 U.S. dollars to the euro. | ||||||||||||||||
-2 | The equity commitments for this venture are expected to fund the future repayment of debt that is denominated in British pounds sterling. The commitments will be called in euros and are reported above in U.S. dollars using an exchange rate of 1.62 U.S. dollars to the British pounds sterling. | ||||||||||||||||
-3 | In July 2014, we secured a $500 million increase in committed third-party equity for this venture. |
Notes_Receivable_Backed_by_Rea
Notes Receivable Backed by Real Estate | 9 Months Ended | |
Sep. 30, 2014 | ||
Receivables [Abstract] | ' | |
Notes Receivable Backed by Real Estate | ' | |
5 | Notes Receivable Backed by Real Estate | |
At December 31, 2013, we had $188.0 million of notes backed by real estate that represented an investment in a preferred equity interest made in 2010 through the sale of a portfolio of industrial properties. We earned a preferred return at an annual rate of 7% for the first three years and 8% for the fourth year. In May 2014, the notes and all accrued interest were paid in full. |
Debt
Debt | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 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): | |||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Weighted | Amount | Weighted | Amount | ||||||||||||||||||||||||||||||
Average Interest | Outstanding (2) | Average Interest | Outstanding | ||||||||||||||||||||||||||||||
Rate (1) | Rate (1) | ||||||||||||||||||||||||||||||||
Credit facilities | 1.1 | % | $ | 741,610 | 1.2 | % | $ | 725,483 | |||||||||||||||||||||||||
Senior notes | 3.9 | % | 5,443,138 | 4.5 | % | 5,357,933 | |||||||||||||||||||||||||||
Exchangeable senior notes | 3.3 | % | 451,999 | 3.3 | % | 438,481 | |||||||||||||||||||||||||||
Secured mortgage debt | 5.9 | % | 1,141,772 | 5.6 | % | 1,696,597 | |||||||||||||||||||||||||||
Secured mortgage debt of consolidated entities | 3.9 | % | 26,064 | 4.7 | % | 239,992 | |||||||||||||||||||||||||||
Term loans | 1.1 | % | 1,001,930 | 1.7 | % | 535,908 | |||||||||||||||||||||||||||
Other debt | 6.2 | % | 16,439 | 6.2 | % | 16,822 | |||||||||||||||||||||||||||
Totals | 3.6 | % | $ | 8,822,952 | 4.2 | % | $ | 9,011,216 | |||||||||||||||||||||||||
-1 | The interest rates presented represent the effective interest rates (including amortization of the non-cash premiums or discounts). | ||||||||||||||||||||||||||||||||
-2 | Included in the outstanding balances are borrowings denominated in non-U.S. currency, principally: euro ($3.2 billion), Japanese yen ($0.5 billion) and British pounds sterling ($0.1 billion). | ||||||||||||||||||||||||||||||||
Credit Facilities | |||||||||||||||||||||||||||||||||
We have a global senior credit facility (the “Global Facility”), in which funds may be drawn in U.S. dollars, euro, Japanese yen, British pounds sterling and Canadian dollars on a revolving basis. In June 2014, the Global Facility was amended to increase the availability from $2.0 billion to $2.5 billion (subject to currency fluctuations, approximately $2.43 billion at September 30, 2014). We also have a ¥45 billion ($410.0 million at September 30, 2014) Japanese yen revolver (the “Revolver”) with availability to increase to ¥56.5 billion ($514.8 million at September 30, 2014). We refer to the Global Facility and the Revolver, collectively, as our “Credit Facilities.” | |||||||||||||||||||||||||||||||||
Commitments and availability under our Credit Facilities as of September 30, 2014, were as follows (in millions): | |||||||||||||||||||||||||||||||||
Aggregate lender - commitments | $ | 2,840.20 | |||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||
Borrowings outstanding | 741.6 | ||||||||||||||||||||||||||||||||
Outstanding letters of credit | 45.5 | ||||||||||||||||||||||||||||||||
Current availability | $ | 2,053.10 | |||||||||||||||||||||||||||||||
Senior Notes | |||||||||||||||||||||||||||||||||
During the nine months ended September 30, 2014, and through the date of this report, we issued the following senior notes (in thousands except for percentages): | |||||||||||||||||||||||||||||||||
Issuance Date | Principal | Interest | Effective | Maturity Date | |||||||||||||||||||||||||||||
Amount (1) | Rate | Interest Rate | |||||||||||||||||||||||||||||||
February 2014 (2) | € | 700,000 | $ | 959,420 | 3.375 | % | 3.52 | % | February 2024 | ||||||||||||||||||||||||
June 2014 (2) | € | 500,000 | $ | 680,550 | 3 | % | 3.1 | % | Jun-26 | ||||||||||||||||||||||||
October 2014 (3) | € | 600,000 | $ | 756,420 | 1.375 | % | 1.4 | % | Oct-20 | ||||||||||||||||||||||||
-1 | This debt is denominated in euro and the exchange rate used to calculate into U.S. dollar was the effective rate at the date of the transaction. | ||||||||||||||||||||||||||||||||
-2 | We used the net proceeds for general corporate purposes, including to repurchase senior debt and to repay borrowings under our multi-currency senior term loan and our Global Facility. | ||||||||||||||||||||||||||||||||
-3 | We used the net proceeds for general corporate purposes, including the acquisition and development of properties and additional investments in our European co-investment ventures. | ||||||||||||||||||||||||||||||||
During 2014, we repurchased or repaid $1.3 billion of certain of our senior notes and other debt that was scheduled to mature during 2015 through 2018 in an effort to reduce our overall borrowing rate and extend our debt maturities. This resulted in a net loss from early extinguishment of $84.8 million and $163.4 million, respectively, for the three and nine months ended September 30, 2014. | |||||||||||||||||||||||||||||||||
Exchangeable Senior Notes | |||||||||||||||||||||||||||||||||
The fair value of the embedded derivative associated with our exchangeable notes was a liability of $19.9 million and $41.0 million at September 30, 2014 and December 31, 2013, respectively. In adjusting to fair value, we recognized unrealized gains of $27.6 million and $21.2 million for the three and nine months ended September 30, 2014, respectively, and we recognized unrealized gains of $6.5 million and unrealized losses of $6.6 million for the three and nine months ended September 30, 2013, respectively, inForeign Currency and Derivative Gains (Losses) and Related Amortization, Net in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||
Term Loans | |||||||||||||||||||||||||||||||||
On June 19, 2014, we terminated our existing senior term loan agreement and entered into a new agreement (the “Euro Term Loan”) under which loans can be obtained in U.S. dollars, euro, Japanese yen, and British pounds sterling in an aggregate amount not to exceed €500 million ($629.2 million at September 30, 2014). We may pay down and re-borrow under the Euro Term Loan and increase the borrowings up to €1.0 billion ($1.3 billion at September 30, 2014), subject to obtaining additional lender commitments. The Euro Term Loan was fully drawn at September 30, 2014). The loan is scheduled to mature in June 2017; however, we may extend the maturity date twice, by one year each, subject to the satisfaction of certain conditions and payment of an extension fee. | |||||||||||||||||||||||||||||||||
In May 2014, we entered into a Japanese yen term loan (“Yen Term Loan”), under which we may obtain loans in an aggregate amount not to exceed ¥40.9 billion ($372.8 million at September 30, 2014). We may increase the borrowings to ¥51.1 billion ($465.6 million at September 30, 2014), subject to obtaining additional lender commitments. The Yen Term Loan is scheduled to mature in 2021, and the interest rate is yen LIBOR plus 120 basis points. The Yen Term Loan was fully drawn at September 30, 2014. | |||||||||||||||||||||||||||||||||
Long-Term Debt Maturities | |||||||||||||||||||||||||||||||||
Principal payments due on our debt, for the remainder of 2014 and for each of the years in the period ending December 31, 2023, and thereafter were as follows at September 30, 2014 (in millions): | |||||||||||||||||||||||||||||||||
Prologis | Consolidated | Total | |||||||||||||||||||||||||||||||
Unsecured | Secured | Total | Entities’ | Consolidated | |||||||||||||||||||||||||||||
Mortgage | Debt | Debt | |||||||||||||||||||||||||||||||
Maturity | Senior | Exchangeable | Credit | Other | Debt | ||||||||||||||||||||||||||||
Debt | Notes | Facilities | Debt | ||||||||||||||||||||||||||||||
2014(1) | $ | — | $ | — | $ | — | $ | 1 | $ | 16 | $ | 17 | $ | 2 | $ | 19 | |||||||||||||||||
2015(2) | — | 460 | — | 1 | 10 | 471 | 4 | 475 | |||||||||||||||||||||||||
2016 | — | — | — | 1 | 311 | 312 | 3 | 315 | |||||||||||||||||||||||||
2017(3) | 377 | — | 742 | 630 | 227 | 1,976 | 1 | 1,977 | |||||||||||||||||||||||||
2018 | 262 | — | — | 1 | 111 | 374 | 1 | 375 | |||||||||||||||||||||||||
2019 | 693 | — | — | — | 285 | 978 | 2 | 980 | |||||||||||||||||||||||||
2020 | 375 | — | — | 1 | 6 | 382 | 2 | 384 | |||||||||||||||||||||||||
2021 | 500 | — | — | 373 | 11 | 884 | 2 | 886 | |||||||||||||||||||||||||
2022 | 881 | — | — | 1 | 7 | 889 | 3 | 892 | |||||||||||||||||||||||||
2023 | 850 | — | — | 1 | 7 | 858 | 1 | 859 | |||||||||||||||||||||||||
Thereafter | 1,510 | — | — | 8 | 128 | 1,646 | 5 | 1,651 | |||||||||||||||||||||||||
Subtotal | 5,448 | 460 | 742 | 1,018 | 1,119 | 8,787 | 26 | 8,813 | |||||||||||||||||||||||||
Unamortized premiums (discounts), net | (5 | ) | (8 | ) | — | — | 23 | 10 | — | 10 | |||||||||||||||||||||||
Total | $ | 5,443 | $ | 452 | $ | 742 | $ | 1,018 | $ | 1,142 | $ | 8,797 | $ | 26 | $ | 8,823 | |||||||||||||||||
-1 | We expect to repay the amounts maturing in 2014 with cash generated from operations, proceeds from the disposition of real estate properties and with borrowings on our Credit Facilities. | ||||||||||||||||||||||||||||||||
-2 | The exchangeable notes mature in March 2015 and may be exchanged at an initial conversion rate of 25.8244 shares of our common stock per $1,000 principal amount of notes. | ||||||||||||||||||||||||||||||||
-3 | Included in the 2017 maturities in Credit Facilities is our Global Facility and in other debt is the Euro Term Loan that can be extended until 2018 and 2019, respectively. | ||||||||||||||||||||||||||||||||
Debt Covenants | |||||||||||||||||||||||||||||||||
Our debt agreements contain various covenants, including maintenance of specified financial ratios. As of September 30, 2014, we were in compliance with all covenants. |
Stockholders_Equity_of_the_REI
Stockholders' Equity of the REIT and Partners' Capital of the Operating Partnership | 9 Months Ended | |
Sep. 30, 2014 | ||
Equity [Abstract] | ' | |
Stockholders' Equity of the REIT and Partners' Capital of the Operating Partnership | ' | |
7 | Stockholders’ Equity of the REIT and Partners’ Capital of the Operating Partnership | |
Preferred Stock of the REIT | ||
We have one series of preferred stock outstanding, the series Q preferred stock, with a liquidation preference of $50 per share, a par value of $0.01 and a dividend rate of 8.54%, which will be redeemable at our option on and after November 13, 2026. During the second quarter of 2014, we repurchased approximately 435,300 shares and recognized a loss on preferred stock redemption of $6.5 million, which primarily represented the difference between redemption value and carrying value net of original issuance costs. | ||
Partners’ Capital of the Operating Partnership | ||
During the third quarter of 2014, we issued limited partnership units in the Operating Partnership in connection with our long-term compensation plans. See Note 9 for more information. |
Noncontrolling_Interests
Noncontrolling Interests | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||||||||||||||||||||||
Noncontrolling Interests | ' | ||||||||||||||||||||||||||||||||
8 | 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. However, 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. The difference between cash received and historical cost is reflected as an adjustment to Additional Paid-in Capital in the Consolidated Balance Sheets with no gain or loss recognized. | |||||||||||||||||||||||||||||||||
In January 2014, we closed on a U.S. co-investment venture, Prologis U.S. Logistics Venture, 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 of the Operating Partnership, as well as the common limited partnership units in the Operating Partnership that are not owned by the REIT. As of September 30, 2014, the REIT owned 99.63% 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 September 30, 2014 and December 31, 2013 (in thousands, except for percentages): | |||||||||||||||||||||||||||||||||
Our Ownership | Noncontrolling Interest | Total Investment | Debt | ||||||||||||||||||||||||||||||
Percentage | In Real Estate | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Partnerships with exchangeable units (1) | various | various | $ | 70,255 | $ | 75,532 | $ | 709,223 | $ | 783,052 | $ | — | $ | — | |||||||||||||||||||
Mexico Fondo Logistico (AFORES) (2) | 20 | % | 20 | % | 39,407 | 220,292 | 29,190 | 457,006 | — | 191,866 | |||||||||||||||||||||||
Brazil Fund (3) | 50 | % | 50 | % | 72,908 | 65,006 | — | — | — | — | |||||||||||||||||||||||
Prologis AMS (4) | N/A | 38.5 | % | — | 24,791 | — | 58,575 | — | 17,063 | ||||||||||||||||||||||||
Prologis U.S. Logistics Venture (5) | 55 | % | N/A | 431,929 | — | 1,004,753 | — | — | — | ||||||||||||||||||||||||
Other consolidated entities | various | various | 31,905 | 31,465 | 309,899 | 312,358 | 26,064 | 31,063 | |||||||||||||||||||||||||
Operating Partnership noncontrolling interests | 646,404 | 417,086 | 2,053,065 | 1,610,991 | 26,064 | 239,992 | |||||||||||||||||||||||||||
Limited partners in the Operating Partnership (6) | 50,244 | 48,209 | — | — | — | — | |||||||||||||||||||||||||||
REIT noncontrolling interests | $ | 696,648 | $ | 465,295 | $ | 2,053,065 | $ | 1,610,991 | $ | 26,064 | $ | 239,992 | |||||||||||||||||||||
-1 | At September 30, 2014 and December 31, 2013, there were 1,887 and 1,949 limited partnership units, respectively, that were exchangeable for cash or an equal number of shares of the REIT’s common stock at our option. In 2014, 62 limited partnership units were redeemed for cash. 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 | In June 2014, AFORES contributed the majority of its operating properties and the balance of its secured debt to FIBRA. The difference between the amount received and the noncontrolling interest balance related to the properties contributed was $34.6 million, and was adjusted through equity with no gain or loss recognized. See Note 3 for more information on this transaction. | ||||||||||||||||||||||||||||||||
-3 | We have a 50% ownership interest in and consolidate the Prologis Brazil Logistics Partners Fund (“Brazil Fund”). The Brazil Fund’s assets are primarily investments in unconsolidated entities of $164.5 million at September 30, 2014. For additional information on our unconsolidated investments, see Note 4. | ||||||||||||||||||||||||||||||||
-4 | During the second quarter of 2014, Prologis AMS sold its remaining two operating properties to a third party for net proceeds of $63.9 million. | ||||||||||||||||||||||||||||||||
-5 | As discussed above, this was a newly formed co-investment venture in the first quarter of 2014. | ||||||||||||||||||||||||||||||||
-6 | At September 30, 2014 and December 31, 2013, there were 1,767 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 our option. As discussed in Note 9, we issued an additional 113 units in the third quarter of 2014 that are not exchangeable. All of these outstanding limited partnership units receive quarterly cash distributions equal to the quarterly distributions paid on our common stock pursuant to the terms of the partnership agreement. |
LongTerm_Compensation
Long-Term Compensation | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Long-Term Compensation | ' | ||||||||||||
9 | Long-Term Compensation | ||||||||||||
At September 30, 2014, Prologis had stock options and full value awards (restricted stock, performance share awards and restricted stock units (“RSUs”) of Prologis and a special class of limited partnership units of the Operating Partnership (“LTIP Units”), as described below) outstanding under its incentive plans. | |||||||||||||
Summary of Activity | |||||||||||||
The activity for the nine months ended September 30, 2014, with respect to our RSU and performance share awards, was as follows (number of shares in thousands): | |||||||||||||
Number of | Weighted Average | Number of | |||||||||||
Awards | Grant-Date Fair Value | Awards Vested | |||||||||||
Balance at December 31, 2013 | 2,266 | ||||||||||||
Granted (1) | 1,333 | ||||||||||||
Vested and distributed | (1,019 | ) | |||||||||||
Forfeited | (54 | ) | |||||||||||
Balance at September 30, 2014 | 2,526 | $ | 39.39 | 106 | |||||||||
-1 | All awards granted during the period were in the form of RSUs and generally vest over three years. | ||||||||||||
The activity for the nine months ended September 30, 2014, with respect to our stock options, was as follows (number of options in thousands): | |||||||||||||
Options Outstanding | |||||||||||||
Number of Options | Weighted Average | Options Exercisable | |||||||||||
Exercise Price | |||||||||||||
Balance at December 31, 2013 | 6,253 | ||||||||||||
Exercised | (548 | ) | |||||||||||
Forfeited / Expired | (193 | ) | |||||||||||
Balance at September 30, 2014 | 5,512 | $ | 34.74 | 5,511 | |||||||||
Outperformance Plan | |||||||||||||
We grant awards in the form of points under our Outperformance Plan (“OPP”) corresponding to three-year performance periods. As of September 30, 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. 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 relate to a three-year performance period that began on January 1, 2014, and will end on December 31, 2016. We also granted points in 2013 (three-year performance period will end on December 31, 2015) and 2012 (three-year performance period will end on December 31, 2014). | |||||||||||||
We recognized $6.9 million and $20.8 million of compensation expense related to our outstanding OPP awards during the three and nine months ended September 30, 2014, respectively, and $5.0 million and $18.0 million during the three and nine months ended September 30, 2013, respectively. | |||||||||||||
Prologis Promote Plan | |||||||||||||
The Prologis Promote Plan (“PPP”) was modified in the third quarter of 2014 to allow certain participants the option to receive LTIP Units in lieu of RSUs. Under the PPP, the awards may be settled in cash or RSUs (or LTIP Units if elected), which vest over a specified period of time. Each LTIP Unit represents a partnership interest in the Operating Partnership and, after vesting, may be convertible into a common unit in the Operating Partnership after the satisfaction of certain conditions. This modification did not trigger additional compensation expense. A compensation pool was funded in August 2014 associated with an incentive fee earned from one of our co-investment ventures. The total value of the awards in the third quarter 2014 from this compensation pool was $11.3 million, of which $4.2 million was paid in cash, approximately 57,000 RSUs were issued with a grant date fair value of $2.4 million and approximately 113,000 LTIP Units were issued with a grant date fair value of $4.7 million. The RSUs and LTIP Units vest over three years. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Discontinued Operations | ' | ||||||||
10 | Discontinued Operations | ||||||||
In April 2014, the FASB issued a standard updating the accounting and disclosure regarding discontinued operations. As discussed in Note 1, we 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 was as follows (in thousands): | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, 2013 | September 30, 2013 | ||||||||
Rental income and recoveries | $ | 7,928 | $ | 28,620 | |||||
Rental expenses | (2,677 | ) | (9,638 | ) | |||||
Depreciation and amortization | (3,802 | ) | (12,868 | ) | |||||
Interest expense | (243 | ) | (975 | ) | |||||
Income attributable to disposed properties and assets held for sale | $ | 1,206 | $ | 5,139 | |||||
Earnings_Per_Common_Share_Unit
Earnings Per Common Share / Unit | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||
Earnings Per Common Share / Unit | ' | ||||||||||||||||||
11 | Earnings Per Common Share / Unit | ||||||||||||||||||
We determine basic earnings per share/unit based on the weighted average number of shares of common stock/units outstanding during the period. We compute diluted earnings per share/unit based on the weighted average number of shares outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments. | |||||||||||||||||||
The following table sets forth the computation of our basic and diluted earnings per share/unit (in thousands, except per share/unit amounts): | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
REIT | |||||||||||||||||||
Net earnings (loss) attributable to common stockholders | $ | 136,245 | $ | (7,534 | ) | $ | 213,626 | $ | 256,365 | ||||||||||
Noncontrolling interest attributable to exchangeable limited partnership units | 493 | (48 | ) | 767 | 1,446 | ||||||||||||||
Gains, net of expenses, associated with exchangeable debt assumed exchanged | (18,658 | ) | — | — | — | ||||||||||||||
Adjusted net earnings (loss) attributable to common stockholders | $ | 118,080 | $ | (7,582 | ) | $ | 214,393 | $ | 257,811 | ||||||||||
Weighted average common shares outstanding - Basic (1) | 499,292 | 497,989 | 499,045 | 482,007 | |||||||||||||||
Incremental weighted average effect on exchange of limited partnership units (2) | 1,843 | 1,859 | 1,792 | 3,099 | |||||||||||||||
Incremental weighted average effect of stock awards and warrants | 3,074 | — | 3,374 | 3,303 | |||||||||||||||
Incremental weighted average effect on exchange of exchangeable debt | 11,879 | — | — | — | |||||||||||||||
Weighted average common shares outstanding - Diluted (3) | 516,088 | 499,848 | 504,211 | 488,409 | |||||||||||||||
Net earnings (loss) per share attributable to common stockholders - | |||||||||||||||||||
Basic | $ | 0.27 | $ | (0.02 | ) | $ | 0.43 | $ | 0.53 | ||||||||||
Diluted | $ | 0.23 | $ | (0.02 | ) | $ | 0.43 | $ | 0.53 | ||||||||||
Operating Partnership | |||||||||||||||||||
Net earnings (loss) attributable to common unitholders | $ | 136,738 | $ | (7,582 | ) | $ | 214,393 | $ | 257,374 | ||||||||||
Noncontrolling interest attributable to exchangeable limited partnership units | — | — | — | 437 | |||||||||||||||
Gains, net of expenses, associated with exchangeable debt assumed exchanged | (18,658 | ) | — | — | — | ||||||||||||||
Adjusted net earnings (loss) attributable to common unitholders | $ | 118,080 | $ | (7,582 | ) | $ | 214,393 | $ | 257,811 | ||||||||||
Weighted average common partnership units outstanding - Basic (1) | 501,135 | 499,848 | 500,837 | 483,889 | |||||||||||||||
Incremental weighted average effect on exchange of limited partnership units | — | — | — | 1,217 | |||||||||||||||
Incremental weighted average effect of stock awards and warrants of the REIT | 3,074 | — | 3,374 | 3,303 | |||||||||||||||
Incremental weighted average effect on exchange of exchangeable debt | 11,879 | — | — | — | |||||||||||||||
Weighted average common partnership units outstanding - Diluted (3) | 516,088 | 499,848 | 504,211 | 488,409 | |||||||||||||||
Net earnings (loss) per unit attributable to common unitholders - | |||||||||||||||||||
Basic | $ | 0.27 | $ | (0.02 | ) | $ | 0.43 | $ | 0.53 | ||||||||||
Diluted | $ | 0.23 | $ | (0.02 | ) | $ | 0.43 | $ | 0.53 | ||||||||||
-1 | The increase in shares/units between the nine months ended September 30, 2014 and 2013 is due primarily 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 were 1,843 and 1,859 for the three months ended September 30, 2014 and 2013, respectively, and were 1,792 and 1,882 for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||
-3 | Total weighted average potentially dilutive stock awards and warrants outstanding were 14,170 and 14,133 for the three months ended September 30, 2014 and 2013, respectively, and were 14,903 and 14,070 for the nine months ended September 30, 2014 and 2013, respectively. Total weighted average potentially dilutive shares/units from exchangeable debt outstanding were 11,879 for all periods presented. Excluding the Operating Partnership units discussed above, total weighted average potentially dilutive limited partnership units outstanding were 1,944 and 1,950 for the three months ended September 30, 2014 and 2013, respectively, and were 1,947 and 1,426 for the nine months ended September 30, 2014 and 2013, respectively. |
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Financial Instruments and Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||||||
12 | Financial Instruments and Fair Value Measurements | ||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||||||||||||||||
In the normal course of business, our operations are exposed to global market risks, including the effect of changes in foreign currency exchange rates and interest rates. To manage these risks, we may enter into various derivative contracts, 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 may use foreign currency option contracts, including puts, calls and collars to mitigate foreign currency exchange rate risk associated with the projected net operating income of our international subsidiaries, primarily in Europe. Foreign currency collars mitigate foreign currency exchange rate risk associated with the projected net operating income of our international subsidiaries. This strategy includes the purchase of a foreign currency put option, combined with the sale of a foreign currency call option such that there is no cash outlay at execution. The put option contracts provide us with the option to exchange euros for U.S. dollars at a fixed exchange rate if the euro were to depreciate against the U.S. dollar, such that, if the euro were to depreciate against the U.S. dollar to predetermined levels as set by the contracts, we could exercise our options and mitigate our foreign currency exchange losses. The call option would create an obligation to exchange euros for U.S. dollars at a fixed exchange rate if the euro were to appreciate against the U.S. dollar, such that, if the euro were to appreciate against the U.S. dollar to predetermined levels as set by the contracts we would be obligated to pay out under the contract and offset our foreign currency exchange gains. This strategy effectively locks in a range around the rate at which net operating earnings of our international subsidiaries will be translated into U.S. dollars. | |||||||||||||||||||||||||||||||||||||
Foreign currency option contracts are not designated as hedges as they do not meet hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings within the line item Foreign Currency and Derivative Gains (Losses) and Related Amortization, Net in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||
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 ofAccumulated 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 at the time the ineffectiveness occurred. | |||||||||||||||||||||||||||||||||||||
We primarily manage our foreign currency exposure by borrowing in the currencies in which we invest. 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. Ineffectiveness, if any, is recognized in Interest Expense at the time the ineffectiveness occurred. | |||||||||||||||||||||||||||||||||||||
Summary of Activity | |||||||||||||||||||||||||||||||||||||
The following table summarizes the activity in our derivative instruments (in millions): | |||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||
Foreign Currency Contracts | Interest | ||||||||||||||||||||||||||||||||||||
Rate | |||||||||||||||||||||||||||||||||||||
Euro Forward | GBP Forward | Yen Forward | Euro Option | Swaps (2) | |||||||||||||||||||||||||||||||||
Contracts | Contracts | Contracts | Contracts (1) | ||||||||||||||||||||||||||||||||||
Notional amounts at January 1 | € | 600 | $ | 800 | £ | — | $ | — | ¥ | 24,136 | $ | 250 | € | — | $ | — | $ | 71 | |||||||||||||||||||
New contracts | 1,446 | 1,979 | 238 | 400 | 79,010 | 769 | 141 | 187 | 373 | ||||||||||||||||||||||||||||
Matured or expired contracts | (1,446 | ) | (1,979 | ) | — | — | (79,010 | ) | (769 | ) | (66 | ) | (90 | ) | — | ||||||||||||||||||||||
Notional amounts at September 30 | € | 600 | $ | 800 | £ | 238 | $ | 400 | ¥ | 24,136 | $ | 250 | € | 75 | $ | 97 | $ | 444 | |||||||||||||||||||
Weighted Average Forward Rate at September 30 | 1.33 | 1.68 | 96.54 | 1.3 | |||||||||||||||||||||||||||||||||
Active contracts at September 30 | 7 | 3 | 3 | 5 | 3 | ||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||
Foreign Currency Contracts | Interest Rate | ||||||||||||||||||||||||||||||||||||
Euro Forward Contracts | Yen Forward Contracts | Swaps (3) | |||||||||||||||||||||||||||||||||||
Notional amounts at January 1 | € | 1,000 | $ | 1,304 | ¥ | — | $ | — | $ | 1,315 | |||||||||||||||||||||||||||
New contracts | 600 | 800 | 24,136 | 250 | — | ||||||||||||||||||||||||||||||||
Matured or expired contracts | (1,000 | ) | (1,304 | ) | — | — | (1,230 | ) | |||||||||||||||||||||||||||||
Notional amounts at September 30 | € | 600 | $ | 800 | ¥ | 24,136 | $ | 250 | $ | 85 | |||||||||||||||||||||||||||
-1 | During the three and nine months ended September 30, 2014, we exercised one and two put options, respectively, and recognized a net gain of approximately $1.0 million and $1.1 million, respectively. We had five foreign currency collars outstanding at September 30, 2014. | ||||||||||||||||||||||||||||||||||||
-2 | During the third quarter of 2014, we entered into two contracts with a total notional amount of ¥40.9 billion to effectively fix the interest rate on the Yen Term Loan. See Note 6 for more information on our Yen Term Loan. | ||||||||||||||||||||||||||||||||||||
-3 | During the nine months ended September 30, 2013, we settled 12 contracts with a notional value of $319.9 million, and contributed 13 contracts with a notional value of $383.9 million related to the transfer of assets to the newly formed PELP co-investment venture. We also settled five contracts in Japan with a notional value of $526.4 million in connection with the contribution of properties to NPR. | ||||||||||||||||||||||||||||||||||||
As discussed in Note 6, we issued €1.2 billion ($1.6 billion) of debt during the nine months ended September 30, 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 September 30, 2014 and December 31, 2013, we had €1.9 billion ($2.4 billion) and €700 million ($1.0 billion) of debt, respectively, designated as non-derivative financial instrument hedges on our net investment in international subsidiaries. Amounts included in AOCI in the Consolidated Balance Sheets for our non-derivative financial instrument hedges at September 30, 2014 and December 31, 2013, were gains of $214.6 million and losses of $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. As discussed above, 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): | |||||||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Asset | Liability | AOCI | Asset | Liability | AOCI | ||||||||||||||||||||||||||||||||
Net investment hedges - euro denominated | $ | 16,441 | $ | — | $ | 18,565 | $ | 137 | $ | 30,302 | $ | (21,705 | ) | ||||||||||||||||||||||||
Net investment hedges - yen denominated | 28,184 | — | 36,385 | 20,104 | — | 22,102 | |||||||||||||||||||||||||||||||
Net investment hedges - pounds sterling denominated | 15,840 | — | 15,840 | — | — | — | |||||||||||||||||||||||||||||||
Foreign currency options - euro denominated (1) | 1,082 | — | — | — | — | — | |||||||||||||||||||||||||||||||
Interest rate swap hedges | — | 4,723 | (820 | ) | — | 5,638 | (591 | ) | |||||||||||||||||||||||||||||
Our share of derivatives from un consolidated co-investment ventures (2) | - - | - - | (21,406 | ) | - - | - - | (13,851 | ) | |||||||||||||||||||||||||||||
Total fair value of derivatives | $ | 61,547 | $ | 4,723 | $ | 48,564 | $ | 20,241 | $ | 35,940 | $ | (14,045 | ) | ||||||||||||||||||||||||
-1 | As discussed above, the foreign currency options are not designated as hedges. We recognized gains of $1.1 million in Foreign Currency and Derivative Gains and (Losses) and Related Amortization, Net in the Consolidated Statements of Operations from the change in value of our outstanding foreign currency collars for the three and nine months ended September 30, 2014. | ||||||||||||||||||||||||||||||||||||
-2 | Items indicated by ‘- -’ are not applicable | ||||||||||||||||||||||||||||||||||||
During the three and nine months ended September 30, 2014, we did not record any ineffectiveness on our derivative contracts. During the three and nine months ended September 30, 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 all periods presented, and is not expected to be significant for the next 12 months. | |||||||||||||||||||||||||||||||||||||
The change in Other Comprehensive Income (Loss) in the Consolidated Statements of Comprehensive Income (Loss) during the periods presented is due to the translation upon consolidation of the financial statements into U.S. dollars of our consolidated subsidiaries whose functional currency is not the U.S. dollar and the change in fair value for the effective portion of our derivative and non-derivative instruments. The following table presents the gains and losses associated with the change in fair value for the effective portion of our derivative and non-derivative instruments included in Other Comprehensive Income (Loss) (in thousands): | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Derivative net investment hedges (1) | $ | 93,502 | $ | (23,801 | ) | $ | 70,393 | $ | 10,395 | ||||||||||||||||||||||||||||
Interest rate swap hedges | (39 | ) | (821 | ) | (229 | ) | 71 | ||||||||||||||||||||||||||||||
Our share of derivatives from unconsolidated co-investment ventures | (4,474 | ) | 3,584 | (7,555 | ) | 21,768 | |||||||||||||||||||||||||||||||
Total gain (loss) on derivative instruments | 88,989 | (21,038 | ) | 62,609 | 32,234 | ||||||||||||||||||||||||||||||||
Non-derivative net investment hedges | 204,250 | — | 214,570 | — | |||||||||||||||||||||||||||||||||
Total gain (loss) on derivative and non-derivative instruments | $ | 293,239 | $ | (21,038 | ) | $ | 277,179 | $ | 32,234 | ||||||||||||||||||||||||||||
-1 | This includes gains of $5.9 million and losses of $5.5 million for the three and nine months ended September 30, 2014, respectively, and a gain of $4.3 million for the nine months ended September 30, 2013, 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 September 30, 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 September 30, 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 September 30, 2014 or December 31, 2013. | |||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||||||
At September 30, 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 September 30, 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 September 30, 2014 and December 31, 2013, as compared with those in effect when the debt was issued or acquired, including reduced borrowing spreads due to our improved credit ratings. The senior notes and many of the issues of secured mortgage debt contain pre-payment penalties or yield maintenance provisions that could make the cost of refinancing the debt at lower rates exceed the benefit that would be derived from doing so. | |||||||||||||||||||||||||||||||||||||
The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): | |||||||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||||||||||||||
Credit Facilities | $ | 741,610 | 741,610 | $ | 725,483 | $ | 725,679 | ||||||||||||||||||||||||||||||
Senior notes | 5,443,138 | 5,885,585 | 5,357,933 | 5,698,864 | |||||||||||||||||||||||||||||||||
Exchangeable senior notes | 451,999 | 485,077 | 438,481 | 514,381 | |||||||||||||||||||||||||||||||||
Secured mortgage debt | 1,141,772 | 1,272,061 | 1,696,597 | 1,840,829 | |||||||||||||||||||||||||||||||||
Secured mortgage debt of consolidated entities | 26,064 | 26,678 | 239,992 | 246,324 | |||||||||||||||||||||||||||||||||
Term loans and other debt | 1,018,369 | 1,020,895 | 552,730 | 560,714 | |||||||||||||||||||||||||||||||||
Total debt | $ | 8,822,952 | $ | 9,431,906 | $ | 9,011,216 | $ | 9,586,791 | |||||||||||||||||||||||||||||
Business_Segments
Business Segments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Business Segments | ' | ||||||||||||||||
13 | Business Segments | ||||||||||||||||
Our current business strategy includes two operating segments: Real Estate Operations and Strategic Capital (formerly 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. | ||||||||||||||||
• | Strategic Capital. 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 strategic capital revenues from our unconsolidated co-investment ventures by providing asset management and property management services. We 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 promote fees during the life of a venture or upon liquidation. Each unconsolidated co-investment venture 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 (Loss) before Income Taxes in the Consolidated Statements of Operations; and (iii) each reportable business segment’s assets to Total Assets in the Consolidated Balance Sheets. Our chief operating decision makers rely primarily on net operating income and similar measures to make decisions about allocating resources and assessing segment performance. The applicable components of Total Revenues, Earnings (Loss) before Income Taxes and Total Assets are allocated to each reportable business segment’s revenues, net operating income and assets. Items that are not directly assignable to a segment, such as certain corporate income and expenses, are reflected as reconciling items. The following reconciliations are presented in thousands: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
Real estate operations: | |||||||||||||||||
Americas | $ | 324,877 | $ | 324,294 | $ | 1,025,349 | $ | 948,165 | |||||||||
Europe | 20,422 | 26,199 | 57,083 | 154,961 | |||||||||||||
Asia | 15,782 | 24,243 | 51,776 | 85,031 | |||||||||||||
Total Real Estate Operations segment | 361,081 | 374,736 | 1,134,208 | 1,188,157 | |||||||||||||
Strategic capital: | |||||||||||||||||
Americas | 18,567 | 18,357 | 80,457 | 49,972 | |||||||||||||
Europe | 24,713 | 20,037 | 65,866 | 44,504 | |||||||||||||
Asia | 10,790 | 9,928 | 29,391 | 31,089 | |||||||||||||
Total Strategic Capital segment | 54,070 | 48,322 | 175,714 | 125,565 | |||||||||||||
Total revenues | $ | 415,151 | $ | 423,058 | $ | 1,309,922 | $ | 1,313,722 | |||||||||
Net operating income: | |||||||||||||||||
Real estate operations: | |||||||||||||||||
Americas | $ | 230,515 | $ | 225,664 | $ | 727,245 | $ | 658,458 | |||||||||
Europe | 12,072 | 18,623 | 31,706 | 104,321 | |||||||||||||
Asia | 11,302 | 17,268 | 37,469 | 60,882 | |||||||||||||
Total Real Estate Operations segment | 253,889 | 261,555 | 796,420 | 823,661 | |||||||||||||
Strategic capital: | |||||||||||||||||
Americas | 6,451 | 5,578 | 38,599 | 8,822 | |||||||||||||
Europe | 17,791 | 14,115 | 43,600 | 28,516 | |||||||||||||
Asia | 7,386 | 6,606 | 19,073 | 21,289 | |||||||||||||
Total Strategic Capital segment | 31,628 | 26,299 | 101,272 | 58,627 | |||||||||||||
Total segment net operating income | 285,517 | 287,854 | 897,692 | 882,288 | |||||||||||||
Reconciling items: | |||||||||||||||||
General and administrative expenses | (58,203 | ) | (55,034 | ) | (181,781 | ) | (166,140 | ) | |||||||||
Depreciation and amortization | (149,202 | ) | (155,439 | ) | (471,059 | ) | (483,215 | ) | |||||||||
Earnings from unconsolidated entities, net | 28,514 | 26,365 | 79,411 | 59,554 | |||||||||||||
Interest expense | (69,086 | ) | (84,642 | ) | (234,793 | ) | (291,496 | ) | |||||||||
Interest and other income, net | 550 | 5,653 | 19,716 | 21,772 | |||||||||||||
Gains on acquisitions and dispositions of investments in real estate, net | 151,057 | 46,074 | 337,695 | 445,954 | |||||||||||||
Foreign currency and derivative gains (losses) and related amortization, net | 20,792 | 6,875 | 2,738 | 15 | |||||||||||||
Losses on early extinguishment of debt, net | (86,076 | ) | (114,196 | ) | (163,361 | ) | (164,155 | ) | |||||||||
Total reconciling items | (161,654 | ) | (324,344 | ) | (611,434 | ) | (577,711 | ) | |||||||||
Earnings (loss) before income taxes | $ | 123,863 | $ | (36,490 | ) | $ | 286,258 | $ | 304,577 | ||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets: | |||||||||||||||||
Real estate operations: | |||||||||||||||||
Americas | $ | 14,811,609 | $ | 16,293,109 | |||||||||||||
Europe | 1,865,727 | 1,634,867 | |||||||||||||||
Asia | 870,852 | 1,176,774 | |||||||||||||||
Total Real Estate Operations segment | 17,548,188 | 19,104,750 | |||||||||||||||
Strategic capital (1): | |||||||||||||||||
Americas | 20,954 | 22,154 | |||||||||||||||
Europe | 56,103 | 60,327 | |||||||||||||||
Asia | 2,861 | 3,634 | |||||||||||||||
Total Strategic Capital segment | 79,918 | 86,115 | |||||||||||||||
Total segment assets | 17,628,106 | 19,190,865 | |||||||||||||||
Reconciling items: | |||||||||||||||||
Investments in and advances to unconsolidated entities | 5,814,056 | 4,430,239 | |||||||||||||||
Notes receivable backed by real estate and other | — | 192,042 | |||||||||||||||
Cash and cash equivalents | 311,879 | 491,129 | |||||||||||||||
Other assets | 318,062 | 268,032 | |||||||||||||||
Total reconciling items | 6,443,997 | 5,381,442 | |||||||||||||||
Total assets | $ | 24,072,103 | $ | 24,572,307 | |||||||||||||
-1 | Represents management contracts recorded in connection with business combinations and goodwill associated with the Strategic Capital segment. | ||||||||||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Supplemental Cash Flow Elements [Abstract] | ' | |||
Supplemental Cash Flow Information | ' | |||
14 | Supplemental Cash Flow Information | |||
Significant non-cash investing and financing activities for the nine months ended September 30, 2014 and 2013 are discussed below. | ||||
• | As partial consideration for properties we contributed to FIBRA and the conclusion of an unconsolidated co-investment venture during the second quarter of 2014, we received ownership interests of $601.6 million and FIBRA assumed $345.1 million of secured debt. See Note 3 for additional information. | |||
• | During the nine months ended September 30, 2014 and 2013, we capitalized portions of the total cost of our stock-based compensation awards of $16.1 million and $12.5 million, respectively, to the investment basis of our real estate or other assets. | |||
• | 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. | |||
• | In connection with acquiring our partners’ interest in Prologis Institutional Alliance Fund II in June 2013, we issued 804,734 limited partnership units worth $31.3 million in one of our limited partnerships. | |||
• | During the nine months ended September 30, 2013, we received $19.5 million of ownership interests in certain unconsolidated co-investment ventures as a portion of our proceeds from the contribution of properties to these entities. | |||
The amount of interest paid in cash, net of amounts capitalized, for the nine months ended September 30, 2014 and 2013, was $222.1 million and $308.9 million, respectively. | ||||
During the nine months ended September 30, 2014 and 2013, cash paid for income taxes, net of refunds, was $93.9 million and $80.3 million, respectively. |
General_Policies
General (Policies) | 9 Months Ended |
Sep. 30, 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 Strategic Capital (formerly Investment Management). Our Real Estate Operations segment represents the long-term ownership of industrial properties. Our Strategic Capital segment represents the long-term management of co-investment ventures, both private and public. See Note 13 for further discussion of our business segments. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the REIT and the Operating Partnership. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the REIT and Operating Partnership collectively. | |
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 September 30, 2014, the REIT owned an approximate 99.63% common general partnership interest in the Operating Partnership, and 100% of the preferred units. The remaining approximate 0.37% common limited partnership interests are owned by non-affiliated investors and certain current and former directors and officers of the REIT. As the sole general partner of the Operating Partnership, the REIT has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. We operate the REIT and the Operating Partnership as one enterprise. The management of the REIT consists of the same members as the management of the Operating Partnership. These members are officers of the REIT and employees of the Operating Partnership or one of its subsidiaries. As general partner with control of the Operating Partnership, the REIT consolidates the Operating Partnership for financial reporting purposes. The REIT’s only significant asset is 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 May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update that will use a five step model to recognize revenue from customer contracts in an effort to increase consistency and comparability throughout global capital markets and across industries. Under the model, a company will identify the contract, identify any separate performance obligations in the contract, determine the transaction price, allocate the transaction price and recognize revenue when the performance obligation is satisfied. The new standard will replace most existing revenue recognition in GAAP when it becomes effective for us on January 1, 2017. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. | |
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 10). Going forward, we expect the majority of our property dispositions will not qualify as discontinued operations and the results will be presented in Income from Continuing Operations. See Notes 3 and 4 for additional discussion. | |
In March 2013, the 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, nor do we expect it to have, a material impact on the Consolidated Financial Statements. |
Real_Estate_Tables
Real Estate (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 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 | |||||||||||||||||||||||
September 30, | December 31, | September 30, | December 31, | September 30, | December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Industrial operating properties: | |||||||||||||||||||||||||
Improved land | -- | -- | -- | -- | $ | 3,641,571 | $ | 4,074,647 | |||||||||||||||||
Buildings and improvements | 241,104 | 267,097 | 1,415 | 1,610 | 12,514,097 | 13,726,417 | |||||||||||||||||||
Development portfolio, including land costs: | |||||||||||||||||||||||||
Pre-stabilized | 5,105 | 4,491 | 15 | 11 | 391,055 | 204,022 | |||||||||||||||||||
Properties under development | 21,158 | 18,587 | 51 | 46 | 925,415 | 816,995 | |||||||||||||||||||
Land | 9,226 | 9,747 | -- | -- | 1,533,590 | 1,516,166 | |||||||||||||||||||
Other real estate investments (2) | -- | -- | -- | -- | 460,854 | 486,230 | |||||||||||||||||||
Total investments in real estate properties | 19,466,582 | 20,824,477 | |||||||||||||||||||||||
Less accumulated depreciation | 2,695,745 | 2,568,998 | |||||||||||||||||||||||
Net investments in real estate properties | $ | 16,770,837 | $ | 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 Acquired | ' | ||||||||||||||||||||||||
Real estate acquisition activity for the nine months ended September 30, was as follows (square feet and dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Acquisitions of properties from unconsolidated co-investment ventures | |||||||||||||||||||||||||
Number of properties | — | 32 | |||||||||||||||||||||||
Square feet | — | 9,958 | |||||||||||||||||||||||
Real estate acquisition value | $ | — | $ | 731,644 | |||||||||||||||||||||
Net gains | $ | — | $ | 35,886 | |||||||||||||||||||||
Building acquisitions from third parties | |||||||||||||||||||||||||
Number of properties | 8 | 4 | |||||||||||||||||||||||
Square feet | 1,004 | 1,134 | |||||||||||||||||||||||
Real estate acquisition value | $ | 78,314 | $ | 48,922 | |||||||||||||||||||||
Summary of Properties Disposed | ' | ||||||||||||||||||||||||
Real estate disposition activity for the nine months ended September 30, was as follows (square feet and dollars in thousands): | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Continuing Operations | |||||||||||||||||||||||||
Contributions to co-investment ventures | |||||||||||||||||||||||||
Number of properties | 115 | 221 | |||||||||||||||||||||||
Square feet | 22,806 | 62,213 | |||||||||||||||||||||||
Net proceeds | $ | 1,627,424 | $ | 5,205,322 | |||||||||||||||||||||
Net gains on contributions | $ | 156,746 | $ | 407,788 | |||||||||||||||||||||
Dispositions to third parties | |||||||||||||||||||||||||
Number of properties | 106 | — | |||||||||||||||||||||||
Square feet | 14,663 | — | |||||||||||||||||||||||
Net proceeds (1) | $ | 955,240 | $ | 84,518 | |||||||||||||||||||||
Net gains on dispositions (1) | $ | 180,949 | $ | 2,280 | |||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||||||
Number of properties | — | 39 | |||||||||||||||||||||||
Square feet | — | 4,802 | |||||||||||||||||||||||
Net proceeds from dispositions | $ | — | $ | 297,465 | |||||||||||||||||||||
Net gains from dispositions, including taxes | $ | — | $ | 59,598 | |||||||||||||||||||||
-1 | Dispositions to third parties include land sales. |
Unconsolidated_Entities_Tables
Unconsolidated Entities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||||
Summary of Unconsolidated Co-investment Ventures | ' | ||||||||||||||||
A summary of our unconsolidated co-investment ventures was as follows and represents 100% of the venture (square feet and total assets in thousands): | |||||||||||||||||
September 30, | December 31, | September 30, | |||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||
Americas: | |||||||||||||||||
Number of properties owned | 814 | 709 | 737 | ||||||||||||||
Square feet | 130,476 | 108,537 | 114,042 | ||||||||||||||
Total assets | $ | 9,395,900 | $ | 8,014,339 | $ | 8,433,418 | |||||||||||
Europe: | |||||||||||||||||
Number of properties owned | 629 | 571 | 534 | ||||||||||||||
Square feet | 145,332 | 132,876 | 124,794 | ||||||||||||||
Total assets | $ | 11,951,749 | $ | 11,818,786 | $ | 11,471,358 | |||||||||||
Asia: | |||||||||||||||||
Number of properties owned | 51 | 43 | 37 | ||||||||||||||
Square feet | 25,943 | 22,880 | 18,733 | ||||||||||||||
Total assets | $ | 4,366,286 | $ | 4,032,125 | $ | 3,477,339 | |||||||||||
Total: | |||||||||||||||||
Number of properties owned | 1,494 | 1,323 | 1,308 | ||||||||||||||
Square feet | 301,751 | 264,293 | 257,569 | ||||||||||||||
Total assets | $ | 25,713,935 | $ | 23,865,250 | $ | 23,382,115 | |||||||||||
Summarized Financial Information of Co-Investment Ventures | ' | ||||||||||||||||
The following is summarized financial information of the unconsolidated co-investment ventures, the amount we recognized as our share of their earnings and our investment (dollars in millions). The co-investment venture information represents the venture’s information (not our proportionate share) based on our GAAP basis in the entity. | |||||||||||||||||
2014 (1) | Americas | Europe | Asia | Total | |||||||||||||
For the three months ended September 30, 2014: | |||||||||||||||||
Revenues | $ | 204.2 | $ | 250.5 | $ | 71 | $ | 525.7 | |||||||||
Net operating income | $ | 154.4 | $ | 198 | $ | 55.6 | $ | 408 | |||||||||
Net earnings | $ | 24.4 | $ | 38.7 | $ | 22.4 | $ | 85.5 | |||||||||
Equity in earnings | $ | 8.9 | $ | 14.6 | $ | 3.7 | $ | 27.2 | |||||||||
For the nine months ended September 30, 2014: | |||||||||||||||||
Revenues | $ | 551.1 | $ | 749.5 | $ | 209.2 | $ | 1,509.80 | |||||||||
Net operating income | $ | 405.8 | $ | 590.9 | $ | 162.9 | $ | 1,159.60 | |||||||||
Net earnings (2) | $ | 16.9 | $ | 166.9 | $ | 60.9 | $ | 244.7 | |||||||||
Equity in earnings | $ | 0.1 | $ | 66.8 | $ | 10.2 | $ | 77.1 | |||||||||
As of September 30, 2014: | |||||||||||||||||
Amounts due to us (3) | $ | 11.9 | $ | 16.7 | $ | 103.8 | $ | 132.4 | |||||||||
Third party debt (4) | $ | 3,309.40 | $ | 2,797.70 | $ | 1,758.00 | $ | 7,865.10 | |||||||||
Total liabilities | $ | 3,513.30 | $ | 3,822.50 | $ | 1,955.40 | $ | 9,291.20 | |||||||||
Our weighted average ownership | 40.2 | % | 38.8 | % | 15 | % | 35.4 | % | |||||||||
Our investment balance | $ | 2,371.30 | $ | 2,893.60 | $ | 375.6 | $ | 5,640.50 | |||||||||
Deferred gains, net of amortization (5) | $ | 120.3 | $ | 197.1 | $ | 111.9 | $ | 429.3 | |||||||||
2013 (1) | Americas | Europe | Asia | Total | |||||||||||||
For the three months ended September 30, 2013: | |||||||||||||||||
Revenues | $ | 173.2 | $ | 215.3 | $ | 56.8 | $ | 445.3 | |||||||||
Net operating income | $ | 126.6 | $ | 170.1 | $ | 44.6 | $ | 341.3 | |||||||||
Net earnings | $ | 9.1 | $ | 41.9 | $ | 15.7 | $ | 66.7 | |||||||||
Equity in earnings | $ | 1.7 | $ | 20 | $ | 4.1 | $ | 25.8 | |||||||||
For the nine months ended September 30, 2013: | |||||||||||||||||
Revenues | $ | 538.4 | $ | 571.6 | $ | 160 | $ | 1,270.00 | |||||||||
Net operating income | $ | 393.9 | $ | 434.8 | $ | 121.3 | $ | 950 | |||||||||
Net earnings (2) | $ | 34.9 | $ | 77.8 | $ | 32.9 | $ | 145.6 | |||||||||
Equity in earnings | $ | 15 | $ | 36.3 | $ | 6.6 | $ | 57.9 | |||||||||
As of December 31, 2013: | |||||||||||||||||
Amounts due to us (3) | $ | 10.3 | $ | 43.7 | $ | 110 | $ | 164 | |||||||||
Third party debt (4) | $ | 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 (5) | $ | 139.6 | $ | 196.7 | $ | 94.8 | $ | 431.1 | |||||||||
-1 | We had significant activity with our unconsolidated co-investment ventures in 2014 and 2013. As described above, we started FIBRA in June 2014. In connection with this transaction, we concluded our unconsolidated co-investment venture in Mexico. During 2013, we concluded three co-investment ventures and we started two new co-investment ventures. | ||||||||||||||||
-2 | During the nine months ended September 30, 2014, two ventures in the Americas recorded net gains of $16.9 million ($5.6 million was our share) from the disposition of 14 properties and FIBRA recorded acquisition costs of $37.2 million ($16.7 million was our share). During the nine months ended September 30, 2013, one venture in the Americas recorded net gains of $24.0 million from the disposition of three properties ($10.0 million was our share). | ||||||||||||||||
-3 | As of September 30, 2014 and December 31, 2013, we had receivables from Nippon Prologis REIT, Inc. (“NPR”) of $91.7 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. We have 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 that 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. | ||||||||||||||||
-4 | As of September 30, 2014 and December 31, 2013, we did not guarantee any third party debt of our co-investment ventures. | ||||||||||||||||
-5 | This amount is recorded as a reduction to our investment and represents the gains that were deferred when we contributed a property to a venture due to our continuing ownership in the property. | ||||||||||||||||
Summary of Remaining Equity Commitments | ' | ||||||||||||||||
The following table is a summary of remaining equity commitments as of September 30, 2014 (in millions): | |||||||||||||||||
Equity commitments | Expiration date | ||||||||||||||||
for remaining | |||||||||||||||||
commitments | |||||||||||||||||
Prologis | Venture | Total | |||||||||||||||
Partners | |||||||||||||||||
Prologis Targeted U.S. Logistics Fund | $ | — | $ | 351.5 | $ | 351.5 | 2015-2017 | ||||||||||
Prologis Targeted Europe Logistics Fund (1) | 121.4 | 160.5 | 281.9 | Jun-15 | |||||||||||||
Prologis European Properties Fund II (1) | 78.6 | 179.3 | 257.9 | September 2015 | |||||||||||||
Europe Logistics Venture 1 (1) | 21.9 | 123.9 | 145.8 | Dec-14 | |||||||||||||
Prologis European Logistics Partners (2) | 107.8 | 107.8 | 215.6 | Feb-16 | |||||||||||||
Prologis China Logistics Venture (3) | 226.9 | 1,285.60 | 1,512.50 | 2015 and 2017 | |||||||||||||
Total | $ | 556.6 | $ | 2,208.60 | $ | 2,765.20 | |||||||||||
-1 | Equity commitments are denominated in euro and reported above in U.S. dollars based on an exchange rate of 1.26 U.S. dollars to the euro. | ||||||||||||||||
-2 | The equity commitments for this venture are expected to fund the future repayment of debt that is denominated in British pounds sterling. The commitments will be called in euros and are reported above in U.S. dollars using an exchange rate of 1.62 U.S. dollars to the British pounds sterling. | ||||||||||||||||
-3 | In July 2014, we secured a $500 million increase in committed third-party equity for this venture. |
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Debt Summary | ' | ||||||||||||||||||||||||||||||||
Our debt consisted of the following (dollars in thousands): | |||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Weighted | Amount | Weighted | Amount | ||||||||||||||||||||||||||||||
Average Interest | Outstanding (2) | Average Interest | Outstanding | ||||||||||||||||||||||||||||||
Rate (1) | Rate (1) | ||||||||||||||||||||||||||||||||
Credit facilities | 1.1 | % | $ | 741,610 | 1.2 | % | $ | 725,483 | |||||||||||||||||||||||||
Senior notes | 3.9 | % | 5,443,138 | 4.5 | % | 5,357,933 | |||||||||||||||||||||||||||
Exchangeable senior notes | 3.3 | % | 451,999 | 3.3 | % | 438,481 | |||||||||||||||||||||||||||
Secured mortgage debt | 5.9 | % | 1,141,772 | 5.6 | % | 1,696,597 | |||||||||||||||||||||||||||
Secured mortgage debt of consolidated entities | 3.9 | % | 26,064 | 4.7 | % | 239,992 | |||||||||||||||||||||||||||
Term loans | 1.1 | % | 1,001,930 | 1.7 | % | 535,908 | |||||||||||||||||||||||||||
Other debt | 6.2 | % | 16,439 | 6.2 | % | 16,822 | |||||||||||||||||||||||||||
Totals | 3.6 | % | $ | 8,822,952 | 4.2 | % | $ | 9,011,216 | |||||||||||||||||||||||||
-1 | The interest rates presented represent the effective interest rates (including amortization of the non-cash premiums or discounts). | ||||||||||||||||||||||||||||||||
-2 | Included in the outstanding balances are borrowings denominated in non-U.S. currency, principally: euro ($3.2 billion), Japanese yen ($0.5 billion) and British pounds sterling ($0.1 billion). | ||||||||||||||||||||||||||||||||
Credit Facilities | ' | ||||||||||||||||||||||||||||||||
Commitments and availability under our Credit Facilities as of September 30, 2014, were as follows (in millions): | |||||||||||||||||||||||||||||||||
Aggregate lender - commitments | $ | 2,840.20 | |||||||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||
Borrowings outstanding | 741.6 | ||||||||||||||||||||||||||||||||
Outstanding letters of credit | 45.5 | ||||||||||||||||||||||||||||||||
Current availability | $ | 2,053.10 | |||||||||||||||||||||||||||||||
Schedule of Senior Notes | ' | ||||||||||||||||||||||||||||||||
During the nine months ended September 30, 2014, and through the date of this report, we issued the following senior notes (in thousands except for percentages): | |||||||||||||||||||||||||||||||||
Issuance Date | Principal | Interest | Effective | Maturity Date | |||||||||||||||||||||||||||||
Amount (1) | Rate | Interest Rate | |||||||||||||||||||||||||||||||
February 2014 (2) | € | 700,000 | $ | 959,420 | 3.375 | % | 3.52 | % | February 2024 | ||||||||||||||||||||||||
June 2014 (2) | € | 500,000 | $ | 680,550 | 3 | % | 3.1 | % | Jun-26 | ||||||||||||||||||||||||
October 2014 (3) | € | 600,000 | $ | 756,420 | 1.375 | % | 1.4 | % | Oct-20 | ||||||||||||||||||||||||
-1 | This debt is denominated in euro and the exchange rate used to calculate into U.S. dollar was the effective rate at the date of the transaction. | ||||||||||||||||||||||||||||||||
-2 | We used the net proceeds for general corporate purposes, including to repurchase senior debt and to repay borrowings under our multi-currency senior term loan and our Global Facility. | ||||||||||||||||||||||||||||||||
-3 | We used the net proceeds for general corporate purposes, including the acquisition and development of properties and additional investments in our European co-investment ventures. | ||||||||||||||||||||||||||||||||
Long-Term Debt Maturities | ' | ||||||||||||||||||||||||||||||||
Principal payments due on our debt, for the remainder of 2014 and for each of the years in the period ending December 31, 2023, and thereafter were as follows at September 30, 2014 (in millions): | |||||||||||||||||||||||||||||||||
Prologis | Consolidated | Total | |||||||||||||||||||||||||||||||
Unsecured | Secured | Total | Entities’ | Consolidated | |||||||||||||||||||||||||||||
Mortgage | Debt | Debt | |||||||||||||||||||||||||||||||
Maturity | Senior | Exchangeable | Credit | Other | Debt | ||||||||||||||||||||||||||||
Debt | Notes | Facilities | Debt | ||||||||||||||||||||||||||||||
2014(1) | $ | — | $ | — | $ | — | $ | 1 | $ | 16 | $ | 17 | $ | 2 | $ | 19 | |||||||||||||||||
2015(2) | — | 460 | — | 1 | 10 | 471 | 4 | 475 | |||||||||||||||||||||||||
2016 | — | — | — | 1 | 311 | 312 | 3 | 315 | |||||||||||||||||||||||||
2017(3) | 377 | — | 742 | 630 | 227 | 1,976 | 1 | 1,977 | |||||||||||||||||||||||||
2018 | 262 | — | — | 1 | 111 | 374 | 1 | 375 | |||||||||||||||||||||||||
2019 | 693 | — | — | — | 285 | 978 | 2 | 980 | |||||||||||||||||||||||||
2020 | 375 | — | — | 1 | 6 | 382 | 2 | 384 | |||||||||||||||||||||||||
2021 | 500 | — | — | 373 | 11 | 884 | 2 | 886 | |||||||||||||||||||||||||
2022 | 881 | — | — | 1 | 7 | 889 | 3 | 892 | |||||||||||||||||||||||||
2023 | 850 | — | — | 1 | 7 | 858 | 1 | 859 | |||||||||||||||||||||||||
Thereafter | 1,510 | — | — | 8 | 128 | 1,646 | 5 | 1,651 | |||||||||||||||||||||||||
Subtotal | 5,448 | 460 | 742 | 1,018 | 1,119 | 8,787 | 26 | 8,813 | |||||||||||||||||||||||||
Unamortized premiums (discounts), net | (5 | ) | (8 | ) | — | — | 23 | 10 | — | 10 | |||||||||||||||||||||||
Total | $ | 5,443 | $ | 452 | $ | 742 | $ | 1,018 | $ | 1,142 | $ | 8,797 | $ | 26 | $ | 8,823 | |||||||||||||||||
-1 | We expect to repay the amounts maturing in 2014 with cash generated from operations, proceeds from the disposition of real estate properties and with borrowings on our Credit Facilities. | ||||||||||||||||||||||||||||||||
-2 | The exchangeable notes mature in March 2015 and may be exchanged at an initial conversion rate of 25.8244 shares of our common stock per $1,000 principal amount of notes. | ||||||||||||||||||||||||||||||||
-3 | Included in the 2017 maturities in Credit Facilities is our Global Facility and in other debt is the Euro Term Loan that can be extended until 2018 and 2019, respectively. |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 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 September 30, 2014 and December 31, 2013 (in thousands, except for percentages): | |||||||||||||||||||||||||||||||||
Our Ownership | Noncontrolling Interest | Total Investment | Debt | ||||||||||||||||||||||||||||||
Percentage | In Real Estate | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Partnerships with exchangeable units (1) | various | various | $ | 70,255 | $ | 75,532 | $ | 709,223 | $ | 783,052 | $ | — | $ | — | |||||||||||||||||||
Mexico Fondo Logistico (AFORES) (2) | 20 | % | 20 | % | 39,407 | 220,292 | 29,190 | 457,006 | — | 191,866 | |||||||||||||||||||||||
Brazil Fund (3) | 50 | % | 50 | % | 72,908 | 65,006 | — | — | — | — | |||||||||||||||||||||||
Prologis AMS (4) | N/A | 38.5 | % | — | 24,791 | — | 58,575 | — | 17,063 | ||||||||||||||||||||||||
Prologis U.S. Logistics Venture (5) | 55 | % | N/A | 431,929 | — | 1,004,753 | — | — | — | ||||||||||||||||||||||||
Other consolidated entities | various | various | 31,905 | 31,465 | 309,899 | 312,358 | 26,064 | 31,063 | |||||||||||||||||||||||||
Operating Partnership noncontrolling interests | 646,404 | 417,086 | 2,053,065 | 1,610,991 | 26,064 | 239,992 | |||||||||||||||||||||||||||
Limited partners in the Operating Partnership (6) | 50,244 | 48,209 | — | — | — | — | |||||||||||||||||||||||||||
REIT noncontrolling interests | $ | 696,648 | $ | 465,295 | $ | 2,053,065 | $ | 1,610,991 | $ | 26,064 | $ | 239,992 | |||||||||||||||||||||
-1 | At September 30, 2014 and December 31, 2013, there were 1,887 and 1,949 limited partnership units, respectively, that were exchangeable for cash or an equal number of shares of the REIT’s common stock at our option. In 2014, 62 limited partnership units were redeemed for cash. 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 | In June 2014, AFORES contributed the majority of its operating properties and the balance of its secured debt to FIBRA. The difference between the amount received and the noncontrolling interest balance related to the properties contributed was $34.6 million, and was adjusted through equity with no gain or loss recognized. See Note 3 for more information on this transaction. | ||||||||||||||||||||||||||||||||
-3 | We have a 50% ownership interest in and consolidate the Prologis Brazil Logistics Partners Fund (“Brazil Fund”). The Brazil Fund’s assets are primarily investments in unconsolidated entities of $164.5 million at September 30, 2014. For additional information on our unconsolidated investments, see Note 4. | ||||||||||||||||||||||||||||||||
-4 | During the second quarter of 2014, Prologis AMS sold its remaining two operating properties to a third party for net proceeds of $63.9 million. | ||||||||||||||||||||||||||||||||
-5 | As discussed above, this was a newly formed co-investment venture in the first quarter of 2014. | ||||||||||||||||||||||||||||||||
-6 | At September 30, 2014 and December 31, 2013, there were 1,767 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 our option. As discussed in Note 9, we issued an additional 113 units in the third quarter of 2014 that are not exchangeable. All of these outstanding limited partnership units receive quarterly cash distributions equal to the quarterly distributions paid on our common stock pursuant to the terms of the partnership agreement. |
LongTerm_Compensation_Tables
Long-Term Compensation (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Stock Options, RSU and Performance Share Awards | ' | ||||||||||||
The activity for the nine months ended September 30, 2014, with respect to our RSU and performance share awards, was as follows (number of shares in thousands): | |||||||||||||
Number of | Weighted Average | Number of | |||||||||||
Awards | Grant-Date Fair Value | Awards Vested | |||||||||||
Balance at December 31, 2013 | 2,266 | ||||||||||||
Granted (1) | 1,333 | ||||||||||||
Vested and distributed | (1,019 | ) | |||||||||||
Forfeited | (54 | ) | |||||||||||
Balance at September 30, 2014 | 2,526 | $ | 39.39 | 106 | |||||||||
-1 | All awards granted during the period were in the form of RSUs and generally vest over three years. | ||||||||||||
RSU and PSA [Member] | ' | ||||||||||||
Stock Options, RSU and Performance Share Awards | ' | ||||||||||||
The activity for the nine months ended September 30, 2014, with respect to our stock options, was as follows (number of options in thousands): | |||||||||||||
Options Outstanding | |||||||||||||
Number of Options | Weighted Average | Options | |||||||||||
Exercise Price | Exercisable | ||||||||||||
Balance at December 31, 2013 | 6,253 | ||||||||||||
Exercised | (548 | ) | |||||||||||
Forfeited / Expired | (193 | ) | |||||||||||
Balance at September 30, 2014 | 5,512 | $ | 34.74 | 5,511 | |||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||
Sep. 30, 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 was as follows (in thousands): | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, 2013 | September 30, 2013 | ||||||||
Rental income and recoveries | $ | 7,928 | $ | 28,620 | |||||
Rental expenses | (2,677 | ) | (9,638 | ) | |||||
Depreciation and amortization | (3,802 | ) | (12,868 | ) | |||||
Interest expense | (243 | ) | (975 | ) | |||||
Income attributable to disposed properties and assets held for sale | $ | 1,206 | $ | 5,139 | |||||
Earnings_Per_Common_Share_Unit1
Earnings Per Common Share / Unit (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 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 | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
REIT | |||||||||||||||||||
Net earnings (loss) attributable to common stockholders | $ | 136,245 | $ | (7,534 | ) | $ | 213,626 | $ | 256,365 | ||||||||||
Noncontrolling interest attributable to exchangeable limited partnership units | 493 | (48 | ) | 767 | 1,446 | ||||||||||||||
Gains, net of expenses, associated with exchangeable debt assumed exchanged | (18,658 | ) | — | — | — | ||||||||||||||
Adjusted net earnings (loss) attributable to common stockholders | $ | 118,080 | $ | (7,582 | ) | $ | 214,393 | $ | 257,811 | ||||||||||
Weighted average common shares outstanding - Basic (1) | 499,292 | 497,989 | 499,045 | 482,007 | |||||||||||||||
Incremental weighted average effect on exchange of limited partnership units (2) | 1,843 | 1,859 | 1,792 | 3,099 | |||||||||||||||
Incremental weighted average effect of stock awards and warrants | 3,074 | — | 3,374 | 3,303 | |||||||||||||||
Incremental weighted average effect on exchange of exchangeable debt | 11,879 | — | — | — | |||||||||||||||
Weighted average common shares outstanding - Diluted (3) | 516,088 | 499,848 | 504,211 | 488,409 | |||||||||||||||
Net earnings (loss) per share attributable to common stockholders - | |||||||||||||||||||
Basic | $ | 0.27 | $ | (0.02 | ) | $ | 0.43 | $ | 0.53 | ||||||||||
Diluted | $ | 0.23 | $ | (0.02 | ) | $ | 0.43 | $ | 0.53 | ||||||||||
Operating Partnership | |||||||||||||||||||
Net earnings (loss) attributable to common unitholders | $ | 136,738 | $ | (7,582 | ) | $ | 214,393 | $ | 257,374 | ||||||||||
Noncontrolling interest attributable to exchangeable limited partnership units | — | — | — | 437 | |||||||||||||||
Gains, net of expenses, associated with exchangeable debt assumed exchanged | (18,658 | ) | — | — | — | ||||||||||||||
Adjusted net earnings (loss) attributable to common unitholders | $ | 118,080 | $ | (7,582 | ) | $ | 214,393 | $ | 257,811 | ||||||||||
Weighted average common partnership units outstanding - Basic (1) | 501,135 | 499,848 | 500,837 | 483,889 | |||||||||||||||
Incremental weighted average effect on exchange of limited partnership units | — | — | — | 1,217 | |||||||||||||||
Incremental weighted average effect of stock awards and warrants of the REIT | 3,074 | — | 3,374 | 3,303 | |||||||||||||||
Incremental weighted average effect on exchange of exchangeable debt | 11,879 | — | — | — | |||||||||||||||
Weighted average common partnership units outstanding - Diluted (3) | 516,088 | 499,848 | 504,211 | 488,409 | |||||||||||||||
Net earnings (loss) per unit attributable to common unitholders - | |||||||||||||||||||
Basic | $ | 0.27 | $ | (0.02 | ) | $ | 0.43 | $ | 0.53 | ||||||||||
Diluted | $ | 0.23 | $ | (0.02 | ) | $ | 0.43 | $ | 0.53 | ||||||||||
-1 | The increase in shares/units between the nine months ended September 30, 2014 and 2013 is due primarily 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 were 1,843 and 1,859 for the three months ended September 30, 2014 and 2013, respectively, and were 1,792 and 1,882 for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||
-3 | Total weighted average potentially dilutive stock awards and warrants outstanding were 14,170 and 14,133 for the three months ended September 30, 2014 and 2013, respectively, and were 14,903 and 14,070 for the nine months ended September 30, 2014 and 2013, respectively. Total weighted average potentially dilutive shares/units from exchangeable debt outstanding were 11,879 for all periods presented. Excluding the Operating Partnership units discussed above, total weighted average potentially dilutive limited partnership units outstanding were 1,944 and 1,950 for the three months ended September 30, 2014 and 2013, respectively, and were 1,947 and 1,426 for the nine months ended September 30, 2014 and 2013, respectively. |
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Derivative Activity | ' | ||||||||||||||||||||||||||||||||||||
The following table summarizes the activity in our derivative instruments (in millions): | |||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||
Foreign Currency Contracts | Interest | ||||||||||||||||||||||||||||||||||||
Rate | |||||||||||||||||||||||||||||||||||||
Euro Forward | GBP Forward | Yen Forward | Euro Option | Swaps (2) | |||||||||||||||||||||||||||||||||
Contracts | Contracts | Contracts | Contracts (1) | ||||||||||||||||||||||||||||||||||
Notional amounts at January 1 | € | 600 | $ | 800 | £ | — | $ | — | ¥ | 24,136 | $ | 250 | € | — | $ | — | $ | 71 | |||||||||||||||||||
New contracts | 1,446 | 1,979 | 238 | 400 | 79,010 | 769 | 141 | 187 | 373 | ||||||||||||||||||||||||||||
Matured or expired contracts | (1,446 | ) | (1,979 | ) | — | — | (79,010 | ) | (769 | ) | (66 | ) | (90 | ) | — | ||||||||||||||||||||||
Notional amounts at September 30 | € | 600 | $ | 800 | £ | 238 | $ | 400 | ¥ | 24,136 | $ | 250 | € | 75 | $ | 97 | $ | 444 | |||||||||||||||||||
Weighted Average Forward Rate at September 30 | 1.33 | 1.68 | 96.54 | 1.3 | |||||||||||||||||||||||||||||||||
Active contracts at September 30 | 7 | 3 | 3 | 5 | 3 | ||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||||||
Foreign Currency Contracts | Interest Rate | ||||||||||||||||||||||||||||||||||||
Euro Forward Contracts | Yen Forward Contracts | Swaps (3) | |||||||||||||||||||||||||||||||||||
Notional amounts at January 1 | € | 1,000 | $ | 1,304 | ¥ | — | $ | — | $ | 1,315 | |||||||||||||||||||||||||||
New contracts | 600 | 800 | 24,136 | 250 | — | ||||||||||||||||||||||||||||||||
Matured or expired contracts | (1,000 | ) | (1,304 | ) | — | — | (1,230 | ) | |||||||||||||||||||||||||||||
Notional amounts at September 30 | € | 600 | $ | 800 | ¥ | 24,136 | $ | 250 | $ | 85 | |||||||||||||||||||||||||||
-1 | During the three and nine months ended September 30, 2014, we exercised one and two put options, respectively, and recognized a net gain of approximately $1.0 million and $1.1 million, respectively. We had five foreign currency collars outstanding at September 30, 2014. | ||||||||||||||||||||||||||||||||||||
-2 | During the third quarter of 2014, we entered into two contracts with a total notional amount of ¥40.9 billion to effectively fix the interest rate on the Yen Term Loan. See Note 6 for more information on our Yen Term Loan. | ||||||||||||||||||||||||||||||||||||
-3 | During the nine months ended September 30, 2013, we settled 12 contracts with a notional value of $319.9 million, and contributed 13 contracts with a notional value of $383.9 million related to the transfer of assets to the newly formed PELP co-investment venture. We also settled five contracts in Japan with a notional value of $526.4 million in connection with the contribution of properties to NPR. | ||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Derivative Instruments | ' | ||||||||||||||||||||||||||||||||||||
The following table presents the fair value of our derivative instruments (in thousands): | |||||||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Asset | Liability | AOCI | Asset | Liability | AOCI | ||||||||||||||||||||||||||||||||
Net investment hedges - euro denominated | $ | 16,441 | $ | — | $ | 18,565 | $ | 137 | $ | 30,302 | $ | (21,705 | ) | ||||||||||||||||||||||||
Net investment hedges - yen denominated | 28,184 | — | 36,385 | 20,104 | — | 22,102 | |||||||||||||||||||||||||||||||
Net investment hedges - pounds sterling denominated | 15,840 | — | 15,840 | — | — | — | |||||||||||||||||||||||||||||||
Foreign currency options - euro denominated (1) | 1,082 | — | — | — | — | — | |||||||||||||||||||||||||||||||
Interest rate swap hedges | — | 4,723 | (820 | ) | — | 5,638 | (591 | ) | |||||||||||||||||||||||||||||
Our share of derivatives from un consolidated co-investment ventures (2) | - - | - - | (21,406 | ) | - - | - - | (13,851 | ) | |||||||||||||||||||||||||||||
Total fair value of derivatives | $ | 61,547 | $ | 4,723 | $ | 48,564 | $ | 20,241 | $ | 35,940 | $ | (14,045 | ) | ||||||||||||||||||||||||
-1 | As discussed above, the foreign currency options are not designated as hedges. We recognized gains of $1.1 million in Foreign Currency and Derivative Gains and (Losses) and Related Amortization, Net in the Consolidated Statements of Operations from the change in value of our outstanding foreign currency collars for the three and nine months ended September 30, 2014. | ||||||||||||||||||||||||||||||||||||
-2 | Items indicated by ‘- -’ are not applicable | ||||||||||||||||||||||||||||||||||||
Summary of Gains (Losses) From Change in Fair Value of Derivative Instruments Included in Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||||||||||||||
The following table presents the gains and losses associated with the change in fair value for the effective portion of our derivative and non-derivative instruments included in Other Comprehensive Income (Loss) (in thousands): | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Derivative net investment hedges (1) | $ | 93,502 | $ | (23,801 | ) | $ | 70,393 | $ | 10,395 | ||||||||||||||||||||||||||||
Interest rate swap hedges | (39 | ) | (821 | ) | (229 | ) | 71 | ||||||||||||||||||||||||||||||
Our share of derivatives from unconsolidated co-investment ventures | (4,474 | ) | 3,584 | (7,555 | ) | 21,768 | |||||||||||||||||||||||||||||||
Total gain (loss) on derivative instruments | 88,989 | (21,038 | ) | 62,609 | 32,234 | ||||||||||||||||||||||||||||||||
Non-derivative net investment hedges | 204,250 | — | 214,570 | — | |||||||||||||||||||||||||||||||||
Total gain (loss) on derivative and non-derivative instruments | $ | 293,239 | $ | (21,038 | ) | $ | 277,179 | $ | 32,234 | ||||||||||||||||||||||||||||
-1 | This includes gains of $5.9 million and losses of $5.5 million for the three and nine months ended September 30, 2014, respectively, and a gain of $4.3 million for the nine months ended September 30, 2013, 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): | |||||||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||||||||||||||
Credit Facilities | $ | 741,610 | 741,610 | $ | 725,483 | $ | 725,679 | ||||||||||||||||||||||||||||||
Senior notes | 5,443,138 | 5,885,585 | 5,357,933 | 5,698,864 | |||||||||||||||||||||||||||||||||
Exchangeable senior notes | 451,999 | 485,077 | 438,481 | 514,381 | |||||||||||||||||||||||||||||||||
Secured mortgage debt | 1,141,772 | 1,272,061 | 1,696,597 | 1,840,829 | |||||||||||||||||||||||||||||||||
Secured mortgage debt of consolidated entities | 26,064 | 26,678 | 239,992 | 246,324 | |||||||||||||||||||||||||||||||||
Term loans and other debt | 1,018,369 | 1,020,895 | 552,730 | 560,714 | |||||||||||||||||||||||||||||||||
Total debt | $ | 8,822,952 | $ | 9,431,906 | $ | 9,011,216 | $ | 9,586,791 | |||||||||||||||||||||||||||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting, Reconciliation of Revenues, Operating Income and Assets | ' | ||||||||||||||||
The following reconciliations are presented in thousands: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
Real estate operations: | |||||||||||||||||
Americas | $ | 324,877 | $ | 324,294 | $ | 1,025,349 | $ | 948,165 | |||||||||
Europe | 20,422 | 26,199 | 57,083 | 154,961 | |||||||||||||
Asia | 15,782 | 24,243 | 51,776 | 85,031 | |||||||||||||
Total Real Estate Operations segment | 361,081 | 374,736 | 1,134,208 | 1,188,157 | |||||||||||||
Strategic capital: | |||||||||||||||||
Americas | 18,567 | 18,357 | 80,457 | 49,972 | |||||||||||||
Europe | 24,713 | 20,037 | 65,866 | 44,504 | |||||||||||||
Asia | 10,790 | 9,928 | 29,391 | 31,089 | |||||||||||||
Total Strategic Capital segment | 54,070 | 48,322 | 175,714 | 125,565 | |||||||||||||
Total revenues | $ | 415,151 | $ | 423,058 | $ | 1,309,922 | $ | 1,313,722 | |||||||||
Net operating income: | |||||||||||||||||
Real estate operations: | |||||||||||||||||
Americas | $ | 230,515 | $ | 225,664 | $ | 727,245 | $ | 658,458 | |||||||||
Europe | 12,072 | 18,623 | 31,706 | 104,321 | |||||||||||||
Asia | 11,302 | 17,268 | 37,469 | 60,882 | |||||||||||||
Total Real Estate Operations segment | 253,889 | 261,555 | 796,420 | 823,661 | |||||||||||||
Strategic capital: | |||||||||||||||||
Americas | 6,451 | 5,578 | 38,599 | 8,822 | |||||||||||||
Europe | 17,791 | 14,115 | 43,600 | 28,516 | |||||||||||||
Asia | 7,386 | 6,606 | 19,073 | 21,289 | |||||||||||||
Total Strategic Capital segment | 31,628 | 26,299 | 101,272 | 58,627 | |||||||||||||
Total segment net operating income | 285,517 | 287,854 | 897,692 | 882,288 | |||||||||||||
Reconciling items: | |||||||||||||||||
General and administrative expenses | (58,203 | ) | (55,034 | ) | (181,781 | ) | (166,140 | ) | |||||||||
Depreciation and amortization | (149,202 | ) | (155,439 | ) | (471,059 | ) | (483,215 | ) | |||||||||
Earnings from unconsolidated entities, net | 28,514 | 26,365 | 79,411 | 59,554 | |||||||||||||
Interest expense | (69,086 | ) | (84,642 | ) | (234,793 | ) | (291,496 | ) | |||||||||
Interest and other income, net | 550 | 5,653 | 19,716 | 21,772 | |||||||||||||
Gains on acquisitions and dispositions of investments in real estate, net | 151,057 | 46,074 | 337,695 | 445,954 | |||||||||||||
Foreign currency and derivative gains (losses) and related amortization, net | 20,792 | 6,875 | 2,738 | 15 | |||||||||||||
Losses on early extinguishment of debt, net | (86,076 | ) | (114,196 | ) | (163,361 | ) | (164,155 | ) | |||||||||
Total reconciling items | (161,654 | ) | (324,344 | ) | (611,434 | ) | (577,711 | ) | |||||||||
Earnings (loss) before income taxes | $ | 123,863 | $ | (36,490 | ) | $ | 286,258 | $ | 304,577 | ||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Assets: | |||||||||||||||||
Real estate operations: | |||||||||||||||||
Americas | $ | 14,811,609 | $ | 16,293,109 | |||||||||||||
Europe | 1,865,727 | 1,634,867 | |||||||||||||||
Asia | 870,852 | 1,176,774 | |||||||||||||||
Total Real Estate Operations segment | 17,548,188 | 19,104,750 | |||||||||||||||
Strategic capital (1): | |||||||||||||||||
Americas | 20,954 | 22,154 | |||||||||||||||
Europe | 56,103 | 60,327 | |||||||||||||||
Asia | 2,861 | 3,634 | |||||||||||||||
Total Strategic Capital segment | 79,918 | 86,115 | |||||||||||||||
Total segment assets | 17,628,106 | 19,190,865 | |||||||||||||||
Reconciling items: | |||||||||||||||||
Investments in and advances to unconsolidated entities | 5,814,056 | 4,430,239 | |||||||||||||||
Notes receivable backed by real estate and other | — | 192,042 | |||||||||||||||
Cash and cash equivalents | 311,879 | 491,129 | |||||||||||||||
Other assets | 318,062 | 268,032 | |||||||||||||||
Total reconciling items | 6,443,997 | 5,381,442 | |||||||||||||||
Total assets | $ | 24,072,103 | $ | 24,572,307 | |||||||||||||
-1 | Represents management contracts recorded in connection with business combinations and goodwill associated with the Strategic Capital segment. |
General_Additional_Information
General - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 2 |
Percentage of ownership in general partnership | 99.63% |
Percentage of interest in preferred units | 100.00% |
Percentage of common limited partnership interest | 0.37% |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 31, 2014 | Aug. 06, 2013 | Oct. 02, 2013 | |
Prologis US Logistics Venture [Member] | Prologis US Logistics Venture [Member] | Prologis North American Industrial Fund III [Member] | Prologis SGP Mexico [Member] | ||||||
Property | |||||||||
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties sold | ' | ' | ' | ' | ' | ' | ' | 73 | ' |
Ownership interest in the venture, percentage | ' | ' | ' | ' | ' | ' | ' | 80.00% | 78.40% |
Business acquisition purchase price allocation real estate | ' | ' | ' | ' | ' | ' | ' | $519,200,000 | $409,500,000 |
Business acquisition purchase price allocation other assets | ' | ' | ' | ' | ' | ' | ' | 22,000,000 | 4,000,000 |
Equity method investment, percentage | ' | ' | ' | ' | ' | ' | 55.00% | ' | ' |
Gains on acquisitions and dispositions of investments in real estate, net | 151,057,000 | ' | 46,074,000 | 337,695,000 | 445,954,000 | 35,900,000 | ' | ' | ' |
Business acquisition purchase price allocation other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 158,400,000 |
Net loss on investment | ' | $1,100,000 | ' | ' | ' | ' | ' | ' | ' |
Real_Estate_Real_Estate_Assets
Real Estate - Real Estate Assets (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | sqft | ||
Real Estate Properties [Line Items] | ' | ' | ' |
Square Feet / Acres | ' | 12,600,000 | ' |
Industrial operating properties: | ' | ' | ' |
Total investments in real estate properties | $19,466,582 | ' | $20,824,477 |
Less accumulated depreciation | 2,695,745 | ' | 2,568,998 |
Net investments in real estate properties | 16,770,837 | ' | 18,255,479 |
Improved Land [Member] | ' | ' | ' |
Industrial operating properties: | ' | ' | ' |
Total investments in real estate properties | 3,641,571 | ' | 4,074,647 |
Building and Improvements [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Square Feet / Acres | 241,104,000 | ' | 267,097,000 |
Number of buildings | 1,415 | ' | 1,610 |
Industrial operating properties: | ' | ' | ' |
Total investments in real estate properties | 12,514,097 | ' | 13,726,417 |
Development Portfolio, Including Cost of Land: Pre-stabilized [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Square Feet / Acres | 5,105,000 | ' | 4,491,000 |
Number of buildings | 15 | ' | 11 |
Industrial operating properties: | ' | ' | ' |
Total investments in real estate properties | 391,055 | ' | 204,022 |
Properties Under Development [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Square Feet / Acres | 21,158,000 | ' | 18,587,000 |
Number of buildings | 51 | ' | 46 |
Industrial operating properties: | ' | ' | ' |
Total investments in real estate properties | 925,415 | ' | 816,995 |
Land [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Square Feet / Acres | 9,226,000 | ' | 9,747,000 |
Industrial operating properties: | ' | ' | ' |
Total investments in real estate properties | 1,533,590 | ' | 1,516,166 |
Other Real Estate Investments [Member] | ' | ' | ' |
Industrial operating properties: | ' | ' | ' |
Total investments in real estate properties | $460,854 | ' | $486,230 |
Real_Estate_Summary_of_Acquisi
Real Estate - Summary of Acquisition (Detail) (USD $) | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | sqft | Unconsolidated Properties [Member] | Unconsolidated Properties [Member] | Third Parties [Member] | Third Parties [Member] |
sqft | Property | Property | sqft | ||
Property | sqft | sqft | Property | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Number of properties | ' | 0 | 32 | 8 | 4 |
Square feet | 12,600,000 | 0 | 9,958,000 | 1,004,000 | 1,134,000 |
Real estate acquisition value | ' | $0 | $731,644 | $78,314 | $48,922 |
Net gains | ' | $0 | $35,886 | ' | ' |
Real_Estate_Summary_of_Disposi
Real Estate - Summary of Dispositions (Detail) (USD $) | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | sqft | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] |
Contributions to Co-investment Ventures [Member] | Contributions to Co-investment Ventures [Member] | Dispositions to Third Parties [Member] | Dispositions to Third Parties [Member] | sqft | Property | ||
Property | sqft | Property | Property | Property | sqft | ||
sqft | Property | sqft | sqft | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of properties | ' | 115 | 221 | 106 | ' | ' | 39 |
Square feet | 12,600,000 | 22,806,000 | 62,213,000 | 14,663,000 | ' | ' | 4,802,000 |
Net proceeds | ' | $1,627,424 | $5,205,322 | $955,240 | $84,518 | ' | $297,465 |
Net gains on contributions and dispositions | ' | 156,746 | 407,788 | 180,949 | 2,280 | ' | ' |
Net gains from dispositions, including taxes | ' | ' | ' | ' | ' | ' | $59,598 |
Real_Estate_Additional_Informa
Real Estate - Additional Information (Detail) | 6 Months Ended | 6 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
USD ($) | Mexican Stock Exchange [Member] | Mexican Stock Exchange [Member] | Fibra [Member] | Fibra [Member] | Mexico Fondo Logistico Afores [Member] | Prologis Mexico Industrial Fund [Member] | |
sqft | USD ($) | MXN | USD ($) | MXN | sqft | sqft | |
Property | Property | ||||||
sqft | |||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of Properties Purchased | ' | ' | ' | 177 | 177 | ' | ' |
Square footage of properties | 12,600,000 | ' | ' | 29,700,000 | 29,700,000 | 7,600,000 | 9,500,000 |
Equity Units received in exchange of combined investments | ' | ' | ' | 287.3 | 287.3 | ' | ' |
Ownership interest accounted under equity method | ' | ' | ' | 45.00% | 45.00% | ' | ' |
Equity units trading value (per share) | ' | ' | ' | $2.09 | 27 | ' | ' |
Closing price of the equity units (per share) | ' | $2.08 | 28.1 | ' | ' | ' | ' |
Gain recognized on disposition of investments in real estate | $52.50 | ' | ' | ' | ' | ' | ' |
Tax expense recognized on disposition of investments in real estate | 32.4 | ' | ' | ' | ' | ' | ' |
Deferred tax benefit recognized on disposition of investments in real estate | 55.5 | ' | ' | ' | ' | ' | ' |
Earnings attributable to non controlling interest | $61 | ' | ' | ' | ' | ' | ' |
Unconsolidated_Entities_Additi
Unconsolidated Entities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Oct. 20, 2014 | Sep. 30, 2014 | |
Investment | Europe [Member] | Japan [Member] | Co-venturer [Member] | Prologis North American Industrial Fund [Member] | Prologis Targeted U.S. Logistics Fund [Member] | Maximum [Member] | Other Ventures [Member] | |||||
Venture | Venture | Subsequent Event [Member] | ||||||||||
Co-venturer [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unconsolidated co-investment ventures | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and advances to unconsolidated entities | $5,814,056,000 | ' | $5,814,056,000 | ' | $4,430,239,000 | ' | ' | ' | ' | ' | ' | $173,500,000 |
Promote fee earned from venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,100,000 | ' | ' |
Third party investors portion reflected in strategic capital income | 54,070,000 | 48,322,000 | 175,714,000 | 125,565,000 | ' | ' | ' | ' | ' | 31,300,000 | ' | ' |
Expenses included in strategic capital expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | ' | ' |
Equity method investment, percentage | ' | ' | ' | ' | ' | ' | ' | 63.30% | ' | ' | 66.10% | ' |
Equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | $632,100,000 | ' | ' | ' |
Number of co-investment ventures | ' | ' | ' | ' | ' | 1 | 1 | ' | ' | ' | ' | ' |
Unconsolidated_Entities_Summar
Unconsolidated Entities - Summary of Unconsolidated Co-investment Ventures (Detail) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | sqft | Unconsolidated Co-Investment Ventures [Member] | Unconsolidated Co-Investment Ventures [Member] | Unconsolidated Co-Investment Ventures [Member] | Investment Management [Member] | Investment Management [Member] | Investment Management [Member] | Investment Management [Member] | Investment Management [Member] | Investment Management [Member] | Investment Management [Member] | Investment Management [Member] | Investment Management [Member] | ||
Property | sqft | Property | Unconsolidated Co-Investment Ventures [Member] | Unconsolidated Co-Investment Ventures [Member] | Unconsolidated Co-Investment Ventures [Member] | Unconsolidated Co-Investment Ventures [Member] | Unconsolidated Co-Investment Ventures [Member] | Unconsolidated Co-Investment Ventures [Member] | Unconsolidated Co-Investment Ventures [Member] | Unconsolidated Co-Investment Ventures [Member] | Unconsolidated Co-Investment Ventures [Member] | ||||
sqft | Property | sqft | Americas [Member] | Americas [Member] | Americas [Member] | Europe [Member] | Europe [Member] | Europe [Member] | Asia [Member] | Asia [Member] | Asia [Member] | ||||
Property | sqft | sqft | Property | Property | sqft | sqft | sqft | sqft | |||||||
sqft | Property | Property | sqft | sqft | Property | Property | Property | Property | |||||||
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties owned | ' | ' | ' | 1,494 | 1,323 | 1,308 | 814 | 709 | 737 | 629 | 571 | 534 | 51 | 43 | 37 |
Square feet | ' | 12,600,000 | ' | 301,751,000 | 264,293,000 | 257,569,000 | 130,476,000 | 108,537,000 | 114,042,000 | 145,332,000 | 132,876,000 | 124,794,000 | 25,943,000 | 22,880,000 | 18,733,000 |
Total assets | $24,072,103 | ' | $24,572,307 | $25,713,935 | $23,865,250 | $23,382,115 | $9,395,900 | $8,014,339 | $8,433,418 | $11,951,749 | $11,818,786 | $11,471,358 | $4,366,286 | $4,032,125 | $3,477,339 |
Unconsolidated_Entities_Summar1
Unconsolidated Entities - Summarized Financial Information of Co-Investment Ventures (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' | ' | ' |
Revenues | $525.70 | $445.30 | $1,509.80 | $1,270 | ' |
Net operating income | 408 | 341.3 | 1,159.60 | 950 | ' |
Net earnings | 85.5 | 66.7 | 244.7 | 145.6 | ' |
Equity in earnings | 27.2 | 25.8 | 77.1 | 57.9 | ' |
Amounts due to us | 132.4 | ' | 132.4 | ' | 164 |
Third party debt | 7,865.10 | ' | 7,865.10 | ' | 7,712.50 |
Total liabilities | 9,291.20 | ' | 9,291.20 | ' | 9,189.90 |
Our weighted average ownership | 35.40% | ' | 35.40% | ' | 29.20% |
Our investment balance | 5,640.50 | ' | 5,640.50 | ' | 4,250 |
Deferred gains, net of amortization | 429.3 | ' | 429.3 | ' | 431.1 |
Gain (Loss) on disposition of property | ' | ' | 5.56 | 10 | ' |
Americas [Member] | ' | ' | ' | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' | ' | ' |
Revenues | 204.2 | 173.2 | 551.1 | 538.4 | ' |
Net operating income | 154.4 | 126.6 | 405.8 | 393.9 | ' |
Net earnings | 24.4 | 9.1 | 16.9 | 34.9 | ' |
Equity in earnings | 8.9 | 1.7 | 0.1 | 15 | ' |
Amounts due to us | 11.9 | ' | 11.9 | ' | 10.3 |
Third party debt | 3,309.40 | ' | 3,309.40 | ' | 2,999.10 |
Total liabilities | 3,513.30 | ' | 3,513.30 | ' | 3,177.10 |
Our weighted average ownership | 40.20% | ' | 40.20% | ' | 22.70% |
Our investment balance | 2,371.30 | ' | 2,371.30 | ' | 1,194 |
Deferred gains, net of amortization | 120.3 | ' | 120.3 | ' | 139.6 |
Europe [Member] | ' | ' | ' | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' | ' | ' |
Revenues | 250.5 | 215.3 | 749.5 | 571.6 | ' |
Net operating income | 198 | 170.1 | 590.9 | 434.8 | ' |
Net earnings | 38.7 | 41.9 | 166.9 | 77.8 | ' |
Equity in earnings | 14.6 | 20 | 66.8 | 36.3 | ' |
Amounts due to us | 16.7 | ' | 16.7 | ' | 43.7 |
Third party debt | 2,797.70 | ' | 2,797.70 | ' | 2,998.20 |
Total liabilities | 3,822.50 | ' | 3,822.50 | ' | 4,113.60 |
Our weighted average ownership | 38.80% | ' | 38.80% | ' | 39.00% |
Our investment balance | 2,893.60 | ' | 2,893.60 | ' | 2,703.30 |
Deferred gains, net of amortization | 197.1 | ' | 197.1 | ' | 196.7 |
Asia [Member] | ' | ' | ' | ' | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' | ' | ' |
Revenues | 71 | 56.8 | 209.2 | 160 | ' |
Net operating income | 55.6 | 44.6 | 162.9 | 121.3 | ' |
Net earnings | 22.4 | 15.7 | 60.9 | 32.9 | ' |
Equity in earnings | 3.7 | 4.1 | 10.2 | 6.6 | ' |
Amounts due to us | 103.8 | ' | 103.8 | ' | 110 |
Third party debt | 1,758 | ' | 1,758 | ' | 1,715.20 |
Total liabilities | 1,955.40 | ' | 1,955.40 | ' | 1,899.20 |
Our weighted average ownership | 15.00% | ' | 15.00% | ' | 15.00% |
Our investment balance | 375.6 | ' | 375.6 | ' | 352.7 |
Deferred gains, net of amortization | $111.90 | ' | $111.90 | ' | $94.80 |
Unconsolidated_Entities_Summar2
Unconsolidated Entities - Summarized Financial Information of Co-Investment Ventures (Parenthetical) (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
U.S, Prologis North American Industrial Fund III [Member] | U.S, Prologis North American Industrial Fund III [Member] | Nippon Prologis REIT Inc [Member] | Nippon Prologis REIT Inc [Member] | Prologis European Logistics Partners [Member] | Fibra [Member] | Fibra [Member] | ||||
Property | Property | Venture | U.S, Prologis North American Industrial Fund III [Member] | |||||||
Venture | Venture | |||||||||
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of co-investment ventures | ' | ' | ' | 2 | 1 | ' | ' | ' | 2 | ' |
Number of Co-investment ventures concluded | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' |
Gain (Loss) on disposition of property | $5.56 | $10 | ' | $16.90 | $24 | ' | ' | ' | ' | ' |
Number of disposed properties | ' | ' | ' | 14 | 3 | ' | ' | ' | ' | ' |
Acquisition cost | 16.7 | ' | ' | ' | ' | ' | ' | ' | ' | 37.2 |
Intercompany notes receivable | ' | ' | ' | ' | ' | 91.7 | 88.5 | ' | ' | ' |
Proceeds of remaining sale | ' | ' | ' | ' | ' | ' | ' | 35.5 | ' | ' |
Guaranteed debt | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' |
Unconsolidated_Entities_Summar3
Unconsolidated Entities - Summary of Remaining Equity Commitments (Detail) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | $2,765.20 |
Prologis Targeted U.S. Logistics Fund [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 351.5 |
Prologis Targeted Europe Logistics Fund [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 281.9 |
Prologis European Properties Fund II [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 257.9 |
Europe Logistics Venture 1 [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 145.8 |
Prologis European Logistics Partners [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 215.6 |
Prologis China Logistics Venture 1 and 2 [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 1,512.50 |
Prologis [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 556.6 |
Prologis [Member] | Prologis Targeted Europe Logistics Fund [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 121.4 |
Prologis [Member] | Prologis European Properties Fund II [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 78.6 |
Prologis [Member] | Europe Logistics Venture 1 [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 21.9 |
Prologis [Member] | Prologis European Logistics Partners [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 107.8 |
Prologis [Member] | Prologis China Logistics Venture 1 and 2 [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 226.9 |
Venture Partners [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 2,208.60 |
Venture Partners [Member] | Prologis Targeted U.S. Logistics Fund [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 351.5 |
Venture Partners [Member] | Prologis Targeted Europe Logistics Fund [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 160.5 |
Venture Partners [Member] | Prologis European Properties Fund II [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 179.3 |
Venture Partners [Member] | Europe Logistics Venture 1 [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 123.9 |
Venture Partners [Member] | Prologis European Logistics Partners [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | 107.8 |
Venture Partners [Member] | Prologis China Logistics Venture 1 and 2 [Member] | ' |
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' |
Remaining equity commitments | $1,285.60 |
Unconsolidated_Entities_Summar4
Unconsolidated Entities - Summary of Remaining Equity Commitments (Parenthetical) (Detail) (USD $) | 1 Months Ended | ||||
In Millions, unless otherwise specified | Jul. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Prologis China Logistics Venture [Member] | U.S. Dollars to Euro [Member] | U.S. Dollars to Euro [Member] | U.S. Dollars to Euro [Member] | British Pound Sterling to U.S. Dollar [Member] | |
Prologis Targeted Europe Logistics Fund [Member] | Prologis European Properties Fund II [Member] | Europe Logistics Venture 1 [Member] | Prologis European Logistics Partners [Member] | ||
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ' | ' | ' | ' | ' |
Exchange rate | ' | 1.26 | 1.26 | 1.26 | 1.62 |
Committed third party equity | $500 | ' | ' | ' | ' |
Notes_Receivable_Backed_by_Rea1
Notes Receivable Backed by Real Estate - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Receivables [Abstract] | ' |
Notes receivable backed by real estate | $188 |
Annual rate for the first three years | 7.00% |
Annual rate for the fourth year | 8.00% |
Debt_Debt_Summary_Detail
Debt - Debt Summary (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 3.60% | 4.20% |
Amount Outstanding | $8,822,952 | $9,011,216 |
Credit Facilities [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 1.10% | 1.20% |
Amount Outstanding | 741,610 | 725,483 |
Senior Notes [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 3.90% | 4.50% |
Amount Outstanding | 5,443,138 | 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 | 451,999 | 438,481 |
Secured Mortgage Debt [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 5.90% | 5.60% |
Amount Outstanding | 1,141,772 | 1,696,597 |
Secured Mortgage Debt of Consolidated Entities [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 3.90% | 4.70% |
Amount Outstanding | 26,064 | 239,992 |
Term Loans [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 1.10% | 1.70% |
Amount Outstanding | 1,001,930 | 535,908 |
Other Debt [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Weighted Average Interest Rate | 6.20% | 6.20% |
Amount Outstanding | $16,439 | $16,822 |
Debt_Debt_Summary_Parenthetica
Debt - Debt Summary (Parenthetical) (Detail) (USD $) | Sep. 30, 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 | $3.20 |
Japanese Yen [Member] | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' |
Foreign principal borrowing included in total debt denominated in non-U.S. dollars | 0.5 |
British pounds sterling [Member] | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' |
Foreign principal borrowing included in total debt denominated in non-U.S. dollars | $0.10 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
USD ($) | USD ($) | Yen Term Loan [Member] | Yen Term Loan [Member] | Yen Term Loan [Member] | Euro Term Loan [Member] | Euro Term Loan [Member] | Exchangeable Senior Notes [Member] | Exchangeable Senior Notes [Member] | Exchangeable Senior Notes [Member] | Exchangeable Senior Notes [Member] | Exchangeable Senior Notes [Member] | Global Facility [Member] | Global Facility [Member] | Global Facility [Member] | Revolver [Member] | Revolver [Member] | |
USD ($) | JPY (¥) | London Interbank Offered Rate (LIBOR) [Member] | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | USD ($) | JPY (¥) | |||
USD ($) | USD ($) | ||||||||||||||||
Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,430,000,000 | $2,000,000,000 | $2,500,000,000 | $410,000,000 | ¥ 45,000,000,000 |
Maximum borrowing capacity | 2,840,200,000 | 2,840,200,000 | 372,800,000 | 40,900,000,000 | ' | 629,200,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 514,800,000 | 56,500,000,000 |
Senior notes issued | 1,300,000,000 | 1,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt extinguishment costs | 84,800,000 | 163,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of derivative liability | ' | ' | ' | ' | ' | ' | ' | 19,900,000 | ' | 19,900,000 | ' | 41,000,000 | ' | ' | ' | ' | ' |
Unrealized gains (losses) | ' | ' | ' | ' | ' | ' | ' | 27,600,000 | 6,500,000 | 21,200,000 | -6,600,000 | ' | ' | ' | ' | ' | ' |
Increased borrowing limit | ' | ' | $465,600,000 | ¥ 51,100,000,000 | ' | $1,300,000,000 | € 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument basis spread | ' | ' | ' | ' | 1.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Credit_Facilities_Detail
Debt - Credit Facilities (Detail) (USD $) | Sep. 30, 2014 |
Debt Disclosure [Abstract] | ' |
Aggregate lender - commitments | $2,840,200,000 |
Borrowings outstanding | 741,600,000 |
Outstanding letters of credit | 45,500,000 |
Current availability | $2,053,100,000 |
Debt_Schedule_of_Senior_Notes_
Debt - Schedule of Senior Notes (Detail) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | USD ($) | February 2014 [Member] | February 2014 [Member] | June 2014 [Member] | June 2014 [Member] | October 2014 [Member] | October 2014 [Member] |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Principal Amount | $1,300,000 | $959,420 | € 700,000 | $680,550 | € 500,000 | $756,420 | € 600,000 |
Interest Rate | ' | 3.38% | 3.38% | 3.00% | 3.00% | 1.38% | 1.38% |
Effective Interest Rate | ' | 3.52% | 3.52% | 3.10% | 3.10% | 1.40% | 1.40% |
Maturity Date | ' | '2024-02 | '2024-02 | '2026-06 | '2026-06 | '2020-10 | '2020-10 |
Debt_LongTerm_Debt_Maturities_
Debt - Long-Term Debt Maturities (Detail) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
2014 | $19 |
2015 | 475 |
2016 | 315 |
2017 | 1,977 |
2018 | 375 |
2019 | 980 |
2020 | 384 |
2021 | 886 |
2022 | 892 |
2023 | 859 |
Thereafter | 1,651 |
Subtotal | 8,813 |
Unamortized premiums (discounts), net | 10 |
Total | 8,823 |
Wholly Owned [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | 17 |
2015 | 471 |
2016 | 312 |
2017 | 1,976 |
2018 | 374 |
2019 | 978 |
2020 | 382 |
2021 | 884 |
2022 | 889 |
2023 | 858 |
Thereafter | 1,646 |
Subtotal | 8,787 |
Unamortized premiums (discounts), net | 10 |
Total | 8,797 |
Wholly Owned [Member] | Senior Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
2017 | 377 |
2018 | 262 |
2019 | 693 |
2020 | 375 |
2021 | 500 |
2022 | 881 |
2023 | 850 |
Thereafter | 1,510 |
Subtotal | 5,448 |
Unamortized premiums (discounts), net | -5 |
Total | 5,443 |
Wholly Owned [Member] | Exchangeable Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
2015 | 460 |
Subtotal | 460 |
Unamortized premiums (discounts), net | -8 |
Total | 452 |
Wholly Owned [Member] | Credit Facilities [Member] | ' |
Debt Instrument [Line Items] | ' |
2017 | 742 |
Subtotal | 742 |
Total | 742 |
Wholly Owned [Member] | Other Debt [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | 1 |
2015 | 1 |
2016 | 1 |
2017 | 630 |
2018 | 1 |
2020 | 1 |
2021 | 373 |
2022 | 1 |
2023 | 1 |
Thereafter | 8 |
Subtotal | 1,018 |
Total | 1,018 |
Wholly Owned [Member] | Secured Mortgage Debt [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | 16 |
2015 | 10 |
2016 | 311 |
2017 | 227 |
2018 | 111 |
2019 | 285 |
2020 | 6 |
2021 | 11 |
2022 | 7 |
2023 | 7 |
Thereafter | 128 |
Subtotal | 1,119 |
Unamortized premiums (discounts), net | 23 |
Total | 1,142 |
Consolidated Entities [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | 2 |
2015 | 4 |
2016 | 3 |
2017 | 1 |
2018 | 1 |
2019 | 2 |
2020 | 2 |
2021 | 2 |
2022 | 3 |
2023 | 1 |
Thereafter | 5 |
Subtotal | 26 |
Total | $26 |
Debt_LongTerm_Debt_Maturities_1
Debt - Long-Term Debt Maturities (Parenthetical) (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Conversion rate of notes to shares of common stock | 25.8244 |
Base principal amount per note | $1,000 |
Stockholders_Equity_of_the_REI1
Stockholders' Equity of the REIT and Partners' Capital of the Operating Partnership - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 |
Series Q Preferred Stock [Member] | Series Q Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Liquidation Preference Per share | $50 | ' | $50 | ' | $50 |
Preferred Stock Par Value | $0.01 | ' | $0.01 | ' | $0.01 |
Preferred stock dividend rate percentage | ' | ' | ' | ' | 8.54% |
Preferred Stock redemption date | ' | ' | ' | ' | 13-Nov-26 |
Repurchase of preferred stock, shares | ' | ' | ' | 435,300 | ' |
Redemption Premium of Preferred Stock | $6,517 | $9,108 | ' | $6,500 | ' |
Noncontrolling_Interests_Addit
Noncontrolling Interests - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Sep. 30, 2014 |
sqft | Prologis US Logistics Venture [Member] | Maximum [Member] | ||
Property | ||||
sqft | ||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Percentage of co-investment | ' | ' | ' | 100.00% |
Number of properties sold | ' | ' | 66 | ' |
Square footage of properties | ' | 12,600,000 | 12,800,000 | ' |
Proceeds for contributed properties | ' | ' | $1,000 | ' |
Equity method investment, percentage | ' | ' | 55.00% | ' |
Common partnership units of operating partnership owned by REIT | 99.63% | ' | ' | ' |
Noncontrolling_Interests_Nonco
Noncontrolling Interests - Noncontrolling Interest Summary (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Noncontrolling Interest [Line Items] | ' | ' |
Debt for Noncontrolling Interest | $26,064 | $239,992 |
Debt for Noncontrolling Interest, Limited Partnerships | ' | ' |
Debt for Noncontrolling Interest and Limited Partnerships | 26,064 | 239,992 |
Total Investment In Real Estate | 16,770,837 | 18,255,479 |
Operating Partnership noncontrolling interest | 646,404 | 417,086 |
Limited partners in the Operating Partnership | 50,244 | 48,209 |
REIT noncontrolling interests | 696,648 | 465,295 |
Non-controlling Interests [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Total Investment In Real Estate | 2,053,065 | 1,610,991 |
Mexico Fondo Logistico [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Debt for Noncontrolling Interest | ' | 191,866 |
Total Investment In Real Estate | 29,190 | 457,006 |
Parent Company's Ownership Percentage | 20.00% | 20.00% |
Operating Partnership noncontrolling interest | 39,407 | 220,292 |
Prologis AMS [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Debt for Noncontrolling Interest | ' | 17,063 |
Total Investment In Real Estate | ' | 58,575 |
Parent Company's Ownership Percentage | ' | 38.50% |
Operating Partnership noncontrolling interest | ' | 24,791 |
Prologis US Logistics Venture [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Total Investment In Real Estate | 1,004,753 | ' |
Parent Company's Ownership Percentage | 55.00% | ' |
Operating Partnership noncontrolling interest | 431,929 | ' |
Other Consolidated Entities [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Debt for Noncontrolling Interest | 26,064 | 31,063 |
Total Investment In Real Estate | 309,899 | 312,358 |
Parent Company's Ownership | 'various | 'various |
Operating Partnership noncontrolling interest | 31,905 | 31,465 |
Prologis, L.P. [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Total Investment In Real Estate | 16,770,837 | 18,255,479 |
REIT noncontrolling interests | 646,404 | 417,086 |
Partnerships with Exchangeable Units [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Total Investment In Real Estate | 709,223 | 783,052 |
Parent Company's Ownership | 'various | 'various |
Operating Partnership noncontrolling interest | 70,255 | 75,532 |
Brazil Fund [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Total Investment In Real Estate | ' | ' |
Parent Company's Ownership Percentage | 50.00% | 50.00% |
Operating Partnership noncontrolling interest | 72,908 | 65,006 |
Operating Partnership noncontrolling interests [Member] | Prologis, L.P. [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Total Investment In Real Estate | 2,053,065 | 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 $) | 9 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Brazil Fund [Member] | Brazil Fund [Member] | Limited Partnership Interests [Member] | Prologis, L.P. [Member] | Prologis, L.P. [Member] | Mexico Fondo Logistico [Member] | Mexico Fondo Logistico [Member] | Mexico Fondo Logistico [Member] | Prologis AMS [Member] | Prologis AMS [Member] | |||
Property | ||||||||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding limited partnership units | 1,887,000 | 1,949,000 | ' | ' | ' | 1,767,000 | 1,767,000 | ' | ' | ' | ' | ' |
Limited partnership units converted in to cash | 62,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Partnership non controlling interest | ' | ' | ' | ' | ' | ' | ' | $34.60 | ' | ' | ' | ' |
Investments in unconsolidated entities | ' | ' | 164.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Parent Company's Ownership Percentage | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | 20.00% | 20.00% | ' | 38.50% |
Number of disposed properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' |
Proceeds from sale of property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $63.90 | ' |
Number of share options issued | ' | ' | ' | ' | 113,000 | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Compensation_RSU_and_
Long-Term Compensation - RSU and Performance Share Awards (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Awards Vested, Ending Balance | 5,511,000 |
RSU and PSA [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Awards, beginning balance | 2,266,000 |
Granted | 1,333,000 |
Vested and distributed | -1,019,000 |
Forfeited | -54,000 |
Number of Awards, ending balance | 2,526,000 |
Weighted Average Grant-Date Fair Value, Ending balance | $39.39 |
Number of Awards Vested, Ending Balance | 106,000 |
LongTerm_Compensation_RSU_and_1
Long-Term Compensation - RSU and Performance Share Awards (Parenthetical) (Detail) (Restricted Stock Units (RSUs) [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period | '3 years |
LongTerm_Compensation_Stock_Op
Long-Term Compensation - Stock Option and Other Share Based Activity (Detail) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Number of Options, Beginning balance | 6,253 |
Number of Options, Exercised | -548 |
Number of Options, Forfeited/ Expired | -193 |
Number of Options, Ending balance | 6,253 |
Weighted Average Exercise Price, Ending Balance | $34.74 |
Options Exercisable, Number of Options Ending balance | 5,511 |
LongTerm_Compensation_Addition
Long-Term Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Feb. 13, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Aggregate fair value | $23.10 | ' | ' | ' | ' |
Assumed risk free interest rate | 0.67% | ' | ' | ' | ' |
Expected volatility rate | 46.00% | ' | ' | ' | ' |
Compensation expense | ' | 6.9 | 5 | 20.8 | 18 |
Prologis Promote Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Total value of awards | ' | 11.3 | ' | 11.3 | ' |
Total value of awards, paid in cash | ' | 4.2 | ' | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | '3 years | ' |
Restricted Stock Units (RSUs) [Member] | Prologis Promote Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Number of share options issued | ' | 57,000 | ' | ' | ' |
Aggregate fair value | ' | 2.4 | ' | ' | ' |
Vesting period | ' | '3 years | ' | ' | ' |
Limited Partnership Units [Member] | Prologis Promote Plan [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Number of share options issued | ' | 113,000 | ' | ' | ' |
Aggregate fair value | ' | $4.70 | ' | ' | ' |
Vesting period | ' | '3 years | ' | ' | ' |
Peer Company [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Expected volatility rate | 30.00% | ' | ' | ' | ' |
Discontinued_Operations_Income
Discontinued Operations - Income Attributable to Disposed Properties and Assets Held for Sale (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Rental income and recoveries | $7,928 | $28,620 |
Rental expenses | -2,677 | -9,638 |
Depreciation and amortization | -3,802 | -12,868 |
Interest expense | -243 | -975 |
Income attributable to disposed properties and assets held for sale | $1,206 | $5,139 |
Earnings_Per_Common_Share_Unit2
Earnings Per Common Share / Unit - Computation of Basic and Diluted Earnings Per Share Unit (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net earnings (loss) attributable to common stockholders | $136,245 | ($7,534) | $213,626 | $256,365 |
Noncontrolling interest attributable to exchangeable limited partnership units | 493 | -48 | 767 | 1,446 |
Gains, net of expenses, associated with exchangeable debt assumed exchanged | -18,658 | ' | ' | ' |
Adjusted net earnings (loss) attributable to common stockholders | 118,080 | -7,582 | 214,393 | 257,811 |
Weighted average common partnership units outstanding - Basic | 499,292 | 497,989 | 499,045 | 482,007 |
Incremental weighted average effect on exchange of limited partnership units | 1,843 | 1,859 | 1,792 | 3,099 |
Incremental weighted average effect of stock awards and warrants | 3,074 | ' | 3,374 | 3,303 |
Incremental weighted average effect on exchange of exchangeable debt | 11,879 | ' | ' | ' |
Weighted average common partnership units outstanding - Diluted | 516,088 | 499,848 | 504,211 | 488,409 |
Net earnings (loss) per share attributable to common stockholders - | ' | ' | ' | ' |
Basic | $0.27 | ($0.02) | $0.43 | $0.53 |
Diluted | $0.23 | ($0.02) | $0.43 | $0.53 |
Prologis, L.P. [Member] | ' | ' | ' | ' |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net earnings (loss) attributable to common stockholders | 136,738 | -7,582 | 214,393 | 257,374 |
Noncontrolling interest attributable to exchangeable limited partnership units | ' | ' | ' | 437 |
Gains, net of expenses, associated with exchangeable debt assumed exchanged | -18,658 | ' | ' | ' |
Adjusted net earnings (loss) attributable to common stockholders | $118,080 | ($7,582) | $214,393 | $257,811 |
Weighted average common partnership units outstanding - Basic | 501,135 | 499,848 | 500,837 | 483,889 |
Incremental weighted average effect on exchange of limited partnership units | ' | ' | ' | 1,217 |
Incremental weighted average effect of stock awards and warrants | 3,074 | ' | 3,374 | 3,303 |
Incremental weighted average effect on exchange of exchangeable debt | 11,879 | ' | ' | ' |
Weighted average common partnership units outstanding - Diluted | 516,088 | 499,848 | 504,211 | 488,409 |
Net earnings (loss) per share attributable to common stockholders - | ' | ' | ' | ' |
Basic | $0.27 | ($0.02) | $0.43 | $0.53 |
Diluted | $0.23 | ($0.02) | $0.43 | $0.53 |
Earnings_Per_Common_Share_Unit3
Earnings Per Common Share / Unit - Computation of Basic and Diluted Earnings Per Share Unit (Parenthetical) (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ' | ' | ' | ' |
Weighted average exchangeable Operating Partnership units outstanding | 1,843 | 1,859 | 1,792 | 1,882 |
Total weighted average potentially dilutive limited partnership units outstanding | 14,170 | 14,133 | 14,903 | 14,070 |
Prologis, L.P. [Member] | ' | ' | ' | ' |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total weighted average potentially dilutive limited partnership units outstanding | 1,944 | 1,950 | 1,947 | 1,426 |
Total weighted average potentially dilutive exchangeable debt outstanding | 11,879 | 11,879 | 11,879 | 11,879 |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements - Derivative Activity (Detail) | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | USD ($) | Euro Forward Contracts [Member] | Euro Forward Contracts [Member] | Euro Forward Contracts [Member] | Euro Forward Contracts [Member] | Yen Forward Contracts [Member] | Yen Forward Contracts [Member] | Yen Forward Contracts [Member] | Yen Forward Contracts [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | GBP Forward Contracts [Member] | GBP Forward Contracts [Member] | Euro Options Contracts [Member] | Euro Options Contracts [Member] |
Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | USD ($) | USD ($) | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | ||
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | JPY (¥) | USD ($) | JPY (¥) | Derivative | USD ($) | GBP (£) | USD ($) | EUR (€) | |||
Derivative | Derivative | Derivative | Derivative | ||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amounts at January 1, | $319.90 | $800 | € 600 | $1,304 | € 1,000 | $250 | ¥ 24,136 | ' | ' | $71 | $1,315 | ' | ' | ' | ' |
New contracts | ' | 1,979 | 1,446 | 800 | 600 | 769 | 79,010 | 250 | 24,136 | 373 | ' | 400 | 400 | 187 | 141 |
Matured or expired contracts | ' | -1,979 | -1,446 | -1,304 | -1,000 | -769 | -79,010 | ' | ' | ' | -1,230 | ' | ' | -90 | -66 |
Notional amounts at September 30 | $319.90 | $800 | € 600 | $800 | € 600 | $250 | ¥ 24,136 | $250 | ¥ 24,136 | $444 | $85 | $400 | £ 238 | $97 | € 75 |
Active contracts at September 30, | ' | 7,000,000 | 7,000,000 | ' | ' | 3,000,000 | 3,000,000 | ' | ' | 3,000,000 | ' | 3,000,000 | 3,000,000 | 5,000,000 | 5,000,000 |
Weighted Average Forward Rate at September 30, | ' | 1.33 | 1.33 | ' | ' | 96.54 | 96.54 | ' | ' | ' | ' | 1.68 | 1.68 | 1.3 | 1.3 |
Financial_Instruments_and_Fair3
Financial Instruments and Fair Value Measurements - Derivative Activity (Parenthetical) (Detail) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 |
USD ($) | USD ($) | USD ($) | Prologis European Logistics Partners [Member] | Nippon Prologis REIT Inc [Member] | Yen Term Loan [Member] | |
Option | Option | Contract | USD ($) | USD ($) | JPY (¥) | |
Contract | Contract | Contract | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Number of option exercised | 1 | 2 | ' | ' | ' | ' |
Net gain from option exercised | $1 | $1.10 | ' | ' | ' | ' |
Number of contracts | ' | ' | ' | ' | ' | 2 |
Notional value of swap contracts settled | ' | ' | $319.90 | $383.90 | $526.40 | ¥ 40,900 |
Number of swap contracts | ' | ' | 12 | ' | 5 | ' |
Notional value of swap contracts contributed | ' | ' | ' | 13 | ' | ' |
Financial_Instruments_and_Fair4
Financial Instruments and Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | |
USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | EUR (€) | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issued | $8,813,000,000 | ' | $8,813,000,000 | ' | $2,400,000,000 | $1,000,000,000 | € 1,900,000,000 | $1,600,000,000 | € 1,200,000,000 | € 700,000,000 |
Amount of gain (loss) included in AOCI | -130,763,000 | 88,001,000 | -72,022,000 | -250,251,000 | 214,600,000 | -14,900,000 | ' | ' | ' | ' |
Hedge ineffectiveness | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' |
Financial_Instruments_and_Fair5
Financial Instruments and Fair Value Measurements - Schedule of Fair Value of Derivative Instruments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset | $61,547 | $20,241 |
Liability | 4,723 | 35,940 |
AOCI | 48,564 | -14,045 |
Net Investment Hedges - Euro Denominated [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset | 16,441 | 137 |
Liability | ' | 30,302 |
AOCI | 18,565 | -21,705 |
Net Investment Hedges - Yen Denominated [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset | 28,184 | 20,104 |
AOCI | 36,385 | 22,102 |
Net Investment Hedges - Pounds Sterling Denominated [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset | 15,840 | ' |
Liability | ' | ' |
AOCI | 15,840 | ' |
Foreign Currency Options - Euro Denominated [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset | 1,082 | ' |
Liability | ' | ' |
AOCI | ' | ' |
Interest Rate Swap Hedges [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability | 4,723 | 5,638 |
AOCI | -820 | -591 |
Our Share of Derivatives from Unconsolidated Co-Investment Ventures [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
AOCI | ($21,406) | ($13,851) |
Financial_Instruments_and_Fair6
Financial Instruments and Fair Value Measurements - Schedule of Fair Value of Derivative Instruments (Parenthetical) (Detail) (Foreign Currency Options - Euro Denominated [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Foreign Currency Options - Euro Denominated [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gains on foreign exchange transactions | $1.10 | $1.10 |
Financial_Instruments_and_Fair7
Financial Instruments and Fair Value Measurements - Summary of Gains (Losses) From Change in Fair Value of Derivative Instruments Included in Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Total gain (loss) on derivative instruments | $88,989 | ($21,038) | $62,609 | $32,234 |
Total gain (loss) on derivative and non-derivative instruments | 293,239 | -21,038 | 277,179 | 32,234 |
Derivative Net Investment Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Total gain (loss) on derivative instruments | 93,502 | -23,801 | 70,393 | 10,395 |
Interest Rate Swap Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Total gain (loss) on derivative instruments | -39 | -821 | -229 | 71 |
Our Share of Derivatives from Unconsolidated Co-Investment Ventures [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Total gain (loss) on derivative instruments | -4,474 | 3,584 | -7,555 | 21,768 |
Non-Derivative Net Investment Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Non-derivative net investment hedges | $204,250 | ' | $214,570 | ' |
Financial_Instruments_and_Fair8
Financial Instruments and Fair Value Measurements - Summary of Gains (Losses) From Change in Fair Value of Derivative Instruments Included in Other Comprehensive Income (Loss) (Parenthetical) (Detail) (Net investment hedges [Member], USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Net investment hedges [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) on settlement of derivatives | $5.90 | ($5.50) | $4.30 |
Financial_Instruments_and_Fair9
Financial Instruments and Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Debt (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value of Debt | $8,822,952 | $9,011,216 |
Fair Value of Debt | 9,431,906 | 9,586,791 |
Credit Facilities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value of Debt | 741,610 | 725,483 |
Fair Value of Debt | 741,610 | 725,679 |
Senior Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value of Debt | 5,443,138 | 5,357,933 |
Fair Value of Debt | 5,885,585 | 5,698,864 |
Exchangeable Senior Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value of Debt | 451,999 | 438,481 |
Fair Value of Debt | 485,077 | 514,381 |
Secured Mortgage Debt [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value of Debt | 1,141,772 | 1,696,597 |
Fair Value of Debt | 1,272,061 | 1,840,829 |
Secured Mortgage Debt of Consolidated Entities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value of Debt | 26,064 | 239,992 |
Fair Value of Debt | 26,678 | 246,324 |
Term Loan and Other Debt [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Carrying Value of Debt | 1,018,369 | 552,730 |
Fair Value of Debt | $1,020,895 | $560,714 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenues | $415,151 | $423,058 | $1,309,922 | $1,313,722 | ' | ' |
General and administrative expenses | -58,203 | -55,034 | -181,781 | -166,140 | ' | ' |
Depreciation and amortization | -149,202 | -155,439 | -471,059 | -483,215 | ' | ' |
Earnings from unconsolidated entities, net | 28,514 | 26,365 | 79,411 | 59,554 | ' | ' |
Interest expense | -69,086 | -84,642 | -234,793 | -291,496 | ' | ' |
Interest and other income, net | 550 | 5,653 | 19,716 | 21,772 | ' | ' |
Gains on acquisitions and dispositions of investments in real estate, net | 151,057 | 46,074 | 337,695 | 445,954 | ' | ' |
Foreign currency and derivative gains (losses) and related amortization, net | 20,792 | 6,875 | 2,738 | 15 | ' | ' |
Losses on early extinguishment of debt, net | -86,076 | -114,196 | -163,361 | -164,155 | ' | ' |
Consolidated net earnings (loss) | 147,127 | -7,167 | 311,560 | 284,780 | ' | ' |
Earnings (loss) before income taxes | 123,863 | -36,490 | 286,258 | 304,577 | ' | ' |
Investments in and advances to unconsolidated entities | 5,814,056 | ' | 5,814,056 | ' | 4,430,239 | ' |
Notes receivable backed by real estate and other | ' | ' | ' | ' | 192,042 | ' |
Cash and cash equivalents | 311,879 | 121,693 | 311,879 | 121,693 | 491,129 | 100,810 |
Total assets | 24,072,103 | ' | 24,072,103 | ' | 24,572,307 | ' |
Operating Segments [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenues | 415,151 | 423,058 | 1,309,922 | 1,313,722 | ' | ' |
Consolidated net earnings (loss) | 285,517 | 287,854 | 897,692 | 882,288 | ' | ' |
Total assets | 17,628,106 | ' | 17,628,106 | ' | 19,190,865 | ' |
Operating Segments [Member] | Real Estate Operations [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenues | 361,081 | 374,736 | 1,134,208 | 1,188,157 | ' | ' |
Consolidated net earnings (loss) | 253,889 | 261,555 | 796,420 | 823,661 | ' | ' |
Total assets | 17,548,188 | ' | 17,548,188 | ' | 19,104,750 | ' |
Operating Segments [Member] | Investment Management [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenues | 54,070 | 48,322 | 175,714 | 125,565 | ' | ' |
Consolidated net earnings (loss) | 31,628 | 26,299 | 101,272 | 58,627 | ' | ' |
Total assets | 79,918 | ' | 79,918 | ' | 86,115 | ' |
Operating Segments [Member] | Americas [Member] | Real Estate Operations [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenues | 324,877 | 324,294 | 1,025,349 | 948,165 | ' | ' |
Consolidated net earnings (loss) | 230,515 | 225,664 | 727,245 | 658,458 | ' | ' |
Total assets | 14,811,609 | ' | 14,811,609 | ' | 16,293,109 | ' |
Operating Segments [Member] | Americas [Member] | Investment Management [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenues | 18,567 | 18,357 | 80,457 | 49,972 | ' | ' |
Consolidated net earnings (loss) | 6,451 | 5,578 | 38,599 | 8,822 | ' | ' |
Total assets | 20,954 | ' | 20,954 | ' | 22,154 | ' |
Operating Segments [Member] | Europe [Member] | Real Estate Operations [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenues | 20,422 | 26,199 | 57,083 | 154,961 | ' | ' |
Consolidated net earnings (loss) | 12,072 | 18,623 | 31,706 | 104,321 | ' | ' |
Total assets | 1,865,727 | ' | 1,865,727 | ' | 1,634,867 | ' |
Operating Segments [Member] | Europe [Member] | Investment Management [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenues | 24,713 | 20,037 | 65,866 | 44,504 | ' | ' |
Consolidated net earnings (loss) | 17,791 | 14,115 | 43,600 | 28,516 | ' | ' |
Total assets | 56,103 | ' | 56,103 | ' | 60,327 | ' |
Operating Segments [Member] | Asia [Member] | Real Estate Operations [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenues | 15,782 | 24,243 | 51,776 | 85,031 | ' | ' |
Consolidated net earnings (loss) | 11,302 | 17,268 | 37,469 | 60,882 | ' | ' |
Total assets | 870,852 | ' | 870,852 | ' | 1,176,774 | ' |
Operating Segments [Member] | Asia [Member] | Investment Management [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Total revenues | 10,790 | 9,928 | 29,391 | 31,089 | ' | ' |
Consolidated net earnings (loss) | 7,386 | 6,606 | 19,073 | 21,289 | ' | ' |
Total assets | 2,861 | ' | 2,861 | ' | 3,634 | ' |
Reconciling Items [Member] | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
General and administrative expenses | -58,203 | -55,034 | -181,781 | -166,140 | ' | ' |
Depreciation and amortization | -149,202 | -155,439 | -471,059 | -483,215 | ' | ' |
Earnings from unconsolidated entities, net | 28,514 | 26,365 | 79,411 | 59,554 | ' | ' |
Interest expense | -69,086 | -84,642 | -234,793 | -291,496 | ' | ' |
Interest and other income, net | 550 | 5,653 | 19,716 | 21,772 | ' | ' |
Gains on acquisitions and dispositions of investments in real estate, net | 151,057 | 46,074 | 337,695 | 445,954 | ' | ' |
Foreign currency and derivative gains (losses) and related amortization, net | 20,792 | 6,875 | 2,738 | 15 | ' | ' |
Losses on early extinguishment of debt, net | -86,076 | -114,196 | -163,361 | -164,155 | ' | ' |
Consolidated net earnings (loss) | -161,654 | -324,344 | -611,434 | -577,711 | ' | ' |
Investments in and advances to unconsolidated entities | 5,814,056 | ' | 5,814,056 | ' | 4,430,239 | ' |
Notes receivable backed by real estate and other | ' | ' | ' | ' | 192,042 | ' |
Cash and cash equivalents | 311,879 | ' | 311,879 | ' | 491,129 | ' |
Other assets | 318,062 | ' | 318,062 | ' | 268,032 | ' |
Total assets | $6,443,997 | ' | $6,443,997 | ' | $5,381,442 | ' |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information - Additional Information (Detail) (USD $) | 6 Months Ended | 9 Months Ended | 3 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | |
Investment of Real Estate or Other Assets [Member] | Investment of Real Estate or Other Assets [Member] | Prologis European Logistics Partners [Member] | |||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Ownership interests received | $601,600,000 | ' | ' | ' | ' | ' | $1,300,000,000 |
Assumed debt | 345,100,000 | ' | ' | ' | ' | ' | 353,200,000 |
Percentage of ownership interests received | ' | ' | ' | ' | ' | ' | 50.00% |
Limited partnership units issued | ' | 804,734 | ' | ' | ' | ' | ' |
Limited partnership units, value | ' | 31,300,000 | ' | ' | ' | ' | ' |
Proceeds from contribution of properties to entities | ' | ' | ' | 19,500,000 | ' | ' | ' |
Costs of share-based compensation awards | ' | ' | 61,790,000 | ' | 16,100,000 | 12,500,000 | ' |
Interest paid in cash | ' | ' | 222,100,000 | 308,900,000 | ' | ' | ' |
Cash paid for income taxes | ' | ' | $93,900,000 | $80,300,000 | ' | ' | ' |