Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 27, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PLD | |
Entity Registrant Name | Prologis, Inc. | |
Entity Central Index Key | 1045609 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 524,047,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Investments in real estate properties | $21,800,499 | $22,190,145 |
Less accumulated depreciation | 2,877,478 | 2,790,781 |
Net investments in real estate properties | 18,923,021 | 19,399,364 |
Investments in and advances to unconsolidated entities | 4,559,721 | 4,824,724 |
Assets held for sale | 337,229 | 43,934 |
Note receivable backed by real estate | 197,500 | 0 |
Net investments in real estate | 24,017,471 | 24,268,022 |
Cash and cash equivalents | 192,013 | 350,692 |
Other assets | 1,251,337 | 1,199,509 |
Total assets | 25,460,821 | 25,818,223 |
Liabilities: | ||
Debt | 8,641,421 | 9,380,199 |
Accounts payable and accrued expenses | 459,845 | 627,999 |
Other liabilities | 566,748 | 626,426 |
Total liabilities | 9,668,014 | 10,634,624 |
Prologis, Inc. stockholders' equity: | ||
Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,565 shares issued and outstanding and 100,000 preferred shares authorized at March 31, 2015 and December 31, 2014 | 78,235 | 78,235 |
Common stock; $0.01 par value; 524,037 shares and 509,498 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 5,240 | 5,095 |
Additional paid-in capital | 19,052,562 | 18,467,009 |
Accumulated other comprehensive loss | -701,713 | -600,337 |
Distributions in excess of net earnings | -3,819,351 | -3,974,493 |
Total Prologis, Inc. stockholders' equity | 14,614,973 | 13,975,509 |
Partners' capital: | ||
Noncontrolling interests | 1,177,834 | 1,208,090 |
Total equity | 15,792,807 | 15,183,599 |
Total liabilities and equity | 25,460,821 | 25,818,223 |
Prologis, L.P. [Member] | ||
ASSETS | ||
Investments in real estate properties | 21,800,499 | 22,190,145 |
Less accumulated depreciation | 2,877,478 | 2,790,781 |
Net investments in real estate properties | 18,923,021 | 19,399,364 |
Investments in and advances to unconsolidated entities | 4,559,721 | 4,824,724 |
Assets held for sale | 337,229 | 43,934 |
Note receivable backed by real estate | 197,500 | 0 |
Net investments in real estate | 24,017,471 | 24,268,022 |
Cash and cash equivalents | 192,013 | 350,692 |
Other assets | 1,251,337 | 1,199,509 |
Total assets | 25,460,821 | 25,818,223 |
Liabilities: | ||
Debt | 8,641,421 | 9,380,199 |
Accounts payable and accrued expenses | 459,845 | 627,999 |
Other liabilities | 566,748 | 626,426 |
Total liabilities | 9,668,014 | 10,634,624 |
Partners' capital: | ||
Limited partners | 55,833 | 48,189 |
Total partners' capital | 14,670,806 | 14,023,698 |
Noncontrolling interests | 1,122,001 | 1,159,901 |
Total capital | 15,792,807 | 15,183,599 |
Total liabilities and equity | 25,460,821 | 25,818,223 |
Prologis, L.P. [Member] | Preferred [Member] | ||
Partners' capital: | ||
General partner | 78,235 | 78,235 |
Prologis, L.P. [Member] | Common [Member] | ||
Partners' capital: | ||
General partner | $14,536,738 | $13,897,274 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, liquidation preference per share | $50 | $50 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 1,565,000 | 1,565,000 |
Preferred stock, shares outstanding | 1,565,000 | 1,565,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares issued | 524,037,000 | 509,498,000 |
Common stock, shares outstanding | 524,037,000 | 509,498,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Rental income | $324,547 | $300,878 |
Rental recoveries | 94,255 | 87,362 |
Strategic capital income | 42,025 | 45,310 |
Development management and other income | 2,020 | 1,132 |
Total revenues | 462,847 | 434,682 |
Expenses: | ||
Rental expenses | 126,934 | 110,517 |
Strategic capital expenses | 20,361 | 24,163 |
General and administrative expenses | 56,288 | 63,203 |
Depreciation and amortization | 169,808 | 160,280 |
Other expenses | 5,575 | 5,053 |
Total expenses | 378,966 | 363,216 |
Operating income | 83,881 | 71,466 |
Other income (expense): | ||
Earnings from unconsolidated entities, net | 31,042 | 29,746 |
Interest expense | -68,761 | -85,523 |
Interest and other income, net | 11,049 | 14,050 |
Gains on dispositions of investments in real estate, net | 277,715 | 17,055 |
Foreign currency and derivative gains (losses) and related amortization, net | 34,566 | -28,184 |
Gains (losses) on early extinguishment of debt, net | -16,289 | 273 |
Total other income (expense) | 269,322 | -52,583 |
Earnings before income taxes | 353,203 | 18,883 |
Current income tax expense | 839 | 5,848 |
Deferred income tax expense | 1,052 | 1,032 |
Total income tax expense | 1,891 | 6,880 |
Consolidated net earnings | 351,312 | 12,003 |
Net earnings attributable to noncontrolling interests | -4,436 | -5,202 |
Net earnings attributable to controlling interests | 346,876 | 6,801 |
Less preferred stock dividends | 1,670 | 2,135 |
Net earnings attributable to common stockholders | 345,206 | 4,666 |
Weighted average common shares outstanding - Basic | 514,022 | 498,696 |
Weighted average common shares outstanding - Diluted | 529,022 | 504,373 |
Net earnings per share attributable to common stockholders - Basic | $0.67 | $0.01 |
Net earnings per share attributable to common stockholders - Diluted | $0.65 | $0.01 |
Dividends per common share | $0.36 | $0.33 |
Prologis, L.P. [Member] | ||
Revenues: | ||
Rental income | 324,547 | 300,878 |
Rental recoveries | 94,255 | 87,362 |
Strategic capital income | 42,025 | 45,310 |
Development management and other income | 2,020 | 1,132 |
Total revenues | 462,847 | 434,682 |
Expenses: | ||
Rental expenses | 126,934 | 110,517 |
Strategic capital expenses | 20,361 | 24,163 |
General and administrative expenses | 56,288 | 63,203 |
Depreciation and amortization | 169,808 | 160,280 |
Other expenses | 5,575 | 5,053 |
Total expenses | 378,966 | 363,216 |
Operating income | 83,881 | 71,466 |
Other income (expense): | ||
Earnings from unconsolidated entities, net | 31,042 | 29,746 |
Interest expense | -68,761 | -85,523 |
Interest and other income, net | 11,049 | 14,050 |
Gains on dispositions of investments in real estate, net | 277,715 | 17,055 |
Foreign currency and derivative gains (losses) and related amortization, net | 34,566 | -28,184 |
Gains (losses) on early extinguishment of debt, net | -16,289 | 273 |
Total other income (expense) | 269,322 | -52,583 |
Earnings before income taxes | 353,203 | 18,883 |
Current income tax expense | 839 | 5,848 |
Deferred income tax expense | 1,052 | 1,032 |
Total income tax expense | 1,891 | 6,880 |
Consolidated net earnings | 351,312 | 12,003 |
Net earnings attributable to noncontrolling interests | -3,154 | -5,185 |
Net earnings attributable to controlling interests | 348,158 | 6,818 |
Less preferred stock dividends | 1,670 | 2,135 |
Net earnings attributable to common stockholders | $346,488 | $4,683 |
Weighted average common shares outstanding - Basic | 515,931 | 500,463 |
Weighted average common shares outstanding - Diluted | 529,022 | 504,373 |
Net earnings per share attributable to common stockholders - Basic | $0.67 | $0.01 |
Net earnings per share attributable to common stockholders - Diluted | $0.65 | $0.01 |
Dividends per common share | $0.36 | $0.33 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated net earnings | $351,312 | $12,003 |
Other comprehensive income (loss): | ||
Foreign currency translation losses, net | -124,279 | -4,723 |
Unrealized gains (losses) and amortization on derivative contracts, net | 3,809 | -1,261 |
Comprehensive income | 230,842 | 6,019 |
Net earnings attributable to noncontrolling interests | -4,436 | -5,202 |
Other comprehensive loss (income) attributable to noncontrolling interest | 19,094 | -2,935 |
Comprehensive income (loss) attributable to common stockholders | 245,500 | -2,118 |
Prologis, L.P. [Member] | ||
Consolidated net earnings | 351,312 | 12,003 |
Other comprehensive income (loss): | ||
Foreign currency translation losses, net | -124,279 | -4,723 |
Unrealized gains (losses) and amortization on derivative contracts, net | 3,809 | -1,261 |
Comprehensive income | 230,842 | 6,019 |
Net earnings attributable to noncontrolling interests | -3,154 | -5,185 |
Other comprehensive loss (income) attributable to noncontrolling interest | 18,705 | -2,966 |
Comprehensive income (loss) attributable to common stockholders | $246,393 | ($2,132) |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions in Excess of Net Earnings [Member] | Non-controlling Interests [Member] |
In Thousands | |||||||
Balance at Dec. 31, 2014 | $15,183,599 | $78,235 | $5,095 | $18,467,009 | ($600,337) | ($3,974,493) | $1,208,090 |
Balance, shares at Dec. 31, 2014 | 509,498 | 509,498 | |||||
Consolidated net earnings | 351,312 | 346,876 | 4,436 | ||||
Effect of equity compensation plans | 16,914 | 10 | 4,965 | 11,939 | |||
Effect of equity compensation plans, shares | 1,000 | ||||||
Issuance of stock in at-the-market program, net of issuance costs | 71,778 | 16 | 71,762 | ||||
Issuance of stock in equity offering, net of issuance costs, shares | 1,662 | ||||||
Issuance of stock upon conversion of exchangeable debt | 502,732 | 119 | 502,613 | ||||
Issuance of stock upon conversion of exchangeable debt, shares | 11,872 | ||||||
Capital contributions | 229 | 229 | |||||
Foreign currency translation losses, net | -124,279 | -105,170 | -19,109 | ||||
Unrealized gains and amortization on derivative contracts, net | 3,809 | 3,794 | 15 | ||||
Distributions, allocations and other | -213,287 | 6,213 | -191,734 | -27,766 | |||
Distributions, allocations and other, shares | 5 | ||||||
Balance at Mar. 31, 2015 | $15,792,807 | $78,235 | $5,240 | $19,052,562 | ($701,713) | ($3,819,351) | $1,177,834 |
Balance, shares at Mar. 31, 2015 | 524,037 | 524,037 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Consolidated net earnings | $351,312 | $12,003 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Straight-lined rents | -10,685 | -13,066 |
Equity-based compensation awards | 13,234 | 15,238 |
Depreciation and amortization | 169,808 | 160,280 |
Earnings from unconsolidated entities, net | -31,042 | -29,746 |
Distributions and net changes in operating receivables from unconsolidated entities | 24,716 | 26,025 |
Amortization of debt and lease intangibles | -566 | 5,326 |
Gains on dispositions of investments in real estate, net | -277,715 | -17,055 |
Losses (gains) on early extinguishment of debt, net | 16,289 | -273 |
Unrealized foreign currency and derivative losses (gains) and related amortization, net | -32,860 | 27,828 |
Deferred income tax expense | 1,052 | 1,032 |
Increase in accounts receivable and other assets | -28,673 | -54,819 |
Decrease in accounts payable and accrued expenses and other liabilities | -113,338 | -60,530 |
Net cash provided by operating activities | 81,532 | 72,243 |
Investing activities: | ||
Real estate development activity | -335,959 | -244,268 |
Real estate acquisitions | -68,844 | -77,307 |
Tenant improvements and lease commissions on previously leased space | -30,800 | -33,346 |
Non-development capital expenditures | -11,602 | -7,576 |
Proceeds from dispositions and contributions of real estate properties | 325,830 | 81,231 |
Investments in and advances to unconsolidated entities | -123,689 | -328,321 |
Return of investment from unconsolidated entities | 34,849 | 92,460 |
Proceeds from repayment of note receivable | 9,866 | |
Net cash used in investing activities | -200,349 | -517,127 |
Financing activities: | ||
Proceeds from issuance of common stock | 82,068 | 7,465 |
Dividends paid on common and preferred stock | -190,585 | -168,241 |
Noncontrolling interest contributions | 452,327 | |
Noncontrolling interest distributions | -22,028 | -1,171 |
Debt and equity issuance costs paid | -2,892 | -5,659 |
Net proceeds from (payments on) credit facilities | 66,639 | -607,496 |
Repurchase and payments of debt | -313,005 | -710,400 |
Proceeds from issuance of debt | 347,850 | 1,165,359 |
Net cash provided by (used in) financing activities | -31,953 | 132,184 |
Effect of foreign currency exchange rate changes on cash | -7,909 | 10,457 |
Net decrease in cash and cash equivalents | -158,679 | -302,243 |
Cash and cash equivalents, beginning of period | 350,692 | 491,129 |
Cash and cash equivalents, end of period | 192,013 | 188,886 |
Prologis, L.P. [Member] | ||
Operating activities: | ||
Consolidated net earnings | 351,312 | 12,003 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Straight-lined rents | -10,685 | -13,066 |
Equity-based compensation awards | 13,234 | 15,238 |
Depreciation and amortization | 169,808 | 160,280 |
Earnings from unconsolidated entities, net | -31,042 | -29,746 |
Distributions and net changes in operating receivables from unconsolidated entities | 24,716 | 26,025 |
Amortization of debt and lease intangibles | -566 | 5,326 |
Gains on dispositions of investments in real estate, net | -277,715 | -17,055 |
Losses (gains) on early extinguishment of debt, net | 16,289 | -273 |
Unrealized foreign currency and derivative losses (gains) and related amortization, net | -32,860 | 27,828 |
Deferred income tax expense | 1,052 | 1,032 |
Increase in accounts receivable and other assets | -28,673 | -54,819 |
Decrease in accounts payable and accrued expenses and other liabilities | -113,338 | -60,530 |
Net cash provided by operating activities | 81,532 | 72,243 |
Investing activities: | ||
Real estate development activity | -335,959 | -244,268 |
Real estate acquisitions | -68,844 | -77,307 |
Tenant improvements and lease commissions on previously leased space | -30,800 | -33,346 |
Non-development capital expenditures | -11,602 | -7,576 |
Proceeds from dispositions and contributions of real estate properties | 325,830 | 81,231 |
Investments in and advances to unconsolidated entities | -123,689 | -328,321 |
Return of investment from unconsolidated entities | 34,849 | 92,460 |
Proceeds from repayment of note receivable | 9,866 | |
Net cash used in investing activities | -200,349 | -517,127 |
Financing activities: | ||
Proceeds from issuance of common stock | 82,068 | 7,465 |
Dividends paid on common and preferred stock | -191,735 | -168,824 |
Noncontrolling interest contributions | 452,327 | |
Noncontrolling interest distributions | -20,878 | -588 |
Debt and equity issuance costs paid | -2,892 | -5,659 |
Net proceeds from (payments on) credit facilities | 66,639 | -607,496 |
Repurchase and payments of debt | -313,005 | -710,400 |
Proceeds from issuance of debt | 347,850 | 1,165,359 |
Net cash provided by (used in) financing activities | -31,953 | 132,184 |
Effect of foreign currency exchange rate changes on cash | -7,909 | 10,457 |
Net decrease in cash and cash equivalents | -158,679 | -302,243 |
Cash and cash equivalents, beginning of period | 350,692 | 491,129 |
Cash and cash equivalents, end of period | $192,013 | $188,886 |
Consolidated_Statement_of_Capi
Consolidated Statement of Capital (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Consolidated net earnings | $351,312 | |
Effect of equity compensation plans | 16,914 | |
Issuance of stock upon conversion of exchangeable debt | 502,732 | |
Capital contributions | 229 | |
Unrealized gains and amortization on derivative contracts, net | 3,809 | |
Non-controlling Interests [Member] | ||
Consolidated net earnings | 4,436 | |
Effect of equity compensation plans | 11,939 | |
Capital contributions | 229 | |
Unrealized gains and amortization on derivative contracts, net | 15 | |
Prologis, L.P. [Member] | ||
Beginning balance | 15,183,599 | |
Consolidated net earnings | 351,312 | |
Effect of equity compensation plans | 16,914 | |
Issuance of units in exchange for contribution of at-the-market offering proceeds | 71,778 | |
Issuance of stock upon conversion of exchangeable debt | 502,732 | |
Capital contributions | 229 | |
Foreign currency translation losses, net | -124,279 | |
Unrealized gains and amortization on derivative contracts, net | 3,809 | |
Distributions, allocations and other | -213,287 | |
Ending balance | 15,792,807 | |
Prologis, L.P. [Member] | Non-controlling Interests [Member] | ||
Beginning balance | 1,159,901 | |
Consolidated net earnings | 3,154 | |
Capital contributions | 229 | |
Foreign currency translation losses, net | -18,705 | |
Distributions, allocations and other | -22,578 | |
Ending balance | 1,122,001 | |
Prologis, L.P. [Member] | Preferred [Member] | General Partner [Member] | ||
Beginning balance | 78,235 | |
Beginning balance, Units | 1,565 | |
Ending balance | 78,235 | 78,235 |
Ending balance, Units | 1,565 | 1,565 |
Prologis, L.P. [Member] | Common [Member] | General Partner [Member] | ||
Beginning balance | 13,897,274 | |
Beginning balance, Units | 509,498 | |
Consolidated net earnings | 346,876 | |
Effect of equity compensation plans | 4,975 | |
Effect of equity compensation plans, shares | 1,000 | |
Issuance of units in exchange for contribution of at-the-market offering proceeds | 71,778 | |
Issuance of units in exchange for contributions of equity offering proceeds share | 1,662 | |
Issuance of stock upon conversion of exchangeable debt | 502,732 | |
Issuance of stock upon conversion of exchangeable debt, shares | 11,872 | |
Foreign currency translation losses, net | -105,170 | |
Unrealized gains and amortization on derivative contracts, net | 3,794 | |
Distributions, allocations and other | -185,521 | |
Distributions, allocations and other, shares | 5 | |
Ending balance | 14,536,738 | |
Ending balance, Units | 524,037 | |
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member] | ||
Beginning balance | 48,189 | |
Beginning balance, Units | 1,767 | |
Consolidated net earnings | 1,282 | |
Effect of equity compensation plans | 11,939 | |
Effect of equity compensation plans, shares | 251 | |
Foreign currency translation losses, net | -404 | |
Unrealized gains and amortization on derivative contracts, net | 15 | |
Distributions, allocations and other | -5,188 | |
Distributions, allocations and other, shares | -5 | |
Ending balance | $55,833 | |
Ending balance, Units | 2,013 |
General
General | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
General | 1.General |
Business. Prologis, Inc. (or the “Parent”) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and believes the current organization and method of operation will enable it to maintain its status as a REIT. The Parent is the general partner of Prologis, L.P. (or the “Operating Partnership”). Through 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 is comprised of two operating business segments: Real Estate Operations and Strategic Capital. Our Real Estate Operations segment represents the ownership of industrial properties. Our Strategic Capital segment represents the management of co-investment ventures and other unconsolidated entities. See Note 13 for further discussion of our business segments. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the Parent and the Operating Partnership. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and Operating Partnership collectively. | |
For each share of common stock or preferred stock the Parent issues, the Operating Partnership issues a corresponding common or preferred partnership unit, as applicable, to the Parent in exchange for the contribution of the proceeds from the stock issuance. At March 31, 2015, the Parent owned an approximate 99.62% common general partnership interest in the Operating Partnership, and 100% of the preferred units in the Operating Partnership. The remaining approximate 0.38% common limited partnership interests are owned by non-affiliated investors and certain current and former directors and officers of the Parent. As the sole general partner of the Operating Partnership, the Parent has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. | |
We operate the Parent and the Operating Partnership as one enterprise. The management of the Parent consists of the same members as the management of the Operating Partnership. These members are officers of the Parent and employees of the Operating Partnership or one of its subsidiaries. As general partner with control of the Operating Partnership, the Parent consolidates the Operating Partnership. Since the Parent’s only significant asset is its investment in the Operating Partnership, the assets and liabilities of the Parent and the Operating Partnership are the same on their respective financial statements. | |
Basis of Presentation. The accompanying Consolidated Financial Statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”) and are presented in our reporting currency, the U.S. dollar. 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 Parent 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 2014 Consolidated Financial Statements as previously filed with the SEC on Form 10-K and other public information. | |
Recent Accounting Pronouncements. In April 2015, the Financial Accounting Standards Board (the “FASB”) issued an accounting standard update that requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. At March 31, 2015, we had $50.1 million of debt issuance costs in Other Assets in the Consolidated Balance Sheets that would be subject to the reclassification. | |
In February 2015, the FASB issued an accounting standard update that amends the consolidation requirements in existing GAAP. Under the update, all entities, including limited partnerships and similar legal entities, are now within the scope of consolidation guidance, unless a scope exception applies. The presumption that a general partner controls a limited partnership has been eliminated. In addition, fees paid to decision makers that meet certain conditions no longer cause the decision makers to consolidate variable interest entities (“VIEs”). It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted and allows for either a full retrospective or a modified retrospective adoption approach. We are currently evaluating the impact the adoption of this standard will have on the Consolidated Financial Statements. | |
In May 2014, the FASB issued an accounting standard update that requires companies to use a five step model to determine when 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. In April 2015, the FASB proposed deferring the effective date by one year to December 15, 2017, for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. We are currently evaluating the impact the adoption of this standard will have on the Consolidated Financial Statements. |
Business_Combinations
Business Combinations | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Business Combinations | 2.Business Combinations | ||||
Acquisition of a Controlling Interest in Prologis North American Industrial Fund (“NAIF”) | |||||
During 2014, we increased our ownership in NAIF from 23.1% to 66.1% by acquiring the equity units from all but one partner for an aggregate of $679.0 million. This included the acquisition of $46.8 million on October 20, 2014, that resulted in our gaining control over NAIF, based on the rights of the limited partners, and therefore we began consolidating NAIF as of that date. | |||||
The total purchase price was $1.1 billion, which included our investment in NAIF at the time of consolidation. The allocation of the purchase price required a significant amount of judgment and was based on our valuation, estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed, for which we used external valuations as appropriate. While the current allocation of the purchase price is substantially complete, the valuation of the real estate properties is still being finalized. We do not expect future revisions, if any, to have a significant impact on our financial position or results of operations. | |||||
The allocation of the purchase price was as follows (in thousands): | |||||
Investments in real estate properties | $ | 2,770,191 | |||
Cash, accounts receivable and other assets | 132,261 | ||||
Debt | (1,195,213 | ) | |||
Accounts payable, accrued expenses and other liabilities | (70,226 | ) | |||
Noncontrolling interests | (554,493 | ) | |||
Total purchase price | $ | 1,082,520 | |||
Real_Estate
Real Estate | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||
Real Estate | 3.Real Estate | ||||||||||||||||||||||||
Investments in real estate properties are presented at cost, and consisted of the following (dollars and square feet in thousands): | |||||||||||||||||||||||||
Square Feet / Acres (1) | No. of Buildings (1) | ||||||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
Industrial operating properties: | |||||||||||||||||||||||||
Improved land | - - | - - | - - | - - | $ | 4,146,591 | $ | 4,227,637 | |||||||||||||||||
Buildings and improvements | 282,541 | 282,282 | 1,581 | 1,607 | 14,145,002 | 14,407,815 | |||||||||||||||||||
Development portfolio, including land costs: | |||||||||||||||||||||||||
Pre-stabilized | 8,875 | 7,448 | 27 | 24 | 670,588 | 547,982 | |||||||||||||||||||
Properties under development | 21,043 | 22,844 | 51 | 55 | 781,678 | 925,998 | |||||||||||||||||||
Land | 8,939 | 9,017 | - - | - - | 1,535,622 | 1,577,786 | |||||||||||||||||||
Other real estate investments (2) | - - | - - | - - | - - | 521,018 | 502,927 | |||||||||||||||||||
Total investments in real estate properties | 21,800,499 | 22,190,145 | |||||||||||||||||||||||
Less accumulated depreciation | 2,877,478 | 2,790,781 | |||||||||||||||||||||||
Net investments in real estate properties | $ | 18,923,021 | $ | 19,399,364 | |||||||||||||||||||||
(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) certain infrastructure costs related to projects we are developing on behalf of others; (iv) land parcels that are ground leased to third parties; (v) earnest money deposits associated with potential acquisitions and (vi) costs related to future development projects, including purchase options on land. | ||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||
Real estate disposition activity for the three months ended March 31 was as follows (dollars and square feet in thousands): | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Continuing Operations | |||||||||||||||||||||||||
Contributions to unconsolidated co-investment ventures | |||||||||||||||||||||||||
Number of properties | 3 | - | |||||||||||||||||||||||
Square feet | 507 | - | |||||||||||||||||||||||
Net proceeds | $ | 29,068 | $ | - | |||||||||||||||||||||
Net gains on contributions | $ | 2,358 | $ | - | |||||||||||||||||||||
Dispositions to third parties | |||||||||||||||||||||||||
Number of properties | 34 | 5 | |||||||||||||||||||||||
Square feet | 2,693 | 715 | |||||||||||||||||||||||
Net proceeds (1) | $ | 495,629 | $ | 81,231 | |||||||||||||||||||||
Net gains on dispositions (1) | $ | 275,357 | $ | 17,055 | |||||||||||||||||||||
-1 | Dispositions to third parties include land sales. |
Unconsolidated_Entities
Unconsolidated Entities | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
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 partners and investors and provide asset and property management services to these entities, which we refer to as co-investment ventures. These entities may be consolidated or unconsolidated, depending on the structure, our partner’s participation and other rights and our level of control of the entity. This note details our investments in unconsolidated co-investment ventures, which are accounted for using the equity method of accounting. See Note 9 for more detail regarding our consolidated investments. | |||||||||||||
We also have other ventures, generally with one partner and that we do not manage, which we account for on the equity method. We refer to our investments in all entities accounted for under the equity method, both unconsolidated co-investment ventures and other ventures, collectively, as unconsolidated entities. | |||||||||||||
Our investments in and advances to our unconsolidated entities are summarized below (in thousands): | |||||||||||||
March 31, | December 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Unconsolidated co-investment ventures | $ | 4,381,650 | $ | 4,665,918 | |||||||||
Other ventures | 178,071 | 158,806 | |||||||||||
Totals | $ | 4,559,721 | $ | 4,824,724 | |||||||||
Unconsolidated Co-Investment Ventures | |||||||||||||
The amounts recognized in Strategic Capital Income and Earnings from Unconsolidated Entities, Net in the Consolidated Statements of Operations depend on the size, operations of the co-investment ventures and fluctuations in foreign currency rates. Our ownership interest in these ventures also impacts the equity in earnings we recognize. The co-investment venture information represents the venture’s information (not our proportionate share) prepared on a GAAP basis. The following tables are summarized information of the unconsolidated co-investment ventures: | |||||||||||||
March 31, | December 31, | March 31, | |||||||||||
(dollars and square feet in millions) | 2015 | 2014 | 2014 | ||||||||||
Americas: | |||||||||||||
Number of ventures | 3 | 3 | 4 | ||||||||||
Number of properties owned | 592 | 590 | 712 | ||||||||||
Square feet | 87.6 | 87.1 | 109.2 | ||||||||||
Total assets | $ | 6,889 | $ | 7,063 | $ | 8,074 | |||||||
Third-party debt | $ | 2,255 | $ | 2,280 | $ | 2,961 | |||||||
Total liabilities | $ | 2,386 | $ | 2,421 | $ | 3,111 | |||||||
Our investment balance (1) | $ | 1,502 | $ | 1,537 | $ | 1,225 | |||||||
Our weighted average ownership (3) | 31 | % | 31 | % | 23.3 | % | |||||||
Europe: | |||||||||||||
Number of ventures | 4 | 4 | 4 | ||||||||||
Number of properties owned | 655 | 636 | 585 | ||||||||||
Square feet | 150.2 | 147.4 | 136.6 | ||||||||||
Total assets | $ | 10,502 | $ | 11,463 | $ | 12,119 | |||||||
Third-party debt | $ | 2,371 | $ | 2,644 | $ | 2,685 | |||||||
Total liabilities | $ | 3,218 | $ | 3,524 | $ | 3,819 | |||||||
Our investment balance (1) | $ | 2,531 | $ | 2,773 | $ | 2,944 | |||||||
Our weighted average ownership (3) | 38.7 | % | 38.8 | % | 38.9 | % | |||||||
Asia: | |||||||||||||
Number of ventures | 2 | 2 | 2 | ||||||||||
Number of properties owned | 53 | 52 | 45 | ||||||||||
Square feet | 26.4 | 26.2 | 23.3 | ||||||||||
Total assets | $ | 4,144 | $ | 4,135 | $ | 4,048 | |||||||
Third-party debt | $ | 1,671 | $ | 1,652 | $ | 1,738 | |||||||
Total liabilities | $ | 1,864 | $ | 1,749 | $ | 1,911 | |||||||
Our investment balance (1) (2) | $ | 349 | $ | 356 | $ | 344 | |||||||
Our weighted average ownership (3) | 15 | % | 15 | % | 15 | % | |||||||
Total: | |||||||||||||
Number of ventures | 9 | 9 | 10 | ||||||||||
Number of properties owned | 1,300 | 1,278 | 1,342 | ||||||||||
Square feet | 264.2 | 260.7 | 269.1 | ||||||||||
Total assets | $ | 21,535 | $ | 22,661 | $ | 24,241 | |||||||
Third-party debt | $ | 6,297 | $ | 6,576 | $ | 7,384 | |||||||
Total liabilities | $ | 7,468 | $ | 7,694 | $ | 8,841 | |||||||
Our investment balance (1) | $ | 4,382 | $ | 4,666 | $ | 4,513 | |||||||
Our weighted average ownership (3) | 31.8 | % | 32 | % | 29.4 | % | |||||||
For the three months ended | March 31, | March 31, | |||||||||||
(in thousands) | 2015 | 2014 | |||||||||||
Americas (4): | |||||||||||||
Revenues | $ | 150,014 | $ | 168,236 | |||||||||
Net operating income | $ | 112,083 | $ | 119,235 | |||||||||
Net earnings (loss) | $ | 15,900 | $ | 2,174 | |||||||||
Europe: | |||||||||||||
Revenues | $ | 234,713 | $ | 246,696 | |||||||||
Net operating income | $ | 180,832 | $ | 196,081 | |||||||||
Net earnings (loss) | $ | 50,959 | $ | 62,667 | |||||||||
Asia: | |||||||||||||
Revenues | $ | 67,918 | $ | 68,488 | |||||||||
Net operating income | $ | 53,234 | $ | 53,617 | |||||||||
Net earnings (loss) | $ | 23,390 | $ | 21,995 | |||||||||
Total: | |||||||||||||
Revenues | $ | 452,645 | $ | 483,420 | |||||||||
Net operating income | $ | 346,149 | $ | 368,933 | |||||||||
Net earnings (loss) | $ | 90,249 | $ | 86,836 | |||||||||
-1 | The difference between our ownership interest of the venture’s equity and our investment balance results principally from three types of transactions: (i) deferring a portion of the gains we recognize from a contribution of a property to the venture; (ii) recording additional costs associated with our investment in the venture; and (iii) advances to the venture. | ||||||||||||
-2 | At March 31, 2015 and December 31, 2014, we had receivables from Nippon Prologis REIT, Inc. (“NPR”) of $85.5 million and $85.9 million, respectively, related to customer security deposits that are made through a leasing company owned by Prologis that pertain to properties owned by NPR. There is a corresponding payable to NPR’s customers in Other Liabilities in the Consolidated Balance Sheets. | ||||||||||||
-3 | Represents our weighted average ownership interest in all co-investment ventures based on each entity’s contribution to total assets, before depreciation, net of other liabilities. | ||||||||||||
-4 | We formed and invested in FIBRA Prologis, a Mexican REIT, in June 2014. In connection with the transaction, we concluded our unconsolidated co-investment venture in Mexico. As discussed in Note 2, we began consolidating NAIF in October 2014. | ||||||||||||
Summarized information regarding the amounts we recognized in the Consolidated Statements of Operations as our share of the earnings from our investments in unconsolidated co-investment ventures for the three months ended March 31 was as follows (in thousands): | |||||||||||||
2015 | 2014 | ||||||||||||
Earnings (loss) from unconsolidated co-investment ventures: | |||||||||||||
Americas | $ | 4,798 | $ | (329 | ) | ||||||||
Europe | 21,508 | 25,495 | |||||||||||
Asia | 3,930 | 3,665 | |||||||||||
Total earnings from unconsolidated co-investment ventures, net | $ | 30,236 | $ | 28,831 | |||||||||
Strategic capital and other income: | |||||||||||||
Americas | $ | 14,361 | $ | 14,325 | |||||||||
Europe | 18,393 | 21,700 | |||||||||||
Asia | 8,549 | 8,797 | |||||||||||
Total strategic capital income | 41,303 | 44,822 | |||||||||||
Development management and other income | 1,640 | 707 | |||||||||||
Total strategic capital and other income | $ | 42,943 | $ | 45,529 | |||||||||
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 additional contributions of properties and/or additional cash investments in these ventures through the remaining commitment period. During the first quarter of 2015, we contributed $49.1 million of our commitment to Prologis European Logistics Partners for repayment of third-party debt by the venture. We did not enter into any additional equity commitments in the first quarter of 2015. |
Assets_Held_for_Sale
Assets Held for Sale | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Real Estate Assets Held For Development And Sale [Abstract] | |||||||||
Assets Held for Sale | 5.Assets Held for Sale | ||||||||
We had operating properties that met the criteria to be classified as held for sale at March 31, 2015 and December 31, 2014. These properties are expected to be sold to third parties or contributed to unconsolidated co-investment ventures. The amounts included in held for sale represented real estate investment balances and the related assets and liabilities for each property. | |||||||||
Assets held for sale consisted of the following (square feet and dollars in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Number of properties | 18 | 7 | |||||||
Square feet | 3,492 | 457 | |||||||
Total assets held for sale | $ | 337,229 | $ | 43,933 | |||||
Total liabilities associated with assets held for sale – included in Other Liabilities | $ | 8,292 | $ | - | |||||
Note_Receivable_Backed_by_Real
Note Receivable Backed by Real Estate | 3 Months Ended |
Mar. 31, 2015 | |
Receivables [Abstract] | |
Note Receivable Backed by Real Estate | 6.Note Receivable Backed by Real Estate |
In February 2015, we issued a $197.5 million note receivable backed by real estate in connection with the disposition of real estate to a third party. We earn interest at an annual rate of 2.0%. The note and all accrued interest are due in February 2016. |
Debt
Debt | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||
Debt | 7.Debt | ||||||||||||||||||||||||||||
All debt is held directly or indirectly by the Operating Partnership. The Parent 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): | |||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
Weighted Average Interest Rate (1) | Amount Outstanding (2) | Weighted Average Interest Rate (1) | Amount Outstanding | ||||||||||||||||||||||||||
Credit facilities | 1.1 | % | $ | 65,372 | - | $ | - | ||||||||||||||||||||||
Senior notes | 3.6 | % | 5,731,500 | 3.6 | % | 6,076,920 | |||||||||||||||||||||||
Exchangeable senior notes | - | - | 3.3 | % | 456,766 | ||||||||||||||||||||||||
Secured mortgage debt | 6.8 | % | 751,244 | 6.1 | % | 1,050,591 | |||||||||||||||||||||||
Secured mortgage debt of consolidated entities | 2.5 | % | 1,197,920 | 2.5 | % | 1,207,106 | |||||||||||||||||||||||
Term loans (3) | 1.2 | % | 879,321 | 1.3 | % | 572,730 | |||||||||||||||||||||||
Other debt | 6.2 | % | 16,064 | 6.2 | % | 16,086 | |||||||||||||||||||||||
Totals | 3.5 | % | $ | 8,641,421 | 3.6 | % | $ | 9,380,199 | |||||||||||||||||||||
(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 ($3.1 billion) and Japanese yen ($0.5 billion). | ||||||||||||||||||||||||||||
-3 | At March 31, 2015, we had outstanding borrowings on our euro term loan of $537.9 million and our Yen term loan was fully drawn. | ||||||||||||||||||||||||||||
Credit Facilities | |||||||||||||||||||||||||||||
We have a global senior credit facility (the “Global Facility”), under which we may draw in U.S. dollars, euro, Japanese yen, British pounds sterling and Canadian dollars on a revolving basis up to $2.3 billion subject to currency fluctuations, as of March 31, 2015. We also have a ¥45 billion ($375.5 million at March 31, 2015) Japanese yen revolver (the “Revolver”) with availability to increase to ¥56.5 billion. We refer to the Global Facility and the Revolver, collectively, as our “Credit Facilities.” | |||||||||||||||||||||||||||||
Information about our Credit Facilities at March 31, 2015, was as follows (in millions): | |||||||||||||||||||||||||||||
Aggregate lender - commitments | $ | 2,658 | |||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Borrowings outstanding | 65 | ||||||||||||||||||||||||||||
Outstanding letters of credit | 32 | ||||||||||||||||||||||||||||
Current availability | $ | 2,561 | |||||||||||||||||||||||||||
Exchangeable Senior Notes | |||||||||||||||||||||||||||||
During March 2015, the holders of the exchangeable notes exchanged $459.8 million of their notes for 11.9 million shares of the Parent and $0.2 million of their notes for cash. | |||||||||||||||||||||||||||||
The fair value of the derivative associated with the exchangeable debt was a liability of $51.3 million at December 31, 2014. The fair value of the exchange option was $43.0 million immediately prior to the exchange in March 2015. When the debt was exchanged into common stock, the value of the derivative associated with the debt was reclassified to Additional Paid-In Capital in the Consolidated Balance Sheets. We recognized an unrealized gain due to the change in fair value of the derivative of $8.3 million and a loss of $22.8 million for the three months ended March 31, 2015 and 2014, respectively, in Foreign Currency and Derivative Gains (Losses) and Related Amortization, Net in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||
Long-Term Debt Maturities | |||||||||||||||||||||||||||||
Principal payments due on our debt, for the remainder of 2015 and for each of the years in the period ending December 31, 2024, and thereafter were as follows at March 31, 2015 (in millions): | |||||||||||||||||||||||||||||
Prologis | |||||||||||||||||||||||||||||
Unsecured | |||||||||||||||||||||||||||||
Credit | Senior | Term Loans and | Secured Mortgage | Consolidated Entities' | Total Consolidated | ||||||||||||||||||||||||
Maturity | Facilities | Notes | Other Debt | Debt | Total | Debt | Debt | ||||||||||||||||||||||
2015 (1) | $ | - | $ | - | $ | 1 | $ | 19 | $ | 20 | $ | 112 | $ | 132 | |||||||||||||||
2016 | - | - | 1 | 160 | 161 | 447 | 608 | ||||||||||||||||||||||
2017 (2) | - | 378 | 539 | 5 | 922 | 206 | 1,128 | ||||||||||||||||||||||
2018 | 65 | 262 | 1 | 111 | 439 | 166 | 605 | ||||||||||||||||||||||
2019 | - | 693 | 1 | 285 | 979 | 1 | 980 | ||||||||||||||||||||||
2020 | - | 1,013 | 1 | 6 | 1,020 | 188 | 1,208 | ||||||||||||||||||||||
2021 | - | 500 | 342 | 11 | 853 | 1 | 854 | ||||||||||||||||||||||
2022 | - | 753 | 1 | 7 | 761 | 1 | 762 | ||||||||||||||||||||||
2023 | - | 850 | 1 | 7 | 858 | 1 | 859 | ||||||||||||||||||||||
2024 | - | 753 | 1 | 129 | 883 | 1 | 884 | ||||||||||||||||||||||
Thereafter | - | 538 | 6 | - | 544 | 4 | 548 | ||||||||||||||||||||||
Subtotal | 65 | 5,740 | 895 | 740 | 7,440 | 1,128 | 8,568 | ||||||||||||||||||||||
Unamortized premiums (discounts), net | - | (8 | ) | - | 11 | 3 | 70 | 73 | |||||||||||||||||||||
Total | $ | 65 | $ | 5,732 | $ | 895 | $ | 751 | $ | 7,443 | $ | 1,198 | $ | 8,641 | |||||||||||||||
-1 | We expect to repay the amounts maturing in 2015 related to our wholly owned debt with cash generated from operations, proceeds from the disposition of wholly owned real estate properties and with borrowings on our Credit Facilities. | ||||||||||||||||||||||||||||
-2 | Included in our debt is a term loan that can be extended until 2019 (two times each at one year), subject to satisfaction of certain conditions and payment of an extension fee. | ||||||||||||||||||||||||||||
Debt Covenants | |||||||||||||||||||||||||||||
Our debt agreements contain various covenants, including maintenance of specified financial ratios. At March 31, 2015, we were in compliance with all covenants. | |||||||||||||||||||||||||||||
Early Extinguishment of Debt | |||||||||||||||||||||||||||||
During the three months ended March 31, 2015, we repurchased $286.5 million of secured mortgage debt prior to maturity, resulting in a loss on early extinguishment of debt of $16.3 million. | |||||||||||||||||||||||||||||
Stockholders_Equity_of_Prologi
Stockholders' Equity of Prologis, Inc. and Partners' Capital of the Operating Partnership | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Stockholdersb Equity of Prologis, Inc. and Partnersb Capital of the Operating Partnership | 8.Stockholders’ Equity of Prologis, Inc. and Partners’ Capital of the Operating Partnership |
Common Stock of Prologis, Inc. | |
During the three months ended March 31, 2015, we issued 1.7 million shares of common stock under our at-the-market program (“ATM”), which generated $71.8 million in net proceeds. | |
As discussed in Note 7, we issued 11.9 million shares of stock in the Parent in exchange for the settlement of our exchangeable notes in March 2015. |
Noncontrolling_Interests
Noncontrolling Interests | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||
Noncontrolling Interests | 9.Noncontrolling Interests | ||||||||||||||||||||||||||||||||
Prologis, L.P. | |||||||||||||||||||||||||||||||||
We report noncontrolling interests related to several entities we consolidate but of which we do not own 100% of the equity. These entities include two real estate partnerships that have issued limited partnership units to third parties. Depending on the specific partnership agreements, these limited partnership units are exchangeable into shares of the Parent’s common stock (or cash), generally at a rate of one share of common stock to one unit. We also consolidate several entities in which we do not own 100% of the equity and the units of the entity are not exchangeable into our common stock. | |||||||||||||||||||||||||||||||||
Prologis, Inc. | |||||||||||||||||||||||||||||||||
The noncontrolling interest of the Parent includes the noncontrolling interests presented in the Operating Partnership, as well as the common limited partnership units in the Operating Partnership that are not owned by the Parent. | |||||||||||||||||||||||||||||||||
The following is a summary of the noncontrolling interests and the consolidated entity’s total investment in real estate and debt at March 31, 2015 and December 31, 2014 (dollars and units in thousands): | |||||||||||||||||||||||||||||||||
Our Ownership Percentage | Noncontrolling Interest | Total Investment | Debt | ||||||||||||||||||||||||||||||
In Real Estate | |||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||
Partnerships with exchangeable units (1) | various | various | $ | 70,234 | $ | 70,716 | $ | 713,562 | $ | 711,310 | $ | - | $ | - | |||||||||||||||||||
Prologis North American Industrial Fund | 66.1 | % | 66.1 | % | 537,996 | 544,718 | 2,749,785 | 2,771,299 | 1,180,409 | 1,188,836 | |||||||||||||||||||||||
Prologis U.S. Logistics Venture | 55 | % | 55 | % | 423,401 | 427,307 | 1,008,793 | 1,006,183 | - | - | |||||||||||||||||||||||
Prologis Brazil Logistics Partners Fund I (2) | 50 | % | 50 | % | 56,897 | 68,533 | - | - | - | - | |||||||||||||||||||||||
Other consolidated entities | various | various | 33,473 | 48,627 | 299,446 | 307,686 | 17,511 | 18,269 | |||||||||||||||||||||||||
Prologis, L.P. noncontrolling interests | 1,122,001 | 1,159,901 | 4,771,586 | 4,796,478 | 1,197,920 | 1,207,105 | |||||||||||||||||||||||||||
Limited partners in Prologis, L.P. (3) | 55,833 | 48,189 | - | - | - | - | |||||||||||||||||||||||||||
Prologis, Inc. noncontrolling interests | $ | 1,177,834 | $ | 1,208,090 | $ | 4,771,586 | $ | 4,796,478 | $ | 1,197,920 | $ | 1,207,105 | |||||||||||||||||||||
-1 | At March 31, 2015 and December 31, 2014, there were limited partnership units that were exchangeable into cash or, at our option, 1,885 and 1,887 shares, respectively, of the Parent’s common stock. All of these outstanding limited partnership units receive quarterly cash distributions equal to the quarterly dividends paid on our common stock pursuant to the terms of the applicable partnership agreements. | ||||||||||||||||||||||||||||||||
-2 | The assets of Prologis Brazil Logistics Partners Fund I are primarily investments in unconsolidated entities of $131.2 million and $152.0 million at March 31, 2015 and December 31, 2014, respectively. For additional information on our unconsolidated investments, see Note 4. | ||||||||||||||||||||||||||||||||
-3 | At March 31, 2015 and December 31, 2014, there were limited partnership units in the Operating Partnership that were exchangeable into cash or, at our option, 1,762 and 1,767 shares, respectively, of the Parent’s common stock. At March 31, 2015 and December 31, 2014, there were 993 and 113 LTIP Units (as defined in Note 10) outstanding, respectively, associated with our long-term compensation plan that are not exchangeable into the Parent’s common stock until they vest. All of these outstanding limited partnership units receive quarterly cash distributions equal to the quarterly distributions paid on our common stock pursuant to the terms of the partnership agreement. |
LongTerm_Compensation
Long-Term Compensation | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||
Long-Term Compensation | 10.Long-Term Compensation | |||||||||
At March 31, 2015, we had points awarded under our Outperformance Plan (“OPP”) outstanding. We also had restricted stock, restricted stock units (“RSUs”), Operating Partnership units (“LTIP Units”), special outperformance plan type of LTIP Units (“OPP LTIP Units”) and stock options outstanding under our incentive plans. See details below. | ||||||||||
OPP | ||||||||||
We granted points under our OPP on February 10, 2015, with a fair value of $26.5 million as of the date of grant using a Monte Carlo valuation model that assumed a risk free interest rate of 0.86% and an expected volatility of 28%. Such points relate to a three-year performance period that began on January 1, 2015, and will end on December 31, 2017. As of March 31, 2015, we also have OPP points outstanding for the 2013-2015 and 2014-2016 performance periods under the OPP. | ||||||||||
RSUs | ||||||||||
The activity for the three months ended March 31, 2015, with respect to our RSUs, was as follows (awards in thousands): | ||||||||||
Number of | Weighted Average | |||||||||
Unvested RSUs | Grant-Date Fair Value | |||||||||
Balance at January 1, 2015 | 2,415 | $ | 39.38 | |||||||
Granted | 644 | |||||||||
Vested | (947 | ) | ||||||||
Forfeited | (518 | ) | ||||||||
Balance at March 31, 2015 | 1,594 | $ | 42.28 | |||||||
In 2014, certain participants in our long-term incentive plan were offered an election to exchange outstanding but unvested full value awards for LTIP Units, which exchange was completed in January 2015. Included in the forfeited unvested RSUs were 0.5 million units that were forfeited upon exchange for unvested LTIP Units per this election. | ||||||||||
LTIP Units | ||||||||||
The activity for the three months ended March 31, 2015, was as follows (units in thousands): | ||||||||||
Number of | Weighted | |||||||||
Unvested LTIP Units | Average | |||||||||
Balance at January 1, 2015 | 113 | $ | 41.43 | |||||||
Granted | 1,131 | |||||||||
Vested | (251 | ) | ||||||||
Balance at March 31, 2015 | 993 | $ | 43.25 | |||||||
During the three months ended March 31, 2015, 0.9 million OPP LTIP Units were forfeited because the OPP performance criteria for the 2012-2014 performance period were not achieved. As of March 31, 2015, there were 1.9 million OPP LTIP Units issued with respect to the 2013-2015 and 2014-2016 performance periods. OPP LTIP Units receive quarterly cash distributions equal to one-tenth of the quarterly distributions paid on our common stock pursuant to the terms of the partnership agreement of the Operating Partnership. | ||||||||||
Stock Options | ||||||||||
We have 4.9 million stock options outstanding and exercisable at March 31, 2015, with a weighted average exercise price of $35.13. No stock options were granted in 2015. |
Earnings_Per_Common_Share_Unit
Earnings Per Common Share / Unit | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 | |||||||||
March 31, | |||||||||
Prologis, Inc. | 2015 | 2014 | |||||||
Net earnings attributable to common stockholders | $ | 345,206 | $ | 4,666 | |||||
Noncontrolling interest attributable to exchangeable limited partnership units | 1,650 | 17 | |||||||
Net loss associated with exchangeable debt assumed exchanged | (1,614 | ) | - | ||||||
Adjusted net earnings attributable to common stockholders | $ | 345,242 | $ | 4,683 | |||||
Weighted average common shares outstanding - Basic (1) | 514,022 | 498,696 | |||||||
Incremental weighted average effect on exchange of limited partnership units (2) | 3,794 | 1,767 | |||||||
Incremental weighted average effect of equity awards and warrant | 2,394 | 3,910 | |||||||
Incremental weighted average effect on exchange of exchangeable debt (3) | 8,812 | - | |||||||
Weighted average common shares outstanding - Diluted (4) | 529,022 | 504,373 | |||||||
Net earnings per share attributable to common stockholders - | |||||||||
Basic | $ | 0.67 | $ | 0.01 | |||||
Diluted | $ | 0.65 | $ | 0.01 | |||||
Three Months Ended | |||||||||
March 31, | |||||||||
Prologis, L.P. | 2015 | 2014 | |||||||
Net earnings attributable to common unitholders | $ | 346,488 | $ | 4,683 | |||||
Noncontrolling interest attributable to exchangeable limited partnership units | 368 | - | |||||||
Net loss associated with exchangeable debt assumed exchanged | (1,614 | ) | - | ||||||
Adjusted net earnings attributable to common unitholders | $ | 345,242 | $ | 4,683 | |||||
Weighted average common partnership units outstanding - Basic (1) | 515,931 | 500,463 | |||||||
Incremental weighted average effect on exchange of limited partnership units | 1,885 | - | |||||||
Incremental weighted average effect of equity awards and warrant of Prologis, Inc. | 2,394 | 3,910 | |||||||
Incremental weighted average effect on exchange of exchangeable debt (3) | 8,812 | - | |||||||
Weighted average common partnership units outstanding - Diluted (4) | 529,022 | 504,373 | |||||||
Net earnings per unit attributable to common unitholders - | |||||||||
Basic | $ | 0.67 | $ | 0.01 | |||||
Diluted | $ | 0.65 | $ | 0.01 | |||||
-1 | The increase in shares/units between the periods is primarily due to a warrant Norges Bank Investment Management exercised in December 2014, the ATM program activity in late 2014 and early 2015 and the conversion of exchangeable debt to shares/units in March 2015. | ||||||||
-2 | Earnings allocated to the exchangeable Operating Partnership units not held by the Parent 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 1,908 and 1,767 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||
-3 | In March 2015, the exchangeable debt was settled primarily through the issuance of common stock. The adjustment in 2015 assumes the exchange occurred on January 1, 2015. | ||||||||
-4 | Total weighted average potentially dilutive stock awards were 7,391 for the three months ended March 31, 2015. Total weighted average dilutive stock awards and warrants outstanding were 15,546 for the three months ended March 31, 2014. Total weighted average potentially dilutive shares/units from exchangeable debt outstanding were 8,812 and 11,879 for the three months ended March 31, 2015 and 2014, respectively. Total weighted average potentially dilutive limited partnership units outstanding were 1,885 and 1,949 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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. We do not use derivative financial instruments for trading or speculative purposes. All of our derivative financial instruments are customized derivative transactions and are not exchange-traded. Management reviews our hedging program, derivative positions and overall risk management strategy on a regular basis. We only enter into transactions that we believe will be highly effective at offsetting the underlying risk. 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, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 exchange rates, we may designate the debt as a non-derivative financial instrument hedge. We also hedge our investments in 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 and our non-derivative financial instrument hedges by using the changes in forward exchange rates. Under this method, we report all changes in fair value of the non-derivative financial instrument and net investment hedges in equity in the foreign currency translation component of Accumulated Other Comprehensive Loss (“AOCI”) in the Consolidated Balance Sheets. These amounts offset the translation adjustments on the underlying net assets of our foreign investments, which we also record in AOCI. We recognize ineffectiveness, if any, in earnings at the time the ineffectiveness occurred. We did not record any ineffectiveness on our foreign currency derivative contracts during the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
We may use foreign currency option contracts, including puts, calls and collars to mitigate foreign currency exchange rate risk associated with the translation of our projected net operating income of our international subsidiaries, principally in Europe and Japan. A collar contract combines put and call options into one contract with 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. 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 for the three months ended March 31 (in millions): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Contracts | Forward and Option Contracts (1) (2) | Interest Rate Swaps | |||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amounts at January 1 | € | 300 | $ | 400 | £ | 238 | $ | 400 | ¥ | 24,136 | $ | 250 | € | 284 | $ | 354 | £ | - | $ | - | ¥ | - | $ | - | $ | 398 | |||||||||||||||||||||||||||
New contracts | - | - | - | - | - | - | 198 | 224 | 126 | 188 | 12,740 | 109 | - | ||||||||||||||||||||||||||||||||||||||||
Matured or expired contracts | - | - | - | - | - | - | (217 | ) | (265 | ) | (7 | ) | (11 | ) | (1,200 | ) | (10 | ) | - | ||||||||||||||||||||||||||||||||||
Notional amounts at March 31 | € | 300 | $ | 400 | £ | 238 | $ | 400 | ¥ | 24,136 | $ | 250 | € | 265 | $ | 313 | £ | 119 | $ | 177 | ¥ | 11,540 | $ | 99 | $ | 398 | |||||||||||||||||||||||||||
Weighted Average Forward | 1.33 | ($/€) | 1.68 | ($/£) | 96.54 | (¥/$) | 1.18 | ($/€) | 1.49 | ($/£) | 117.1 | (¥/$) | |||||||||||||||||||||||||||||||||||||||||
Rate at March 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Active contracts at March 31 | 4 | 3 | 3 | 18 | 15 | 14 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Contracts | Interest Rate Swaps | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amounts at January 1 | € | 600 | $ | 800 | ¥ | 24,136 | $ | 250 | $ | 71 | |||||||||||||||||||||||||||||||||||||||||||
New contracts | 761 | 1,040 | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Matured or expired contracts | (346 | ) | (470 | ) | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amounts at March 31 | € | 1,015 | $ | 1,370 | ¥ | 24,136 | $ | 250 | $ | 71 | |||||||||||||||||||||||||||||||||||||||||||
-1 | During the three months ended March 31, 2015, we exercised six options and recognized a net gain of approximately $2.2 million in Foreign Currency and Derivative Gains (Losses) and Related Amortization, Net in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Included in our British pounds sterling denominated option contracts are eight forward contracts to sell British pounds sterling and buy euros. These forwards have a notional amount of £47.0 million (€62.8 million) and were reported above using a weighted average exchange rate of 1.11 U.S. dollars to the euro. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the fair value of our derivative instruments (in thousands): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment hedges - euro denominated | $ | 64,454 | $ | - | $ | 22,891 | $ | - | |||||||||||||||||||||||||||||||||||||||||||||
Net investment hedges - yen denominated | 49,542 | - | 46,934 | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Net investment hedges - pound sterling denominated | 46,788 | - | 29,097 | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency options - euro denominated (1) | 25,852 | - | 7,742 | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency options - yen denominated (1) | 1,129 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency options - pound sterling denominated (1) | 880 | 1,749 | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap hedges | 187 | - | - | 1,395 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total fair value of derivatives | $ | 188,832 | $ | 1,749 | $ | 106,664 | $ | 1,395 | |||||||||||||||||||||||||||||||||||||||||||||
-1 | As discussed above, the foreign currency options are not designated as hedges. We recognized gains of $20.1 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 options for the three months ended March 31, 2015. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 for which we recorded losses of $517.6 million and gains of $17.6 million, respectively, for the three months ended March 31, 2015 and 2014. It also includes 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative net investment hedges (1) | $ | 63,178 | $ | (16,914 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap hedges (2) | 1,582 | (1,107 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Our share of derivatives from unconsolidated co-investment ventures | 2,227 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total gain (loss) on derivative instruments | 66,987 | (18,021 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-derivative net investment hedges (3) | 330,114 | (5,530 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total gain (loss) on derivative and non-derivative instruments | $ | 397,101 | $ | (23,551 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | This includes losses of $6.9 million for the three months ended March 31, 2014, upon the settlement of net investment hedges. No net investment hedges were settled in 2015. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | The amounts reclassified to interest expense for the three months ended March 31, 2015 and 2014, respectively, were not considered significant. We do not expect the amounts to be reclassified to interest expense for the next 12 months to be significant. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | At March 31, 2015 and December 31, 2014, we had €2.4 billion ($2.6 billion) and €2.5 billion ($3.0 billion) of debt, net of accrued interest, respectively, designated as non-derivative financial instrument hedges of our net investment in international subsidiaries. We had €102.0 million ($109.8 million) and €97.6 million ($118.5 million) of debt, respectively, that was not designated as a non-derivative financial instrument hedge at March 31, 2015 and December 31, 2014. We recognized unrealized gains of $15.4 million in Foreign Currency and Derivative Gains (Losses) and Related Amortization, Net in the Consolidated Statements of Operations on the unhedged portion or our debt during the three months ended March 31, 2015. We did not recognize any gain or loss during the three months ended March 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
We have estimated the fair value of our financial instruments using available market information and valuation methodologies we believe to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that we would realize upon disposition. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements on a Recurring Basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, other than the derivatives discussed above and in Note 7, we did not have any significant financial assets or financial liabilities that are measured at fair value on a recurring basis in the Consolidated Financial Statements. We determined the fair value of our derivative instruments 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. We determined the fair values of our interest rate swaps using the market standard methodology of netting the discounted future fixed cash receipts or payments and the discounted expected variable cash payments. We based the variable cash payments on an expectation of future interest rates, or forward curves, derived from observable market interest rate curves. We based the fair values of our net investment hedges 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 at March 31, 2015 and December 31, 2014, were classified as Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements on Non-Recurring Basis | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets measured at fair value on a non-recurring basis in the Consolidated Financial Statements consist of real estate assets and investments in and advances to unconsolidated entities that were subject to impairment charges. There were no assets that met these criteria at March 31, 2015 or December 31, 2014. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, our carrying amounts of certain financial instruments, including cash and cash equivalents, restricted cash, accounts and notes receivable, accounts payable and accrued expenses were representative of their fair values due to the short-term nature of these instruments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, we estimated the fair value of our senior notes and exchangeable senior notes 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 and term loans 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 by discounting the future cash flows using rates currently available to us for debt with similar terms and maturities (Level 3). The differences in the fair value of our debt from the carrying value in the table below are the result of differences in interest rates and/or borrowing spreads that were available to us at March 31, 2015 and December 31, 2014, 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): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facilities | $ | 65,372 | $ | 65,504 | $ | - | $ | - | |||||||||||||||||||||||||||||||||||||||||||||
Senior notes | 5,731,500 | 6,301,689 | 6,076,920 | 6,593,657 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exchangeable senior notes | - | - | 456,766 | 511,931 | |||||||||||||||||||||||||||||||||||||||||||||||||
Secured mortgage debt | 751,244 | 865,286 | 1,050,591 | 1,173,488 | |||||||||||||||||||||||||||||||||||||||||||||||||
Secured mortgage debt of consolidated entities | 1,197,920 | 1,205,481 | 1,207,106 | 1,209,271 | |||||||||||||||||||||||||||||||||||||||||||||||||
Term loans and other debt | 895,385 | 900,575 | 588,816 | 591,810 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total debt | $ | 8,641,421 | $ | 9,338,535 | $ | 9,380,199 | $ | 10,080,157 | |||||||||||||||||||||||||||||||||||||||||||||
Business_Segments
Business Segments | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Business Segments | 13.Business Segments | ||||||||
Our current business strategy includes two operating segments: Real Estate Operations and Strategic Capital. We generate revenues, earnings, net operating income and cash flows through our segments, as follows: | |||||||||
· | Real Estate Operations. This represents the ownership of industrial operating properties and is the main source of our revenue and earnings. We collect rent from our customers through operating leases, including reimbursements for the 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 that lead to rental operations. 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 teams; (iii) our global customer relationships; and (iv) the demand for high-quality distribution facilities. 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 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, ventures with longer duration and open-ended funds with leading global institutions. These private and public vehicles provide capital for distinct geographies across our global platform. We hold a significant ownership interest in these ventures; we believe this aligns our interests with those of our partners. We generate strategic capital revenues from our unconsolidated co-investment ventures through asset management and property management services and we earn additional revenues from leasing, acquisition, construction, development and disposition services provided. Depending on the structure of the venture and the returns provided to our partners, we also earn revenues through promotes 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 before Income Taxes in the Consolidated Statements of Operations; and (iii) each reportable business segment’s assets to Total Assets in the Consolidated Balance Sheets. Our chief operating decision makers rely primarily on net operating income and similar measures to make decisions about allocating resources and assessing segment performance. The applicable components of Total Revenues, Earnings before Income Taxes and Total Assets are allocated to each reportable business segment’s revenues, net operating income and assets. Items that are not directly assignable to a segment, such as certain corporate income and expenses, are reflected as reconciling items. The following reconciliations are presented in thousands: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues: | |||||||||
Real estate operations: | |||||||||
Americas | $ | 390,630 | $ | 356,125 | |||||
Europe | 18,769 | 16,188 | |||||||
Asia | 11,423 | 17,059 | |||||||
Total Real Estate Operations segment | 420,822 | 389,372 | |||||||
Strategic capital: | |||||||||
Americas | 14,926 | 14,575 | |||||||
Europe | 18,393 | 21,700 | |||||||
Asia | 8,706 | 9,035 | |||||||
Total Strategic Capital segment | 42,025 | 45,310 | |||||||
Total revenues | $ | 462,847 | $ | 434,682 | |||||
Net operating income: | |||||||||
Real estate operations: | |||||||||
Americas | $ | 269,891 | $ | 253,461 | |||||
Europe | 10,938 | 8,224 | |||||||
Asia | 7,484 | 12,117 | |||||||
Total Real Estate Operations segment | 288,313 | 273,802 | |||||||
Strategic capital: | |||||||||
Americas | 4,891 | 2,056 | |||||||
Europe | 11,865 | 13,684 | |||||||
Asia | 4,908 | 5,407 | |||||||
Total Strategic Capital segment | 21,664 | 21,147 | |||||||
Total segment net operating income | 309,977 | 294,949 | |||||||
Reconciling items: | |||||||||
General and administrative expenses | (56,288 | ) | (63,203 | ) | |||||
Depreciation and amortization | (169,808 | ) | (160,280 | ) | |||||
Earnings from unconsolidated entities, net | 31,042 | 29,746 | |||||||
Interest expense | (68,761 | ) | (85,523 | ) | |||||
Interest and other income, net | 11,049 | 14,050 | |||||||
Gains on dispositions of investments in real estate, net | 277,715 | 17,055 | |||||||
Foreign currency and derivative gains (losses) and related amortization, net | 34,566 | (28,184 | ) | ||||||
Gains (losses) on early extinguishment of debt, net | (16,289 | ) | 273 | ||||||
Total reconciling items | 43,226 | (276,066 | ) | ||||||
Earnings before income taxes | $ | 353,203 | $ | 18,883 | |||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Assets: | |||||||||
Real estate operations: | |||||||||
Americas | $ | 17,151,143 | $ | 17,432,909 | |||||
Europe | 1,540,652 | 1,820,529 | |||||||
Asia | 949,754 | 926,645 | |||||||
Total Real Estate Operations segment | 19,641,549 | 20,180,083 | |||||||
Strategic capital: | |||||||||
Americas | 20,317 | 20,635 | |||||||
Europe | 50,848 | 54,577 | |||||||
Asia | 2,527 | 2,718 | |||||||
Total Strategic Capital segment | 73,692 | 77,930 | |||||||
Total segment assets | 19,715,241 | 20,258,013 | |||||||
Reconciling items: | |||||||||
Investments in and advances to unconsolidated entities | 4,559,721 | 4,824,724 | |||||||
Assets held for sale | 337,229 | 43,934 | |||||||
Note receivable backed by real estate | 197,500 | - | |||||||
Cash and cash equivalents | 192,013 | 350,692 | |||||||
Other assets | 459,117 | 340,860 | |||||||
Total reconciling items | 5,745,580 | 5,560,210 | |||||||
Total assets | $ | 25,460,821 | $ | 25,818,223 | |||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | |
Mar. 31, 2015 | ||
Supplemental Cash Flow Elements [Abstract] | ||
Supplemental Cash Flow Information | 14.Supplemental Cash Flow Information | |
Our significant non-cash investing and financing activities for the three months ended March 31, 2015 and 2014 included the following: | ||
· | We issued a note receivable in 2015, as disclosed in Note 6. | |
· | Holders of our exchangeable senior notes exchanged their notes into common stock of the Parent in 2015, as disclosed in Note 7. | |
· | We capitalized $5.7 million and $5.3 million, respectively, of equity-based compensation expense due to our development and leasing activities. | |
The amount of interest paid in cash, net of amounts capitalized, for the three months ended March 31, 2015 and 2014, was $135.9 million and $75.1 million, respectively. | ||
During the three months ended March 31, 2015 and 2014, cash paid for income taxes, net of refunds, was $13.5 million and $23.6 million, respectively. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15.Subsequent Events |
On April 17, 2015, we signed purchase agreements to acquire the real estate assets and operating platform of KTR Capital Partners and its affiliates for approximately $5.9 billion. The portfolio includes 322 operating properties aggregating 60 million square feet, 3.6 million square feet of properties under development and land parcels that will support an estimated potential build out of 6.8 million square feet. The properties will be acquired by our consolidated co-investment venture USLV, in which we own 55%. The purchase price includes the assumption of approximately $700 million of secured mortgage debt and the issuance of up to $230 million of common limited partnership units in the Operating Partnership. The transaction is anticipated to close during the second quarter of 2015. |
General_Policies
General (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Business | Business. Prologis, Inc. (or the “Parent”) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and believes the current organization and method of operation will enable it to maintain its status as a REIT. The Parent is the general partner of Prologis, L.P. (or the “Operating Partnership”). Through 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 is comprised of two operating business segments: Real Estate Operations and Strategic Capital. Our Real Estate Operations segment represents the ownership of industrial properties. Our Strategic Capital segment represents the management of co-investment ventures and other unconsolidated entities. See Note 13 for further discussion of our business segments. Unless otherwise indicated, the notes to the Consolidated Financial Statements apply to both the Parent and the Operating Partnership. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and Operating Partnership collectively. |
For each share of common stock or preferred stock the Parent issues, the Operating Partnership issues a corresponding common or preferred partnership unit, as applicable, to the Parent in exchange for the contribution of the proceeds from the stock issuance. At March 31, 2015, the Parent owned an approximate 99.62% common general partnership interest in the Operating Partnership, and 100% of the preferred units in the Operating Partnership. The remaining approximate 0.38% common limited partnership interests are owned by non-affiliated investors and certain current and former directors and officers of the Parent. As the sole general partner of the Operating Partnership, the Parent has full, exclusive and complete responsibility and discretion in the day-to-day management and control of the Operating Partnership. | |
We operate the Parent and the Operating Partnership as one enterprise. The management of the Parent consists of the same members as the management of the Operating Partnership. These members are officers of the Parent and employees of the Operating Partnership or one of its subsidiaries. As general partner with control of the Operating Partnership, the Parent consolidates the Operating Partnership. Since the Parent’s only significant asset is its investment in the Operating Partnership, the assets and liabilities of the Parent and the Operating Partnership are the same on their respective financial statements. | |
Basis of Presentation | Basis of Presentation. The accompanying Consolidated Financial Statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”) and are presented in our reporting currency, the U.S. dollar. 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 Parent 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 2014 Consolidated Financial Statements as previously filed with the SEC on Form 10-K and other public information. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. In April 2015, the Financial Accounting Standards Board (the “FASB”) issued an accounting standard update that requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. At March 31, 2015, we had $50.1 million of debt issuance costs in Other Assets in the Consolidated Balance Sheets that would be subject to the reclassification. |
In February 2015, the FASB issued an accounting standard update that amends the consolidation requirements in existing GAAP. Under the update, all entities, including limited partnerships and similar legal entities, are now within the scope of consolidation guidance, unless a scope exception applies. The presumption that a general partner controls a limited partnership has been eliminated. In addition, fees paid to decision makers that meet certain conditions no longer cause the decision makers to consolidate variable interest entities (“VIEs”). It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted and allows for either a full retrospective or a modified retrospective adoption approach. We are currently evaluating the impact the adoption of this standard will have on the Consolidated Financial Statements. | |
In May 2014, the FASB issued an accounting standard update that requires companies to use a five step model to determine when 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. In April 2015, the FASB proposed deferring the effective date by one year to December 15, 2017, for annual reporting periods beginning after that date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016. We are currently evaluating the impact the adoption of this standard will have on the Consolidated Financial Statements. |
Business_Combinations_Tables
Business Combinations (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Allocation of Purchase Price | The allocation of the purchase price was as follows (in thousands): | ||||
Investments in real estate properties | $ | 2,770,191 | |||
Cash, accounts receivable and other assets | 132,261 | ||||
Debt | (1,195,213 | ) | |||
Accounts payable, accrued expenses and other liabilities | (70,226 | ) | |||
Noncontrolling interests | (554,493 | ) | |||
Total purchase price | $ | 1,082,520 | |||
Real_Estate_Tables
Real Estate (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||
Real Estate Assets | Investments in real estate properties are presented at cost, and consisted of the following (dollars and square feet in thousands): | ||||||||||||||||||||||||
Square Feet / Acres (1) | No. of Buildings (1) | ||||||||||||||||||||||||
March 31, | December 31, | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
Industrial operating properties: | |||||||||||||||||||||||||
Improved land | - - | - - | - - | - - | $ | 4,146,591 | $ | 4,227,637 | |||||||||||||||||
Buildings and improvements | 282,541 | 282,282 | 1,581 | 1,607 | 14,145,002 | 14,407,815 | |||||||||||||||||||
Development portfolio, including land costs: | |||||||||||||||||||||||||
Pre-stabilized | 8,875 | 7,448 | 27 | 24 | 670,588 | 547,982 | |||||||||||||||||||
Properties under development | 21,043 | 22,844 | 51 | 55 | 781,678 | 925,998 | |||||||||||||||||||
Land | 8,939 | 9,017 | - - | - - | 1,535,622 | 1,577,786 | |||||||||||||||||||
Other real estate investments (2) | - - | - - | - - | - - | 521,018 | 502,927 | |||||||||||||||||||
Total investments in real estate properties | 21,800,499 | 22,190,145 | |||||||||||||||||||||||
Less accumulated depreciation | 2,877,478 | 2,790,781 | |||||||||||||||||||||||
Net investments in real estate properties | $ | 18,923,021 | $ | 19,399,364 | |||||||||||||||||||||
(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) certain infrastructure costs related to projects we are developing on behalf of others; (iv) land parcels that are ground leased to third parties; (v) earnest money deposits associated with potential acquisitions and (vi) costs related to future development projects, including purchase options on land. | ||||||||||||||||||||||||
Summary of Properties Disposed | Real estate disposition activity for the three months ended March 31 was as follows (dollars and square feet in thousands): | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Continuing Operations | |||||||||||||||||||||||||
Contributions to unconsolidated co-investment ventures | |||||||||||||||||||||||||
Number of properties | 3 | - | |||||||||||||||||||||||
Square feet | 507 | - | |||||||||||||||||||||||
Net proceeds | $ | 29,068 | $ | - | |||||||||||||||||||||
Net gains on contributions | $ | 2,358 | $ | - | |||||||||||||||||||||
Dispositions to third parties | |||||||||||||||||||||||||
Number of properties | 34 | 5 | |||||||||||||||||||||||
Square feet | 2,693 | 715 | |||||||||||||||||||||||
Net proceeds (1) | $ | 495,629 | $ | 81,231 | |||||||||||||||||||||
Net gains on dispositions (1) | $ | 275,357 | $ | 17,055 | |||||||||||||||||||||
-1 | Dispositions to third parties include land sales. |
Unconsolidated_Entities_Tables
Unconsolidated Entities (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | |||||||||||||
Summary of Investments in and Advances Unconsolidated Entities | Our investments in and advances to our unconsolidated entities are summarized below (in thousands): | ||||||||||||
March 31, | December 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Unconsolidated co-investment ventures | $ | 4,381,650 | $ | 4,665,918 | |||||||||
Other ventures | 178,071 | 158,806 | |||||||||||
Totals | $ | 4,559,721 | $ | 4,824,724 | |||||||||
Summary of Unconsolidated Co-investment Ventures | The following tables are summarized information of the unconsolidated co-investment ventures: | ||||||||||||
March 31, | December 31, | March 31, | |||||||||||
(dollars and square feet in millions) | 2015 | 2014 | 2014 | ||||||||||
Americas: | |||||||||||||
Number of ventures | 3 | 3 | 4 | ||||||||||
Number of properties owned | 592 | 590 | 712 | ||||||||||
Square feet | 87.6 | 87.1 | 109.2 | ||||||||||
Total assets | $ | 6,889 | $ | 7,063 | $ | 8,074 | |||||||
Third-party debt | $ | 2,255 | $ | 2,280 | $ | 2,961 | |||||||
Total liabilities | $ | 2,386 | $ | 2,421 | $ | 3,111 | |||||||
Our investment balance (1) | $ | 1,502 | $ | 1,537 | $ | 1,225 | |||||||
Our weighted average ownership (3) | 31 | % | 31 | % | 23.3 | % | |||||||
Europe: | |||||||||||||
Number of ventures | 4 | 4 | 4 | ||||||||||
Number of properties owned | 655 | 636 | 585 | ||||||||||
Square feet | 150.2 | 147.4 | 136.6 | ||||||||||
Total assets | $ | 10,502 | $ | 11,463 | $ | 12,119 | |||||||
Third-party debt | $ | 2,371 | $ | 2,644 | $ | 2,685 | |||||||
Total liabilities | $ | 3,218 | $ | 3,524 | $ | 3,819 | |||||||
Our investment balance (1) | $ | 2,531 | $ | 2,773 | $ | 2,944 | |||||||
Our weighted average ownership (3) | 38.7 | % | 38.8 | % | 38.9 | % | |||||||
Asia: | |||||||||||||
Number of ventures | 2 | 2 | 2 | ||||||||||
Number of properties owned | 53 | 52 | 45 | ||||||||||
Square feet | 26.4 | 26.2 | 23.3 | ||||||||||
Total assets | $ | 4,144 | $ | 4,135 | $ | 4,048 | |||||||
Third-party debt | $ | 1,671 | $ | 1,652 | $ | 1,738 | |||||||
Total liabilities | $ | 1,864 | $ | 1,749 | $ | 1,911 | |||||||
Our investment balance (1) (2) | $ | 349 | $ | 356 | $ | 344 | |||||||
Our weighted average ownership (3) | 15 | % | 15 | % | 15 | % | |||||||
Total: | |||||||||||||
Number of ventures | 9 | 9 | 10 | ||||||||||
Number of properties owned | 1,300 | 1,278 | 1,342 | ||||||||||
Square feet | 264.2 | 260.7 | 269.1 | ||||||||||
Total assets | $ | 21,535 | $ | 22,661 | $ | 24,241 | |||||||
Third-party debt | $ | 6,297 | $ | 6,576 | $ | 7,384 | |||||||
Total liabilities | $ | 7,468 | $ | 7,694 | $ | 8,841 | |||||||
Our investment balance (1) | $ | 4,382 | $ | 4,666 | $ | 4,513 | |||||||
Our weighted average ownership (3) | 31.8 | % | 32 | % | 29.4 | % | |||||||
For the three months ended | March 31, | March 31, | |||||||||||
(in thousands) | 2015 | 2014 | |||||||||||
Americas (4): | |||||||||||||
Revenues | $ | 150,014 | $ | 168,236 | |||||||||
Net operating income | $ | 112,083 | $ | 119,235 | |||||||||
Net earnings (loss) | $ | 15,900 | $ | 2,174 | |||||||||
Europe: | |||||||||||||
Revenues | $ | 234,713 | $ | 246,696 | |||||||||
Net operating income | $ | 180,832 | $ | 196,081 | |||||||||
Net earnings (loss) | $ | 50,959 | $ | 62,667 | |||||||||
Asia: | |||||||||||||
Revenues | $ | 67,918 | $ | 68,488 | |||||||||
Net operating income | $ | 53,234 | $ | 53,617 | |||||||||
Net earnings (loss) | $ | 23,390 | $ | 21,995 | |||||||||
Total: | |||||||||||||
Revenues | $ | 452,645 | $ | 483,420 | |||||||||
Net operating income | $ | 346,149 | $ | 368,933 | |||||||||
Net earnings (loss) | $ | 90,249 | $ | 86,836 | |||||||||
-1 | The difference between our ownership interest of the venture’s equity and our investment balance results principally from three types of transactions: (i) deferring a portion of the gains we recognize from a contribution of a property to the venture; (ii) recording additional costs associated with our investment in the venture; and (iii) advances to the venture. | ||||||||||||
-2 | At March 31, 2015 and December 31, 2014, we had receivables from Nippon Prologis REIT, Inc. (“NPR”) of $85.5 million and $85.9 million, respectively, related to customer security deposits that are made through a leasing company owned by Prologis that pertain to properties owned by NPR. There is a corresponding payable to NPR’s customers in Other Liabilities in the Consolidated Balance Sheets. | ||||||||||||
-3 | Represents our weighted average ownership interest in all co-investment ventures based on each entity’s contribution to total assets, before depreciation, net of other liabilities. | ||||||||||||
-4 | We formed and invested in FIBRA Prologis, a Mexican REIT, in June 2014. In connection with the transaction, we concluded our unconsolidated co-investment venture in Mexico. As discussed in Note 2, we began consolidating NAIF in October 2014. | ||||||||||||
Earnings on Investment in Co-Investment Ventures | Summarized information regarding the amounts we recognized in the Consolidated Statements of Operations as our share of the earnings from our investments in unconsolidated co-investment ventures for the three months ended March 31 was as follows (in thousands): | ||||||||||||
2015 | 2014 | ||||||||||||
Earnings (loss) from unconsolidated co-investment ventures: | |||||||||||||
Americas | $ | 4,798 | $ | (329 | ) | ||||||||
Europe | 21,508 | 25,495 | |||||||||||
Asia | 3,930 | 3,665 | |||||||||||
Total earnings from unconsolidated co-investment ventures, net | $ | 30,236 | $ | 28,831 | |||||||||
Strategic capital and other income: | |||||||||||||
Americas | $ | 14,361 | $ | 14,325 | |||||||||
Europe | 18,393 | 21,700 | |||||||||||
Asia | 8,549 | 8,797 | |||||||||||
Total strategic capital income | 41,303 | 44,822 | |||||||||||
Development management and other income | 1,640 | 707 | |||||||||||
Total strategic capital and other income | $ | 42,943 | $ | 45,529 | |||||||||
Assets_Held_for_Sale_Tables
Assets Held for Sale (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Real Estate Assets Held For Development And Sale [Abstract] | |||||||||
Summary of Assets Held for Sale | Assets held for sale consisted of the following (square feet and dollars in thousands): | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Number of properties | 18 | 7 | |||||||
Square feet | 3,492 | 457 | |||||||
Total assets held for sale | $ | 337,229 | $ | 43,933 | |||||
Total liabilities associated with assets held for sale – included in Other Liabilities | $ | 8,292 | $ | - | |||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||
Debt Summary | Our debt consisted of the following (dollars in thousands): | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||
Weighted Average Interest Rate (1) | Amount Outstanding (2) | Weighted Average Interest Rate (1) | Amount Outstanding | ||||||||||||||||||||||||||
Credit facilities | 1.1 | % | $ | 65,372 | - | $ | - | ||||||||||||||||||||||
Senior notes | 3.6 | % | 5,731,500 | 3.6 | % | 6,076,920 | |||||||||||||||||||||||
Exchangeable senior notes | - | - | 3.3 | % | 456,766 | ||||||||||||||||||||||||
Secured mortgage debt | 6.8 | % | 751,244 | 6.1 | % | 1,050,591 | |||||||||||||||||||||||
Secured mortgage debt of consolidated entities | 2.5 | % | 1,197,920 | 2.5 | % | 1,207,106 | |||||||||||||||||||||||
Term loans (3) | 1.2 | % | 879,321 | 1.3 | % | 572,730 | |||||||||||||||||||||||
Other debt | 6.2 | % | 16,064 | 6.2 | % | 16,086 | |||||||||||||||||||||||
Totals | 3.5 | % | $ | 8,641,421 | 3.6 | % | $ | 9,380,199 | |||||||||||||||||||||
(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 ($3.1 billion) and Japanese yen ($0.5 billion). | ||||||||||||||||||||||||||||
-3 | At March 31, 2015, we had outstanding borrowings on our euro term loan of $537.9 million and our Yen term loan was fully drawn. | ||||||||||||||||||||||||||||
Credit Facilities | Information about our Credit Facilities at March 31, 2015, was as follows (in millions): | ||||||||||||||||||||||||||||
Aggregate lender - commitments | $ | 2,658 | |||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Borrowings outstanding | 65 | ||||||||||||||||||||||||||||
Outstanding letters of credit | 32 | ||||||||||||||||||||||||||||
Current availability | $ | 2,561 | |||||||||||||||||||||||||||
Long-Term Debt Maturities | Principal payments due on our debt, for the remainder of 2015 and for each of the years in the period ending December 31, 2024, and thereafter were as follows at March 31, 2015 (in millions): | ||||||||||||||||||||||||||||
Prologis | |||||||||||||||||||||||||||||
Unsecured | |||||||||||||||||||||||||||||
Credit | Senior | Term Loans and | Secured Mortgage | Consolidated Entities' | Total Consolidated | ||||||||||||||||||||||||
Maturity | Facilities | Notes | Other Debt | Debt | Total | Debt | Debt | ||||||||||||||||||||||
2015 (1) | $ | - | $ | - | $ | 1 | $ | 19 | $ | 20 | $ | 112 | $ | 132 | |||||||||||||||
2016 | - | - | 1 | 160 | 161 | 447 | 608 | ||||||||||||||||||||||
2017 (2) | - | 378 | 539 | 5 | 922 | 206 | 1,128 | ||||||||||||||||||||||
2018 | 65 | 262 | 1 | 111 | 439 | 166 | 605 | ||||||||||||||||||||||
2019 | - | 693 | 1 | 285 | 979 | 1 | 980 | ||||||||||||||||||||||
2020 | - | 1,013 | 1 | 6 | 1,020 | 188 | 1,208 | ||||||||||||||||||||||
2021 | - | 500 | 342 | 11 | 853 | 1 | 854 | ||||||||||||||||||||||
2022 | - | 753 | 1 | 7 | 761 | 1 | 762 | ||||||||||||||||||||||
2023 | - | 850 | 1 | 7 | 858 | 1 | 859 | ||||||||||||||||||||||
2024 | - | 753 | 1 | 129 | 883 | 1 | 884 | ||||||||||||||||||||||
Thereafter | - | 538 | 6 | - | 544 | 4 | 548 | ||||||||||||||||||||||
Subtotal | 65 | 5,740 | 895 | 740 | 7,440 | 1,128 | 8,568 | ||||||||||||||||||||||
Unamortized premiums (discounts), net | - | (8 | ) | - | 11 | 3 | 70 | 73 | |||||||||||||||||||||
Total | $ | 65 | $ | 5,732 | $ | 895 | $ | 751 | $ | 7,443 | $ | 1,198 | $ | 8,641 | |||||||||||||||
-1 | We expect to repay the amounts maturing in 2015 related to our wholly owned debt with cash generated from operations, proceeds from the disposition of wholly owned real estate properties and with borrowings on our Credit Facilities. | ||||||||||||||||||||||||||||
-2 | Included in our debt is a term loan that can be extended until 2019 (two times each at one year), subject to satisfaction of certain conditions and payment of an extension fee. |
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||
Noncontrolling Interests Summary | The following is a summary of the noncontrolling interests and the consolidated entity’s total investment in real estate and debt at March 31, 2015 and December 31, 2014 (dollars and units in thousands): | ||||||||||||||||||||||||||||||||
Our Ownership Percentage | Noncontrolling Interest | Total Investment | Debt | ||||||||||||||||||||||||||||||
In Real Estate | |||||||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||
Partnerships with exchangeable units (1) | various | various | $ | 70,234 | $ | 70,716 | $ | 713,562 | $ | 711,310 | $ | - | $ | - | |||||||||||||||||||
Prologis North American Industrial Fund | 66.1 | % | 66.1 | % | 537,996 | 544,718 | 2,749,785 | 2,771,299 | 1,180,409 | 1,188,836 | |||||||||||||||||||||||
Prologis U.S. Logistics Venture | 55 | % | 55 | % | 423,401 | 427,307 | 1,008,793 | 1,006,183 | - | - | |||||||||||||||||||||||
Prologis Brazil Logistics Partners Fund I (2) | 50 | % | 50 | % | 56,897 | 68,533 | - | - | - | - | |||||||||||||||||||||||
Other consolidated entities | various | various | 33,473 | 48,627 | 299,446 | 307,686 | 17,511 | 18,269 | |||||||||||||||||||||||||
Prologis, L.P. noncontrolling interests | 1,122,001 | 1,159,901 | 4,771,586 | 4,796,478 | 1,197,920 | 1,207,105 | |||||||||||||||||||||||||||
Limited partners in Prologis, L.P. (3) | 55,833 | 48,189 | - | - | - | - | |||||||||||||||||||||||||||
Prologis, Inc. noncontrolling interests | $ | 1,177,834 | $ | 1,208,090 | $ | 4,771,586 | $ | 4,796,478 | $ | 1,197,920 | $ | 1,207,105 | |||||||||||||||||||||
-1 | At March 31, 2015 and December 31, 2014, there were limited partnership units that were exchangeable into cash or, at our option, 1,885 and 1,887 shares, respectively, of the Parent’s common stock. All of these outstanding limited partnership units receive quarterly cash distributions equal to the quarterly dividends paid on our common stock pursuant to the terms of the applicable partnership agreements. | ||||||||||||||||||||||||||||||||
-2 | The assets of Prologis Brazil Logistics Partners Fund I are primarily investments in unconsolidated entities of $131.2 million and $152.0 million at March 31, 2015 and December 31, 2014, respectively. For additional information on our unconsolidated investments, see Note 4. | ||||||||||||||||||||||||||||||||
-3 | At March 31, 2015 and December 31, 2014, there were limited partnership units in the Operating Partnership that were exchangeable into cash or, at our option, 1,762 and 1,767 shares, respectively, of the Parent’s common stock. At March 31, 2015 and December 31, 2014, there were 993 and 113 LTIP Units (as defined in Note 10) outstanding, respectively, associated with our long-term compensation plan that are not exchangeable into the Parent’s common stock until they vest. All of these outstanding limited partnership units receive quarterly cash distributions equal to the quarterly distributions paid on our common stock pursuant to the terms of the partnership agreement. |
LongTerm_Compensation_Tables
Long-Term Compensation (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
RSU and PSA [Member] | ||||||||||
Stock Options, RSU and Performance Share Awards | The activity for the three months ended March 31, 2015, with respect to our RSUs, was as follows (awards in thousands): | |||||||||
Number of | Weighted Average | |||||||||
Unvested RSUs | Grant-Date Fair Value | |||||||||
Balance at January 1, 2015 | 2,415 | $ | 39.38 | |||||||
Granted | 644 | |||||||||
Vested | (947 | ) | ||||||||
Forfeited | (518 | ) | ||||||||
Balance at March 31, 2015 | 1,594 | $ | 42.28 | |||||||
Restricted Operating Partnership Units [Member] | ||||||||||
Stock Options, RSU and Performance Share Awards | The activity for the three months ended March 31, 2015, was as follows (units in thousands): | |||||||||
Number of | Weighted | |||||||||
Unvested LTIP Units | Average | |||||||||
Balance at January 1, 2015 | 113 | $ | 41.43 | |||||||
Granted | 1,131 | |||||||||
Vested | (251 | ) | ||||||||
Balance at March 31, 2015 | 993 | $ | 43.25 | |||||||
Earnings_Per_Common_Share_Unit1
Earnings Per Common Share / Unit (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Computation of Basic and Diluted Earnings Per Share Unit | The following table sets forth the computation of our basic and diluted earnings per share/unit (in thousands, except per share/unit amounts): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
Prologis, Inc. | 2015 | 2014 | |||||||
Net earnings attributable to common stockholders | $ | 345,206 | $ | 4,666 | |||||
Noncontrolling interest attributable to exchangeable limited partnership units | 1,650 | 17 | |||||||
Net loss associated with exchangeable debt assumed exchanged | (1,614 | ) | - | ||||||
Adjusted net earnings attributable to common stockholders | $ | 345,242 | $ | 4,683 | |||||
Weighted average common shares outstanding - Basic (1) | 514,022 | 498,696 | |||||||
Incremental weighted average effect on exchange of limited partnership units (2) | 3,794 | 1,767 | |||||||
Incremental weighted average effect of equity awards and warrant | 2,394 | 3,910 | |||||||
Incremental weighted average effect on exchange of exchangeable debt (3) | 8,812 | - | |||||||
Weighted average common shares outstanding - Diluted (4) | 529,022 | 504,373 | |||||||
Net earnings per share attributable to common stockholders - | |||||||||
Basic | $ | 0.67 | $ | 0.01 | |||||
Diluted | $ | 0.65 | $ | 0.01 | |||||
Three Months Ended | |||||||||
March 31, | |||||||||
Prologis, L.P. | 2015 | 2014 | |||||||
Net earnings attributable to common unitholders | $ | 346,488 | $ | 4,683 | |||||
Noncontrolling interest attributable to exchangeable limited partnership units | 368 | - | |||||||
Net loss associated with exchangeable debt assumed exchanged | (1,614 | ) | - | ||||||
Adjusted net earnings attributable to common unitholders | $ | 345,242 | $ | 4,683 | |||||
Weighted average common partnership units outstanding - Basic (1) | 515,931 | 500,463 | |||||||
Incremental weighted average effect on exchange of limited partnership units | 1,885 | - | |||||||
Incremental weighted average effect of equity awards and warrant of Prologis, Inc. | 2,394 | 3,910 | |||||||
Incremental weighted average effect on exchange of exchangeable debt (3) | 8,812 | - | |||||||
Weighted average common partnership units outstanding - Diluted (4) | 529,022 | 504,373 | |||||||
Net earnings per unit attributable to common unitholders - | |||||||||
Basic | $ | 0.67 | $ | 0.01 | |||||
Diluted | $ | 0.65 | $ | 0.01 | |||||
-1 | The increase in shares/units between the periods is primarily due to a warrant Norges Bank Investment Management exercised in December 2014, the ATM program activity in late 2014 and early 2015 and the conversion of exchangeable debt to shares/units in March 2015. | ||||||||
-2 | Earnings allocated to the exchangeable Operating Partnership units not held by the Parent 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 1,908 and 1,767 for the three months ended March 31, 2015 and 2014, respectively. | ||||||||
-3 | In March 2015, the exchangeable debt was settled primarily through the issuance of common stock. The adjustment in 2015 assumes the exchange occurred on January 1, 2015. | ||||||||
-4 | Total weighted average potentially dilutive stock awards were 7,391 for the three months ended March 31, 2015. Total weighted average dilutive stock awards and warrants outstanding were 15,546 for the three months ended March 31, 2014. Total weighted average potentially dilutive shares/units from exchangeable debt outstanding were 8,812 and 11,879 for the three months ended March 31, 2015 and 2014, respectively. Total weighted average potentially dilutive limited partnership units outstanding were 1,885 and 1,949 for the three months ended March 31, 2015 and 2014, respectively. |
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Activity | The following table summarizes the activity in our derivative instruments for the three months ended March 31 (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Contracts | Forward and Option Contracts (1) (2) | Interest Rate Swaps | |||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amounts at January 1 | € | 300 | $ | 400 | £ | 238 | $ | 400 | ¥ | 24,136 | $ | 250 | € | 284 | $ | 354 | £ | - | $ | - | ¥ | - | $ | - | $ | 398 | |||||||||||||||||||||||||||
New contracts | - | - | - | - | - | - | 198 | 224 | 126 | 188 | 12,740 | 109 | - | ||||||||||||||||||||||||||||||||||||||||
Matured or expired contracts | - | - | - | - | - | - | (217 | ) | (265 | ) | (7 | ) | (11 | ) | (1,200 | ) | (10 | ) | - | ||||||||||||||||||||||||||||||||||
Notional amounts at March 31 | € | 300 | $ | 400 | £ | 238 | $ | 400 | ¥ | 24,136 | $ | 250 | € | 265 | $ | 313 | £ | 119 | $ | 177 | ¥ | 11,540 | $ | 99 | $ | 398 | |||||||||||||||||||||||||||
Weighted Average Forward | 1.33 | ($/€) | 1.68 | ($/£) | 96.54 | (¥/$) | 1.18 | ($/€) | 1.49 | ($/£) | 117.1 | (¥/$) | |||||||||||||||||||||||||||||||||||||||||
Rate at March 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Active contracts at March 31 | 4 | 3 | 3 | 18 | 15 | 14 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Contracts | Interest Rate Swaps | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amounts at January 1 | € | 600 | $ | 800 | ¥ | 24,136 | $ | 250 | $ | 71 | |||||||||||||||||||||||||||||||||||||||||||
New contracts | 761 | 1,040 | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||
Matured or expired contracts | (346 | ) | (470 | ) | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amounts at March 31 | € | 1,015 | $ | 1,370 | ¥ | 24,136 | $ | 250 | $ | 71 | |||||||||||||||||||||||||||||||||||||||||||
-1 | During the three months ended March 31, 2015, we exercised six options and recognized a net gain of approximately $2.2 million in Foreign Currency and Derivative Gains (Losses) and Related Amortization, Net in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Included in our British pounds sterling denominated option contracts are eight forward contracts to sell British pounds sterling and buy euros. These forwards have a notional amount of £47.0 million (€62.8 million) and were reported above using a weighted average exchange rate of 1.11 U.S. dollars to the euro. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Derivative Instruments | The following table presents the fair value of our derivative instruments (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment hedges - euro denominated | $ | 64,454 | $ | - | $ | 22,891 | $ | - | |||||||||||||||||||||||||||||||||||||||||||||
Net investment hedges - yen denominated | 49,542 | - | 46,934 | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Net investment hedges - pound sterling denominated | 46,788 | - | 29,097 | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency options - euro denominated (1) | 25,852 | - | 7,742 | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency options - yen denominated (1) | 1,129 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency options - pound sterling denominated (1) | 880 | 1,749 | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap hedges | 187 | - | - | 1,395 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total fair value of derivatives | $ | 188,832 | $ | 1,749 | $ | 106,664 | $ | 1,395 | |||||||||||||||||||||||||||||||||||||||||||||
-1 | As discussed above, the foreign currency options are not designated as hedges. We recognized gains of $20.1 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 options for the three months ended March 31, 2015. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative net investment hedges (1) | $ | 63,178 | $ | (16,914 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap hedges (2) | 1,582 | (1,107 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Our share of derivatives from unconsolidated co-investment ventures | 2,227 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total gain (loss) on derivative instruments | 66,987 | (18,021 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-derivative net investment hedges (3) | 330,114 | (5,530 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total gain (loss) on derivative and non-derivative instruments | $ | 397,101 | $ | (23,551 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | This includes losses of $6.9 million for the three months ended March 31, 2014, upon the settlement of net investment hedges. No net investment hedges were settled in 2015. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | The amounts reclassified to interest expense for the three months ended March 31, 2015 and 2014, respectively, were not considered significant. We do not expect the amounts to be reclassified to interest expense for the next 12 months to be significant. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | At March 31, 2015 and December 31, 2014, we had €2.4 billion ($2.6 billion) and €2.5 billion ($3.0 billion) of debt, net of accrued interest, respectively, designated as non-derivative financial instrument hedges of our net investment in international subsidiaries. We had €102.0 million ($109.8 million) and €97.6 million ($118.5 million) of debt, respectively, that was not designated as a non-derivative financial instrument hedge at March 31, 2015 and December 31, 2014. We recognized unrealized gains of $15.4 million in Foreign Currency and Derivative Gains (Losses) and Related Amortization, Net in the Consolidated Statements of Operations on the unhedged portion or our debt during the three months ended March 31, 2015. We did not recognize any gain or loss during the three months ended March 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amounts and Estimated Fair Values of Debt | The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Facilities | $ | 65,372 | $ | 65,504 | $ | - | $ | - | |||||||||||||||||||||||||||||||||||||||||||||
Senior notes | 5,731,500 | 6,301,689 | 6,076,920 | 6,593,657 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exchangeable senior notes | - | - | 456,766 | 511,931 | |||||||||||||||||||||||||||||||||||||||||||||||||
Secured mortgage debt | 751,244 | 865,286 | 1,050,591 | 1,173,488 | |||||||||||||||||||||||||||||||||||||||||||||||||
Secured mortgage debt of consolidated entities | 1,197,920 | 1,205,481 | 1,207,106 | 1,209,271 | |||||||||||||||||||||||||||||||||||||||||||||||||
Term loans and other debt | 895,385 | 900,575 | 588,816 | 591,810 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total debt | $ | 8,641,421 | $ | 9,338,535 | $ | 9,380,199 | $ | 10,080,157 | |||||||||||||||||||||||||||||||||||||||||||||
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Reporting, Reconciliation of Revenues, Operating Income and Assets | The following reconciliations are presented in thousands: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues: | |||||||||
Real estate operations: | |||||||||
Americas | $ | 390,630 | $ | 356,125 | |||||
Europe | 18,769 | 16,188 | |||||||
Asia | 11,423 | 17,059 | |||||||
Total Real Estate Operations segment | 420,822 | 389,372 | |||||||
Strategic capital: | |||||||||
Americas | 14,926 | 14,575 | |||||||
Europe | 18,393 | 21,700 | |||||||
Asia | 8,706 | 9,035 | |||||||
Total Strategic Capital segment | 42,025 | 45,310 | |||||||
Total revenues | $ | 462,847 | $ | 434,682 | |||||
Net operating income: | |||||||||
Real estate operations: | |||||||||
Americas | $ | 269,891 | $ | 253,461 | |||||
Europe | 10,938 | 8,224 | |||||||
Asia | 7,484 | 12,117 | |||||||
Total Real Estate Operations segment | 288,313 | 273,802 | |||||||
Strategic capital: | |||||||||
Americas | 4,891 | 2,056 | |||||||
Europe | 11,865 | 13,684 | |||||||
Asia | 4,908 | 5,407 | |||||||
Total Strategic Capital segment | 21,664 | 21,147 | |||||||
Total segment net operating income | 309,977 | 294,949 | |||||||
Reconciling items: | |||||||||
General and administrative expenses | (56,288 | ) | (63,203 | ) | |||||
Depreciation and amortization | (169,808 | ) | (160,280 | ) | |||||
Earnings from unconsolidated entities, net | 31,042 | 29,746 | |||||||
Interest expense | (68,761 | ) | (85,523 | ) | |||||
Interest and other income, net | 11,049 | 14,050 | |||||||
Gains on dispositions of investments in real estate, net | 277,715 | 17,055 | |||||||
Foreign currency and derivative gains (losses) and related amortization, net | 34,566 | (28,184 | ) | ||||||
Gains (losses) on early extinguishment of debt, net | (16,289 | ) | 273 | ||||||
Total reconciling items | 43,226 | (276,066 | ) | ||||||
Earnings before income taxes | $ | 353,203 | $ | 18,883 | |||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Assets: | |||||||||
Real estate operations: | |||||||||
Americas | $ | 17,151,143 | $ | 17,432,909 | |||||
Europe | 1,540,652 | 1,820,529 | |||||||
Asia | 949,754 | 926,645 | |||||||
Total Real Estate Operations segment | 19,641,549 | 20,180,083 | |||||||
Strategic capital: | |||||||||
Americas | 20,317 | 20,635 | |||||||
Europe | 50,848 | 54,577 | |||||||
Asia | 2,527 | 2,718 | |||||||
Total Strategic Capital segment | 73,692 | 77,930 | |||||||
Total segment assets | 19,715,241 | 20,258,013 | |||||||
Reconciling items: | |||||||||
Investments in and advances to unconsolidated entities | 4,559,721 | 4,824,724 | |||||||
Assets held for sale | 337,229 | 43,934 | |||||||
Note receivable backed by real estate | 197,500 | - | |||||||
Cash and cash equivalents | 192,013 | 350,692 | |||||||
Other assets | 459,117 | 340,860 | |||||||
Total reconciling items | 5,745,580 | 5,560,210 | |||||||
Total assets | $ | 25,460,821 | $ | 25,818,223 | |||||
General_Additional_Information
General - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Segment | |
General [Line Items] | |
Number of reportable segments | 2 |
Percentage of ownership in general partnership | 99.62% |
Percentage of interest in preferred units | 100.00% |
Percentage of common limited partnership interest | 0.38% |
Other Assets [Member] | |
General [Line Items] | |
Debt issuance costs | 50.1 |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||||
Oct. 20, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Business Acquisition [Line Items] | |||||||
Equity method investment | $4,666,000,000 | [1] | 4,382,000,000 | [1] | 4,513,000,000 | [1] | |
Prologis North American Industrial Fund [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Parent Company's Ownership Percentage | 66.10% | 66.10% | 23.10% | ||||
Equity method investment | 679,000,000 | ||||||
Total purchase price | $46,800,000 | $1,082,520,000 | |||||
[1] | The difference between our ownership interest of the venturebs equity and our investment balance results principally from three types of transactions: (i) deferring a portion of the gains we recognize from a contribution of a property to the venture; (ii) recording additional costs associated with our investment in the venture; and (iii) advances to the venture. |
Business_Combinations_Schedule
Business Combinations - Schedule of Price Consideration for Business Consideration (Detail) (Prologis North American Industrial Fund [Member], USD $) | 0 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Oct. 20, 2014 | Dec. 31, 2014 |
Prologis North American Industrial Fund [Member] | ||
Business Acquisition [Line Items] | ||
Investments in real estate properties | $2,770,191 | |
Cash, accounts receivable and other assets | 132,261 | |
Debt | -1,195,213 | |
Accounts payable, accrued expenses and other liabilities | -70,226 | |
Noncontrolling interests | -554,493 | |
Total purchase price | $46,800 | $1,082,520 |
Real_Estate_Real_Estate_Assets
Real Estate - Real Estate Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | sqft | Property | Property |
Property | sqft | sqft | |
Real Estate Properties [Line Items] | |||
Square Feet / Acres | 264,200,000 | 260,700,000 | 269,100,000 |
Number of buildings | 1,300 | 1,278 | 1,342 |
Industrial operating properties: | |||
Total investments in real estate properties | $21,800,499 | $22,190,145 | |
Less accumulated depreciation | 2,877,478 | 2,790,781 | |
Net investments in real estate properties | 18,923,021 | 19,399,364 | |
Improved Land [Member] | |||
Industrial operating properties: | |||
Total investments in real estate properties | 4,146,591 | 4,227,637 | |
Building and Improvements [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet / Acres | 282,541,000 | 282,282,000 | |
Number of buildings | 1,581 | 1,607 | |
Industrial operating properties: | |||
Total investments in real estate properties | 14,145,002 | 14,407,815 | |
Development Portfolio, Including Cost of Land: Pre-stabilized [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet / Acres | 8,875,000 | 7,448,000 | |
Number of buildings | 27 | 24 | |
Industrial operating properties: | |||
Total investments in real estate properties | 670,588 | 547,982 | |
Properties Under Development [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet / Acres | 21,043,000 | 22,844,000 | |
Number of buildings | 51 | 55 | |
Industrial operating properties: | |||
Total investments in real estate properties | 781,678 | 925,998 | |
Land [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet / Acres | 8,939,000 | 9,017,000 | |
Industrial operating properties: | |||
Total investments in real estate properties | 1,535,622 | 1,577,786 | |
Other Real Estate Investments [Member] | |||
Industrial operating properties: | |||
Total investments in real estate properties | $521,018 | $502,927 |
Real_Estate_Summary_of_Disposi
Real Estate - Summary of Dispositions (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Property | Property | sqft | |
sqft | sqft | Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties | 1,300 | 1,278 | 1,342 |
Square feet | 264,200,000 | 260,700,000 | 269,100,000 |
Continuing Operations [Member] | Contributions to unconsolidated co-investment venturess [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties | 3 | ||
Square feet | 507,000 | ||
Net proceeds | $29,068 | ||
Net gains on contributions | 2,358 | ||
Continuing Operations [Member] | Dispositions to Third Parties [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of properties | 34 | 5 | |
Square feet | 2,693,000 | 715,000 | |
Net proceeds | 495,629 | 81,231 | |
Net gains on contributions | $275,357 | $17,055 |
Unconsolidated_Entities_Summar
Unconsolidated Entities - Summary of Investments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ||
Other ventures | $4,559,721 | $4,824,724 |
Unconsolidated Co-Investment Ventures [Member] | ||
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ||
Other ventures | 4,381,650 | 4,665,918 |
Other Joint Ventures [Member] | ||
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ||
Other ventures | $178,071 | $158,806 |
Unconsolidated_Entities_Summar1
Unconsolidated Entities - Summary of Unconsolidated Co-investment Ventures (Detail) (USD $) | 3 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||||
Venture | sqft | Property | ||||
sqft | Venture | Venture | ||||
Property | Property | sqft | ||||
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ||||||
Number of ventures | 9 | 10 | 9 | |||
Number of properties owned | 1,300 | 1,342 | 1,278 | |||
Square feet | 264,200,000 | 269,100,000 | 260,700,000 | |||
Total assets | $21,535,000,000 | $24,241,000,000 | $22,661,000,000 | |||
Third-party debt | 6,297,000,000 | 7,384,000,000 | 6,576,000,000 | |||
Total liabilities | 7,468,000,000 | 8,841,000,000 | 7,694,000,000 | |||
Our investment balance | 4,382,000,000 | [1] | 4,513,000,000 | [1] | 4,666,000,000 | [1] |
Our weighted average ownership | 31.80% | [2] | 29.40% | [2] | 32.00% | [2] |
Revenues | 452,645,000 | 483,420,000 | ||||
Net operating income | 346,149,000 | 368,933,000 | ||||
Net earnings (loss) | 90,249,000 | 86,836,000 | ||||
Americas [Member] | ||||||
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ||||||
Number of ventures | 3 | 4 | 3 | |||
Number of properties owned | 592 | 712 | 590 | |||
Square feet | 87,600,000 | 109,200,000 | 87,100,000 | |||
Total assets | 6,889,000,000 | 8,074,000,000 | 7,063,000,000 | |||
Third-party debt | 2,255,000,000 | 2,961,000,000 | 2,280,000,000 | |||
Total liabilities | 2,386,000,000 | 3,111,000,000 | 2,421,000,000 | |||
Our investment balance | 1,502,000,000 | [1] | 1,225,000,000 | [1] | 1,537,000,000 | [1] |
Our weighted average ownership | 31.00% | [2] | 23.30% | [2] | 31.00% | [2] |
Revenues | 150,014,000 | [3] | 168,236,000 | [3] | ||
Net operating income | 112,083,000 | [3] | 119,235,000 | [3] | ||
Net earnings (loss) | 15,900,000 | [3] | 2,174,000 | [3] | ||
Europe [Member] | ||||||
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ||||||
Number of ventures | 4 | 4 | 4 | |||
Number of properties owned | 655 | 585 | 636 | |||
Square feet | 150,200,000 | 136,600,000 | 147,400,000 | |||
Total assets | 10,502,000,000 | 12,119,000,000 | 11,463,000,000 | |||
Third-party debt | 2,371,000,000 | 2,685,000,000 | 2,644,000,000 | |||
Total liabilities | 3,218,000,000 | 3,819,000,000 | 3,524,000,000 | |||
Our investment balance | 2,531,000,000 | [1] | 2,944,000,000 | [1] | 2,773,000,000 | [1] |
Our weighted average ownership | 38.70% | [2] | 38.90% | [2] | 38.80% | [2] |
Revenues | 234,713,000 | 246,696,000 | ||||
Net operating income | 180,832,000 | 196,081,000 | ||||
Net earnings (loss) | 50,959,000 | 62,667,000 | ||||
Asia [Member] | ||||||
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ||||||
Number of ventures | 2 | 2 | 2 | |||
Number of properties owned | 53 | 45 | 52 | |||
Square feet | 26,400,000 | 23,300,000 | 26,200,000 | |||
Total assets | 4,144,000,000 | 4,048,000,000 | 4,135,000,000 | |||
Third-party debt | 1,671,000,000 | 1,738,000,000 | 1,652,000,000 | |||
Total liabilities | 1,864,000,000 | 1,911,000,000 | 1,749,000,000 | |||
Our investment balance | 349,000,000 | [1],[4] | 344,000,000 | [1],[4] | 356,000,000 | [1],[4] |
Our weighted average ownership | 15.00% | [2] | 15.00% | [2] | 15.00% | [2] |
Revenues | 67,918,000 | 68,488,000 | ||||
Net operating income | 53,234,000 | 53,617,000 | ||||
Net earnings (loss) | $23,390,000 | $21,995,000 | ||||
[1] | The difference between our ownership interest of the venturebs equity and our investment balance results principally from three types of transactions: (i) deferring a portion of the gains we recognize from a contribution of a property to the venture; (ii) recording additional costs associated with our investment in the venture; and (iii) advances to the venture. | |||||
[2] | Represents our weighted average ownership interest in all co-investment ventures based on each entitybs contribution to total assets, before depreciation, net of other liabilities. | |||||
[3] | We formed and invested in FIBRA Prologis, a Mexican REIT, in June 2014. In connection with the transaction, we concluded our unconsolidated co-investment venture in Mexico. As discussed in Note 2, we began consolidating NAIF in October 2014. | |||||
[4] | At March 31, 2015 and December 31, 2014, we had receivables from Nippon Prologis REIT, Inc. (bNPRb) of $85.5 million and $85.9 million, respectively, related to customer security deposits that are made through a leasing company owned by Prologis that pertain to properties owned by NPR. There is a corresponding payable to NPRbs customers in Other Liabilities in the Consolidated Balance Sheets. |
Unconsolidated_Entities_Summar2
Unconsolidated Entities - Summary of Unconsolidated Co-investment Ventures (Parenthetical) (Detail) (Nippon Prologis REIT Inc [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Nippon Prologis REIT Inc [Member] | ||
Schedule Of Equity Method Investments Joint Ventures [Line Items] | ||
Intercompany notes receivable | $85.50 | $85.90 |
Unconsolidated_Entities_Earnin
Unconsolidated Entities - Earnings on Investment in Co-Investment Ventures (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule Of Equity Method Investments [Line Items] | ||
Earnings from unconsolidated entities, net | $31,042 | $29,746 |
Strategic capital revenue | 42,025 | 45,310 |
Unconsolidated Co-Investment Ventures [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Earnings from unconsolidated entities, net | 30,236 | 28,831 |
Total strategic capital revenue | 41,303 | 44,822 |
Strategic capital revenue | 42,943 | 45,529 |
Unconsolidated Co-Investment Ventures [Member] | Development Management and Other Income [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Total strategic capital revenue | 1,640 | 707 |
Unconsolidated Co-Investment Ventures [Member] | Americas [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Earnings from unconsolidated entities, net | 4,798 | -329 |
Total strategic capital revenue | 14,361 | 14,325 |
Unconsolidated Co-Investment Ventures [Member] | Europe [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Earnings from unconsolidated entities, net | 21,508 | 25,495 |
Total strategic capital revenue | 18,393 | 21,700 |
Unconsolidated Co-Investment Ventures [Member] | Asia [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Earnings from unconsolidated entities, net | 3,930 | 3,665 |
Total strategic capital revenue | $8,549 | $8,797 |
Unconsolidated_Entities_Additi
Unconsolidated Entities - Additional Information (Detail) (Prologis European Logistics Partners [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Prologis European Logistics Partners [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Repayment of debt commitment to third parties | $49.10 |
Assets_Held_for_Sale_Summary_o
Assets Held for Sale - Summary of Assets Held for Sale (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | sqft | Property | Property |
Property | sqft | sqft | |
Assets Held For Sale [Line Items] | |||
Number of properties | 1,300 | 1,278 | 1,342 |
Square feet | 264,200,000 | 260,700,000 | 269,100,000 |
Total assets held for sale | $337,229 | $43,933 | |
Total liabilities associated with assets held for sale b included in Other Liabilities | $8,292 | ||
Assets Held for Sale [Member] | |||
Assets Held For Sale [Line Items] | |||
Number of properties | 18 | 7 | |
Square feet | 3,492,000 | 457,000 |
Note_Receivable_Backed_by_Real1
Note Receivable Backed by Real Estate - Additional information (Detail) (USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Loans And Leases Receivable [Line Items] | |||
Note receivable backed by real estate | $197,500 | $0 | |
Dispositions to Third Parties [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Note receivable backed by real estate | $197,500 | ||
Interest rate on Note receivable | 2.00% |
Debt_Debt_Summary_Detail
Debt - Debt Summary (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Weighted Average Interest Rate | 3.50% | 3.60% |
Debt | $8,641,421 | $9,380,199 |
Credit Facilities [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Weighted Average Interest Rate | 1.10% | |
Debt | 65,372 | |
Senior Notes [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Weighted Average Interest Rate | 3.60% | 3.60% |
Debt | 5,731,500 | 6,076,920 |
Exchangeable Senior Notes [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Weighted Average Interest Rate | 3.30% | |
Debt | 456,766 | |
Secured Mortgage Debt [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Weighted Average Interest Rate | 6.80% | 6.10% |
Debt | 751,244 | 1,050,591 |
Secured Mortgage Debt of Consolidated Entities [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Weighted Average Interest Rate | 2.50% | 2.50% |
Debt | 1,197,920 | 1,207,106 |
Term Loan [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Weighted Average Interest Rate | 1.20% | 1.30% |
Debt | 879,321 | 572,730 |
Other Debt [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Weighted Average Interest Rate | 6.20% | 6.20% |
Debt | $16,064 | $16,086 |
Debt_Debt_Summary_Parenthetica
Debt - Debt Summary (Parenthetical) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt | $8,641,421 | $9,380,199 |
Term Loan [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt | 879,321 | 572,730 |
Euro Member Countries, Euro | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt | 3,100,000 | |
Euro Member Countries, Euro | Term Loan [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt | 537,900 | |
Japan, Yen | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt | $500,000 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 3 Months Ended | |||||||
Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | |
USD ($) | USD ($) | USD ($) | Exchangeable Senior Notes [Member] | Exchangeable Senior Notes [Member] | Exchangeable Senior Notes [Member] | Global Facility [Member] | Revolver [Member] | Revolver [Member] | Secured Mortgage Debt [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | JPY (¥) | USD ($) | ||||
Debt [Line Items] | ||||||||||
Credit facility current borrowing capacity | $2,658,000,000 | $2,658,000,000 | $2,300,000,000 | ¥ 56,500,000,000 | ||||||
Credit facility current borrowing capacity | 375,500,000 | 45,000,000,000 | ||||||||
Notes exchanged | 459,800,000 | |||||||||
Number of share issued on debt conversion | 11,900,000 | 11,900,000 | ||||||||
Repayments of convertible debt | 200,000 | |||||||||
Fair value of derivative instruments | 43,000,000 | 51,300,000 | ||||||||
Unrealized gain (loss) on derivative instrument | 8,300,000 | -22,800,000 | ||||||||
Repurchase of debt | 286,500,000 | |||||||||
Losses (gains) on early extinguishment of debt, net | $16,289,000 | ($273,000) | $16,300,000 |
Debt_Credit_Facilities_Detail
Debt - Credit Facilities (Detail) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | |
Aggregate lender - commitments | $2,658 |
Borrowings outstanding | 65 |
Outstanding letters of credit | 32 |
Current availability | $2,561 |
Debt_LongTerm_Debt_Maturities_
Debt - Long-Term Debt Maturities (Detail) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Debt Instrument [Line Items] | |
2015 | $132 |
2016 | 608 |
2017 | 1,128 |
2018 | 605 |
2019 | 980 |
2020 | 1,208 |
2021 | 854 |
2022 | 762 |
2023 | 859 |
2024 | 884 |
Thereafter | 548 |
Subtotal | 8,568 |
Unamortized premiums (discounts), net | 73 |
Total | 8,641 |
Wholly Owned | |
Debt Instrument [Line Items] | |
2015 | 20 |
2016 | 161 |
2017 | 922 |
2018 | 439 |
2019 | 979 |
2020 | 1,020 |
2021 | 853 |
2022 | 761 |
2023 | 858 |
2024 | 883 |
Thereafter | 544 |
Subtotal | 7,440 |
Unamortized premiums (discounts), net | 3 |
Total | 7,443 |
Wholly Owned | Credit Facilities [Member] | |
Debt Instrument [Line Items] | |
2018 | 65 |
Subtotal | 65 |
Total | 65 |
Wholly Owned | Senior Notes [Member] | |
Debt Instrument [Line Items] | |
2017 | 378 |
2018 | 262 |
2019 | 693 |
2020 | 1,013 |
2021 | 500 |
2022 | 753 |
2023 | 850 |
2024 | 753 |
Thereafter | 538 |
Subtotal | 5,740 |
Unamortized premiums (discounts), net | -8 |
Total | 5,732 |
Wholly Owned | Term Loans and Other Debt [Member] | |
Debt Instrument [Line Items] | |
2015 | 1 |
2016 | 1 |
2017 | 539 |
2018 | 1 |
2019 | 1 |
2020 | 1 |
2021 | 342 |
2022 | 1 |
2023 | 1 |
2024 | 1 |
Thereafter | 6 |
Subtotal | 895 |
Total | 895 |
Wholly Owned | Secured Mortgage Debt [Member] | |
Debt Instrument [Line Items] | |
2015 | 19 |
2016 | 160 |
2017 | 5 |
2018 | 111 |
2019 | 285 |
2020 | 6 |
2021 | 11 |
2022 | 7 |
2023 | 7 |
2024 | 129 |
Subtotal | 740 |
Unamortized premiums (discounts), net | 11 |
Total | 751 |
Consolidated Entities [Member] | |
Debt Instrument [Line Items] | |
2015 | 112 |
2016 | 447 |
2017 | 206 |
2018 | 166 |
2019 | 1 |
2020 | 188 |
2021 | 1 |
2022 | 1 |
2023 | 1 |
2024 | 1 |
Thereafter | 4 |
Subtotal | 1,128 |
Unamortized premiums (discounts), net | 70 |
Total | $1,198 |
Stockholders_Equity_of_Prologi1
Stockholders' Equity of Prologis Inc and Partners Capital of the Operating Partnership - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 |
Shareholders Equity [Line Items] | ||
Number of share issued on debt conversion | 11,900,000 | |
At the Market Offering [Member] | ||
Shareholders Equity [Line Items] | ||
Common stock, Shares Issued | 1,700,000 | |
Common stock, shares outstanding | $71.80 |
Noncontrolling_Interests_Addit
Noncontrolling Interests - Additional Information (Detail) (Prologis, L.P. [Member]) | 3 Months Ended |
Mar. 31, 2015 | |
Prologis, L.P. [Member] | |
Noncontrolling Interest [Line Items] | |
Description of conversion rate | One share of common stock to one unit |
Noncontrolling_Interests_Nonco
Noncontrolling Interests - Noncontrolling Interest Summary (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | ||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interests | $1,177,834 | $1,208,090 | |||
Total Investment In Real Estate | 18,923,021 | 19,399,364 | |||
Prologis, L.P. [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interests | 1,122,001 | 1,159,901 | |||
Limited partners in Prologis, L.P. | 55,833 | [1] | 48,189 | [1] | |
Total Investment In Real Estate | 18,923,021 | 19,399,364 | |||
Debt for Noncontrolling Interest | 1,197,920 | 1,207,105 | |||
Prologis, L.P. [Member] | Non-controlling Interests [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Total Investment In Real Estate | 4,771,586 | 4,796,478 | |||
Prologis Inc [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interests | 1,177,834 | 1,208,090 | |||
Total Investment In Real Estate | 4,771,586 | 4,796,478 | |||
Debt for Noncontrolling Interest and Limited Partnerships | 1,197,920 | 1,207,105 | |||
Prologis North American Industrial Fund [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Parent Company's Ownership Percentage | 66.10% | 66.10% | 23.10% | ||
Operating Partnership noncontrolling interest | 537,996 | 544,718 | |||
Total Investment In Real Estate | 2,749,785 | 2,771,299 | |||
Debt for Noncontrolling Interest | 1,180,409 | 1,188,836 | |||
Prologis US Logistics Venture [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Parent Company's Ownership Percentage | 55.00% | 55.00% | |||
Operating Partnership noncontrolling interest | 423,401 | 427,307 | |||
Total Investment In Real Estate | 1,008,793 | 1,006,183 | |||
Prologis Brazil Logistics Partners Fund I [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Parent Company's Ownership Percentage | 50.00% | [2] | 50.00% | [2] | |
Operating Partnership noncontrolling interest | 56,897 | [2] | 68,533 | [2] | |
Other Consolidated Entities [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Parent Company's Ownership | various | various | |||
Operating Partnership noncontrolling interest | 33,473 | 48,627 | |||
Total Investment In Real Estate | 299,446 | 307,686 | |||
Debt for Noncontrolling Interest | 17,511 | 18,269 | |||
Partnerships with Exchangeable Units [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Parent Company's Ownership | various | [3] | various | [3] | |
Operating Partnership noncontrolling interest | 70,234 | [3] | 70,716 | [3] | |
Total Investment In Real Estate | $713,562 | [3] | $711,310 | [3] | |
[1] | At March 31, 2015 and December 31, 2014, there were limited partnership units in the Operating Partnership that were exchangeable into cash or, at our option, 1,762 and 1,767 shares, respectively, of the Parentbs common stock. At March 31, 2015 and December 31, 2014, there were 993 and 113 LTIP Units (as defined in Note 10) outstanding, respectively, associated with our long-term compensation plan that are not exchangeable into the Parentbs common stock until they vest. 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 | ||||
[2] | The assets of Prologis Brazil Logistics Partners Fund I are primarily investments in unconsolidated entities of $131.2 million and $152.0 million at March 31, 2015 and December 31, 2014, respectively. For additional information on our unconsolidated investments, see Note 4. | ||||
[3] | At March 31, 2015 and December 31, 2014, there were limited partnership units that were exchangeable into cash or, at our option, 1,885 and 1,887 shares, respectively, of the Parentbs common stock. All of these outstanding limited partnership units receive quarterly cash distributions equal to the quarterly dividends paid on our common stock pursuant to the terms of the applicable partnership agreements. |
Noncontrolling_Interests_Nonco1
Noncontrolling Interests - Noncontrolling Interest Summary (Parenthetical) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Noncontrolling Interest [Line Items] | ||
Outstanding limited partnership units | 1,885 | 1,887 |
Prologis, L.P. [Member] | ||
Noncontrolling Interest [Line Items] | ||
Outstanding limited partnership units | 1,762 | 1,767 |
Restricted Operating Partnership Units [Member] | ||
Noncontrolling Interest [Line Items] | ||
Number of share options issued | 993,000 | 113,000 |
Prologis Brazil Logistics Partners Fund I [Member] | ||
Noncontrolling Interest [Line Items] | ||
Investments in unconsolidated entities | 131.2 | 152 |
LongTerm_Compensation_Addition
Long-Term Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Feb. 10, 2015 | Dec. 31, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock options outstanding | 4,900,000 | ||
Stock options exercisable | 4,900,000 | ||
Stock options outstanding, weighted average exercise price | $35.13 | ||
Stock options exercisable, weighted average exercise price | $35.13 | ||
Options granted | 0 | ||
RSU and PSA [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of units forfeited upon exchange for unvested LTIP Units | 500,000 | ||
Number of units outstanding | 1,594,000 | 2,415,000 | |
OPP LTIP Units [Member] | 2012-2014 Performance Periods [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of forfeited units due to performance criteria | 900,000 | ||
OPP LTIP Units [Member] | 2013-2015 and 2014-2016 performance periods | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of units outstanding | 1,900,000 | ||
Out-Performance Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Aggregate fair value | $26.50 | ||
Assumed risk free interest rate | 0.86% | ||
Expected volatility rate | 28.00% | ||
Performance period used for fair value assumption | 3 years |
LongTerm_Compensation_RSU_and_
Long-Term Compensation - RSU and Performance Share Awards (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
RSU and PSA [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Awards, beginning balance | 2,415 |
Granted | 644 |
Vested | -947 |
Forfeited | -518 |
Number of Awards, ending balance | 1,594 |
Weighted Average Grant-Date Fair Value, Beginning balance | $39.38 |
Weighted Average Grant-Date Fair Value, Ending balance | $42.28 |
LTIP Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Awards, beginning balance | 113 |
Granted | 1,131 |
Vested | -251 |
Number of Awards, ending balance | 993 |
Weighted Average Grant-Date Fair Value, Beginning balance | $41.43 |
Weighted Average Grant-Date Fair Value, Ending balance | $43.25 |
Earnings_Per_Common_Share_Unit2
Earnings Per Common Share / Unit - Computation of Basic and Diluted Earnings Per Share Unit (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||
Net earnings attributable to common stockholders/unitholders | $345,206 | $4,666 |
Noncontrolling interest attributable to exchangeable limited partnership units | 1,650 | 17 |
Net loss associated with exchangeable debt assumed exchanged | -1,614 | |
Adjusted net earnings attributable to common stockholders | 345,242 | 4,683 |
Weighted average common shares/partnership units outstanding - Basic | 514,022 | 498,696 |
Incremental weighted average effect on exchange of limited partnership units | 3,794 | 1,767 |
Incremental weighted average effect of equity awards and warrant | 2,394 | 3,910 |
Incremental weighted average effect on exchange of exchangeable debt | 8,812 | |
Weighted average common shares/partnership units outstanding - Diluted | 529,022 | 504,373 |
Net earnings per share/unit attributable to common stockholders/unitholders - | ||
Basic | $0.67 | $0.01 |
Diluted | $0.65 | $0.01 |
Prologis, L.P. [Member] | ||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||
Net earnings attributable to common stockholders/unitholders | 346,488 | 4,683 |
Noncontrolling interest attributable to exchangeable limited partnership units | 368 | |
Net loss associated with exchangeable debt assumed exchanged | -1,614 | |
Adjusted net earnings attributable to common stockholders | $345,242 | $4,683 |
Weighted average common shares/partnership units outstanding - Basic | 515,931 | 500,463 |
Incremental weighted average effect on exchange of limited partnership units | 1,885 | |
Incremental weighted average effect of equity awards and warrant | 2,394 | 3,910 |
Incremental weighted average effect on exchange of exchangeable debt | 8,812 | |
Weighted average common shares/partnership units outstanding - Diluted | 529,022 | 504,373 |
Net earnings per share/unit attributable to common stockholders/unitholders - | ||
Basic | $0.67 | $0.01 |
Diluted | $0.65 | $0.01 |
Earnings_Per_Common_Share_Unit3
Earnings Per Common Share / Unit - Computation of Basic and Diluted Earnings Per Share Unit (Parenthetical) (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||
Weighted average exchangeable Operating Partnership units outstanding | 1,908 | 1,767 |
Total weighted average potentially dilutive limited partnership units outstanding | 7,391 | 15,546 |
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 | 1,885 | 1,949 |
Total weighted average potentially dilutive exchangeable debt outstanding | 8,812 | 11,879 |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements - Derivative Activity (Detail) | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 |
Euro Forward Contracts [Member] | Euro Forward Contracts [Member] | Euro Forward Contracts [Member] | Euro Forward Contracts [Member] | Euro Forward Contracts [Member] | Euro Forward Contracts [Member] | GBP Forward Contracts [Member] | GBP Forward Contracts [Member] | GBP Forward Contracts [Member] | GBP Forward Contracts [Member] | Yen Forward Contracts [Member] | Yen Forward Contracts [Member] | Yen Forward Contracts [Member] | Yen Forward Contracts [Member] | Yen Forward Contracts [Member] | Yen Forward Contracts [Member] | Yen Forward Contracts [Member] | Yen Forward Contracts [Member] | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Euro Options Contracts [Member] | Euro Options Contracts [Member] | GBP Options Contracts [Member] | GBP Options Contracts [Member] | Yen Options Contracts [Member] | Yen 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] | 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] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | USD ($) | USD ($) | USD ($) | USD ($) | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | JPY (¥) | USD ($) | JPY (¥) | USD ($) | JPY (¥) | USD ($) | JPY (¥) | Derivative | USD ($) | EUR (€) | USD ($) | GBP (£) | USD ($) | JPY (¥) | ||||
Derivative | Derivative | Derivative | Derivative | Derivative | Derivative | |||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||||||
Notional amounts at January 1 | $800 | € 600 | $400 | € 300 | $400 | € 300 | $400 | £ 238 | $400 | £ 238 | $250 | ¥ 24,136 | $250 | ¥ 24,136 | $250 | ¥ 24,136 | $250 | ¥ 24,136 | $398 | $398 | $71 | $71 | $354 | € 284 | ||||
New contracts | 1,040 | 761 | 224 | 198 | 188 | 126 | 109 | 12,740 | ||||||||||||||||||||
Matured or expired contracts | -470 | -346 | -265 | -217 | -11 | -7 | -10 | -1,200 | ||||||||||||||||||||
Notional amounts at March 31 | $1,370 | € 1,015 | $400 | € 300 | $400 | € 300 | $400 | £ 238 | $400 | £ 238 | $250 | ¥ 24,136 | $250 | ¥ 24,136 | $250 | ¥ 24,136 | $250 | ¥ 24,136 | $398 | $398 | $71 | $71 | $313 | € 265 | $177 | £ 119 | $99 | ¥ 11,540 |
Weighted Average Forward Rate at March 31 | 1.33 | 1.33 | 1.68 | 1.68 | 96.54 | 96.54 | 1.18 | 1.18 | 1.49 | 1.49 | 117.1 | 117.1 | ||||||||||||||||
Active contracts at March 31 | 4 | 4 | 3 | 3 | 3 | 3 | 2 | 18 | 18 | 15 | 15 | 14 | 14 |
Financial_Instruments_and_Fair3
Financial Instruments and Fair Value Measurements - Derivative Activity (Parenthetical) (Detail) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 |
USD ($) | GBP Options Contracts [Member] | GBP Options Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | |
Option | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | GBP Options Contracts [Member] | GBP Options Contracts [Member] | |
USD ($) | GBP (£) | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | ||
Contracts | Contracts | EUR (€) | GBP (£) | ||
Derivative [Line Items] | |||||
Number of option exercised | 6 | ||||
Net gain from option exercised | $2.20 | ||||
Number of forward contracts included in option contracts available to sell | 8 | 8 | |||
Notional value of forward contracts | $177 | £ 119 | € 62.80 | £ 47 | |
Weighted Average Forward Rate at March 31 | 1.49 | 1.49 | 1.11 | 1.11 |
Financial_Instruments_and_Fair4
Financial Instruments and Fair Value Measurements - Schedule of Fair Value of Derivative Instruments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Asset | $188,832 | $106,664 |
Liability | 1,749 | 1,395 |
Net Investment Hedges - Euro Denominated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset | 64,454 | 22,891 |
Net Investment Hedges - Yen Denominated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset | 49,542 | 46,934 |
Net Investment Hedges - Pounds Sterling Denominated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset | 46,788 | 29,097 |
Foreign Currency Options - Euro Denominated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset | 25,852 | 7,742 |
Foreign Currency Options - Yen Denominated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset | 1,129 | |
Foreign Currency Options - Pound Sterling Denominated [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset | 880 | |
Liability | 1,749 | |
Interest Rate Swap Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset | 187 | |
Liability | $1,395 |
Financial_Instruments_and_Fair5
Financial Instruments and Fair Value Measurements - Schedule of Fair Value of Derivative Instruments (Parenthetical) (Detail) (Foreign Currency Options [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Foreign Currency Options [Member] | |
Derivatives, Fair Value [Line Items] | |
Gains on foreign exchange transactions | $20.10 |
Financial_Instruments_and_Fair6
Financial Instruments and Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Foreign currency translation gains (losses) | ($517.60) | $17.60 |
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 | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total gain (loss) on derivative instruments | $66,987 | ($18,021) |
Total gain (loss) on derivative and non-derivative instruments | 397,101 | -23,551 |
Derivative Net Investment Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total gain (loss) on derivative instruments | 63,178 | -16,914 |
Interest Rate Swap Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total gain (loss) on derivative instruments | 1,582 | -1,107 |
Our Share of Derivatives from Unconsolidated Co-Investment Ventures [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total gain (loss) on derivative instruments | 2,227 | |
Non-Derivative Net Investment Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Non-derivative net investment hedges | $330,114 | ($5,530) |
Financial_Instruments_and_Fair8
Financial Instruments and Fair Value Measurements - Summary of Gains (Losses) From Change in Fair Value of Derivative Instruments Included in Other Comprehensive Income (Loss) (Parenthetical) (Detail) | 3 Months Ended | 3 Months Ended | |||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | |
USD ($) | USD ($) | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Foreign Currency Forward Contracts [Member] | Net Investment Hedges [Member] | |
USD ($) | USD ($) | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | USD ($) | |||
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||
Gain (Loss) on settlement of derivatives | ($6,900,000) | ||||||||||||
Debt issued | 8,568,000,000 | 2,600,000,000 | 2,400,000,000 | 3,000,000,000 | 2,500,000,000 | 109,800,000 | 102,000,000 | 118,500,000 | 97,600,000 | ||||
Amount of gain (loss) included in AOCI | ($124,279,000) | ($4,723,000) | $15,400,000 | $0 |
Financial_Instruments_and_Fair9
Financial Instruments and Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Debt (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | $8,641,421 | $9,380,199 |
Fair Value of Debt | 9,338,535 | 10,080,157 |
Credit Facilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 65,372 | |
Fair Value of Debt | 65,504 | |
Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 5,731,500 | 6,076,920 |
Fair Value of Debt | 6,301,689 | 6,593,657 |
Exchangeable Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 456,766 | |
Fair Value of Debt | 511,931 | |
Secured Mortgage Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 751,244 | 1,050,591 |
Fair Value of Debt | 865,286 | 1,173,488 |
Secured Mortgage Debt of Consolidated Entities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 1,197,920 | 1,207,106 |
Fair Value of Debt | 1,205,481 | 1,209,271 |
Term Loans and Other Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 895,385 | 588,816 |
Fair Value of Debt | $900,575 | $591,810 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Business_Segments_Segment_Repo
Business Segments - Segment Reporting, Reconciliation of Revenues, Operating Income and Assets (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ||||
Total revenues | $462,847 | $434,682 | ||
General and administrative expenses | -56,288 | -63,203 | ||
Depreciation and amortization | -169,808 | -160,280 | ||
Earnings from unconsolidated entities, net | 31,042 | 29,746 | ||
Interest expense | -68,761 | -85,523 | ||
Interest and other income, net | 11,049 | 14,050 | ||
Gains on acquisitions and dispositions of investments in real estate, net | 277,715 | 17,055 | ||
Foreign currency and derivative gains (losses) and related amortization, net | 34,566 | -28,184 | ||
Gains (losses) on early extinguishment of debt, net | -16,289 | 273 | ||
Consolidated net earnings | 351,312 | 12,003 | ||
Investments in and advances to unconsolidated entities | 4,559,721 | 4,824,724 | ||
Assets held for sale | 337,229 | 43,934 | ||
Cash and cash equivalents | 192,013 | 188,886 | 350,692 | 491,129 |
Earnings before income taxes | 353,203 | 18,883 | ||
Total assets | 25,460,821 | 25,818,223 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 462,847 | 434,682 | ||
Consolidated net earnings | 309,977 | 294,949 | ||
Total assets | 19,715,241 | 20,258,013 | ||
Operating Segments [Member] | Real Estate Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 420,822 | 389,372 | ||
Consolidated net earnings | 288,313 | 273,802 | ||
Total assets | 19,641,549 | 20,180,083 | ||
Operating Segments [Member] | Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 42,025 | 45,310 | ||
Consolidated net earnings | 21,664 | 21,147 | ||
Total assets | 73,692 | 77,930 | ||
Operating Segments [Member] | Americas [Member] | Real Estate Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 390,630 | 356,125 | ||
Consolidated net earnings | 269,891 | 253,461 | ||
Total assets | 17,151,143 | 17,432,909 | ||
Operating Segments [Member] | Americas [Member] | Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 14,926 | 14,575 | ||
Consolidated net earnings | 4,891 | 2,056 | ||
Total assets | 20,317 | 20,635 | ||
Operating Segments [Member] | Europe [Member] | Real Estate Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 18,769 | 16,188 | ||
Consolidated net earnings | 10,938 | 8,224 | ||
Total assets | 1,540,652 | 1,820,529 | ||
Operating Segments [Member] | Europe [Member] | Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 18,393 | 21,700 | ||
Consolidated net earnings | 11,865 | 13,684 | ||
Total assets | 50,848 | 54,577 | ||
Operating Segments [Member] | Asia [Member] | Real Estate Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 11,423 | 17,059 | ||
Consolidated net earnings | 7,484 | 12,117 | ||
Total assets | 949,754 | 926,645 | ||
Operating Segments [Member] | Asia [Member] | Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 8,706 | 9,035 | ||
Consolidated net earnings | 4,908 | 5,407 | ||
Total assets | 2,527 | 2,718 | ||
Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
General and administrative expenses | -56,288 | -63,203 | ||
Depreciation and amortization | -169,808 | -160,280 | ||
Earnings from unconsolidated entities, net | 31,042 | 29,746 | ||
Interest expense | -68,761 | -85,523 | ||
Interest and other income, net | 11,049 | 14,050 | ||
Gains on acquisitions and dispositions of investments in real estate, net | 277,715 | 17,055 | ||
Foreign currency and derivative gains (losses) and related amortization, net | 34,566 | -28,184 | ||
Gains (losses) on early extinguishment of debt, net | -16,289 | 273 | ||
Consolidated net earnings | 43,226 | -276,066 | ||
Investments in and advances to unconsolidated entities | 4,559,721 | 4,824,724 | ||
Assets held for sale | 337,229 | 43,934 | ||
Note receivable backed by real estate | 197,500 | |||
Cash and cash equivalents | 192,013 | 350,692 | ||
Other assets | 459,117 | 340,860 | ||
Total assets | $5,745,580 | $5,560,210 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Real Estate Properties [Line Items] | ||
Interest paid in cash | $135.90 | $75.10 |
Cash paid for income taxes | 13.5 | 23.6 |
Prologis European Logistics Partners [Member] | ||
Real Estate Properties [Line Items] | ||
Capitalization for equity based compensation expense | $5.70 | $5.30 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Apr. 17, 2015 |
sqft | sqft | sqft | Property | |
Property | Property | Property | sqft | |
Subsequent Event [Line Items] | ||||
Number of buildings | 1,300 | 1,278 | 1,342 | |
Square Feet / Acres | 264,200,000 | 260,700,000 | 269,100,000 | |
Subsequent Events [Member] | KTR Capital Partners and Affiliates [Member] | ||||
Subsequent Event [Line Items] | ||||
Total purchase price | $5,900,000,000 | |||
Number of buildings | 322 | |||
Square Feet / Acres | 60,000,000 | |||
Area of properties under development and land parcels | 3,600,000 | |||
Area of properties to support potential build out | 6,800,000 | |||
Subsequent Events [Member] | USLV [Member] | ||||
Subsequent Event [Line Items] | ||||
Parent Company's Ownership Percentage | 55.00% | |||
Secured mortgage debt | 700,000,000 | |||
Common limited partnership units | $230,000,000 |