Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 28, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | PLD | |
Entity Registrant Name | Prologis, Inc. | |
Entity Central Index Key | 1,045,609 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 528,614,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Investments in real estate properties | $ 27,570,704 | $ 27,521,368 |
Less accumulated depreciation | 3,638,688 | 3,274,284 |
Net investments in real estate properties | 23,932,016 | 24,247,084 |
Investments in and advances to unconsolidated entities | 4,580,584 | 4,755,620 |
Assets held for sale or contribution | 450,349 | 378,423 |
Notes receivable backed by real estate | 33,800 | 235,050 |
Net investments in real estate | 28,996,749 | 29,616,177 |
Cash and cash equivalents | 375,120 | 264,080 |
Other assets | 1,516,340 | 1,514,510 |
Total assets | 30,888,209 | 31,394,767 |
Liabilities: | ||
Debt | 11,256,997 | 11,626,831 |
Accounts payable and accrued expenses | 672,111 | 712,725 |
Other liabilities | 675,831 | 634,375 |
Total liabilities | 12,604,939 | 12,973,931 |
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 September 30, 2016, and December 31, 2015 | 78,235 | 78,235 |
Common stock: $0.01 par value; 528,599 shares and 524,512 shares issued and outstanding at September 30, 2016, and December 31, 2015, respectively | 5,286 | 5,245 |
Additional paid-in capital | 19,433,001 | 19,302,367 |
Accumulated other comprehensive loss | (889,223) | (791,429) |
Distributions in excess of net earnings | (3,828,132) | (3,926,483) |
Total Prologis, Inc. stockholders’ equity | 14,799,167 | 14,667,935 |
Partners' capital: | ||
Total partners’ capital | 0 | 0 |
Noncontrolling interests | 3,484,103 | 3,752,901 |
Total equity | 18,283,270 | 18,420,836 |
Total liabilities and equity | 30,888,209 | 31,394,767 |
Prologis, L.P. [Member] | ||
ASSETS | ||
Investments in real estate properties | 27,570,704 | 27,521,368 |
Less accumulated depreciation | 3,638,688 | 3,274,284 |
Net investments in real estate properties | 23,932,016 | 24,247,084 |
Investments in and advances to unconsolidated entities | 4,580,584 | 4,755,620 |
Assets held for sale or contribution | 450,349 | 378,423 |
Notes receivable backed by real estate | 33,800 | 235,050 |
Net investments in real estate | 28,996,749 | 29,616,177 |
Cash and cash equivalents | 375,120 | 264,080 |
Other assets | 1,516,340 | 1,514,510 |
Total assets | 30,888,209 | 31,394,767 |
Liabilities: | ||
Debt | 11,256,997 | 11,626,831 |
Accounts payable and accrued expenses | 672,111 | 712,725 |
Other liabilities | 675,831 | 634,375 |
Total liabilities | 12,604,939 | 12,973,931 |
Partners' capital: | ||
Total partners’ capital | 15,190,282 | 15,100,609 |
Noncontrolling interests | 3,092,988 | 3,320,227 |
Total capital | 18,283,270 | 18,420,836 |
Total liabilities and equity | 30,888,209 | 31,394,767 |
Prologis, L.P. [Member] | Preferred [Member] | ||
Partners' capital: | ||
General partner | 78,235 | 78,235 |
Prologis, L.P. [Member] | Common [Member] | ||
Partners' capital: | ||
General partner | 14,720,932 | 14,589,700 |
Limited partners | 148,599 | 186,683 |
Prologis, L.P. [Member] | Class A Capital [Member] | ||
Partners' capital: | ||
Limited partners | $ 242,516 | $ 245,991 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
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 | 528,599,000 | 524,512,000 |
Common stock, shares outstanding | 528,599,000 | 524,512,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | ||||
Rental | $ 435,868 | $ 418,116 | $ 1,299,122 | $ 1,100,491 |
Rental recoveries | 124,409 | 114,639 | 361,402 | 312,510 |
Strategic capital | 140,577 | 44,176 | 241,565 | 133,247 |
Development management and other | 3,711 | 3,691 | 10,931 | 7,625 |
Total revenues | 704,565 | 580,622 | 1,913,020 | 1,553,873 |
Expenses: | ||||
Rental | 140,514 | 140,284 | 427,820 | 393,199 |
Strategic capital | 44,624 | 26,532 | 97,783 | 76,661 |
General and administrative | 58,157 | 54,178 | 165,634 | 157,458 |
Depreciation and amortization | 224,867 | 247,471 | 705,249 | 607,467 |
Other | 3,779 | 8,765 | 12,364 | 44,467 |
Total expenses | 471,941 | 477,230 | 1,408,850 | 1,279,252 |
Operating income | 232,624 | 103,392 | 504,170 | 274,621 |
Other income (expense): | ||||
Earnings from unconsolidated entities, net | 45,857 | 33,557 | 145,622 | 106,383 |
Interest expense | (75,310) | (81,035) | (232,577) | (218,698) |
Interest and other income, net | 2,932 | 6,237 | 7,051 | 19,133 |
Gains on dispositions of investments in real estate, net | 117,296 | 268,791 | 461,963 | 655,288 |
Foreign currency and derivative losses, net | (1,730) | (9,428) | (26,277) | (374) |
Gains (losses) on early extinguishment of debt, net | 1,492 | 0 | 2,484 | (16,525) |
Total other income | 90,537 | 218,122 | 358,266 | 545,207 |
Earnings before income taxes | 323,161 | 321,514 | 862,436 | 819,828 |
Total income tax expense | 15,919 | 14,328 | 36,598 | 21,070 |
Consolidated net earnings | 307,242 | 307,186 | 825,838 | 798,758 |
Less net earnings attributable to noncontrolling interests | 26,316 | 46,536 | 58,103 | 49,314 |
Net earnings attributable to controlling interests | 280,926 | 260,650 | 767,735 | 749,444 |
Less preferred stock/unit dividends/distributions | 1,671 | 1,671 | 5,056 | 5,019 |
Net earnings attributable to common stockholders/unitholders | $ 279,255 | $ 258,979 | $ 762,679 | $ 744,425 |
Weighted average common shares/units outstanding – Basic | 527,288 | 523,528 | 525,462 | 520,388 |
Weighted average common shares/units outstanding – Diluted | 547,200 | 532,073 | 545,228 | 531,121 |
Net earnings per share attributable to common stockholders/unitholders – Basic | $ 0.53 | $ 0.49 | $ 1.45 | $ 1.43 |
Net earnings per share attributable to common stockholders/unitholders – Diluted | 0.52 | 0.49 | 1.44 | 1.41 |
Dividends per common share or unit | $ 0.42 | $ 0.40 | $ 1.26 | $ 1.12 |
Prologis, L.P. [Member] | ||||
Revenues: | ||||
Rental | $ 435,868 | $ 418,116 | $ 1,299,122 | $ 1,100,491 |
Rental recoveries | 124,409 | 114,639 | 361,402 | 312,510 |
Strategic capital | 140,577 | 44,176 | 241,565 | 133,247 |
Development management and other | 3,711 | 3,691 | 10,931 | 7,625 |
Total revenues | 704,565 | 580,622 | 1,913,020 | 1,553,873 |
Expenses: | ||||
Rental | 140,514 | 140,284 | 427,820 | 393,199 |
Strategic capital | 44,624 | 26,532 | 97,783 | 76,661 |
General and administrative | 58,157 | 54,178 | 165,634 | 157,458 |
Depreciation and amortization | 224,867 | 247,471 | 705,249 | 607,467 |
Other | 3,779 | 8,765 | 12,364 | 44,467 |
Total expenses | 471,941 | 477,230 | 1,408,850 | 1,279,252 |
Operating income | 232,624 | 103,392 | 504,170 | 274,621 |
Other income (expense): | ||||
Earnings from unconsolidated entities, net | 45,857 | 33,557 | 145,622 | 106,383 |
Interest expense | (75,310) | (81,035) | (232,577) | (218,698) |
Interest and other income, net | 2,932 | 6,237 | 7,051 | 19,133 |
Gains on dispositions of investments in real estate, net | 117,296 | 268,791 | 461,963 | 655,288 |
Foreign currency and derivative losses, net | (1,730) | (9,428) | (26,277) | (374) |
Gains (losses) on early extinguishment of debt, net | 1,492 | 0 | 2,484 | (16,525) |
Total other income | 90,537 | 218,122 | 358,266 | 545,207 |
Earnings before income taxes | 323,161 | 321,514 | 862,436 | 819,828 |
Total income tax expense | 15,919 | 14,328 | 36,598 | 21,070 |
Consolidated net earnings | 307,242 | 307,186 | 825,838 | 798,758 |
Less net earnings attributable to noncontrolling interests | 18,628 | 43,360 | 35,865 | 43,558 |
Net earnings attributable to controlling interests | 288,614 | 263,826 | 789,973 | 755,200 |
Less preferred stock/unit dividends/distributions | 1,671 | 1,671 | 5,056 | 5,019 |
Net earnings attributable to common stockholders/unitholders | $ 286,943 | $ 262,155 | $ 784,917 | $ 750,181 |
Weighted average common shares/units outstanding – Basic | 532,934 | 530,044 | 531,985 | 524,411 |
Weighted average common shares/units outstanding – Diluted | 547,200 | 532,073 | 545,228 | 531,121 |
Net earnings per share attributable to common stockholders/unitholders – Basic | $ 0.53 | $ 0.49 | $ 1.45 | $ 1.43 |
Net earnings per share attributable to common stockholders/unitholders – Diluted | 0.52 | 0.49 | 1.44 | 1.41 |
Dividends per common share or unit | $ 0.42 | $ 0.40 | $ 1.26 | $ 1.12 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Consolidated net earnings | $ 307,242 | $ 307,186 | $ 825,838 | $ 798,758 |
Other comprehensive income (loss): | ||||
Foreign currency translation losses, net | (48,232) | (148,570) | (69,832) | (197,912) |
Unrealized gains (losses) on derivative contracts, net | 4,696 | (15,660) | (17,122) | (12,313) |
Comprehensive income | 263,706 | 142,956 | 738,884 | 588,533 |
Net earnings attributable to noncontrolling interests | (26,316) | (46,536) | (58,103) | (49,314) |
Other comprehensive loss (income) attributable to noncontrolling interest | 2,392 | 18,925 | (10,840) | 33,992 |
Comprehensive income attributable to common stockholders / unitholders | 239,782 | 115,345 | 669,941 | 573,211 |
Prologis, L.P. [Member] | ||||
Consolidated net earnings | 307,242 | 307,186 | 825,838 | 798,758 |
Other comprehensive income (loss): | ||||
Foreign currency translation losses, net | (48,232) | (148,570) | (69,832) | (197,912) |
Unrealized gains (losses) on derivative contracts, net | 4,696 | (15,660) | (17,122) | (12,313) |
Comprehensive income | 263,706 | 142,956 | 738,884 | 588,533 |
Net earnings attributable to noncontrolling interests | (18,628) | (43,360) | (35,865) | (43,558) |
Other comprehensive loss (income) attributable to noncontrolling interest | 1,406 | 17,104 | (13,438) | 31,788 |
Comprehensive income attributable to common stockholders / unitholders | $ 246,484 | $ 116,700 | $ 689,581 | $ 576,763 |
Consolidated Statement of Equit
Consolidated Statement of Equity - 9 months ended Sep. 30, 2016 - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions in Excess of Net Earnings [Member] | Non-controlling Interests [Member] |
Balance at Dec. 31, 2015 | $ 18,420,836 | $ 78,235 | $ 5,245 | $ 19,302,367 | $ (791,429) | $ (3,926,483) | $ 3,752,901 |
Balance, shares at Dec. 31, 2015 | 524,512 | 524,512 | |||||
Consolidated net earnings | $ 825,838 | $ 0 | 767,735 | 58,103 | |||
Effect of equity compensation plans | 94,051 | $ 22 | 75,258 | 18,771 | |||
Effect of equity compensation plans, shares | 2,220 | ||||||
Issuance of units related to acquisitions | 3,162 | $ 0 | 3,162 | ||||
Settlement of noncontrolling interests | (2,128) | 0 | 851 | $ (2,979) | |||
Settlement of noncontrolling interests, shares | 0 | ||||||
Conversion of noncontrolling interests | 0 | $ 19 | 51,931 | $ (51,950) | |||
Conversion of noncontrolling interests, shares | 1,867 | ||||||
Capital contributions | 1,026 | 1,026 | |||||
Foreign currency translation gains (losses), net | (69,832) | (81,115) | 11,283 | ||||
Unrealized losses on derivative contracts, net | (17,122) | (16,679) | (443) | ||||
Reallocation of equity | 0 | $ 0 | 2,770 | (2,770) | |||
Distributions and other | (972,561) | $ 0 | (176) | (669,384) | (303,001) | ||
Distributions and other, shares | 0 | ||||||
Balance at Sep. 30, 2016 | $ 18,283,270 | $ 78,235 | $ 5,286 | $ 19,433,001 | $ (889,223) | $ (3,828,132) | $ 3,484,103 |
Balance, shares at Sep. 30, 2016 | 528,599 | 528,599 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities: | ||
Consolidated net earnings | $ 825,838 | $ 798,758 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Straight-lined rents and amortization of above and below market leases | (74,664) | (37,537) |
Equity-based compensation awards | 43,658 | 40,124 |
Depreciation and amortization | 705,249 | 607,467 |
Earnings from unconsolidated entities, net | (145,622) | (106,383) |
Distributions from unconsolidated entities | 210,439 | 205,931 |
Net changes in operating receivables from unconsolidated entities | (56,992) | (20,153) |
Amortization of debt premiums, net of deferred financing costs | (13,047) | (22,271) |
Gains on dispositions of investments in real estate, net | (461,963) | (655,288) |
Unrealized foreign currency and derivative losses, net | 21,266 | 6,931 |
Losses (gains) on early extinguishment of debt, net | (2,484) | 16,525 |
Deferred income tax benefit | (1,737) | (1,758) |
Increase in accounts receivable and other assets | (48,231) | (68,243) |
Decrease in accounts payable and accrued expenses and other liabilities | (4,699) | (7,546) |
Net cash provided by operating activities | 997,011 | 756,557 |
Investing activities: | ||
Real estate development | (1,225,613) | (950,199) |
Real estate acquisitions | (280,797) | (571,368) |
Tenant improvements and lease commissions on previously leased space | (125,041) | (108,662) |
Nondevelopment capital expenditures | (66,298) | (51,374) |
Proceeds from dispositions and contributions of real estate properties | 1,859,317 | 1,814,532 |
Investments in and advances to unconsolidated entities | (228,588) | (438,964) |
Return of investment from unconsolidated entities | 579,134 | 14,909 |
Proceeds from repayment of notes receivable backed by real estate | 201,250 | 9,866 |
Proceeds from the settlement of net investment hedges | 16,768 | 122,505 |
Payments on the settlement of net investment hedges | 0 | (981) |
Net cash provided by (used in) investing activities | 730,132 | (4,969,235) |
Financing activities: | ||
Proceeds from issuance of common stock | 38,101 | 84,112 |
Dividends paid on common and preferred stock | (669,384) | (592,795) |
Noncontrolling interests contributions | 1,026 | 2,354,468 |
Noncontrolling interests distributions | (301,268) | (157,517) |
Purchase of noncontrolling interests | (2,979) | (2,560) |
Tax paid for shares withheld | (7,862) | (12,292) |
Debt and equity issuance costs paid | (19,265) | (18,476) |
Net proceeds from (payments on) credit facilities | (3,545) | 199,958 |
Repurchase and payments of debt | (1,675,818) | (913,178) |
Proceeds from issuance of debt | 1,012,331 | 3,239,261 |
Net cash provided by (used in) financing activities | (1,628,663) | 4,180,981 |
Effect of foreign currency exchange rate changes on cash | 12,560 | (8,562) |
Net increase in cash and cash equivalents | 111,040 | (40,259) |
Cash and cash equivalents, beginning of period | 264,080 | 350,692 |
Cash and cash equivalents, end of period | 375,120 | 310,433 |
Prologis, L.P. [Member] | ||
Operating activities: | ||
Consolidated net earnings | 825,838 | 798,758 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Straight-lined rents and amortization of above and below market leases | (74,664) | (37,537) |
Equity-based compensation awards | 43,658 | 40,124 |
Depreciation and amortization | 705,249 | 607,467 |
Earnings from unconsolidated entities, net | (145,622) | (106,383) |
Distributions from unconsolidated entities | 210,439 | 205,931 |
Net changes in operating receivables from unconsolidated entities | (56,992) | (20,153) |
Amortization of debt premiums, net of deferred financing costs | (13,047) | (22,271) |
Gains on dispositions of investments in real estate, net | (461,963) | (655,288) |
Unrealized foreign currency and derivative losses, net | 21,266 | 6,931 |
Losses (gains) on early extinguishment of debt, net | (2,484) | 16,525 |
Deferred income tax benefit | (1,737) | (1,758) |
Increase in accounts receivable and other assets | (48,231) | (68,243) |
Decrease in accounts payable and accrued expenses and other liabilities | (4,699) | (7,546) |
Net cash provided by operating activities | 997,011 | 756,557 |
Investing activities: | ||
Real estate development | (1,225,613) | (950,199) |
Real estate acquisitions | (280,797) | (571,368) |
Tenant improvements and lease commissions on previously leased space | (125,041) | (108,662) |
Nondevelopment capital expenditures | (66,298) | (51,374) |
Proceeds from dispositions and contributions of real estate properties | 1,859,317 | 1,814,532 |
Investments in and advances to unconsolidated entities | (228,588) | (438,964) |
Return of investment from unconsolidated entities | 579,134 | 14,909 |
Proceeds from repayment of notes receivable backed by real estate | 201,250 | 9,866 |
Proceeds from the settlement of net investment hedges | 16,768 | 122,505 |
Payments on the settlement of net investment hedges | 0 | (981) |
Net cash provided by (used in) investing activities | 730,132 | (4,969,235) |
Financing activities: | ||
Proceeds from issuance of common stock | 38,101 | 84,112 |
Dividends paid on common and preferred stock | (698,647) | (600,186) |
Noncontrolling interests contributions | 1,026 | 2,354,468 |
Noncontrolling interests distributions | (272,856) | (150,523) |
Purchase of noncontrolling interests | (2,128) | (2,163) |
Tax paid for shares withheld | (7,862) | (12,292) |
Debt and equity issuance costs paid | (19,265) | (18,476) |
Net proceeds from (payments on) credit facilities | (3,545) | 199,958 |
Repurchase and payments of debt | (1,675,818) | (913,178) |
Proceeds from issuance of debt | 1,012,331 | 3,239,261 |
Net cash provided by (used in) financing activities | (1,628,663) | 4,180,981 |
Effect of foreign currency exchange rate changes on cash | 12,560 | (8,562) |
Net increase in cash and cash equivalents | 111,040 | (40,259) |
Cash and cash equivalents, beginning of period | 264,080 | 350,692 |
Cash and cash equivalents, end of period | 375,120 | 310,433 |
KTR Capital Partners and Affiliates [Member] | ||
Investing activities: | ||
KTR acquisition, net of cash received | 0 | (4,809,499) |
KTR Capital Partners and Affiliates [Member] | Prologis, L.P. [Member] | ||
Investing activities: | ||
KTR acquisition, net of cash received | $ 0 | $ (4,809,499) |
Consolidated Statements of Capi
Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Consolidated net earnings | $ 307,242 | $ 825,838 | |
Effect of equity compensation plans | 94,051 | ||
Issuance of units related to acquisitions | 3,162 | ||
Capital contributions | 1,026 | ||
Foreign currency translation gains (losses), net | (48,232) | (69,832) | |
Unrealized losses on derivative contracts, net | $ 4,696 | (17,122) | |
Non-controlling Interests [Member] | |||
Consolidated net earnings | 58,103 | ||
Effect of equity compensation plans | 18,771 | ||
Issuance of units related to acquisitions | 3,162 | ||
Capital contributions | 1,026 | ||
Foreign currency translation gains (losses), net | 11,283 | ||
Unrealized losses on derivative contracts, net | $ (443) | ||
Class A Capital [Member] | |||
Beginning balance, Units | 8,900 | ||
Conversion of limited partners units, shares | 8,700 | 8,800 | |
Ending balance, Units | 8,900 | 8,900 | 8,900 |
Prologis, L.P. [Member] | |||
Beginning balance | $ 18,420,836 | ||
Consolidated net earnings | $ 307,242 | 825,838 | |
Effect of equity compensation plans | 94,051 | ||
Issuance of units related to acquisitions | 3,162 | ||
Settlement of noncontrolling interests | (2,128) | ||
Capital contributions | 1,026 | ||
Foreign currency translation gains (losses), net | (48,232) | (69,832) | |
Unrealized losses on derivative contracts, net | 4,696 | (17,122) | |
Distributions and other | (972,561) | ||
Ending balance | 18,283,270 | 18,283,270 | $ 18,420,836 |
Prologis, L.P. [Member] | Non-controlling Interests [Member] | |||
Beginning balance | 3,320,227 | ||
Consolidated net earnings | 35,865 | ||
Settlement of noncontrolling interests | (2,979) | ||
Capital contributions | 1,026 | ||
Foreign currency translation gains (losses), net | 13,438 | ||
Distributions and other | (274,589) | ||
Ending balance | 3,092,988 | 3,092,988 | 3,320,227 |
General Partner [Member] | Prologis, L.P. [Member] | Preferred [Member] | |||
Beginning balance | $ 78,235 | ||
Beginning balance, Units | 1,565 | ||
Ending balance | $ 78,235 | $ 78,235 | $ 78,235 |
Ending balance, Units | 1,565 | 1,565 | 1,565 |
General Partner [Member] | Prologis, L.P. [Member] | Common [Member] | |||
Beginning balance | $ 14,589,700 | ||
Beginning balance, Units | 524,512 | ||
Consolidated net earnings | $ 767,735 | ||
Effect of equity compensation plans | $ 75,280 | ||
Effect of equity compensation plans, shares | 2,220 | ||
Settlement of noncontrolling interests | $ 851 | ||
Conversion of limited partners units | $ 51,950 | ||
Conversion of limited partners units, shares | 1,867 | ||
Foreign currency translation gains (losses), net | $ (81,115) | ||
Unrealized losses on derivative contracts, net | (16,679) | ||
Reallocation of capital | 2,770 | ||
Distributions and other | (669,560) | ||
Ending balance | $ 14,720,932 | $ 14,720,932 | $ 14,589,700 |
Ending balance, Units | 528,599 | 528,599 | 524,512 |
Limited Partners [Member] | Prologis, L.P. [Member] | Common [Member] | |||
Beginning balance | $ 186,683 | ||
Beginning balance, Units | 6,711 | ||
Consolidated net earnings | $ 9,469 | ||
Effect of equity compensation plans | $ 18,771 | ||
Effect of equity compensation plans, shares | 440 | ||
Issuance of units related to acquisitions | $ 3,162 | ||
Issuance of units related to acquisition, shares | 72 | ||
Conversion of limited partners units | $ (51,950) | ||
Conversion of limited partners units, shares | (1,867) | ||
Foreign currency translation gains (losses), net | $ (819) | ||
Unrealized losses on derivative contracts, net | (168) | ||
Reallocation of capital | (5,391) | ||
Distributions and other | $ (11,158) | ||
Distributions and other, shares | (20) | ||
Ending balance | $ 148,599 | $ 148,599 | $ 186,683 |
Ending balance, Units | 5,336 | 5,336 | 6,711 |
Limited Partners [Member] | Prologis, L.P. [Member] | Class A Capital [Member] | |||
Beginning balance | $ 245,991 | ||
Beginning balance, Units | 8,894 | ||
Consolidated net earnings | $ 12,769 | ||
Foreign currency translation gains (losses), net | (1,336) | ||
Unrealized losses on derivative contracts, net | (275) | ||
Reallocation of capital | 2,621 | ||
Distributions and other | (17,254) | ||
Ending balance | $ 242,516 | $ 242,516 | $ 245,991 |
Ending balance, Units | 8,894 | 8,894 | 8,894 |
General
General | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
General | NOTE 1. GENERAL Business . Prologis, Inc. (or the “Parent”) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), 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 management of logistics properties in the world’s primary population centers and in those supported by extensive transportation infrastructure. Our current business strategy consists of two operating business segments: Real Estate Operations and Strategic Capital. Our Real Estate Operations segment represents the ownership and development of industrial properties. Our Strategic Capital segment represents the management of co-investment ventures and other unconsolidated entities. See Note 12 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 September 30, 2016, the Parent owned an approximate 97.41% common general partnership interest in the Operating Partnership and 100% of the preferred units in the Operating Partnership. The remaining approximate 2.59% common limited partnership interests, which include 8.9 million Class A common limited partnership units (“Class A Units”) in the Operating Partnership, are owned by unaffiliated investors and certain current and former directors and officers of the Parent. Each partner’s percentage interest in the Operating Partnership is determined based on the number of Operating Partnership units owned as compared to total Operating Partnership units outstanding at each period end and is used as the basis for the allocation of net income or loss to each partner. At the end of each reporting period, a capital adjustment is made in the Operating Partnership to reflect the appropriate ownership interest for each of the common unitholders. These adjustments are reflected in the line items Reallocation of Equity Reallocation of Capital As the sole general partner of the Operating Partnership, the Parent has complete responsibility and discretion in the day-to-day management and control of the Operating Partnership and 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. Because 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 (“U.S.”) 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 our annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. Our management believes that the disclosures presented in these financial statements are adequate to make the information presented not misleading. In our opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for both the Parent and the 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 our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as filed with the SEC, and other public information. Certain amounts included in the accompanying Consolidated Financial Statements for 2015 have been reclassified to conform to the 2016 financial statement presentation. See below in our New Accounting Pronouncements for further discussion on these reclassifications. New Accounting Pronouncements. In August 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update that provides guidance for areas in which there are diversity in how certain cash receipts and payments are presented and classified in the statements of cash flows. The update clarifies the classification methodology within the statements of cash flows for eight specific topics including classification for debt prepayment or extinguishment costs, proceeds from the settlement of insurance claims and distributions received from equity method investments. We early adopted the standard in its entirety on a retrospective basis for all periods presented at September 30, 2016, and we determined that the only clarification to impact us was the classification of distributions received from equity method investments. The update allows for the election to classify distributions received from equity method investments based on either a cumulative earnings approach or a nature of distribution approach. We have elected the nature of distribution approach, in which cash flows generated from the operations of an unconsolidated entity are classified as a return on investment (cash inflow from operating activities) and cash flows that are generated from property sales or debt refinancing are classified as a return of investment (cash inflow from investing activities). We adopted this approach based on the availability of the information to us to determine the nature of the underlying activity that generated the distributions from unconsolidated entities. As a result of our adoption of this standard, we included $40.6 million of distributions from our unconsolidated entities in cash flows provided by operating activities for the nine months ended September 30, 2016, that had previously been reported as cash flows used in investing activities in the Consolidated Statements of Cash Flows. In addition, we reclassified $94.5 million of distributions from our unconsolidated entities into cash flows provided by operating activities that was previously reported as cash flows used in investing activities for the nine months ended September 30, 2015. In March 2016, the FASB issued an accounting standard update that amends the stock compensation requirements in existing GAAP. The update simplifies certain aspects of accounting for share-based payment transactions, including income tax consequences, statutory tax withholding requirements, forfeitures and classification of taxes paid to a tax authority by us when we withhold shares to cover employee withholding tax payments for certain stock compensation plans in the statements of cash flows. We early adopted the standard in its entirety on a retrospective basis for periods presented at September 30, 2016. As a result of our adoption of this standard, we included payments of $7.9 million related to shares withheld to pay employee withholding taxes for certain stock compensation plans in cash flows used in financing activities for the nine months ended September 30, 2016, that had previously been reported as cash flows provided by operating activities in the Consolidated Statements of Cash Flows. In addition, we reclassified payments of $12.3 million from cash flows provided by operating activities to cash flows used in financing activities for the nine months ended September 30, 2015. In February 2016, the FASB issued an accounting standard that provides the principles for the recognition, measurement, presentation and disclosure of leases. Under the standard, lessees apply a dual approach, classifying leases as either finance or operating leases. A lessee is required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months, regardless of their lease classification. We are a lessee on ground leases in certain markets and office space leases. Although the accounting for lessors will remain largely unchanged from current GAAP, the new standard requires a lessor to classify leases as either sales-type, finance or operating. The standard also requires that lessors expense certain initial direct costs, which are capitalizable under existing standards, as incurred. The standard is effective for us for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently assessing the timing, method of adoption and the overall impact the adoption will have on the consolidated financial statements. 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. We adopted this standard on a modified retrospective basis on January 1, 2016, and the adoption did not have a material effect on the Consolidated Financial Statements, however the Operating Partnership and certain of our consolidated co-investment ventures now qualify as variable interest entities (“VIEs”) under the new guidance, which required additional disclosures. See Note 8 for additional information about our VIEs. 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. It is effective for annual and interim reporting periods beginning after December 15, 2017, with earlier adoption permitted, 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 Combination
Business Combination | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combination | NOTE 2. BUSINESS COMBINATION On May 29, 2015, we acquired the real estate assets and operating platform from KTR Capital Partners and its affiliates (“KTR”). The portfolio consisted of 315 operating properties, aggregating 59.0 million square feet, 3.6 million square feet of properties under development and land parcels that will support an estimated build out of 6.8 million square feet. The properties were acquired by our consolidated co-investment venture Prologis U.S. Logistics Venture, of which we own 55%. The acquisition was funded through cash (which included the contribution of $2.3 billion from our venture partner and the proceeds from the issuance of debt), the assumption of secured mortgage debt and the issuance of 4.5 million common limited partnership units in the Operating Partnership. We incurred $24.7 million of acquisition costs that are included in Other Expenses The allocation of the purchase price required a significant amount of judgment and was based on our valuations, estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed. The adjustments finalizing the purchase price allocation during the measurement period were not considered to be material to our financial position or results of operations. The allocation of the purchase price was as follows (in thousands): Investments in real estate properties $ 5,441,384 Intangible assets, net of intangible liabilities 332,708 Accounts receivable and other assets 8,062 Debt, including premium (735,172 ) Accounts payable, accrued expenses and other liabilities (56,313 ) Total estimated purchase price 4,990,669 Our venture partner’s share of purchase price (2,253,234 ) Common limited partnership units issued in the Operating Partnership (181,170 ) Prologis share of cash purchase price $ 2,556,265 The following pro forma financial information presents our results as though the KTR acquisition had been completed on January 1, 2015. The pro forma information does not reflect the actual results of operations had the transaction actually been completed on January 1, 2015, and it is not indicative of future operating results. The results for the nine months ended September 30, 2015, include approximately four months of actual results for the acquisition, which includes the acquisition expenses, and five months of pro forma adjustments. Actual results in 2015 include rental income and rental expenses of the properties acquired of $132.7 million and $30.0 million, respectively, representing the period from acquisition through September 30, 2015. The following amounts are in thousands, except per share amounts: Nine Months Ended September 30, 2015 Total revenues $ 1,715,540 Net earnings attributable to common stockholders $ 756,302 Net earnings per share attributable to common stockholders – Basic $ 1.45 Net earnings per share attributable to common stockholders – Diluted $ 1.43 These results include certain adjustments, primarily: (i) decreased revenues from the amortization of the net assets from the acquired leases with net favorable rents relative to estimated market rents; (ii) increased depreciation and amortization expense resulting from the adjustment of real estate assets to estimated fair value and recognition of intangible assets related to in-place leases; and (iii) additional interest expense attributable to the debt issued to finance our cash portion of the acquisition offset by lower interest expense due to the accretion of the fair value adjustment of debt. |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate [Abstract] | |
Real Estate | NOTE 3. REAL ESTATE Investments in real estate properties consisted of the following (dollars and square feet in thousands): Square Feet Number of Buildings September 30, December 31, September 30, December 31, September 30, December 31, 2016 2015 2016 2015 2016 2015 Industrial operating properties: Improved land $ 5,939,404 $ 5,874,052 Buildings and improvements 333,957 333,830 1,801 1,872 17,936,886 17,861,693 Development portfolio, including land costs: Prestabilized 10,561 12,598 29 28 1,063,689 918,099 Properties under development 16,116 19,630 51 63 745,313 954,804 Land (1) 1,352,600 1,359,794 Other real estate investments (2) 532,812 552,926 Total investments in real estate properties 27,570,704 27,521,368 Less accumulated depreciation 3,638,688 3,274,284 Net investments in real estate properties $ 23,932,016 $ 24,247,084 (1) Included in our investments in real estate at September 30, 2016, and December 31, 2015, were 6,650 and 7,404 acres of land, respectively. (2) Included in other real estate investments are: (i) non-industrial real estate; (ii) land parcels that are ground leased to third parties; (iii) our corporate office buildings; (iv) infrastructure costs related to projects we are developing on behalf of others; (v) costs related to future development projects, including purchase options on land; and (vi) earnest money deposits associated with potential acquisitions. Acquisitions The following table summarizes our real estate acquisition activity for the nine months ended September 30 (dollars and square feet in thousands): 2016 2015 Acquisitions of operating properties from third parties Number of industrial operating properties 7 27 Square feet 931 3,651 Real estate acquisition value $ 86,840 $ 305,519 The table above does not include the properties acquired in the KTR acquisition, as this transaction is explained in Note 2. Dispositions The following table summarizes our real estate disposition activity for the nine months ended September 30 (dollars and square feet in thousands): 2016 2015 Contributions to unconsolidated co-investment ventures Number of properties 21 23 Square feet 6,676 6,659 Net proceeds $ 649,511 $ 662,645 Net gains on contributions $ 132,787 $ 111,307 Dispositions to third parties Number of properties 147 75 Square feet 15,606 12,723 Net proceeds (1) $ 1,300,209 $ 1,347,755 Net gains on dispositions (1) $ 242,561 $ 543,981 Total net gains on contributions and dispositions $ 375,348 $ 655,288 Gains on redemption of investment in co-investment ventures (2) 86,615 - Total gains on dispositions of investments in real estate, net $ 461,963 $ 655,288 (1) Includes the disposition of land parcels and our investment in an unconsolidated joint venture. (2) See Note 4 for more information about these transactions. |
Unconsolidated Entities
Unconsolidated Entities | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Unconsolidated Entities | NOTE 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 8 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 using the equity method. We refer to our investments in all entities accounted for using the equity method, both unconsolidated co-investment ventures and other ventures, collectively, as unconsolidated entities. The following table summarizes our investments in and advances to our unconsolidated entities (in thousands): September 30, December 31, 2016 2015 Unconsolidated co-investment ventures $ 4,422,840 $ 4,585,427 Other ventures 157,744 170,193 Totals $ 4,580,584 $ 4,755,620 Unconsolidated Co-Investment Ventures The amounts recognized in Strategic Capital Revenues Earnings from Unconsolidated Entities, Net Strategic Capital Expenses The following table summarizes the amounts we recognized in the Consolidated Statements of Income related to the unconsolidated co-investment ventures (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Strategic capital revenues and other revenues: U.S. $ 9,565 $ 9,866 $ 27,739 $ 28,027 Other Americas 5,806 4,232 16,864 17,046 Europe (1) 113,457 20,652 160,904 60,046 Asia 11,202 8,760 34,249 26,165 Total strategic capital revenues 140,030 43,510 239,756 131,284 Development management and other revenues 2,366 1,847 6,715 5,033 Total strategic capital revenues and other revenues $ 142,396 $ 45,357 $ 246,471 $ 136,317 Earnings from unconsolidated co-investment ventures, net: U.S. $ 1,763 $ 2,969 $ 9,140 $ 3,930 Other Americas 8,077 7,589 20,885 21,186 Europe 29,802 20,871 90,395 69,685 Asia 4,905 1,188 12,253 8,903 Total earnings from unconsolidated co-investment ventures, net $ 44,547 $ 32,617 $ 132,673 $ 103,704 (1) In September 2016, we earned promotes from Prologis Targeted Logistics Fund (“PTELF”) and Prologis European Properties Fund II (“PEP II”), each based on the venture’s cumulative returns to the investors over the last three years. The third parties’ share of the promotes that were recognized in Strategic Capital Revenues The following tables summarize the operating information and financial position of our unconsolidated co-investment ventures (not our proportionate share), as presented at our adjusted basis derived from the ventures’ U.S. GAAP information: September 30, December 31, September 30, (dollars and square feet in millions) 2016 2015 2015 U.S.: Number of ventures 1 1 1 Number of properties owned 366 391 401 Square feet 49 50 51 Total assets $ 4,167 $ 4,408 $ 4,433 Third-party debt $ 1,421 $ 1,433 $ 1,459 Total liabilities $ 1,509 $ 1,550 $ 1,557 Our investment balance (1) (3) $ 514 $ 690 $ 703 Our weighted average ownership (2) (3) 17.8 % 22.5 % 22.6 % Other Americas: Number of ventures 2 2 2 Number of properties owned 209 205 201 Square feet 41 39 38 Total assets $ 2,679 $ 2,482 $ 2,433 Third-party debt $ 671 $ 657 $ 562 Total liabilities $ 754 $ 708 $ 605 Our investment balance (1) $ 851 $ 786 $ 777 Our weighted average ownership (2) 43.7 % 43.8 % 43.9 % Europe: Number of ventures 4 4 4 Number of properties owned 694 688 683 Square feet 160 159 159 Total assets $ 11,291 $ 11,343 $ 11,711 Third-party debt $ 2,628 $ 2,640 $ 2,763 Total liabilities $ 3,620 $ 3,584 $ 3,743 Our investment balance (1) (3) (4) $ 2,565 $ 2,707 $ 2,796 Our weighted average ownership (2) (3) 36.3 % 38.9 % 39.5 % Asia: Number of ventures 2 2 2 Number of properties owned 79 66 57 Square feet 34 29 27 Total assets $ 5,439 $ 4,320 $ 4,234 Third-party debt $ 2,004 $ 1,520 $ 1,733 Total liabilities $ 2,313 $ 1,751 $ 1,955 Our investment balance (1) $ 493 $ 402 $ 355 Our weighted average ownership (2) 15.0 % 15.0 % 15.0 % Total: Number of ventures 9 9 9 Number of properties owned 1,348 1,350 1,342 Square feet 284 277 275 Total assets $ 23,576 $ 22,553 $ 22,811 Third-party debt $ 6,724 $ 6,250 $ 6,517 Total liabilities $ 8,196 $ 7,593 $ 7,860 Our investment balance (1) $ 4,423 $ 4,585 $ 4,631 Our weighted average ownership (2) 28.9 % 31.6 % 32.1 % Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 U.S.: Revenues $ 99,598 $ 97,144 $ 295,568 $ 284,514 Net earnings $ 11,128 $ 14,056 $ 46,988 $ 19,859 Other Americas: Revenues $ 62,557 $ 55,052 $ 178,640 $ 172,534 Net earnings $ 20,157 $ 19,505 $ 53,506 $ 57,747 Europe: Revenues $ 232,853 $ 237,914 $ 724,436 $ 702,772 Net earnings $ 76,382 $ 50,504 $ 217,781 $ 168,947 Asia: Revenues $ 91,047 $ 68,451 $ 253,309 $ 204,629 Net earnings $ 29,930 $ 10,097 $ 73,779 $ 55,717 Total: Revenues $ 486,055 $ 458,561 $ 1,451,953 $ 1,364,449 Net earnings $ 137,597 $ 94,162 $ 392,054 $ 302,270 (1) The difference between our ownership interest of a venture’s equity and our investment balance, at September 30, 2016, and December 31, 2015, results principally from three types of transactions: (i) deferring a portion of the gains we recognize from a contribution of a property to a venture ($444.4 million and $430.7 million, respectively); (ii) recording additional costs associated with our investment in a venture ($123.9 million and $122.1 million, respectively); and (iii) advances to a venture ($256.9 million and $189.7 million, respectively). Included in the advances to our ventures at September 30, 2016, and December 31, 2015, were receivables from Nippon Prologis REIT, Inc. (“NPR”) of $110.6 million and $85.2 million, respectively, related to customer security deposits that originated through a leasing company owned by us that pertain to properties owned by NPR. We have a corresponding payable to NPR’s customers in Other Liabilities. (2) Represents our weighted average ownership interest in all co-investment ventures based on each entity’s contribution of total assets, before depreciation, net of other liabilities. (3) In April 2016, we redeemed a portion of our investment in PTELF and Prologis Targeted U.S. Logistics Fund (“USLF”) for €185.0 million ($210.6 million) and $200.0 million, respectively, and recorded a gain of $86.6 million, which is included in Gains on the Dispositions of Investments in Real Estate, Net Return of Investment from Unconsolidated Entities (4 ) At September 30, 2016, we had $95.8 million of receivables associated with the promotes discussed above, including $57.0 million from the third party investors in PEP II. Equity Commitments Related to Certain Unconsolidated Co-Investment Ventures The following table summarizes the remaining equity commitments at September 30, 2016 (in millions): Equity Commitments Expiration Date for Remaining Commitments Prologis Venture Partners Total Prologis Targeted U.S. Logistics Fund $ - $ 219 $ 219 2016 - 2017 Prologis Targeted Europe Logistics Fund (1) - 478 478 2016 - 2017 Prologis China Logistics Venture (2) 299 1,697 1,996 2016 - 2017 Totals $ 299 $ 2,394 $ 2,693 (1) Equity commitments are denominated in euro and reported in U.S. dollars based on an exchange rate of $1.12 U.S. dollars to the euro. (2) In January 2016, we reached an agreement with our partner in this venture to increase the equity commitments by $882.4 million, of which our share is $132.4 million, to fund future developments in China. During the first quarter of 2016, we satisfied our remaining commitment to Prologis European Logistics Partners with the contribution of $46.9 million for the repayment of third-party debt by the venture. |
Assets Held for Sale or Contrib
Assets Held for Sale or Contribution | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate Assets Held For Development And Sale [Abstract] | |
Assets Held for Sale or Contribution | NOTE 5. ASSETS HELD FOR SALE OR CONTRIBUTION We classified our investments in certain real estate properties that met the criteria to be classified as Assets Held for Sale or Contribution Assets held for sale or contribution consisted of the following (dollars and square feet in thousands): September 30, December 31, 2016 2015 Number of operating properties 18 17 Square feet 6,191 5,065 Total assets held for sale or contribution $ 450,349 $ 378,423 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 4,693 $ 6,874 |
Notes Receivable Backed by Real
Notes Receivable Backed by Real Estate | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Notes Receivable Backed by Real Estate | NOTE 6. NOTES RECEIVABLE BACKED BY REAL ESTATE During 2016, $201.3 million of notes backed by real estate and all of the associated accrued interest were paid in full. At September 30, 2016, we had $33.8 million of notes backed by real estate received in connection with the disposition of real estate to a third party. We earn interest on the notes at annual rates ranging from 5.5% to 10.0%. The notes have maturity dates ranging from December 2016 to April 2017. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 7. DEBT All debt is incurred by the Operating Partnership. The Parent does not have any indebtedness, but guarantees the unsecured debt of the Operating Partnership. The following table summarizes our debt (dollars in thousands): September 30, 2016 December 31, 2015 Weighted Average Interest Rate (1) Amount Outstanding (2) Weighted Average Interest Rate (1) Amount Outstanding Credit facilities - $ - - $ - Senior notes 3.3 % 6,625,291 3.3 % 6,516,392 Term loans 1.5 % 1,876,600 2.1 % 2,100,009 Unsecured other 6.2 % 14,911 6.2 % 15,448 Secured mortgages 4.6 % 1,053,742 5.1 % 1,172,473 Secured mortgages of consolidated entities 3.0 % 1,686,453 2.9 % 1,822,509 Totals 3.1 % $ 11,256,997 3.2 % $ 11,626,831 (1) The interest rates presented represent the effective interest rates (including amortization of debt issuance costs and the noncash premiums or discounts) at the end of the period for debt outstanding. (2) Included in the outstanding balances are borrowings denominated in non-U.S. dollars, principally: euro ($3.5 billion), Japanese yen ($1.5 billion) and Canadian dollars ($429.2 million). 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. In April 2016, we renewed and amended the Global Facility to increase our availability from $2.3 billion to $3.0 billion (subject to currency fluctuations). We have the ability to increase the Global Facility to $3.75 billion, subject to currency fluctuations and obtaining additional lender commitments. Pricing under the Global Facility, including the spread over LIBOR, facility fees and letter of credit fees, varies based on the public debt ratings of the Operating Partnership. The amended Global Facility is scheduled to mature in April 2020; however, we may extend the maturity date for six months on two occasions, subject to the satisfaction of certain conditions and payment of extension fees. We also have a ¥45 billion ($444.1 million at September 30, 2016) Japanese yen revolver (the “Revolver”) with availability to increase to ¥56.5 billion ($557.6 million at September 30, 2016), subject to obtaining additional lender commitments. Pricing under the Revolver, including the spread over LIBOR, facility fees and letter of credit fees, varies based on the public debt ratings of the Operating Partnership. We refer to the Global Facility and the Revolver, collectively, as our “Credit Facilities.” The following table summarizes information about our Credit Facilities at September 30, 2016 (in thousands): Aggregate lender commitments $ 3,472,147 Less: Borrowings outstanding - Outstanding letters of credit 38,849 Current availability $ 3,433,298 Term Loans In March 2016, we entered into an unsecured senior term loan agreement (the “2016 Yen Term Loan”) under which we could draw in Japanese yen in an aggregate amount not to exceed ¥11.2 billion and was scheduled to mature in March 2017. In the first quarter of 2016, we borrowed ¥11.2 billion ($99.6 million). In August 2016, we entered into an unsecured senior term loan agreement (the “Yen Term Loan”) under which we can draw in Japanese yen in an aggregate amount not to exceed ¥120.0 billion ($1.2 billion at September 30, 2016). The Yen Term Loan has two tranches, a ¥50.0 billion tranche and ¥70.0 billion tranche, both bearing interest at yen LIBOR plus 0.65% and scheduled to mature in August 2022 and August 2023, respectively. We may increase the borrowings up to ¥200.0 billion ($2.0 billion at September 30, 2016), subject to obtaining additional lender commitments. In the third quarter of 2016, we borrowed on the Yen Term Loan and used the proceeds to repay and cancel the previous outstanding Japanese yen term loans entered into in 2014 and 2015 and the 2016 Yen Term Loan. The Yen Term Loan was fully drawn at September 30, 2016. Long-Term Debt Maturities Principal payments due on our debt, for the remainder of 2016 and for each of the years in the period ending December 31, 2025, and thereafter were as follows at September 30, 2016 (in thousands): Unsecured Credit Senior Term Loans and Secured Mortgage Maturity Facilities Notes Other Debt Total 2016 (1) $ - $ - $ 406 $ 15,002 $ 15,408 2017 (1) (2) - - 422,725 443,564 866,289 2018 - 175,000 915 569,978 745,893 2019 - 618,294 990 462,990 1,082,274 2020 - 881,541 1,014 455,259 1,337,814 2021 - 1,281,270 1,086 141,606 1,423,962 2022 - 781,270 494,181 163,230 1,438,681 2023 - 850,000 968,795 174,681 1,993,476 2024 - 781,270 864 133,413 915,547 2025 - 750,000 938 137,746 888,684 Thereafter - 558,050 11,749 2,381 572,180 Subtotal - 6,676,695 1,903,663 2,699,850 11,280,208 Unamortized premiums (discounts), net - (21,324 ) - 50,544 29,220 Unamortized debt issuance costs, net - (30,080 ) (12,152 ) (10,199 ) (52,431 ) Totals $ - $ 6,625,291 $ 1,891,511 $ 2,740,195 $ 11,256,997 (1) We expect to repay the amounts maturing in 2016 and 2017 with cash generated from operations, proceeds from the dispositions of wholly owned real estate properties or, as necessary, with borrowings on our Credit Facilities. (2) Included in the 2017 maturities is a term loan that can be extended until 2019. Exchangeable Senior Notes During March 2015, the holders of exchangeable notes exchanged $459.8 million of their notes for 11.9 million shares of common stock of the Parent and $0.2 million of their notes for cash. When the debt was exchanged into common stock, the value of the derivative associated with the debt was reclassified to Additional Paid-In Capital Debt Covenants We have approximately $6.6 billion of senior notes and $1.9 billion of term loans outstanding at September 30, 2016, under three separate indentures, as supplemented, and are subject to certain financial covenants. We are also subject to financial covenants under our Credit Facilities and certain secured mortgage debt. At September 30, 2016, we were in compliance with all covenants. |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | NOTE 8. NONCONTROLLING INTERESTS Prologis, L.P. We report noncontrolling interests related to several entities we consolidate but of which we do not own 100% of the equity. These entities include two real estate partnerships that have issued limited partnership units to third parties. Depending on the specific partnership agreements, these limited partnership units are redeemable for cash or, at our option, shares of the Parent’s common stock, generally at a rate of one share of common stock to one 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. As discussed in Note 1, the Parent has complete responsibility, power and discretion in the day-to-day management of the Operating Partnership. The Parent, through its majority interest, has the right to receive benefits from and incur losses of the Operating Partnership. In addition, the Operating Partnership does not have either substantive liquidation rights or substantive kick-out rights without cause or substantive participating rights that could be exercised by a simple majority of noncontrolling interests. The absence of such rights renders the Operating Partnership as a VIE. Accordingly, the Parent is the primary beneficiary of and consolidates the Operating Partnership. Prologis, Inc. The noncontrolling interests of the Parent include 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 table summarizes our ownership percentages and noncontrolling interests and the consolidated entities’ total assets and liabilities at September 30, 2016, and December 31, 2015 (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities 2016 2015 2016 2015 2016 2015 2016 2015 Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 2,445,631 $ 2,677,642 $ 6,256,419 $ 6,788,968 $ 821,488 $ 847,084 Prologis North American Industrial Fund (1) 66.1 % 66.1 % 486,353 490,444 2,493,666 2,619,241 1,048,648 1,165,617 Prologis Brazil Logistics Partners Fund I (1) (2) 50.0 % 50.0 % 60,290 49,313 137,519 100,836 633 192 Other consolidated entities (3) various various 100,714 102,828 876,317 985,188 35,879 42,811 Prologis, L.P. noncontrolling interests 3,092,988 3,320,227 9,763,921 10,494,233 1,906,648 2,055,704 Limited partners in Prologis, L.P. (4) (5) 391,115 432,674 - - - - Prologis, Inc. noncontrolling interests $ 3,484,103 $ 3,752,901 $ 9,763,921 $ 10,494,233 $ 1,906,648 $ 2,055,704 (1) These ventures are considered VIE’s under the new consolidation guidance discussed in Note 1. Based on our evaluation, the noncontrolling interests in these ventures do not hold substantive participating or kick-out rights and therefore as a group they lack the power to direct the significant activities of these ventures that most significantly impact the venture’s economic performance. We have both the power to direct the significant activities and the obligation to absorb losses and the rights to receive benefits from these ventures. As a result, we are the primary beneficiary of both ventures and consistent with prior reporting periods, we consolidate each venture within our financial statements. (2) The assets of Prologis Brazil Logistics Partners Fund I (“Brazil Fund”) are primarily investments in unconsolidated entities of $118.8 million and $103.1 million at September 30, 2016, and December 31, 2015, respectively. For additional information on our unconsolidated investments, see Note 4. (3) This line item includes our two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. At September 30, 2016, and December 31, 2015, limited partnership units were exchangeable into cash or, at our option, 1.8 million shares of the Parent’s common stock. (4) We had 8.9 million Class A Units that were convertible into 8.7 million and 8.8 million common limited partnership units of the Operating Partnership at September 30, 2016, and December 31, 2015, respectively. (5) At September 30, 2016, and December 31, 2015, excluding the Class A Units, there were common limited partnership units in the Operating Partnership outstanding that were exchangeable into cash or, at our option, 4.6 million shares and 6.4 million shares of the Parent’s common stock with a fair value of $245.9 million and $275.0 million, respectively, based on the closing stock price of the Parent’s common stock. In 2016, unitholders exchanged 1.9 million common limited partnership units into an equal number of shares of the Parent’s common stock with a value of $51.9 million. At September 30, 2016, and December 31, 2015, there were 2.1 million and 1.2 million LTIP Units (as defined in Note 9) outstanding, respectively, associated with our long-term compensation plan that are exchangeable into common units of the Operating Partnership and redeemable into the Parent’s common stock after they vest and other applicable conditions are met. |
Long-Term Compensation
Long-Term Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Long-Term Compensation | NOTE 9. LONG-TERM COMPENSATION Prologis Outperformance Plan (“POP” formerly “OPP”) Generally, under the POP, in the event that our annualized total stockholder return (“TSR”) during the performance period exceeds the annualized total shareholder return of the Morgan Stanley Capital Index US REIT Index (“RMS”) by more than 100 basis points during the performance period, then a performance pool will be formed under the POP equal to 3% of our excess return to stockholders. The performance pool shall not exceed an amount equal to the greater of (i) $75,000,000 or (ii) 0.5% of our common equity market capitalization as calculated under the POP (the “Capitalization Cap”). Starting with the 2016 – 2018 performance period, if the relevant performance thresholds are met, participants can earn POP awards for their share of an aggregate performance pool up to $75,000,000. If earned, these POP awards will be paid after the end of the initial three-year performance period. If our levels of outperformance warrant an aggregate performance pool greater than $75,000,000, then participants can earn their share of the additional award amount in excess of $75,000,000 up to the Capitalization Cap (the “Excess Award Amount”) during the course of a three-year period after the end of the initial performance period. One-third of this Excess Award Amount can be earned at the end of each of the three years after the initial performance period, if our performance meets or exceeds the RMS in each of such three years. POP also has certain positive TSR requirements, which must be met before participants can be paid awards under POP. In addition, participants will not be able to sell or transfer any equity they receive as initial or excess POP awards until three years after the end of the initial performance period. If the performance criteria are not met, the POP participation points and the POP LTIP Units will be forfeited. Allocations of POP participation points for the 2016 – 2018 performance period were approved on June 3, 2016 and will be subject to certain modifications to the POP, as discussed above. We anticipate that the POP LTIP Units will be granted in the fourth quarter of 2016. The fair value of the award was $26.6 million at June 3, 2016, using a Monte Carlo valuation model that assumed a risk free interest rate of 0.99% and an expected volatility of 20.5%. Such points relate to a three-year performance period that began on January 1, 2016, and will end on December 31, 2018. At September 30, 2016, we also have POP points outstanding for the 2014 – 2016 and 2015 – 2017 performance periods under the POP that were not impacted by the modification. Prologis Promote Plan (“PPP”) A compensation pool was funded in 2015 associated with promotes earned from two of our co-investment ventures in the fourth quarter of 2015, at which time we accrued $4.7 million for the cash awards. In 2016, we granted 53,000 RSUs with a grant date fair value of $2.3 million and 114,000 LTIP Units with a grant date fair value of $4.9 million related to these promotes. A compensation pool was funded associated with promotes earned from two of our co-investment ventures in the third quarter of 2016, at which time we accrued $15.2 million in cash awards. Restricted Stock Units (“RSUs”) The following table summarizes the activity for RSUs for the nine months ended September 30, 2016 (units in thousands): Number of Weighted Average Number of RSUs Grant-Date Fair Value RSUs Vested Balance at January 1, 2016 1,626 $ 42.21 109 Granted 806 Vested and distributed (804 ) Forfeited (36 ) Balance at September 30, 2016 1,592 $ 40.37 125 Operating Partnership Long-Term Incentive Plan Units (“LTIP Units”) The following table summarizes the activity for LTIP Units for the nine months ended September 30, 2016 (units in thousands): Number of Weighted Average Number of LTIP Units Grant-Date Fair Value LTIP Units Vested Balance at January 1, 2016 1,244 $ 42.21 303 Granted 893 Balance at September 30, 2016 2,137 $ 40.45 743 Prologis Outperformance Plan Operating Partnership Long-Term Incentive Plan Units (“POP LTIP Units” formerly “OPP LTIP Units”) At September 30, 2016, 2.5 million POP LTIP Units were outstanding with respect to the 2014 – 2016 and 2015 Number of POP LTIP Units Balance at January 1, 2016 3,464 Forfeited (927 ) Balance at September 30, 2016 2,537 Stock Options We have 2.2 million stock options outstanding and exercisable at September 30, 2016, with a weighted average exercise price of $38.54. The aggregate intrinsic value of exercised options was $43.9 million and $6.0 million for the nine months ended September 30, 2016 and 2015, respectively. No stock options were granted in 2016 or 2015. |
Earnings Per Common Share or Un
Earnings Per Common Share or Unit | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share or Unit | NOTE 10. EARNINGS PER COMMON SHARE OR UNIT We determine basic earnings per share or unit based on the weighted average number of shares of common stock or units outstanding during the period. We compute diluted earnings per share or unit based on the weighted average number of shares or units outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments. The computation of our basic and diluted earnings per share and unit (in thousands, except per share and unit amounts) is as follows: Three Months Ended Nine Months Ended September 30, September 30, Prologis, Inc. 2016 2015 2016 2015 Net earnings attributable to common stockholders – Basic $ 279,255 $ 258,979 $ 762,679 $ 744,425 Net earnings attributable to exchangeable limited partnership units (1) 7,713 3,203 24,479 7,331 Gains, net of expenses, associated with exchangeable debt assumed exchanged (2) - - - (1,614 ) Adjusted net earnings attributable to common stockholders – Diluted $ 286,968 $ 262,182 $ 787,158 $ 750,142 Weighted average common shares outstanding – Basic 527,288 523,528 525,462 520,388 Incremental weighted average effect on exchange of limited partnership units (1) 14,568 6,685 17,156 5,875 Incremental weighted average effect of equity awards 5,344 1,860 2,610 1,953 Incremental weighted average effect on exchangeable debt assumed exchanged (2) - - - 2,905 Weighted average common shares outstanding – Diluted (3) 547,200 532,073 545,228 531,121 Net earnings per share attributable to common stockholders: Basic $ 0.53 $ 0.49 $ 1.45 $ 1.43 Diluted $ 0.52 $ 0.49 $ 1.44 $ 1.41 Three Months Ended Nine Months Ended September 30, September 30, Prologis, L.P. 2016 2015 2016 2015 Net earnings attributable to common unitholders $ 286,943 $ 262,155 $ 784,917 $ 750,181 Net earnings attributable to Class A convertible common unitholders (4,641 ) - (12,769 ) - Net earnings attributable to common unitholders – Basic $ 282,302 $ 262,155 $ 772,148 $ 750,181 Net earnings attributable to Class A convertible common unitholders 4,641 - 12,769 - Net earnings attributable to exchangeable limited partnership units 25 27 2,241 1,575 Gains, net of expenses, associated with exchangeable debt assumed exchanged (2) - - - (1,614 ) Adjusted net earnings attributable to common unitholders – Diluted $ 286,968 $ 262,182 $ 787,158 $ 750,142 Weighted average common partnership units outstanding – Basic 532,934 530,044 531,985 524,411 Incremental weighted average effect on exchange of Class A convertible units 8,753 - 8,798 - Incremental weighted average effect on exchange of limited partnership units 169 169 1,835 1,852 Incremental weighted average effect of equity awards of Prologis, Inc. 5,344 1,860 2,610 1,953 Incremental weighted average effect on exchangeable debt assumed exchanged (2) - - - 2,905 Weighted average common partnership units outstanding – Diluted (3) 547,200 532,073 545,228 531,121 Net earnings per unit attributable to common unitholders: Basic $ 0.53 $ 0.49 $ 1.45 $ 1.43 Diluted $ 0.52 $ 0.49 $ 1.44 $ 1.41 (1) 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 as the per share and unit amount is the same. (2) In March 2015, we had exchangeable debt that was settled primarily through the issuance of common stock. The adjustment in 2015 assumes the exchange occurred on January 1, 2015. ( 3 ) Our total potentially dilutive shares and units outstanding consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Total weighted average potentially dilutive limited partnership units 10,587 1,835 10,633 1,852 Total potentially dilutive stock awards 9,220 7,359 7,783 7,392 Total weighted average potentially dilutive shares and units from exchangeable debt - - - 2,905 Total Prologis, L.P. 19,807 9,194 18,416 12,149 Limited partners in Prologis, L.P. 5,646 6,516 6,523 4,023 Total Prologis, Inc. 25,453 15,710 24,939 16,172 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Fair Value Measurements | NOTE 11. 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 enter into only those transactions 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 disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015. The following table presents the fair value and classification of our derivative instruments (in thousands): September 30, 2016 December 31, 2015 Asset Liability Asset Liability Net investment hedges – Canadian dollar denominated $ - $ 1,148 $ - $ - Net investment hedges – pound sterling denominated 57,490 - 33,471 - Cash flow hedge foreign currency options – peso denominated - 195 - 88 Foreign currency options – Canadian dollar denominated (1) 559 403 3,324 - Foreign currency options – euro denominated (1) 1,086 2,007 11,711 84 Foreign currency options – pound sterling denominated (1) 16,024 - 4,241 745 Foreign currency options – yen denominated (1) 345 15,775 832 717 Interest rate hedges - 8,834 - 12,095 Total fair value of derivatives $ 75,504 $ 28,362 $ 53,579 $ 13,729 (1) As discussed below, these foreign currency options are not designated as hedges. Foreign Currency We primarily manage our foreign currency exposure by borrowing in the currencies in which we invest. We may issue 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 of the translation from the fluctuations in exchange rates, we may designate this debt as a nonderivative 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. To the extent we have an effective hedging relationship, we report all changes in fair value of the hedged portion of the nonderivative financial instruments and net investment hedges in equity in the foreign currency translation component of Accumulated Other Comprehensive Loss (“AOCI” ) AOCI Foreign Currency and Derivative Losses, Net 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. These are not designated as hedges as they do not meet hedge accounting requirements. Changes in the fair value of non-hedge designated derivatives are recorded directly in earnings within the line item Foreign Currency and Derivative Losses, Net AOCI The following tables summarize the activity in our foreign currency contracts for the nine months ended September 30 (in millions, except for weighted average forward rates and number of active contracts): 2016 Foreign Currency Contracts Local Currency Net Investment Forward Contracts Forward and Option Contracts GBP JPY CAD EUR GBP (1) JPY Other Notional amounts at January 1 £ 238 ¥ - $ - € 275 £ 97 ¥ 12,840 New contracts 60 11,189 133 321 - 15,460 Matured or expired contracts (60 ) (11,189 ) - (440 ) (36 ) (10,940 ) Notional amounts at September 30 £ 238 ¥ - $ 133 € 156 £ 61 ¥ 17,360 Foreign Currency Contracts U.S. Dollar Net Investment Forward Contracts Forward and Option Contracts (2) Notional amounts at January 1 $ 386 $ - $ - $ 310 $ 148 $ 109 $ 50 New contracts 85 99 100 359 - 147 15 Matured or expired contracts (100 ) (99 ) - (492 ) (55 ) (95 ) (21 ) Notional amounts at September 30 $ 371 $ - $ 100 $ 177 $ 93 $ 161 $ 44 Weighted average forward rate at September 30 1.56 - 1.33 1.14 1.53 108.64 Active contracts at September 30 3 - 2 18 10 32 18 2015 Foreign Currency Contracts Local Currency Net Investment Forward Contracts Forward and Option Contracts EUR GBP JPY EUR GBP JPY Other Notional amounts at January 1 € 300 £ 238 ¥ 24,136 € 284 £ - ¥ - New contracts - 118 43,373 268 179 18,740 Matured or expired contracts (300 ) (118 ) (67,509 ) (292 ) (70 ) (4,400 ) Notional amounts at September 30 € - £ 238 ¥ - € 260 £ 109 ¥ 14,340 Foreign Currency Contracts U.S. Dollar Net Investment Forward Contracts Forward and Option Contracts (2) Notional amounts at January 1 $ 400 $ 400 $ 250 $ 354 $ - $ - $ - New contracts - 186 353 303 269 159 63 Matured or expired contracts (400 ) (200 ) (603 ) (358 ) (104 ) (38 ) (13 ) Notional amounts at September 30 $ - $ 386 $ - $ 299 $ 165 $ 121 $ 50 (1) Included in our British pounds sterling denominated option contracts is one forward contract to sell British pounds sterling and buy euros. This forward has a notional amount of £6.0 million (€8.0 million) and was reported in this table using an exchange rate of $1.45 (2) During the Foreign Currency and Derivative Losses, Net. Interest Rate We may enter into interest rate swap agreements, which allow us to borrow on a fixed rate basis for longer-term debt issuances, or interest rate cap agreements, which allow us to minimize the impact of increases in interest rates. We may also 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 our agreements without the exchange of the underlying notional amount. We report the effective portion of the gain or loss on the derivative as a component of AOCI Interest Expense Interest Expense The following table summarizes activity in our interest rate swaps for the nine months ended September 30 (in millions, except for the number of active contracts): 2016 (1) 2015 Notional amounts at January 1 $ 1,434 $ 398 New contracts - 886 Matured or expired contracts (925 ) - Notional amounts at September 30 $ 509 $ 1,284 (1) We had three interest rate swap hedges outstanding at September 30, 2016. During the nine months ended September 30, 2015, we entered into two contracts with an aggregated notional amount of $526.3 million to effectively fix the interest rate on our 2015 Japanese yen term loan and we entered into two contracts with an aggregated notional amount of $360.0 million to effectively fix the interest rate at the three month LIBOR rate of 2.3% on expected future debt issuances. In January 2016, the Bank of Japan introduced negative interest rates. As a result, our two Japanese yen denominated interest rate hedges related to the 2015 Japan term loan no longer qualified for hedge accounting due to a zero percent floor mismatch in the hedging relationship. These interest rate hedges were designated as cash flow hedges at December 31, 2015, and the change in fair value was recorded in Other Comprehensive Income In August 2016, we entered into the Yen Term Loan and repaid our 2014, 2015 and 2016 Japanese yen term loans. At that time, we settled the outstanding contracts related to the previously outstanding term loans for $26.3 million. The fair value of the contracts that qualified for hedge accounting at the date of repayment was recorded to AOCI Interest Expense AOCI Foreign Currency and Derivative Losses, Net. Other Comprehensive Income The change in Other Comprehensive Income The following table presents the gains and (losses) associated with the change in fair value for the effective portion of our derivative and nonderivative hedging instruments included in Other Comprehensive Income Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Derivative net investment hedges (1) $ 11,546 $ 14,225 $ 40,966 $ 48,419 Interest rate and cash flow hedges (2) 3,110 (14,754 ) (10,714 ) (15,513 ) Our share of derivatives from unconsolidated co-investment ventures 1,586 (906 ) (6,408 ) 3,200 Total derivative instruments 16,242 (1,435 ) 23,844 36,106 Nonderivative net investment hedges (3) (19,019 ) (4,674 ) (88,792 ) 218,729 Total derivative and nonderivative hedging instruments $ (2,777 ) $ (6,109 ) $ (64,948 ) $ 254,835 (1) We received $16.8 million for the nine months ended September 30, 2016, respectively, upon the settlement of net investment hedges. We received $121.5 million (2) The amounts reclassified to interest expense for the three and nine months ended September 30, 2016, were $2.0 million and $4.1 million, respectively. The amounts reclassified to interest expense for the three and nine months ended September 30, 2015, were not considered significant. For the next 12 months from September 30, 2016, we estimate an additional expense of $6.1 million will be reclassified to Interest Expense (3) At September 30, 2016, and December 31, 2015, we had €3.2 billion ($3.6 billion) and €3.2 billion ($3.5 billion) of debt, net of accrued interest, respectively, designated as nonderivative financial instrument hedges of our net investment in international subsidiaries. We recognized Foreign Currency and Derivative Losses, Net 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 on disposition. There have been no significant changes in our policy or strategy from what was disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015. Fair Value Measurements on a Recurring Basis At September 30, 2016, and December 31, 2015, we did not have any significant financial assets or financial liabilities that were measured at fair value on a recurring basis in the Consolidated Financial Statements other than the derivatives discussed previously. All of our derivatives held at September 30, 2016, and December 31, 2015, were classified as Level 2 of the fair value hierarchy. Fair Value Measurements on Nonrecurring Basis No assets met the criteria to be measured at fair value on a nonrecurring basis at September 30, 2016, or December 31, 2015. Fair Value of Financial Instruments At September 30, 2016, and December 31, 2015, the 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 because of the short-term nature of these instruments. 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 or borrowing spreads that were available to us at September 30, 2016, and December 31, 2015, as compared with those in effect when the debt was issued or assumed, including reduced borrowing spreads due to our improved credit ratings. The senior notes and many of the issues of secured mortgage debt contain pre-payment penalties or yield maintenance provisions that could make the cost of refinancing the debt at lower rates exceed the benefit that would be derived from doing so. The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): September 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Credit Facilities $ - $ - $ - $ - Senior notes 6,625,291 7,321,721 6,516,392 6,801,118 Term loans and unsecured other 1,891,511 1,905,511 2,115,457 2,128,270 Secured mortgages 1,053,742 1,148,919 1,172,473 1,262,778 Secured mortgages of consolidated entities 1,686,453 1,702,694 1,822,509 1,825,361 Total debt $ 11,256,997 $ 12,078,845 $ 11,626,831 $ 12,017,527 |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 12. BUSINESS SEGMENTS Our current business strategy consists of 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 operating segment represents the ownership and development of industrial operating properties and is the largest component of our revenues and earnings. We collect rent from our customers through operating leases, including reimbursements for the majority of our property operating costs. Each operating property is considered to be an individual operating segment with similar economic characteristics; these properties are combined within the reportable segment based on geographic location. Our Real Estate Operations segment also includes development activities that lead to rental operations, including land held for development and properties currently under development. Within this line of business, we capitalize on the following: (i) the land that we currently own; (ii) the development expertise of our local teams; (iii) our global customer relationships; and (iv) our in-depth knowledge of global demand for high-quality logistics facilities. Land we own and lease to customers under ground leases is also included in this segment. • Strategic Capital. This operating segment represents the management of unconsolidated co-investment ventures. We generate strategic capital revenues from our unconsolidated co-investment ventures through asset management and property management services and we earn additional revenues by providing leasing, acquisition, construction, development, financing and disposition services. Depending on the structure of the venture and the returns provided to our partners, we also earn revenues through promotes during the life of a venture or upon liquidation. Each unconsolidated co-investment venture we manage is considered to be an individual operating segment with similar economic characteristics; these ventures are combined within the reportable segment based on geographic location. Reconciliations are presented below for: (i) each reportable business segment’s revenues from external customers to Total Revenues Operating Income Earnings Before Income Taxes Total Assets Total Revenues, Operating Income, Earnings Before Income Taxes Total Assets Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Revenues: Real estate operations: U.S. $ 512,759 $ 488,611 $ 1,525,623 $ 1,283,303 Other Americas 15,598 14,876 44,637 43,143 Europe 18,999 17,591 55,328 53,041 Asia 16,632 15,368 45,867 41,139 Total Real Estate Operations segment 563,988 536,446 1,671,455 1,420,626 Strategic capital: U.S. 9,940 10,453 28,876 29,913 Other Americas 5,805 4,239 16,863 16,821 Europe 113,545 20,652 161,333 60,046 Asia 11,287 8,832 34,493 26,467 Total Strategic Capital segment 140,577 44,176 241,565 133,247 Total revenues $ 704,565 $ 580,622 $ 1,913,020 $ 1,553,873 Segment net operating income: Real estate operations: U.S. $ 385,837 $ 354,685 $ 1,131,340 $ 892,391 Other Americas 10,417 10,456 29,148 29,229 Europe 13,819 11,092 40,773 32,173 Asia 9,622 11,164 30,010 29,167 Total Real Estate Operations segment 419,695 387,397 1,231,271 982,960 Strategic capital: U.S. (577 ) 132 1,959 3,141 Other Americas 2,975 2,073 9,142 9,831 Europe 91,358 14,192 125,107 40,317 Asia 2,197 1,247 7,574 3,297 Total Strategic Capital segment 95,953 17,644 143,782 56,586 Total segment net operating income 515,648 405,041 1,375,053 1,039,546 Reconciling items: General and administrative expenses 58,157 54,178 165,634 157,458 Depreciation and amortization expenses 224,867 247,471 705,249 607,467 Operating income 232,624 103,392 504,170 274,621 Earnings from unconsolidated entities, net 45,857 33,557 145,622 106,383 Interest expense (75,310 ) (81,035 ) (232,577 ) (218,698 ) Interest and other income, net 2,932 6,237 7,051 19,133 Gains on dispositions of investments in real estate, net 117,296 268,791 461,963 655,288 Foreign currency and derivative losses, net (1,730 ) (9,428 ) (26,277 ) (374 ) Gains (losses) on early extinguishment of debt, net 1,492 - 2,484 (16,525 ) Earnings before income taxes $ 323,161 $ 321,514 $ 862,436 $ 819,828 September 30, December 31, 2016 2015 Assets: Real estate operations: U.S. $ 21,208,119 $ 22,030,457 Other Americas 1,001,743 919,381 Europe 1,430,702 1,291,991 Asia 1,474,498 1,157,401 Total Real Estate Operations segment 25,115,062 25,399,230 Strategic capital: U.S. 18,408 19,363 Europe 49,358 49,960 Asia 1,732 2,005 Total Strategic Capital segment 69,498 71,328 Total segment assets 25,184,560 25,470,558 Reconciling items: Investments in and advances to unconsolidated entities 4,580,584 4,755,620 Assets held for sale or contribution 450,349 378,423 Notes receivable backed by real estate 33,800 235,050 Cash and cash equivalents 375,120 264,080 Other assets 263,796 291,036 Total reconciling items 5,703,649 5,924,209 Total assets $ 30,888,209 $ 31,394,767 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | NOTE 13. SUPPLEMENTAL CASH FLOW INFORMATION Our significant noncash investing and financing activities for the nine months ended September 30, 2016, and 2015 included the following: • We capitalized $19.7 million and $17.1 million in 2016 and 2015, respectively, of equity-based compensation expense resulting from our development and leasing activities. • In 2016, we issued 1.9 million shares of the Parent’s common stock upon redemption of an equal number of common limited partnership units in the Operating Partnership as disclosed in Note 8. • During the third quarter of 2016, we received $31.8 million of ownership interests in an unconsolidated co-investment venture from the contribution of properties to this entity. • During 2015, we received $65.3 million of ownership interests in certain unconsolidated entities as a portion of our proceeds from the contribution of properties to these entities. • See Note 2 for information related to the KTR acquisition in May 2015. • We received notes backed by real estate in 2015 that were repaid in 2016 as disclosed in Note 6. • Holders of our exchangeable senior notes exchanged the majority of their notes into common stock of the Parent in March 2015 as disclosed in Note 7. We paid $267.2 million and $273.3 million of interest in cash, net of amounts capitalized, for the nine months ended September 30, 2016, and 2015, respectively. We paid $16.4 million and $17.0 million for income taxes, net of refunds, for the nine months ended September 30, 2016, and 2015, respectively. |
General (Policies)
General (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. The accompanying Consolidated Financial Statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and are presented in our reporting currency, the U.S. dollar. 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 our annual financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. Our management believes that the disclosures presented in these financial statements are adequate to make the information presented not misleading. In our opinion, all adjustments and eliminations, consisting only of normal recurring adjustments, necessary to present fairly the financial position and results of operations for both the Parent and the 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 our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as filed with the SEC, and other public information. Certain amounts included in the accompanying Consolidated Financial Statements for 2015 have been reclassified to conform to the 2016 financial statement presentation. See below in our New Accounting Pronouncements for further discussion on these reclassifications. |
Recent Accounting Pronouncements | New Accounting Pronouncements. In August 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update that provides guidance for areas in which there are diversity in how certain cash receipts and payments are presented and classified in the statements of cash flows. The update clarifies the classification methodology within the statements of cash flows for eight specific topics including classification for debt prepayment or extinguishment costs, proceeds from the settlement of insurance claims and distributions received from equity method investments. We early adopted the standard in its entirety on a retrospective basis for all periods presented at September 30, 2016, and we determined that the only clarification to impact us was the classification of distributions received from equity method investments. The update allows for the election to classify distributions received from equity method investments based on either a cumulative earnings approach or a nature of distribution approach. We have elected the nature of distribution approach, in which cash flows generated from the operations of an unconsolidated entity are classified as a return on investment (cash inflow from operating activities) and cash flows that are generated from property sales or debt refinancing are classified as a return of investment (cash inflow from investing activities). We adopted this approach based on the availability of the information to us to determine the nature of the underlying activity that generated the distributions from unconsolidated entities. As a result of our adoption of this standard, we included $40.6 million of distributions from our unconsolidated entities in cash flows provided by operating activities for the nine months ended September 30, 2016, that had previously been reported as cash flows used in investing activities in the Consolidated Statements of Cash Flows. In addition, we reclassified $94.5 million of distributions from our unconsolidated entities into cash flows provided by operating activities that was previously reported as cash flows used in investing activities for the nine months ended September 30, 2015. In March 2016, the FASB issued an accounting standard update that amends the stock compensation requirements in existing GAAP. The update simplifies certain aspects of accounting for share-based payment transactions, including income tax consequences, statutory tax withholding requirements, forfeitures and classification of taxes paid to a tax authority by us when we withhold shares to cover employee withholding tax payments for certain stock compensation plans in the statements of cash flows. We early adopted the standard in its entirety on a retrospective basis for periods presented at September 30, 2016. As a result of our adoption of this standard, we included payments of $7.9 million related to shares withheld to pay employee withholding taxes for certain stock compensation plans in cash flows used in financing activities for the nine months ended September 30, 2016, that had previously been reported as cash flows provided by operating activities in the Consolidated Statements of Cash Flows. In addition, we reclassified payments of $12.3 million from cash flows provided by operating activities to cash flows used in financing activities for the nine months ended September 30, 2015. In February 2016, the FASB issued an accounting standard that provides the principles for the recognition, measurement, presentation and disclosure of leases. Under the standard, lessees apply a dual approach, classifying leases as either finance or operating leases. A lessee is required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months, regardless of their lease classification. We are a lessee on ground leases in certain markets and office space leases. Although the accounting for lessors will remain largely unchanged from current GAAP, the new standard requires a lessor to classify leases as either sales-type, finance or operating. The standard also requires that lessors expense certain initial direct costs, which are capitalizable under existing standards, as incurred. The standard is effective for us for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently assessing the timing, method of adoption and the overall impact the adoption will have on the consolidated financial statements. 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. We adopted this standard on a modified retrospective basis on January 1, 2016, and the adoption did not have a material effect on the Consolidated Financial Statements, however the Operating Partnership and certain of our consolidated co-investment ventures now qualify as variable interest entities (“VIEs”) under the new guidance, which required additional disclosures. See Note 8 for additional information about our VIEs. 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. It is effective for annual and interim reporting periods beginning after December 15, 2017, with earlier adoption permitted, 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 Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Unaudited Pro Forma Financial Information | The following amounts are in thousands, except per share amounts: Nine Months Ended September 30, 2015 Total revenues $ 1,715,540 Net earnings attributable to common stockholders $ 756,302 Net earnings per share attributable to common stockholders – Basic $ 1.45 Net earnings per share attributable to common stockholders – Diluted $ 1.43 |
KTR Capital Partners and Affiliates [Member] | |
Business Acquisition [Line Items] | |
Allocation of Purchase Price | The allocation of the purchase price was as follows (in thousands): Investments in real estate properties $ 5,441,384 Intangible assets, net of intangible liabilities 332,708 Accounts receivable and other assets 8,062 Debt, including premium (735,172 ) Accounts payable, accrued expenses and other liabilities (56,313 ) Total estimated purchase price 4,990,669 Our venture partner’s share of purchase price (2,253,234 ) Common limited partnership units issued in the Operating Partnership (181,170 ) Prologis share of cash purchase price $ 2,556,265 |
Real Estate (Tables)
Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate [Abstract] | |
Investments in Real Estate Properties | Investments in real estate properties consisted of the following (dollars and square feet in thousands): Square Feet Number of Buildings September 30, December 31, September 30, December 31, September 30, December 31, 2016 2015 2016 2015 2016 2015 Industrial operating properties: Improved land $ 5,939,404 $ 5,874,052 Buildings and improvements 333,957 333,830 1,801 1,872 17,936,886 17,861,693 Development portfolio, including land costs: Prestabilized 10,561 12,598 29 28 1,063,689 918,099 Properties under development 16,116 19,630 51 63 745,313 954,804 Land (1) 1,352,600 1,359,794 Other real estate investments (2) 532,812 552,926 Total investments in real estate properties 27,570,704 27,521,368 Less accumulated depreciation 3,638,688 3,274,284 Net investments in real estate properties $ 23,932,016 $ 24,247,084 (1) Included in our investments in real estate at September 30, 2016, and December 31, 2015, were 6,650 and 7,404 acres of land, respectively. (2) Included in other real estate investments are: (i) non-industrial real estate; (ii) land parcels that are ground leased to third parties; (iii) our corporate office buildings; (iv) infrastructure costs related to projects we are developing on behalf of others; (v) costs related to future development projects, including purchase options on land; and (vi) earnest money deposits associated with potential acquisitions. |
Summary of Properties Acquired | The following table summarizes our real estate acquisition activity for the nine months ended September 30 (dollars and square feet in thousands): 2016 2015 Acquisitions of operating properties from third parties Number of industrial operating properties 7 27 Square feet 931 3,651 Real estate acquisition value $ 86,840 $ 305,519 |
Summary of Properties Disposed | The following table summarizes our real estate disposition activity for the nine months ended September 30 (dollars and square feet in thousands): 2016 2015 Contributions to unconsolidated co-investment ventures Number of properties 21 23 Square feet 6,676 6,659 Net proceeds $ 649,511 $ 662,645 Net gains on contributions $ 132,787 $ 111,307 Dispositions to third parties Number of properties 147 75 Square feet 15,606 12,723 Net proceeds (1) $ 1,300,209 $ 1,347,755 Net gains on dispositions (1) $ 242,561 $ 543,981 Total net gains on contributions and dispositions $ 375,348 $ 655,288 Gains on redemption of investment in co-investment ventures (2) 86,615 - Total gains on dispositions of investments in real estate, net $ 461,963 $ 655,288 (1) Includes the disposition of land parcels and our investment in an unconsolidated joint venture. (2) See Note 4 for more information about these transactions. |
Unconsolidated Entities (Tables
Unconsolidated Entities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule Of Equity Method Investments [Line Items] | |
Summary of Investments in and Advances Unconsolidated Entities | The following table summarizes our investments in and advances to our unconsolidated entities (in thousands): September 30, December 31, 2016 2015 Unconsolidated co-investment ventures $ 4,422,840 $ 4,585,427 Other ventures 157,744 170,193 Totals $ 4,580,584 $ 4,755,620 |
Summary of Amounts Recognized in Consolidated Statements of Income Related to Co-Investment Ventures | The following table summarizes the amounts we recognized in the Consolidated Statements of Income related to the unconsolidated co-investment ventures (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Strategic capital revenues and other revenues: U.S. $ 9,565 $ 9,866 $ 27,739 $ 28,027 Other Americas 5,806 4,232 16,864 17,046 Europe (1) 113,457 20,652 160,904 60,046 Asia 11,202 8,760 34,249 26,165 Total strategic capital revenues 140,030 43,510 239,756 131,284 Development management and other revenues 2,366 1,847 6,715 5,033 Total strategic capital revenues and other revenues $ 142,396 $ 45,357 $ 246,471 $ 136,317 Earnings from unconsolidated co-investment ventures, net: U.S. $ 1,763 $ 2,969 $ 9,140 $ 3,930 Other Americas 8,077 7,589 20,885 21,186 Europe 29,802 20,871 90,395 69,685 Asia 4,905 1,188 12,253 8,903 Total earnings from unconsolidated co-investment ventures, net $ 44,547 $ 32,617 $ 132,673 $ 103,704 (1) In September 2016, we earned promotes from Prologis Targeted Logistics Fund (“PTELF”) and Prologis European Properties Fund II (“PEP II”), each based on the venture’s cumulative returns to the investors over the last three years. The third parties’ share of the promotes that were recognized in Strategic Capital Revenues |
Summary of Remaining Equity Commitments | The following table summarizes the remaining equity commitments at September 30, 2016 (in millions): Equity Commitments Expiration Date for Remaining Commitments Prologis Venture Partners Total Prologis Targeted U.S. Logistics Fund $ - $ 219 $ 219 2016 - 2017 Prologis Targeted Europe Logistics Fund (1) - 478 478 2016 - 2017 Prologis China Logistics Venture (2) 299 1,697 1,996 2016 - 2017 Totals $ 299 $ 2,394 $ 2,693 (1) Equity commitments are denominated in euro and reported in U.S. dollars based on an exchange rate of $1.12 U.S. dollars to the euro. (2) In January 2016, we reached an agreement with our partner in this venture to increase the equity commitments by $882.4 million, of which our share is $132.4 million, to fund future developments in China. |
Unconsolidated Co-Investment Ventures [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Summary of Investments in and Advances Unconsolidated Entities | The following tables summarize the operating information and financial position of our unconsolidated co-investment ventures (not our proportionate share), as presented at our adjusted basis derived from the ventures’ U.S. GAAP information: September 30, December 31, September 30, (dollars and square feet in millions) 2016 2015 2015 U.S.: Number of ventures 1 1 1 Number of properties owned 366 391 401 Square feet 49 50 51 Total assets $ 4,167 $ 4,408 $ 4,433 Third-party debt $ 1,421 $ 1,433 $ 1,459 Total liabilities $ 1,509 $ 1,550 $ 1,557 Our investment balance (1) (3) $ 514 $ 690 $ 703 Our weighted average ownership (2) (3) 17.8 % 22.5 % 22.6 % Other Americas: Number of ventures 2 2 2 Number of properties owned 209 205 201 Square feet 41 39 38 Total assets $ 2,679 $ 2,482 $ 2,433 Third-party debt $ 671 $ 657 $ 562 Total liabilities $ 754 $ 708 $ 605 Our investment balance (1) $ 851 $ 786 $ 777 Our weighted average ownership (2) 43.7 % 43.8 % 43.9 % Europe: Number of ventures 4 4 4 Number of properties owned 694 688 683 Square feet 160 159 159 Total assets $ 11,291 $ 11,343 $ 11,711 Third-party debt $ 2,628 $ 2,640 $ 2,763 Total liabilities $ 3,620 $ 3,584 $ 3,743 Our investment balance (1) (3) (4) $ 2,565 $ 2,707 $ 2,796 Our weighted average ownership (2) (3) 36.3 % 38.9 % 39.5 % Asia: Number of ventures 2 2 2 Number of properties owned 79 66 57 Square feet 34 29 27 Total assets $ 5,439 $ 4,320 $ 4,234 Third-party debt $ 2,004 $ 1,520 $ 1,733 Total liabilities $ 2,313 $ 1,751 $ 1,955 Our investment balance (1) $ 493 $ 402 $ 355 Our weighted average ownership (2) 15.0 % 15.0 % 15.0 % Total: Number of ventures 9 9 9 Number of properties owned 1,348 1,350 1,342 Square feet 284 277 275 Total assets $ 23,576 $ 22,553 $ 22,811 Third-party debt $ 6,724 $ 6,250 $ 6,517 Total liabilities $ 8,196 $ 7,593 $ 7,860 Our investment balance (1) $ 4,423 $ 4,585 $ 4,631 Our weighted average ownership (2) 28.9 % 31.6 % 32.1 % Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2016 2015 2016 2015 U.S.: Revenues $ 99,598 $ 97,144 $ 295,568 $ 284,514 Net earnings $ 11,128 $ 14,056 $ 46,988 $ 19,859 Other Americas: Revenues $ 62,557 $ 55,052 $ 178,640 $ 172,534 Net earnings $ 20,157 $ 19,505 $ 53,506 $ 57,747 Europe: Revenues $ 232,853 $ 237,914 $ 724,436 $ 702,772 Net earnings $ 76,382 $ 50,504 $ 217,781 $ 168,947 Asia: Revenues $ 91,047 $ 68,451 $ 253,309 $ 204,629 Net earnings $ 29,930 $ 10,097 $ 73,779 $ 55,717 Total: Revenues $ 486,055 $ 458,561 $ 1,451,953 $ 1,364,449 Net earnings $ 137,597 $ 94,162 $ 392,054 $ 302,270 (1) The difference between our ownership interest of a venture’s equity and our investment balance, at September 30, 2016, and December 31, 2015, results principally from three types of transactions: (i) deferring a portion of the gains we recognize from a contribution of a property to a venture ($444.4 million and $430.7 million, respectively); (ii) recording additional costs associated with our investment in a venture ($123.9 million and $122.1 million, respectively); and (iii) advances to a venture ($256.9 million and $189.7 million, respectively). Included in the advances to our ventures at September 30, 2016, and December 31, 2015, were receivables from Nippon Prologis REIT, Inc. (“NPR”) of $110.6 million and $85.2 million, respectively, related to customer security deposits that originated through a leasing company owned by us that pertain to properties owned by NPR. We have a corresponding payable to NPR’s customers in Other Liabilities. (2) Represents our weighted average ownership interest in all co-investment ventures based on each entity’s contribution of total assets, before depreciation, net of other liabilities. (3) In April 2016, we redeemed a portion of our investment in PTELF and Prologis Targeted U.S. Logistics Fund (“USLF”) for €185.0 million ($210.6 million) and $200.0 million, respectively, and recorded a gain of $86.6 million, which is included in Gains on the Dispositions of Investments in Real Estate, Net Return of Investment from Unconsolidated Entities (4 ) At September 30, 2016, we had $95.8 million of receivables associated with the promotes discussed above, including $57.0 million from the third party investors in PEP II. |
Assets Held for Sale or Contr26
Assets Held for Sale or Contribution (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate Assets Held For Development And Sale [Abstract] | |
Summary of Assets Held for Sale or Contribution | Assets held for sale or contribution consisted of the following (dollars and square feet in thousands): September 30, December 31, 2016 2015 Number of operating properties 18 17 Square feet 6,191 5,065 Total assets held for sale or contribution $ 450,349 $ 378,423 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 4,693 $ 6,874 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Summary | The following table summarizes our debt (dollars in thousands): September 30, 2016 December 31, 2015 Weighted Average Interest Rate (1) Amount Outstanding (2) Weighted Average Interest Rate (1) Amount Outstanding Credit facilities - $ - - $ - Senior notes 3.3 % 6,625,291 3.3 % 6,516,392 Term loans 1.5 % 1,876,600 2.1 % 2,100,009 Unsecured other 6.2 % 14,911 6.2 % 15,448 Secured mortgages 4.6 % 1,053,742 5.1 % 1,172,473 Secured mortgages of consolidated entities 3.0 % 1,686,453 2.9 % 1,822,509 Totals 3.1 % $ 11,256,997 3.2 % $ 11,626,831 (1) The interest rates presented represent the effective interest rates (including amortization of debt issuance costs and the noncash premiums or discounts) at the end of the period for debt outstanding. (2) Included in the outstanding balances are borrowings denominated in non-U.S. dollars, principally: euro ($3.5 billion), Japanese yen ($1.5 billion) and Canadian dollars ($429.2 million). |
Credit Facilities | The following table summarizes information about our Credit Facilities at September 30, 2016 (in thousands): Aggregate lender commitments $ 3,472,147 Less: Borrowings outstanding - Outstanding letters of credit 38,849 Current availability $ 3,433,298 |
Long-Term Debt Maturities | Principal payments due on our debt, for the remainder of 2016 and for each of the years in the period ending December 31, 2025, and thereafter were as follows at September 30, 2016 (in thousands): Unsecured Credit Senior Term Loans and Secured Mortgage Maturity Facilities Notes Other Debt Total 2016 (1) $ - $ - $ 406 $ 15,002 $ 15,408 2017 (1) (2) - - 422,725 443,564 866,289 2018 - 175,000 915 569,978 745,893 2019 - 618,294 990 462,990 1,082,274 2020 - 881,541 1,014 455,259 1,337,814 2021 - 1,281,270 1,086 141,606 1,423,962 2022 - 781,270 494,181 163,230 1,438,681 2023 - 850,000 968,795 174,681 1,993,476 2024 - 781,270 864 133,413 915,547 2025 - 750,000 938 137,746 888,684 Thereafter - 558,050 11,749 2,381 572,180 Subtotal - 6,676,695 1,903,663 2,699,850 11,280,208 Unamortized premiums (discounts), net - (21,324 ) - 50,544 29,220 Unamortized debt issuance costs, net - (30,080 ) (12,152 ) (10,199 ) (52,431 ) Totals $ - $ 6,625,291 $ 1,891,511 $ 2,740,195 $ 11,256,997 (1) We expect to repay the amounts maturing in 2016 and 2017 with cash generated from operations, proceeds from the dispositions of wholly owned real estate properties or, as necessary, with borrowings on our Credit Facilities. (2) Included in the 2017 maturities is a term loan that can be extended until 2019. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Noncontrolling Interest [Abstract] | |
Summary of Ownership Percentages and Noncontrolling Interests | The following table summarizes our ownership percentages and noncontrolling interests and the consolidated entities’ total assets and liabilities at September 30, 2016, and December 31, 2015 (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities 2016 2015 2016 2015 2016 2015 2016 2015 Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 2,445,631 $ 2,677,642 $ 6,256,419 $ 6,788,968 $ 821,488 $ 847,084 Prologis North American Industrial Fund (1) 66.1 % 66.1 % 486,353 490,444 2,493,666 2,619,241 1,048,648 1,165,617 Prologis Brazil Logistics Partners Fund I (1) (2) 50.0 % 50.0 % 60,290 49,313 137,519 100,836 633 192 Other consolidated entities (3) various various 100,714 102,828 876,317 985,188 35,879 42,811 Prologis, L.P. noncontrolling interests 3,092,988 3,320,227 9,763,921 10,494,233 1,906,648 2,055,704 Limited partners in Prologis, L.P. (4) (5) 391,115 432,674 - - - - Prologis, Inc. noncontrolling interests $ 3,484,103 $ 3,752,901 $ 9,763,921 $ 10,494,233 $ 1,906,648 $ 2,055,704 (1) These ventures are considered VIE’s under the new consolidation guidance discussed in Note 1. Based on our evaluation, the noncontrolling interests in these ventures do not hold substantive participating or kick-out rights and therefore as a group they lack the power to direct the significant activities of these ventures that most significantly impact the venture’s economic performance. We have both the power to direct the significant activities and the obligation to absorb losses and the rights to receive benefits from these ventures. As a result, we are the primary beneficiary of both ventures and consistent with prior reporting periods, we consolidate each venture within our financial statements. (2) The assets of Prologis Brazil Logistics Partners Fund I (“Brazil Fund”) are primarily investments in unconsolidated entities of $118.8 million and $103.1 million at September 30, 2016, and December 31, 2015, respectively. For additional information on our unconsolidated investments, see Note 4. (3) This line item includes our two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. At September 30, 2016, and December 31, 2015, limited partnership units were exchangeable into cash or, at our option, 1.8 million shares of the Parent’s common stock. (4) We had 8.9 million Class A Units that were convertible into 8.7 million and 8.8 million common limited partnership units of the Operating Partnership at September 30, 2016, and December 31, 2015, respectively. (5) At September 30, 2016, and December 31, 2015, excluding the Class A Units, there were common limited partnership units in the Operating Partnership outstanding that were exchangeable into cash or, at our option, 4.6 million shares and 6.4 million shares of the Parent’s common stock with a fair value of $245.9 million and $275.0 million, respectively, based on the closing stock price of the Parent’s common stock. In 2016, unitholders exchanged 1.9 million common limited partnership units into an equal number of shares of the Parent’s common stock with a value of $51.9 million. At September 30, 2016, and December 31, 2015, there were 2.1 million and 1.2 million LTIP Units (as defined in Note 9) outstanding, respectively, associated with our long-term compensation plan that are exchangeable into common units of the Operating Partnership and redeemable into the Parent’s common stock after they vest and other applicable conditions are met. |
Long-Term Compensation (Tables)
Long-Term Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
RSU and PSA [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Options, RSU and Performance Share Awards | The following table summarizes the activity for RSUs for the nine months ended September 30, 2016 (units in thousands): Number of Weighted Average Number of RSUs Grant-Date Fair Value RSUs Vested Balance at January 1, 2016 1,626 $ 42.21 109 Granted 806 Vested and distributed (804 ) Forfeited (36 ) Balance at September 30, 2016 1,592 $ 40.37 125 |
Restricted Operating Partnership Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Options, RSU and Performance Share Awards | The following table summarizes the activity for LTIP Units for the nine months ended September 30, 2016 (units in thousands): Number of Weighted Average Number of LTIP Units Grant-Date Fair Value LTIP Units Vested Balance at January 1, 2016 1,244 $ 42.21 303 Granted 893 Balance at September 30, 2016 2,137 $ 40.45 743 |
POP LTIP Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Options, RSU and Performance Share Awards | The following table summarizes the activity for the POP LTIP Units for the nine months ended September 30, 2016 (units in thousands): Number of POP LTIP Units Balance at January 1, 2016 3,464 Forfeited (927 ) Balance at September 30, 2016 2,537 |
Earnings Per Common Share or 30
Earnings Per Common Share or Unit (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share Unit | The computation of our basic and diluted earnings per share and unit (in thousands, except per share and unit amounts) is as follows: Three Months Ended Nine Months Ended September 30, September 30, Prologis, Inc. 2016 2015 2016 2015 Net earnings attributable to common stockholders – Basic $ 279,255 $ 258,979 $ 762,679 $ 744,425 Net earnings attributable to exchangeable limited partnership units (1) 7,713 3,203 24,479 7,331 Gains, net of expenses, associated with exchangeable debt assumed exchanged (2) - - - (1,614 ) Adjusted net earnings attributable to common stockholders – Diluted $ 286,968 $ 262,182 $ 787,158 $ 750,142 Weighted average common shares outstanding – Basic 527,288 523,528 525,462 520,388 Incremental weighted average effect on exchange of limited partnership units (1) 14,568 6,685 17,156 5,875 Incremental weighted average effect of equity awards 5,344 1,860 2,610 1,953 Incremental weighted average effect on exchangeable debt assumed exchanged (2) - - - 2,905 Weighted average common shares outstanding – Diluted (3) 547,200 532,073 545,228 531,121 Net earnings per share attributable to common stockholders: Basic $ 0.53 $ 0.49 $ 1.45 $ 1.43 Diluted $ 0.52 $ 0.49 $ 1.44 $ 1.41 Three Months Ended Nine Months Ended September 30, September 30, Prologis, L.P. 2016 2015 2016 2015 Net earnings attributable to common unitholders $ 286,943 $ 262,155 $ 784,917 $ 750,181 Net earnings attributable to Class A convertible common unitholders (4,641 ) - (12,769 ) - Net earnings attributable to common unitholders – Basic $ 282,302 $ 262,155 $ 772,148 $ 750,181 Net earnings attributable to Class A convertible common unitholders 4,641 - 12,769 - Net earnings attributable to exchangeable limited partnership units 25 27 2,241 1,575 Gains, net of expenses, associated with exchangeable debt assumed exchanged (2) - - - (1,614 ) Adjusted net earnings attributable to common unitholders – Diluted $ 286,968 $ 262,182 $ 787,158 $ 750,142 Weighted average common partnership units outstanding – Basic 532,934 530,044 531,985 524,411 Incremental weighted average effect on exchange of Class A convertible units 8,753 - 8,798 - Incremental weighted average effect on exchange of limited partnership units 169 169 1,835 1,852 Incremental weighted average effect of equity awards of Prologis, Inc. 5,344 1,860 2,610 1,953 Incremental weighted average effect on exchangeable debt assumed exchanged (2) - - - 2,905 Weighted average common partnership units outstanding – Diluted (3) 547,200 532,073 545,228 531,121 Net earnings per unit attributable to common unitholders: Basic $ 0.53 $ 0.49 $ 1.45 $ 1.43 Diluted $ 0.52 $ 0.49 $ 1.44 $ 1.41 (1) 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 as the per share and unit amount is the same. (2) In March 2015, we had exchangeable debt that was settled primarily through the issuance of common stock. The adjustment in 2015 assumes the exchange occurred on January 1, 2015. ( 3 ) Our total potentially dilutive shares and units outstanding consisted of the following: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Total weighted average potentially dilutive limited partnership units 10,587 1,835 10,633 1,852 Total potentially dilutive stock awards 9,220 7,359 7,783 7,392 Total weighted average potentially dilutive shares and units from exchangeable debt - - - 2,905 Total Prologis, L.P. 19,807 9,194 18,416 12,149 Limited partners in Prologis, L.P. 5,646 6,516 6,523 4,023 Total Prologis, Inc. 25,453 15,710 24,939 16,172 |
Financial Instruments and Fai31
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value and Classification of Derivative Instruments | The following table presents the fair value and classification of our derivative instruments (in thousands): September 30, 2016 December 31, 2015 Asset Liability Asset Liability Net investment hedges – Canadian dollar denominated $ - $ 1,148 $ - $ - Net investment hedges – pound sterling denominated 57,490 - 33,471 - Cash flow hedge foreign currency options – peso denominated - 195 - 88 Foreign currency options – Canadian dollar denominated (1) 559 403 3,324 - Foreign currency options – euro denominated (1) 1,086 2,007 11,711 84 Foreign currency options – pound sterling denominated (1) 16,024 - 4,241 745 Foreign currency options – yen denominated (1) 345 15,775 832 717 Interest rate hedges - 8,834 - 12,095 Total fair value of derivatives $ 75,504 $ 28,362 $ 53,579 $ 13,729 (1) As discussed below, these foreign currency options are not designated as hedges. |
Foreign Currency Contracts Activity | The following tables summarize the activity in our foreign currency contracts for the nine months ended September 30 (in millions, except for weighted average forward rates and number of active contracts): 2016 Foreign Currency Contracts Local Currency Net Investment Forward Contracts Forward and Option Contracts GBP JPY CAD EUR GBP (1) JPY Other Notional amounts at January 1 £ 238 ¥ - $ - € 275 £ 97 ¥ 12,840 New contracts 60 11,189 133 321 - 15,460 Matured or expired contracts (60 ) (11,189 ) - (440 ) (36 ) (10,940 ) Notional amounts at September 30 £ 238 ¥ - $ 133 € 156 £ 61 ¥ 17,360 Foreign Currency Contracts U.S. Dollar Net Investment Forward Contracts Forward and Option Contracts (2) Notional amounts at January 1 $ 386 $ - $ - $ 310 $ 148 $ 109 $ 50 New contracts 85 99 100 359 - 147 15 Matured or expired contracts (100 ) (99 ) - (492 ) (55 ) (95 ) (21 ) Notional amounts at September 30 $ 371 $ - $ 100 $ 177 $ 93 $ 161 $ 44 Weighted average forward rate at September 30 1.56 - 1.33 1.14 1.53 108.64 Active contracts at September 30 3 - 2 18 10 32 18 2015 Foreign Currency Contracts Local Currency Net Investment Forward Contracts Forward and Option Contracts EUR GBP JPY EUR GBP JPY Other Notional amounts at January 1 € 300 £ 238 ¥ 24,136 € 284 £ - ¥ - New contracts - 118 43,373 268 179 18,740 Matured or expired contracts (300 ) (118 ) (67,509 ) (292 ) (70 ) (4,400 ) Notional amounts at September 30 € - £ 238 ¥ - € 260 £ 109 ¥ 14,340 Foreign Currency Contracts U.S. Dollar Net Investment Forward Contracts Forward and Option Contracts (2) Notional amounts at January 1 $ 400 $ 400 $ 250 $ 354 $ - $ - $ - New contracts - 186 353 303 269 159 63 Matured or expired contracts (400 ) (200 ) (603 ) (358 ) (104 ) (38 ) (13 ) Notional amounts at September 30 $ - $ 386 $ - $ 299 $ 165 $ 121 $ 50 (1) Included in our British pounds sterling denominated option contracts is one forward contract to sell British pounds sterling and buy euros. This forward has a notional amount of £6.0 million (€8.0 million) and was reported in this table using an exchange rate of $1.45 (2) During the Foreign Currency and Derivative Losses, Net. |
Summary of Activity in Interest Rate Swaps | The following table summarizes activity in our interest rate swaps for the nine months ended September 30 (in millions, except for the number of active contracts): 2016 (1) 2015 Notional amounts at January 1 $ 1,434 $ 398 New contracts - 886 Matured or expired contracts (925 ) - Notional amounts at September 30 $ 509 $ 1,284 (1) We had three interest rate swap hedges outstanding at September 30, 2016. |
Summary of Gains (Losses) From Change in Fair Value of Derivative Instruments Included in Other Comprehensive Income | The following table presents the gains and (losses) associated with the change in fair value for the effective portion of our derivative and nonderivative hedging instruments included in Other Comprehensive Income Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Derivative net investment hedges (1) $ 11,546 $ 14,225 $ 40,966 $ 48,419 Interest rate and cash flow hedges (2) 3,110 (14,754 ) (10,714 ) (15,513 ) Our share of derivatives from unconsolidated co-investment ventures 1,586 (906 ) (6,408 ) 3,200 Total derivative instruments 16,242 (1,435 ) 23,844 36,106 Nonderivative net investment hedges (3) (19,019 ) (4,674 ) (88,792 ) 218,729 Total derivative and nonderivative hedging instruments $ (2,777 ) $ (6,109 ) $ (64,948 ) $ 254,835 (1) We received $16.8 million for the nine months ended September 30, 2016, respectively, upon the settlement of net investment hedges. We received $121.5 million (2) The amounts reclassified to interest expense for the three and nine months ended September 30, 2016, were $2.0 million and $4.1 million, respectively. The amounts reclassified to interest expense for the three and nine months ended September 30, 2015, were not considered significant. For the next 12 months from September 30, 2016, we estimate an additional expense of $6.1 million will be reclassified to Interest Expense (3) At September 30, 2016, and December 31, 2015, we had €3.2 billion ($3.6 billion) and €3.2 billion ($3.5 billion) of debt, net of accrued interest, respectively, designated as nonderivative financial instrument hedges of our net investment in international subsidiaries. We recognized Foreign Currency and Derivative Losses, Net |
Carrying Amounts and Estimated Fair Values of Debt | The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): September 30, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Credit Facilities $ - $ - $ - $ - Senior notes 6,625,291 7,321,721 6,516,392 6,801,118 Term loans and unsecured other 1,891,511 1,905,511 2,115,457 2,128,270 Secured mortgages 1,053,742 1,148,919 1,172,473 1,262,778 Secured mortgages of consolidated entities 1,686,453 1,702,694 1,822,509 1,825,361 Total debt $ 11,256,997 $ 12,078,845 $ 11,626,831 $ 12,017,527 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting, Reconciliation of Revenues, Operating Income and Assets | The following reconciliations are presented in thousands: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Revenues: Real estate operations: U.S. $ 512,759 $ 488,611 $ 1,525,623 $ 1,283,303 Other Americas 15,598 14,876 44,637 43,143 Europe 18,999 17,591 55,328 53,041 Asia 16,632 15,368 45,867 41,139 Total Real Estate Operations segment 563,988 536,446 1,671,455 1,420,626 Strategic capital: U.S. 9,940 10,453 28,876 29,913 Other Americas 5,805 4,239 16,863 16,821 Europe 113,545 20,652 161,333 60,046 Asia 11,287 8,832 34,493 26,467 Total Strategic Capital segment 140,577 44,176 241,565 133,247 Total revenues $ 704,565 $ 580,622 $ 1,913,020 $ 1,553,873 Segment net operating income: Real estate operations: U.S. $ 385,837 $ 354,685 $ 1,131,340 $ 892,391 Other Americas 10,417 10,456 29,148 29,229 Europe 13,819 11,092 40,773 32,173 Asia 9,622 11,164 30,010 29,167 Total Real Estate Operations segment 419,695 387,397 1,231,271 982,960 Strategic capital: U.S. (577 ) 132 1,959 3,141 Other Americas 2,975 2,073 9,142 9,831 Europe 91,358 14,192 125,107 40,317 Asia 2,197 1,247 7,574 3,297 Total Strategic Capital segment 95,953 17,644 143,782 56,586 Total segment net operating income 515,648 405,041 1,375,053 1,039,546 Reconciling items: General and administrative expenses 58,157 54,178 165,634 157,458 Depreciation and amortization expenses 224,867 247,471 705,249 607,467 Operating income 232,624 103,392 504,170 274,621 Earnings from unconsolidated entities, net 45,857 33,557 145,622 106,383 Interest expense (75,310 ) (81,035 ) (232,577 ) (218,698 ) Interest and other income, net 2,932 6,237 7,051 19,133 Gains on dispositions of investments in real estate, net 117,296 268,791 461,963 655,288 Foreign currency and derivative losses, net (1,730 ) (9,428 ) (26,277 ) (374 ) Gains (losses) on early extinguishment of debt, net 1,492 - 2,484 (16,525 ) Earnings before income taxes $ 323,161 $ 321,514 $ 862,436 $ 819,828 September 30, December 31, 2016 2015 Assets: Real estate operations: U.S. $ 21,208,119 $ 22,030,457 Other Americas 1,001,743 919,381 Europe 1,430,702 1,291,991 Asia 1,474,498 1,157,401 Total Real Estate Operations segment 25,115,062 25,399,230 Strategic capital: U.S. 18,408 19,363 Europe 49,358 49,960 Asia 1,732 2,005 Total Strategic Capital segment 69,498 71,328 Total segment assets 25,184,560 25,470,558 Reconciling items: Investments in and advances to unconsolidated entities 4,580,584 4,755,620 Assets held for sale or contribution 450,349 378,423 Notes receivable backed by real estate 33,800 235,050 Cash and cash equivalents 375,120 264,080 Other assets 263,796 291,036 Total reconciling items 5,703,649 5,924,209 Total assets $ 30,888,209 $ 31,394,767 |
General - Additional Informatio
General - Additional Information (Detail) $ in Thousands, shares in Millions | 9 Months Ended | |
Sep. 30, 2016USD ($)Segmentshares | Sep. 30, 2015USD ($) | |
General [Line Items] | ||
Number of reportable segments | Segment | 2 | |
Percentage of common limited partnership interest | 2.59% | |
Reclassification of cash inflows related to distributions from unconsolidated entities from an investing to an operating activity | $ 210,439 | $ 205,931 |
Reclassification of cash outflows related to shares withheld to pay employee withholding taxes from an operating to a financing activity | 7,862 | 12,292 |
New Accounting Pronouncement [Member] | ||
General [Line Items] | ||
Reclassification of cash inflows related to distributions from unconsolidated entities from an investing to an operating activity | 40,600 | 94,500 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
General [Line Items] | ||
Reclassification of cash outflows related to shares withheld to pay employee withholding taxes from an operating to a financing activity | $ 7,900 | $ 12,300 |
General Partner [Member] | ||
General [Line Items] | ||
Percentage of ownership in operating partnership | 97.41% | |
Class A Capital [Member] | ||
General [Line Items] | ||
Class of common limited partnership units designated as class A common units | shares | 8.9 | |
Preferred [Member] | ||
General [Line Items] | ||
Percentage of ownership in operating partnership | 100.00% |
Business Combination - Addition
Business Combination - Additional Information (Detail) shares in Millions, ft² in Millions, $ in Millions | May 29, 2015ft²Propertyshares | Jun. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)shares | Dec. 31, 2015shares |
Business Acquisition [Line Items] | |||||
Business acquisition, common limited partnership units issued | shares | 4.6 | 6.4 | |||
Rental income of properties acquired | $ 132.7 | ||||
Rental expenses of properties acquired | $ 30 | ||||
Prologis US Logistics Venture [Member] | |||||
Business Acquisition [Line Items] | |||||
Noncontrolling interests in real estate entities | 55.00% | 55.00% | 55.00% | ||
Contribution received from venture partner | $ 2,300 | ||||
Prologis US Logistics Venture [Member] | KTR Capital Partners and Affiliates [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of buildings | Property | 315 | ||||
Square feet | ft² | 59 | ||||
Area of properties under development | ft² | 3.6 | ||||
Area of properties to support potential build out | ft² | 6.8 | ||||
Acquisition costs incurred | $ 24.7 | ||||
Prologis US Logistics Venture [Member] | KTR Capital Partners and Affiliates [Member] | Common [Member] | Limited Partners [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, common limited partnership units issued | shares | 4.5 |
Business Combination - Allocati
Business Combination - Allocation of Purchase Price (Detail) - KTR Capital Partners and Affiliates [Member] $ in Thousands | May 29, 2015USD ($) |
Business Acquisition [Line Items] | |
Investments in real estate properties | $ 5,441,384 |
Intangible assets, net of intangible liabilities | 332,708 |
Accounts receivable and other assets | 8,062 |
Debt, including premium | (735,172) |
Accounts payable, accrued expenses and other liabilities | (56,313) |
Total estimated purchase price | 4,990,669 |
Noncontrolling interests | (2,253,234) |
Common limited partnership units issued in the Operating Partnership | (181,170) |
Total purchase price | $ 2,556,265 |
Business Combination - Schedule
Business Combination - Schedule of Unaudited Pro Forma Financial Information (Detail) - KTR Capital Partners and Affiliates [Member] $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Total revenues | $ | $ 1,715,540 |
Net earnings attributable to common stockholders | $ | $ 756,302 |
Net earnings per share attributable to common stockholders – Basic | $ / shares | $ 1.45 |
Net earnings per share attributable to common stockholders – Diluted | $ / shares | $ 1.43 |
Real Estate - Investments in Re
Real Estate - Investments in Real Estate Properties (Detail) ft² in Thousands, $ in Thousands | Sep. 30, 2016USD ($)ft²aBuildings | Dec. 31, 2015USD ($)ft²aBuildings |
Real Estate Properties [Line Items] | ||
Total investments in real estate properties | $ 27,570,704 | $ 27,521,368 |
Less accumulated depreciation | 3,638,688 | 3,274,284 |
Net investments in real estate properties | $ 23,932,016 | $ 24,247,084 |
Improved Land [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | ft² | 0 | 0 |
Number of buildings | Buildings | 0 | 0 |
Total investments in real estate properties | $ 5,939,404 | $ 5,874,052 |
Building and Improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | ft² | 333,957 | 333,830 |
Number of buildings | Buildings | 1,801 | 1,872 |
Total investments in real estate properties | $ 17,936,886 | $ 17,861,693 |
Development Portfolio, Including Cost of Land: Pre-stabilized [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | ft² | 10,561 | 12,598 |
Number of buildings | Buildings | 29 | 28 |
Total investments in real estate properties | $ 1,063,689 | $ 918,099 |
Properties Under Development [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | ft² | 16,116 | 19,630 |
Number of buildings | Buildings | 51 | 63 |
Total investments in real estate properties | $ 745,313 | $ 954,804 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | a | 6,650 | 7,404 |
Total investments in real estate properties | $ 1,352,600 | $ 1,359,794 |
Other Real Estate Investments [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | ft² | 0 | 0 |
Number of buildings | Buildings | 0 | 0 |
Total investments in real estate properties | $ 532,812 | $ 552,926 |
Real Estate - Investments in 38
Real Estate - Investments in Real Estate Properties (Parenthetical) (Detail) - a | Sep. 30, 2016 | Dec. 31, 2015 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Square feet | 6,650 | 7,404 |
Real Estate - Summary of Acquis
Real Estate - Summary of Acquisition (Detail) - Acquisitions of Operating Properties from Third Parties [Member] ft² in Thousands, $ in Thousands | Sep. 30, 2016USD ($)ft²Property | Sep. 30, 2015USD ($)ft²Property |
Business Acquisition [Line Items] | ||
Number of buildings | Property | 7 | 27 |
Square feet | ft² | 931 | 3,651 |
Real estate acquisition value | $ | $ 86,840 | $ 305,519 |
Real Estate - Summary of Dispos
Real Estate - Summary of Dispositions (Detail) ft² in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)ft²Property | Sep. 30, 2015USD ($)ft²Property | Sep. 30, 2016USD ($)ft²Property | Sep. 30, 2015USD ($)ft²Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total gains on dispositions of investments in real estate, net | $ 117,296 | $ 268,791 | $ 461,963 | $ 655,288 |
Continuing Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total net gains on contributions and dispositions | 375,348 | 655,288 | ||
Total gains on dispositions of investments in real estate, net | $ 461,963 | $ 655,288 | ||
Continuing Operations [Member] | Contributions to unconsolidated co-investment ventures [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of buildings | Property | 21 | 23 | 21 | 23 |
Square feet | ft² | 6,676 | 6,659 | 6,676 | 6,659 |
Net proceeds | $ 649,511 | $ 662,645 | ||
Net gains on contributions | $ 132,787 | $ 111,307 | ||
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 buildings | Property | 147 | 75 | 147 | 75 |
Square feet | ft² | 15,606 | 12,723 | 15,606 | 12,723 |
Net proceeds | $ 1,300,209 | $ 1,347,755 | ||
Net gains on contributions | 242,561 | 543,981 | ||
Continuing Operations [Member] | Redemption of investment in co-investment venture [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net gains on contributions | $ 86,615 | $ 0 |
Unconsolidated Entities - Summa
Unconsolidated Entities - Summary of Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule Of Equity Method Investments [Line Items] | ||
Other ventures | $ 4,580,584 | $ 4,755,620 |
Unconsolidated Co-Investment Ventures [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Other ventures | 4,422,840 | 4,585,427 |
Other Joint Ventures [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Other ventures | $ 157,744 | $ 170,193 |
Unconsolidated Entities - Sum42
Unconsolidated Entities - Summary of Amounts Recognized in Consolidated Statements of Income Related to Co-Investment Ventures (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Schedule Of Equity Method Investments [Line Items] | |||||
Total strategic capital revenues | $ 140,577 | $ 44,176 | $ 241,565 | $ 133,247 | |
Earnings from unconsolidated entities, net | 45,857 | 33,557 | 145,622 | 106,383 | |
Unconsolidated Co-Investment Ventures [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Total strategic capital revenues | 140,030 | 43,510 | 239,756 | 131,284 | |
Total strategic capital revenues and other revenues | 142,396 | 45,357 | 246,471 | 136,317 | |
Earnings from unconsolidated entities, net | 44,547 | 32,617 | 132,673 | 103,704 | |
Unconsolidated Co-Investment Ventures [Member] | Development Management and Other Revenue [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Development management and other revenues | 2,366 | 1,847 | 6,715 | 5,033 | |
Unconsolidated Co-Investment Ventures [Member] | U.S. [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Total strategic capital revenues | 9,565 | 9,866 | 27,739 | 28,027 | |
Earnings from unconsolidated entities, net | 1,763 | 2,969 | 9,140 | 3,930 | |
Unconsolidated Co-Investment Ventures [Member] | Other Americas [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Total strategic capital revenues | 5,806 | 4,232 | 16,864 | 17,046 | |
Earnings from unconsolidated entities, net | 8,077 | 7,589 | 20,885 | 21,186 | |
Unconsolidated Co-Investment Ventures [Member] | Europe | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Total strategic capital revenues | [1] | 113,457 | 20,652 | 160,904 | 60,046 |
Earnings from unconsolidated entities, net | 29,802 | 20,871 | 90,395 | 69,685 | |
Unconsolidated Co-Investment Ventures [Member] | Asia | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Total strategic capital revenues | 11,202 | 8,760 | 34,249 | 26,165 | |
Earnings from unconsolidated entities, net | $ 4,905 | $ 1,188 | $ 12,253 | $ 8,903 | |
[1] | In September 2016, we earned promotes from Prologis Targeted Logistics Fund (“PTELF”) and Prologis European Properties Fund II (“PEP II”), each based on the venture’s cumulative returns to the investors over the last three years. The third parties’ share of the promotes that were recognized in Strategic Capital Revenues were €79.2 million ($88.4 million). |
Unconsolidated Entities - Sum43
Unconsolidated Entities - Summary of Amounts Recognized in Consolidated Statements of Income Related to Co-Investment Ventures (Parenthetical) (Detail) - 1 months ended Sep. 30, 2016 € in Millions, $ in Millions | USD ($) | EUR (€) |
Prologis Targeted Logistics Fund and Prologis European Properties Fund II [Member] | Third Parties [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Third parties share of promotes recognized in strategic capital revenues | $ 88.4 | € 79.2 |
Unconsolidated Entities - Sum44
Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Detail) - Unconsolidated Co-Investment Ventures [Member] $ in Thousands, ft² in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016USD ($)ft²PropertyVenture | Sep. 30, 2015USD ($)ft²PropertyVenture | Sep. 30, 2016USD ($)ft²PropertyVenture | Sep. 30, 2015USD ($)ft²PropertyVenture | Dec. 31, 2015USD ($)ft²PropertyVenture | ||
Schedule Of Equity Method Investments [Line Items] | ||||||
Number of ventures | Venture | 9 | 9 | 9 | 9 | 9 | |
Number of properties owned | Property | 1,348 | 1,342 | 1,348 | 1,342 | 1,350 | |
Square feet | ft² | 284 | 275 | 284 | 275 | 277 | |
Total assets | $ 23,576,000 | $ 22,811,000 | $ 23,576,000 | $ 22,811,000 | $ 22,553,000 | |
Third-party debt | 6,724,000 | 6,517,000 | 6,724,000 | 6,517,000 | 6,250,000 | |
Total liabilities | 8,196,000 | 7,860,000 | 8,196,000 | 7,860,000 | 7,593,000 | |
Our investment balance | [1] | 4,423,000 | 4,631,000 | 4,423,000 | 4,631,000 | $ 4,585,000 |
Revenues | 486,055 | 458,561 | 1,451,953 | 1,364,449 | ||
Net earnings | $ 137,597 | $ 94,162 | $ 392,054 | $ 302,270 | ||
U.S. [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Number of ventures | Venture | 1 | 1 | 1 | 1 | 1 | |
Number of properties owned | Property | 366 | 401 | 366 | 401 | 391 | |
Square feet | ft² | 49 | 51 | 49 | 51 | 50 | |
Total assets | $ 4,167,000 | $ 4,433,000 | $ 4,167,000 | $ 4,433,000 | $ 4,408,000 | |
Third-party debt | 1,421,000 | 1,459,000 | 1,421,000 | 1,459,000 | 1,433,000 | |
Total liabilities | 1,509,000 | 1,557,000 | 1,509,000 | 1,557,000 | 1,550,000 | |
Our investment balance | [1],[2] | 514,000 | 703,000 | 514,000 | 703,000 | $ 690,000 |
Revenues | 99,598 | 97,144 | 295,568 | 284,514 | ||
Net earnings | $ 11,128 | $ 14,056 | $ 46,988 | $ 19,859 | ||
Other Americas [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Number of ventures | Venture | 2 | 2 | 2 | 2 | 2 | |
Number of properties owned | Property | 209 | 201 | 209 | 201 | 205 | |
Square feet | ft² | 41 | 38 | 41 | 38 | 39 | |
Total assets | $ 2,679,000 | $ 2,433,000 | $ 2,679,000 | $ 2,433,000 | $ 2,482,000 | |
Third-party debt | 671,000 | 562,000 | 671,000 | 562,000 | 657,000 | |
Total liabilities | 754,000 | 605,000 | 754,000 | 605,000 | 708,000 | |
Our investment balance | [1] | 851,000 | 777,000 | 851,000 | 777,000 | $ 786,000 |
Revenues | 62,557 | 55,052 | 178,640 | 172,534 | ||
Net earnings | $ 20,157 | $ 19,505 | $ 53,506 | $ 57,747 | ||
Europe | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Number of ventures | Venture | 4 | 4 | 4 | 4 | 4 | |
Number of properties owned | Property | 694 | 683 | 694 | 683 | 688 | |
Square feet | ft² | 160 | 159 | 160 | 159 | 159 | |
Total assets | $ 11,291,000 | $ 11,711,000 | $ 11,291,000 | $ 11,711,000 | $ 11,343,000 | |
Third-party debt | 2,628,000 | 2,763,000 | 2,628,000 | 2,763,000 | 2,640,000 | |
Total liabilities | 3,620,000 | 3,743,000 | 3,620,000 | 3,743,000 | 3,584,000 | |
Our investment balance | [1],[2],[3] | 2,565,000 | 2,796,000 | 2,565,000 | 2,796,000 | $ 2,707,000 |
Revenues | 232,853 | 237,914 | 724,436 | 702,772 | ||
Net earnings | $ 76,382 | $ 50,504 | $ 217,781 | $ 168,947 | ||
Asia | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Number of ventures | Venture | 2 | 2 | 2 | 2 | 2 | |
Number of properties owned | Property | 79 | 57 | 79 | 57 | 66 | |
Square feet | ft² | 34 | 27 | 34 | 27 | 29 | |
Total assets | $ 5,439,000 | $ 4,234,000 | $ 5,439,000 | $ 4,234,000 | $ 4,320,000 | |
Third-party debt | 2,004,000 | 1,733,000 | 2,004,000 | 1,733,000 | 1,520,000 | |
Total liabilities | 2,313,000 | 1,955,000 | 2,313,000 | 1,955,000 | 1,751,000 | |
Our investment balance | [1] | 493,000 | 355,000 | 493,000 | 355,000 | $ 402,000 |
Revenues | 91,047 | 68,451 | 253,309 | 204,629 | ||
Net earnings | $ 29,930 | $ 10,097 | $ 73,779 | $ 55,717 | ||
Weighted Average [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Our weighted average ownership | [4] | 28.90% | 32.10% | 28.90% | 32.10% | 31.60% |
Weighted Average [Member] | U.S. [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Our weighted average ownership | [2],[4] | 17.80% | 22.60% | 17.80% | 22.60% | 22.50% |
Weighted Average [Member] | Other Americas [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Our weighted average ownership | [4] | 43.70% | 43.90% | 43.70% | 43.90% | 43.80% |
Weighted Average [Member] | Europe | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Our weighted average ownership | [2],[4] | 36.30% | 39.50% | 36.30% | 39.50% | 38.90% |
Weighted Average [Member] | Asia | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Our weighted average ownership | [4] | 15.00% | 15.00% | 15.00% | 15.00% | 15.00% |
[1] | The difference between our ownership interest of a venture’s equity and our investment balance, at September 30, 2016, and December 31, 2015, results principally from three types of transactions: (i) deferring a portion of the gains we recognize from a contribution of a property to a venture ($444.4 million and $430.7 million, respectively); (ii) recording additional costs associated with our investment in a venture ($123.9 million and $122.1 million, respectively); and (iii) advances to a venture ($256.9 million and $189.7 million, respectively). Included in the advances to our ventures at September 30, 2016, and December 31, 2015, were receivables from Nippon Prologis REIT, Inc. (“NPR”) of $110.6 million and $85.2 million, respectively, related to customer security deposits that originated through a leasing company owned by us that pertain to properties owned by NPR. We have a corresponding payable to NPR’s customers in Other Liabilities. | |||||
[2] | In April 2016, we redeemed a portion of our investment in PTELF and Prologis Targeted U.S. Logistics Fund (“USLF”) for €185.0 million ($210.6 million) and $200.0 million, respectively, and recorded a gain of $86.6 million, which is included in Gains on the Dispositions of Investments in Real Estate, Net. The amounts received for the redemptions were included in Return of Investment from Unconsolidated Entities in the Consolidated Financial Statements of Cash Flows. In October 2016, we redeemed an additional portion of our investment in PTELF and USLF for €90.0 million ($100.3 million) and $100 million, respectively. Following these transactions, our ownership percentage decreased to 22.2% and 14.9% in PTELF and USLF, respectively. | |||||
[3] | At September 30, 2016, we had $95.8 million of receivables associated with the promotes discussed above, including $57.0 million from the third party investors in PEP II. | |||||
[4] | Represents our weighted average ownership interest in all co-investment ventures based on each entity’s contribution of total assets, before depreciation, net of other liabilities. |
Unconsolidated Entities - Sum45
Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Parenthetical) (Detail) € in Millions, $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 31, 2016USD ($) | Oct. 31, 2016EUR (€) | Apr. 30, 2016USD ($) | Apr. 30, 2016EUR (€) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||||||
Deferred gain recognize | $ 444.4 | $ 430.7 | ||||
Additional costs associated with investment in a venture | 123.9 | 122.1 | ||||
Intercompany notes receivable and advances to ventures | 256.9 | 189.7 | ||||
Receivables associated with promotes | 95.8 | |||||
Nippon Prologis REIT Inc [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Intercompany notes receivable and advances to ventures | 110.6 | $ 85.2 | ||||
Prologis Targeted Europe Logistics Fund [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Redemption a portion of our investment | $ 210.6 | € 185 | ||||
Prologis Targeted Europe Logistics Fund [Member] | Subsequent Event [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Redemption a portion of our investment | $ 100.3 | € 90 | ||||
Ownership percentage | 22.20% | 22.20% | ||||
Prologis Targeted U.S. Logistics Fund [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Redemption a portion of our investment | 200 | |||||
Prologis Targeted U.S. Logistics Fund [Member] | Subsequent Event [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Redemption a portion of our investment | $ 100 | |||||
Ownership percentage | 14.90% | 14.90% | ||||
Prologis Targeted Europe Logistics Fund and Prologis Targeted U.S. Logistics Fund [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Gain on Redemption | $ 86.6 | |||||
Prologis European Properties Fund II [Member] | Third Party Investors [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Receivables associated with promotes | $ 57 |
Unconsolidated Entities - Sum46
Unconsolidated Entities - Summary of Remaining Equity Commitments (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2016USD ($) | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 2,693 | |
Prologis Inc [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 299 | |
Fund Partner [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 2,394 | |
Prologis Targeted U.S. Logistics Fund [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 219 | |
Expiration date for remaining commitments range start | 2,016 | |
Expiration date for remaining commitments range end | 2,017 | |
Prologis Targeted U.S. Logistics Fund [Member] | Prologis Inc [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 0 | |
Prologis Targeted U.S. Logistics Fund [Member] | Fund Partner [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 219 | |
Prologis Targeted Europe Logistics Fund [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 478 | [1] |
Expiration date for remaining commitments range start | 2,016 | [1] |
Expiration date for remaining commitments range end | 2,017 | [1] |
Prologis Targeted Europe Logistics Fund [Member] | Prologis Inc [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 0 | [1] |
Prologis Targeted Europe Logistics Fund [Member] | Fund Partner [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 478 | [1] |
Prologis China Logistics Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 1,996 | [2] |
Expiration date for remaining commitments range start | 2,016 | [2] |
Expiration date for remaining commitments range end | 2,017 | [2] |
Prologis China Logistics Venture [Member] | Prologis Inc [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 299 | [2] |
Prologis China Logistics Venture [Member] | Fund Partner [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 1,697 | [2] |
[1] | Equity commitments are denominated in euro and reported in U.S. dollars based on an exchange rate of $1.12 U.S. dollars to the euro. | |
[2] | In January 2016, we reached an agreement with our partner in this venture to increase the equity commitments by $882.4 million, of which our share is $132.4 million, to fund future developments in China. |
Unconsolidated Entities - Sum47
Unconsolidated Entities - Summary of Remaining Equity Commitments (Parenthetical) (Detail) $ in Millions | 1 Months Ended | |
Jan. 31, 2016USD ($) | Sep. 30, 2016$ / € | |
Prologis Targeted Europe Logistics Fund [Member] | U.S. Dollars to Euro [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Exchange rate | 1.12 | |
Prologis European Properties Fund II [Member] | U.S. Dollars to Euro [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Exchange rate | 1.12 | |
Europe Logistics Venture 1 [Member] | U.S. Dollars to Euro [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Exchange rate | 1.12 | |
Prologis China Logistics Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Increase equity commitments | $ | $ 882.4 | |
Equity commitments fund for future development | $ | $ 132.4 |
Unconsolidated Entities - Addit
Unconsolidated Entities - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Prologis European Logistics Partners [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Repayment of debt commitment to third parties | $ 46.9 |
Assets Held for Sale or Contr49
Assets Held for Sale or Contribution - Summary of Assets Held for Sale or Contribution (Detail) ft² in Thousands, $ in Thousands | Sep. 30, 2016USD ($)ft²Property | Dec. 31, 2015USD ($)ft²Property |
Long Lived Assets Held For Sale [Line Items] | ||
Total assets held for sale or contribution | $ 450,349 | $ 378,423 |
Total liabilities associated with assets held for sale or contribution – included in Other Liabilities | $ 4,693 | $ 6,874 |
Disposal Group Heldforsale Not Discontinued Operations | ||
Long Lived Assets Held For Sale [Line Items] | ||
Number of operating properties | Property | 18 | 17 |
Square feet | ft² | 6,191 | 5,065 |
Notes Receivable Backed by Re50
Notes Receivable Backed by Real Estate - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Loans And Leases Receivable [Line Items] | |||
Notes backed by real estate | $ 201,250 | $ 9,866 | |
Notes receivable backed by real estate | 33,800 | $ 235,050 | |
Third Parties [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Notes receivable backed by real estate | $ 33,800 | ||
Minimum [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Notes receivable maturity date | 2016-12 | ||
Minimum [Member] | Third Parties [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Interest rate on Note receivable | 5.50% | ||
Maximum [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Notes receivable maturity date | 2017-04 | ||
Maximum [Member] | Third Parties [Member] | |||
Loans And Leases Receivable [Line Items] | |||
Interest rate on Note receivable | 10.00% |
Debt - Debt Summary (Detail)
Debt - Debt Summary (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Debt | $ 11,256,997 | $ 11,626,831 |
Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 0 | |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 6,625,291 | 6,516,392 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 1,900,000 | |
Secured Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 1,053,742 | $ 1,172,473 |
Debts Of Operating Partnership [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.10% | 3.20% |
Debt | $ 11,256,997 | $ 11,626,831 |
Debts Of Operating Partnership [Member] | Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 0.00% | 0.00% |
Debt | $ 0 | $ 0 |
Debts Of Operating Partnership [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.30% | 3.30% |
Debt | $ 6,625,291 | $ 6,516,392 |
Debts Of Operating Partnership [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.50% | 2.10% |
Debt | $ 1,876,600 | $ 2,100,009 |
Debts Of Operating Partnership [Member] | Unsecured Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 6.20% | 6.20% |
Debt | $ 14,911 | $ 15,448 |
Debts Of Operating Partnership [Member] | Secured Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 4.60% | 5.10% |
Debt | $ 1,053,742 | $ 1,172,473 |
Debts Of Operating Partnership [Member] | Secured Mortgage Debt of Consolidated Entities [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.00% | 2.90% |
Debt | $ 1,686,453 | $ 1,822,509 |
Debt - Debt Summary (Parentheti
Debt - Debt Summary (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Debt | $ 11,256,997 | $ 11,626,831 |
EUR | ||
Debt Instrument [Line Items] | ||
Debt | 3,500,000 | |
JPY | ||
Debt Instrument [Line Items] | ||
Debt | 1,500,000 | |
CAD | ||
Debt Instrument [Line Items] | ||
Debt | $ 429,200 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||||
Mar. 31, 2015USD ($)shares | Sep. 30, 2016USD ($) | Sep. 30, 2016JPY (¥) | Apr. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2016JPY (¥) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||
Credit facility maximum borrowing capacity | $ 3,472,147,000 | ||||||
Borrowings outstanding | 0 | ||||||
Notes exchanged | $ 459,800,000 | ||||||
Number of share issued on debt conversion | shares | 11,900,000 | ||||||
Repayments of convertible debt | $ 200,000 | ||||||
Exchangeable Senior Notes Outstanding | 6,600,000,000 | ||||||
Carrying Value of Debt | $ 11,256,997,000 | $ 11,626,831,000 | |||||
2016 Yen Senior Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility maximum borrowing capacity | ¥ | ¥ 11,200,000,000 | ||||||
Debt Instrument maturity date | 2017-03 | ||||||
Borrowings outstanding | $ 99,600,000 | ¥ 11,200,000,000 | |||||
Yen Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility maximum borrowing capacity | $ 1,200,000,000 | ¥ 120,000,000,000 | |||||
Increased Line Of Credit Facility Maximum Borrowing Capacity | $ 2,000,000,000 | 200,000,000,000 | |||||
Yen Term Loan Tranche One [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility maximum borrowing capacity | ¥ | 50,000,000,000 | ||||||
Debt Instrument maturity date | 2022-08 | ||||||
Interest rate, description | yen LIBOR plus 0.65% | ||||||
Yen Term Loan Tranche One [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 0.65% | ||||||
Yen Term Loan Tranche Two [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility maximum borrowing capacity | ¥ | 70,000,000,000 | ||||||
Debt Instrument maturity date | 2023-08 | ||||||
Interest rate, description | yen LIBOR plus 0.65% | ||||||
Yen Term Loan Tranche Two [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 0.65% | ||||||
Exchangeable Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unrealized gain (loss) on derivative instrument | $ 8,300,000 | ||||||
Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Carrying Value of Debt | $ 1,900,000,000 | ||||||
Global Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility maximum borrowing capacity | $ 3,750,000,000 | $ 3,000,000,000 | $ 2,300,000,000 | ||||
Debt Instrument maturity date | 2020-04 | ||||||
Revolver [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility maximum borrowing capacity | $ 557,600,000 | 56,500,000,000 | |||||
Credit facility current borrowing capacity | $ 444,100,000 | ¥ 45,000,000,000 |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Detail) $ in Thousands | Sep. 30, 2016USD ($) |
Debt Disclosure [Abstract] | |
Aggregate lender commitments | $ 3,472,147 |
Borrowings outstanding | 0 |
Outstanding letters of credit | 38,849 |
Current availability | $ 3,433,298 |
Debt - Long-Term Debt Maturitie
Debt - Long-Term Debt Maturities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
2,016 | $ 15,408 | |
2,017 | 866,289 | |
2,018 | 745,893 | |
2,019 | 1,082,274 | |
2,020 | 1,337,814 | |
2,021 | 1,423,962 | |
2,022 | 1,438,681 | |
2,023 | 1,993,476 | |
2,024 | 915,547 | |
2,025 | 888,684 | |
Thereafter | 572,180 | |
Subtotal | 11,280,208 | |
Unamortized premiums (discounts), net | 29,220 | |
Unamortized debt issuance costs, net | (52,431) | |
Totals | 11,256,997 | $ 11,626,831 |
Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 0 | |
2,024 | 0 | |
2,025 | 0 | |
Thereafter | 0 | |
Subtotal | 0 | |
Unamortized premiums (discounts), net | 0 | |
Unamortized debt issuance costs, net | 0 | |
Totals | 0 | |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 0 | |
2,017 | 0 | |
2,018 | 175,000 | |
2,019 | 618,294 | |
2,020 | 881,541 | |
2,021 | 1,281,270 | |
2,022 | 781,270 | |
2,023 | 850,000 | |
2,024 | 781,270 | |
2,025 | 750,000 | |
Thereafter | 558,050 | |
Subtotal | 6,676,695 | |
Unamortized premiums (discounts), net | (21,324) | |
Unamortized debt issuance costs, net | (30,080) | |
Totals | 6,625,291 | 6,516,392 |
Term Loans And Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 406 | |
2,017 | 422,725 | |
2,018 | 915 | |
2,019 | 990 | |
2,020 | 1,014 | |
2,021 | 1,086 | |
2,022 | 494,181 | |
2,023 | 968,795 | |
2,024 | 864 | |
2,025 | 938 | |
Thereafter | 11,749 | |
Subtotal | 1,903,663 | |
Unamortized premiums (discounts), net | 0 | |
Unamortized debt issuance costs, net | (12,152) | |
Totals | 1,891,511 | $ 2,115,457 |
Secured Mortgage Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 15,002 | |
2,017 | 443,564 | |
2,018 | 569,978 | |
2,019 | 462,990 | |
2,020 | 455,259 | |
2,021 | 141,606 | |
2,022 | 163,230 | |
2,023 | 174,681 | |
2,024 | 133,413 | |
2,025 | 137,746 | |
Thereafter | 2,381 | |
Subtotal | 2,699,850 | |
Unamortized premiums (discounts), net | 50,544 | |
Unamortized debt issuance costs, net | (10,199) | |
Totals | $ 2,740,195 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016 | |
Prologis, L.P. [Member] | |
Noncontrolling Interest [Line Items] | |
Description of conversion rate | One share of common stock to one unit |
Noncontrolling Interests - Nonc
Noncontrolling Interests - Noncontrolling Interest Summary (Detail) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2015 | May 29, 2015 | ||
Noncontrolling Interest [Line Items] | ||||
Operating Partnership noncontrolling interest | $ 3,092,988 | $ 3,320,227 | ||
Noncontrolling interests | 3,484,103 | 3,752,901 | ||
Total Assets | 30,888,209 | 31,394,767 | ||
Total Liabilities | 12,604,939 | 12,973,931 | ||
Non-controlling Interests [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Total Assets | 9,763,921 | 10,494,233 | ||
Total Liabilities | $ 1,906,648 | $ 2,055,704 | ||
Prologis US Logistics Venture [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Parent Company's Ownership Percentage | 55.00% | 55.00% | 55.00% | |
Operating Partnership noncontrolling interest | $ 2,445,631 | $ 2,677,642 | ||
Total Assets | 6,256,419 | 6,788,968 | ||
Total Liabilities | $ 821,488 | $ 847,084 | ||
Prologis North American Industrial Fund [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Parent Company's Ownership Percentage | [1] | 66.10% | 66.10% | |
Operating Partnership noncontrolling interest | [1] | $ 486,353 | $ 490,444 | |
Total Assets | [1] | 2,493,666 | 2,619,241 | |
Total Liabilities | [1] | $ 1,048,648 | $ 1,165,617 | |
Prologis Brazil Logistics Partners Fund I [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Parent Company's Ownership Percentage | [1],[2] | 50.00% | 50.00% | |
Operating Partnership noncontrolling interest | [1],[2] | $ 60,290 | $ 49,313 | |
Total Assets | [1],[2] | 137,519 | 100,836 | |
Total Liabilities | [1],[2] | $ 633 | 192 | |
Other Consolidated Entities [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Parent Company's Ownership | [3] | various | ||
Operating Partnership noncontrolling interest | [3] | $ 100,714 | 102,828 | |
Total Assets | [3] | 876,317 | 985,188 | |
Total Liabilities | [3] | 35,879 | 42,811 | |
Prologis, L.P. [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | 3,092,988 | 3,320,227 | ||
Total Assets | 30,888,209 | 31,394,767 | ||
Total Liabilities | 12,604,939 | 12,973,931 | ||
Prologis, L.P. [Member] | Non-controlling Interests [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Limited partners in Prologis, L.P. | [4],[5] | 391,115 | 432,674 | |
Total Assets | [4],[5] | 0 | 0 | |
Total Liabilities | [4],[5] | 0 | 0 | |
Prologis Inc [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Total Assets | 9,763,921 | 10,494,233 | ||
Total Liabilities | 1,906,648 | 2,055,704 | ||
Prologis Inc [Member] | Non-controlling Interests [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interests | $ 3,484,103 | $ 3,752,901 | ||
[1] | These ventures are considered VIE’s under the new consolidation guidance discussed in Note 1. Based on our evaluation, the noncontrolling interests in these ventures do not hold substantive participating or kick-out rights and therefore as a group they lack the power to direct the significant activities of these ventures that most significantly impact the venture’s economic performance. We have both the power to direct the significant activities and the obligation to absorb losses and the rights to receive benefits from these ventures. As a result, we are the primary beneficiary of both ventures and consistent with prior reporting periods, we consolidate each venture within our financial statements. | |||
[2] | The assets of Prologis Brazil Logistics Partners Fund I (“Brazil Fund”) are primarily investments in unconsolidated entities of $118.8 million and $103.1 million at September 30, 2016, and December 31, 2015, respectively. For additional information on our unconsolidated investments, see Note 4. | |||
[3] | This line item includes our two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. At September 30, 2016, and December 31, 2015, limited partnership units were exchangeable into cash or, at our option, 1.8 million shares of the Parent’s common stock. | |||
[4] | At September 30, 2016, and December 31, 2015, excluding the Class A Units, there were common limited partnership units in the Operating Partnership outstanding that were exchangeable into cash or, at our option, 4.6 million shares and 6.4 million shares of the Parent’s common stock with a fair value of $245.9 million and $275.0 million, respectively, based on the closing stock price of the Parent’s common stock. In 2016, unitholders exchanged 1.9 million common limited partnership units into an equal number of shares of the Parent’s common stock with a value of $51.9 million. At September 30, 2016, and December 31, 2015, there were 2.1 million and 1.2 million LTIP Units (as defined in Note 9) outstanding, respectively, associated with our long-term compensation plan that are exchangeable into common units of the Operating Partnership and redeemable into the Parent’s common stock after they vest and other applicable conditions are met. | |||
[5] | We had 8.9 million Class A Units that were convertible into 8.7 million and 8.8 million common limited partnership units of the Operating Partnership at September 30, 2016, and December 31, 2015, respectively. |
Noncontrolling Interests - No58
Noncontrolling Interests - Noncontrolling Interest Summary (Parenthetical) (Detail) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Noncontrolling Interest [Line Items] | ||
Business acquisition, common limited partnership units issued | 4,600 | 6,400 |
Fair value of outstanding limited partnership units | $ 245,900 | $ 275,000 |
Restricted Operating Partnership Units [Member] | ||
Noncontrolling Interest [Line Items] | ||
Number of units outstanding | 2,100 | 1,200 |
Class A Capital [Member] | ||
Noncontrolling Interest [Line Items] | ||
Outstanding limited partnership units | 8,900 | |
Units outstanding | 8,900 | 8,900 |
Conversion and exchange of units to shares | 8,700 | 8,800 |
Common Stock [Member] | ||
Noncontrolling Interest [Line Items] | ||
Outstanding limited partnership units | 1,800 | 1,800 |
Prologis Brazil Logistics Partners Fund I [Member] | ||
Noncontrolling Interest [Line Items] | ||
Investments in unconsolidated entities | $ 118,800 | $ 103,100 |
Prologis, L.P. [Member] | Class A Capital [Member] | Limited Partners [Member] | ||
Noncontrolling Interest [Line Items] | ||
Units outstanding | 8,894 | 8,894 |
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member] | ||
Noncontrolling Interest [Line Items] | ||
Units outstanding | 5,336 | 6,711 |
Conversion and exchange of units to shares | (1,867) | |
Conversion of limited partners units, value | $ (51,950) |
Long-Term Compensation - Additi
Long-Term Compensation - Additional Information (Detail) | Jun. 03, 2016USD ($) | Sep. 30, 2016USD ($)Venture$ / sharesshares | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Ventureshares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock options outstanding | 2,200,000 | |||
Stock options exercisable | 2,200,000 | |||
Stock options outstanding, weighted average exercise price | $ / shares | $ 38.54 | |||
Stock options exercisable, weighted average exercise price | $ / shares | $ 38.54 | |||
Aggregate intrinsic value of exercised options | $ | $ 43,900,000 | $ 6,000,000 | ||
Options granted | 0 | 0 | ||
Restricted Operating Partnership Units [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Amount realized during conversion of prior held shares | 893,000 | |||
Number of units outstanding | 2,137,000 | 1,244,000 | ||
Restricted Operating Partnership Units [Member] | 2014-2016 and 2015-2017 performance periods [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of units outstanding | 2,500,000 | |||
Prologis Out-Performance Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Outperformance hurdle, above MSCI US REIT Index | 1.00% | |||
Performance pool as percentage of excess value, if outperformance hurdle is met | 3.00% | |||
Cash incentive award maximum | $ | $ 75,000,000 | |||
Percentage of equity market capitalization | 0.50% | |||
Performance Period | 3 years | |||
Percentage of excess award amount | 0.333% | |||
Aggregate fair value | $ | $ 26,600,000 | |||
Assumed risk free interest rate | 0.99% | |||
Expected volatility rate | 20.50% | |||
Performance period used for fair value assumption | 3 years | |||
Prologis Promote Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of ventures | Venture | 2 | 2 | ||
Total value of awards | $ | $ 15,200,000 | $ 4,700,000 | ||
Prologis Promote Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Amount realized during conversion of prior held shares | 53,000 | |||
Aggregate fair value | $ | $ 2,300,000 | |||
Prologis Promote Plan [Member] | Long-Term Incentive Plan Units (LTIP units) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Amount realized during conversion of prior held shares | 114,000 | |||
Aggregate fair value | $ | $ 4,900,000 |
Long-Term Compensation - RSU an
Long-Term Compensation - RSU and Performance Share Awards (Detail) - $ / shares shares in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
RSU and PSA [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Awards, beginning balance | 1,626 | |
Granted | 806 | |
Vested and distributed | (804) | |
Forfeited | (36) | |
Number of Awards, ending balance | 1,592 | |
Weighted Average Grant-Date Fair Value | $ 40.37 | $ 42.21 |
Weighted Average Grant-Date Fair Value, Granted | 0 | |
Weighted Average Grant-Date Fair Value, Vested | 0 | |
Weighted Average Grant-Date Fair Value, Forfeited | $ 0 | |
Number of Shares, Beginning Balance | 109 | |
Number of Shares, Ending Balance | 125 | |
LTIP Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Awards, beginning balance | 1,244 | |
Granted | 893 | |
Number of Awards, ending balance | 2,137 | |
Weighted Average Grant-Date Fair Value | $ 40.45 | $ 42.21 |
Weighted Average Grant-Date Fair Value, Granted | $ 0 | |
Number of Shares, Beginning Balance | 303 | |
Number of Shares, Ending Balance | 743 | |
POP LTIP Units [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Awards, beginning balance | 3,464 | |
Forfeited | (927) | |
Number of Awards, ending balance | 2,537 |
Earnings Per Common Share or 61
Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share Unit (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Net earnings attributable to common stockholders/unit holders - Basic | $ 279,255 | $ 258,979 | $ 762,679 | $ 744,425 |
Net earnings attributable to exchangeable limited partnership units | 7,713 | 3,203 | 24,479 | 7,331 |
Gains, net of expenses, associated with exchangeable debt assumed exchanged | 0 | 0 | 0 | (1,614) |
Adjusted net earnings attributable to common stockholders – Diluted | $ 286,968 | $ 262,182 | $ 787,158 | $ 750,142 |
Weighted average common shares/units outstanding – Basic | 527,288 | 523,528 | 525,462 | 520,388 |
Incremental weighted average effect on exchange of limited partnership units | 14,568 | 6,685 | 17,156 | 5,875 |
Incremental weighted average effect of equity awards | 5,344 | 1,860 | 2,610 | 1,953 |
Incremental weighted average effect on exchangeable debt assumed exchanged | 0 | 0 | 0 | 2,905 |
Weighted average common shares/partnership units outstanding - Diluted | 547,200 | 532,073 | 545,228 | 531,121 |
Net earnings per share/unit attributable to common stockholders/unitholders - | ||||
Basic | $ 0.53 | $ 0.49 | $ 1.45 | $ 1.43 |
Diluted | $ 0.52 | $ 0.49 | $ 1.44 | $ 1.41 |
Prologis, L.P. [Member] | ||||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Net earnings attributable to common stockholders/unit holders - Basic | $ 286,943 | $ 262,155 | $ 784,917 | $ 750,181 |
Net earnings attributable to exchangeable limited partnership units | 25 | 27 | 2,241 | 1,575 |
Gains, net of expenses, associated with exchangeable debt assumed exchanged | 0 | 0 | 0 | (1,614) |
Adjusted net earnings attributable to common stockholders – Diluted | $ 286,968 | $ 262,182 | $ 787,158 | $ 750,142 |
Weighted average common shares/units outstanding – Basic | 532,934 | 530,044 | 531,985 | 524,411 |
Incremental weighted average effect on exchange of limited partnership units | 169 | 169 | 1,835 | 1,852 |
Incremental weighted average effect of equity awards | 5,344 | 1,860 | 2,610 | 1,953 |
Incremental weighted average effect on exchangeable debt assumed exchanged | 0 | 0 | 0 | 2,905 |
Weighted average common shares/partnership units outstanding - Diluted | 547,200 | 532,073 | 545,228 | 531,121 |
Net earnings per share/unit attributable to common stockholders/unitholders - | ||||
Basic | $ 0.53 | $ 0.49 | $ 1.45 | $ 1.43 |
Diluted | $ 0.52 | $ 0.49 | $ 1.44 | $ 1.41 |
Incremental weighted average effect on exchange of Class A convertible units | 8,753 | 0 | 8,798 | 0 |
Prologis, L.P. [Member] | Class A Capital [Member] | ||||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Net earnings attributable to common stockholders/unit holders - Basic | $ (4,641) | $ 0 | $ (12,769) | $ 0 |
Adjusted net earnings attributable to common stockholders – Diluted | 4,641 | 0 | 12,769 | 0 |
Prologis, L.P. [Member] | Common Units | ||||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Net earnings attributable to common stockholders/unit holders - Basic | $ 282,302 | $ 262,155 | $ 772,148 | $ 750,181 |
Earnings Per Common Share or 62
Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share Unit (Parenthetical) (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Total potential dilutive shares and units outstanding | 25,453 | 15,710 | 24,939 | 16,172 |
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 | 10,587 | 1,835 | 10,633 | 1,852 |
Total potentially dilutive stock awards outstanding | 9,220 | 7,359 | 7,783 | 7,392 |
Total weighted average potentially dilutive shares and units from exchangeable debt outstanding | 0 | 0 | 0 | 2,905 |
Total potential dilutive shares and units outstanding | 19,807 | 9,194 | 18,416 | 12,149 |
Total potential dilutive shares and units outstanding limited partnership | 5,646 | 6,516 | 6,523 | 4,023 |
Financial Instruments and Fai63
Financial Instruments and Fair Value Measurements - Schedule of Fair Value and Classification of Derivative Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Derivatives Fair Value [Line Items] | ||
Asset | $ 75,504 | $ 53,579 |
Liability | 28,362 | 13,729 |
Foreign Currency Options [Member] | CAD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 559 | 3,324 |
Liability | 403 | 0 |
Foreign Currency Options [Member] | GBP [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset | 16,024 | 4,241 |
Liability | 0 | 745 |
Foreign Currency Options [Member] | EUR | ||
Derivatives Fair Value [Line Items] | ||
Asset | 1,086 | 11,711 |
Liability | 2,007 | 84 |
Foreign Currency Options [Member] | JPY [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset | 345 | 832 |
Liability | 15,775 | 717 |
Interest Rate Hedges [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 0 |
Liability | 8,834 | 12,095 |
Net Investment Hedges [Member] | CAD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 0 |
Liability | 1,148 | 0 |
Net Investment Hedges [Member] | GBP [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset | 57,490 | 33,471 |
Liability | 0 | 0 |
Cash Flow Hedge [Member] | Foreign Currency Options [Member] | Peso [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 0 |
Liability | $ 195 | $ 88 |
Financial Instruments and Fai64
Financial Instruments and Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($)Contracts | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Derivatives Fair Value [Line Items] | ||||||
Hedge ineffectiveness | $ 0 | $ 0 | $ 0 | $ 0 | ||
Gains (losses) from option contracts exercised | (3,100,000) | 3,400,000 | (1,200,000) | 9,600,000 | ||
Carrying Value of Debt | 11,256,997,000 | 11,256,997,000 | $ 11,626,831,000 | |||
Foreign currency translation gains (losses) | (40,800,000) | (158,100,000) | (22,000,000) | (465,000,000) | ||
JPY | ||||||
Derivatives Fair Value [Line Items] | ||||||
Carrying Value of Debt | 1,500,000,000 | 1,500,000,000 | ||||
Yen Term Loan [Member] | ||||||
Derivatives Fair Value [Line Items] | ||||||
Carrying Value of Debt | 26,300,000 | 26,300,000 | ||||
Yen Term Loan [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Derivatives Fair Value [Line Items] | ||||||
Carrying Value of Debt | 14,500,000 | 14,500,000 | ||||
Foreign Currency Options [Member] | ||||||
Derivatives Fair Value [Line Items] | ||||||
Gains (losses) on foreign exchange transactions | 3,100,000 | 2,700,000 | (10,400,000) | 12,200,000 | ||
Interest Rate Swaps [Member] | ||||||
Derivatives Fair Value [Line Items] | ||||||
Notional value of derivative | 509,000,000 | 1,284,000,000 | 509,000,000 | $ 1,284,000,000 | $ 1,434,000,000 | $ 398,000,000 |
Interest Rate Swaps [Member] | 2015 Japanese Yen Term Loan [Member] | ||||||
Derivatives Fair Value [Line Items] | ||||||
Number of contracts | Contracts | 2 | |||||
Notional value of derivative | 526,300,000 | $ 526,300,000 | ||||
Interest Rate Swaps [Member] | Future Debt Issuance [Member] | ||||||
Derivatives Fair Value [Line Items] | ||||||
Number of contracts | Contracts | 2 | |||||
Notional value of derivative | $ 360,000,000 | $ 360,000,000 | ||||
Interest Rate Swaps [Member] | Future Debt Issuance [Member] | LIBOR [Member] | ||||||
Derivatives Fair Value [Line Items] | ||||||
Fixed interest rate | 2.30% | 2.30% | ||||
Interest Rate Hedges [Member] | JPY | ||||||
Derivatives Fair Value [Line Items] | ||||||
Gains (losses) from option contracts exercised | $ 1,500,000 | $ (9,900,000) |
Financial Instruments and Fai65
Financial Instruments and Fair Value Measurements - Foreign Currency Contracts Activity (Detail) | 9 Months Ended | ||||||||||||
Sep. 30, 2016USD ($)Derivative$ / €£ / $¥ / $CAD / $€ / $ | Sep. 30, 2016EUR (€)Derivative$ / €£ / $¥ / $CAD / $€ / $ | Sep. 30, 2016JPY (¥)Derivative$ / €£ / $¥ / $CAD / $€ / $ | Sep. 30, 2016GBP (£)Derivative$ / €£ / $¥ / $CAD / $€ / $ | Sep. 30, 2016CADDerivative$ / €£ / $¥ / $CAD / $€ / $ | Sep. 30, 2015USD ($) | Sep. 30, 2015EUR (€) | Sep. 30, 2015JPY (¥) | Sep. 30, 2015GBP (£) | |||||
Net Investment Forward Contracts [Member] | GBP [Member] | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts at January 1 | $ 386,000,000 | £ 238,000,000 | $ 400,000,000 | £ 238,000,000 | |||||||||
New contracts | 85,000,000 | 60,000,000 | 186,000,000 | 118,000,000 | |||||||||
Matured or expired contracts | (100,000,000) | (60,000,000) | (200,000,000) | (118,000,000) | |||||||||
Notional amounts at September 30 | $ 371,000,000 | £ 238,000,000 | 386,000,000 | 238,000,000 | |||||||||
Weighted average forward rate at September 30 | £ / $ | 1.56 | 1.56 | 1.56 | 1.56 | 1.56 | ||||||||
Active contracts at September 30 | 3 | 3 | 3 | 3 | 3 | ||||||||
Net Investment Forward Contracts [Member] | JPY | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts at January 1 | $ 0 | ¥ 0 | 250,000,000 | ¥ 24,136,000,000 | |||||||||
New contracts | 99,000,000 | 11,189,000,000 | 353,000,000 | 43,373,000,000 | |||||||||
Matured or expired contracts | (99,000,000) | (11,189,000,000) | (603,000,000) | (67,509,000,000) | |||||||||
Notional amounts at September 30 | $ 0 | ¥ 0 | 0 | 0 | |||||||||
Weighted average forward rate at September 30 | ¥ / $ | 0 | 0 | 0 | 0 | 0 | ||||||||
Active contracts at September 30 | 0 | 0 | 0 | 0 | 0 | ||||||||
Net Investment Forward Contracts [Member] | CAD | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts at January 1 | $ 0 | CAD 0 | |||||||||||
New contracts | 100,000,000 | 133,000,000 | |||||||||||
Matured or expired contracts | 0 | 0 | |||||||||||
Notional amounts at September 30 | $ 100,000,000 | CAD 133,000,000 | |||||||||||
Weighted average forward rate at September 30 | CAD / $ | 1.33 | 1.33 | 1.33 | 1.33 | 1.33 | ||||||||
Active contracts at September 30 | 2 | 2 | 2 | 2 | 2 | ||||||||
Net Investment Forward Contracts [Member] | EUR | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts at January 1 | 400,000,000 | € 300,000,000 | |||||||||||
New contracts | 0 | 0 | |||||||||||
Matured or expired contracts | (400,000,000) | (300,000,000) | |||||||||||
Notional amounts at September 30 | 0 | 0 | |||||||||||
Forward and Option Contracts [Member] | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts at September 30 | € 8,000,000 | £ 6,000,000 | |||||||||||
Weighted average forward rate at September 30 | $ / € | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | ||||||||
Forward and Option Contracts [Member] | GBP [Member] | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts at January 1 | $ 148,000,000 | [1] | £ 97,000,000 | [2] | 0 | [1] | 0 | ||||||
New contracts | 0 | [1] | 0 | [2] | 269,000,000 | [1] | 179,000,000 | ||||||
Matured or expired contracts | (55,000,000) | [1] | (36,000,000) | [2] | (104,000,000) | [1] | (70,000,000) | ||||||
Notional amounts at September 30 | $ 93,000,000 | [1] | £ 61,000,000 | [2] | 165,000,000 | [1] | £ 109,000,000 | ||||||
Weighted average forward rate at September 30 | £ / $ | 1.53 | 1.53 | 1.53 | 1.53 | 1.53 | ||||||||
Active contracts at September 30 | 10 | 10 | 10 | 10 | 10 | ||||||||
Forward and Option Contracts [Member] | JPY | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts at January 1 | $ 109,000,000 | [1] | ¥ 12,840,000,000 | 0 | [1] | 0 | |||||||
New contracts | 147,000,000 | [1] | 15,460,000,000 | 159,000,000 | [1] | 18,740,000,000 | |||||||
Matured or expired contracts | (95,000,000) | [1] | (10,940,000,000) | (38,000,000) | [1] | (4,400,000,000) | |||||||
Notional amounts at September 30 | $ 161,000,000 | [1] | ¥ 17,360,000,000 | 121,000,000 | [1] | ¥ 14,340,000,000 | |||||||
Weighted average forward rate at September 30 | ¥ / $ | 108.64 | 108.64 | 108.64 | 108.64 | 108.64 | ||||||||
Active contracts at September 30 | 32 | 32 | 32 | 32 | 32 | ||||||||
Forward and Option Contracts [Member] | EUR | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts at January 1 | $ 310,000,000 | [1] | € 275,000,000 | 354,000,000 | [1] | 284,000,000 | |||||||
New contracts | 359,000,000 | [1] | 321,000,000 | 303,000,000 | [1] | 268,000,000 | |||||||
Matured or expired contracts | (492,000,000) | [1] | (440,000,000) | (358,000,000) | [1] | (292,000,000) | |||||||
Notional amounts at September 30 | $ 177,000,000 | [1] | € 156,000,000 | 299,000,000 | [1] | € 260,000,000 | |||||||
Weighted average forward rate at September 30 | € / $ | 1.14 | 1.14 | 1.14 | 1.14 | 1.14 | ||||||||
Active contracts at September 30 | 18 | 18 | 18 | 18 | 18 | ||||||||
Forward and Option Contracts [Member] | USD [Member] | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts at January 1 | $ | [1] | $ 50,000,000 | 0 | ||||||||||
New contracts | $ | [1] | 15,000,000 | 63,000,000 | ||||||||||
Matured or expired contracts | $ | [1] | (21,000,000) | (13,000,000) | ||||||||||
Notional amounts at September 30 | $ | [1] | $ 44,000,000 | $ 50,000,000 | ||||||||||
Active contracts at September 30 | 18 | 18 | 18 | 18 | 18 | ||||||||
[1] | During the nine months ended September 30, 2016, and 2015, we exercised 41 and 23 option contracts, respectively. We realized losses of $3.1 million and $1.2 million for the three and nine months ended September 30, 2016, respectively, and gains of $3.4 million and $9.6 million for the three and nine months ended September 30, 2015, respectively, in Foreign Currency and Derivative Losses, Net. | ||||||||||||
[2] | Included in our British pounds sterling denominated option contracts is one forward contract to sell British pounds sterling and buy euros. This forward has a notional amount of £6.0 million (€8.0 million) and was reported in this table using an exchange rate of $1.45 U.S. dollars to the euro. |
Financial Instruments and Fai66
Financial Instruments and Fair Value Measurements - Foreign Currency Contracts Activity (Parenthetical) (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Contracts | Sep. 30, 2015USD ($)Contracts | Sep. 30, 2016EUR (€)$ / € | Sep. 30, 2016GBP (£)$ / € | |
Derivative [Line Items] | ||||||
Number of option contracts exercised | 41 | 23 | ||||
Gains (losses) from option contracts exercised | $ | $ (3.1) | $ 3.4 | $ (1.2) | $ 9.6 | ||
Forward and Option Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Number of forward contracts included in option contracts available to sell | 1 | |||||
Notional value of derivative | € 8,000,000 | £ 6,000,000 | ||||
Weighted average forward rate at September 30 | $ / € | 1.45 | 1.45 |
Financial Instruments and Fai67
Financial Instruments and Fair Value Measurements - Summary of Activity in Interest Rate Swaps (Detail) - Interest Rate Swaps [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 1,434,000,000 | $ 398,000,000 |
New contracts | 0 | 886,000,000 |
Matured or expired contracts | (925,000,000) | 0 |
Notional amounts at September 30 | $ 509,000,000 | $ 1,284,000,000 |
Financial Instruments and Fai68
Financial Instruments and Fair Value Measurements - Summary of Activity in Interest Rate Swaps (Parenthetical) (Detail) | Sep. 30, 2016Derivative |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Number of interest rate swaps hedges outstanding | 3 |
Financial Instruments and Fai69
Financial Instruments and Fair Value Measurements - Summary of Gains (Losses) From Change in Fair Value of Derivative Instruments Included in Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total derivative instruments | $ 16,242 | $ (1,435) | $ 23,844 | $ 36,106 |
Total derivative and nonderivative hedging instruments | (2,777) | (6,109) | (64,948) | 254,835 |
Designated As Hedging Instrument [Member] | Derivative Net Investment Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total derivative instruments | 11,546 | 14,225 | 40,966 | 48,419 |
Designated As Hedging Instrument [Member] | Interest Rate and Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total derivative instruments | 3,110 | (14,754) | (10,714) | (15,513) |
Designated As Hedging Instrument [Member] | Our Share of Derivatives from Unconsolidated Co-Investment Ventures [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total derivative instruments | 1,586 | (906) | (6,408) | 3,200 |
Non-Derivative Net Investment Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Nonderivative net investment hedges | $ (19,019) | $ (4,674) | $ (88,792) | $ 218,729 |
Financial Instruments and Fai70
Financial Instruments and Fair Value Measurements - Summary of Gains (Losses) From Change in Fair Value of Derivative Instruments Included in Other Comprehensive Income (Parenthetical) (Detail) € in Billions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | |
Derivative Instruments Gain Loss [Line Items] | ||||||||
Amount received from (paid for) on settlement of net investment hedges | $ 0 | $ 0 | $ 16,800,000 | $ 121,500,000 | ||||
Interest expense reclassified | 75,310,000 | 81,035,000 | 232,577,000 | 218,698,000 | ||||
Debt | 11,256,997,000 | 11,256,997,000 | $ 11,626,831,000 | |||||
Amount of gain (loss) included in AOCI | (48,232,000) | (148,570,000) | (69,832,000) | (197,912,000) | ||||
Forward Contracts | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Amount of gain (loss) included in AOCI | 0 | $ 0 | 0 | $ 10,000,000 | ||||
Designated As Hedging Instrument [Member] | Forward Contracts | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Debt | 3,600,000,000 | 3,600,000,000 | € 3.2 | $ 3,500,000,000 | € 3.2 | |||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Interest expense reclassified | $ 2,000,000 | $ 4,100,000 | ||||||
Scenario Forecast | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Interest expense reclassified | $ 6,100,000 |
Financial Instruments and Fai71
Financial Instruments and Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | $ 11,256,997 | $ 11,626,831 |
Fair Value of Debt | 12,078,845 | 12,017,527 |
Credit Facilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 0 | |
Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 6,625,291 | 6,516,392 |
Fair Value of Debt | 7,321,721 | 6,801,118 |
Term Loans and Unsecured Other Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 1,891,511 | 2,115,457 |
Fair Value of Debt | 1,905,511 | 2,128,270 |
Secured Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 1,053,742 | 1,172,473 |
Fair Value of Debt | 1,148,919 | 1,262,778 |
Secured Mortgage Debt of Consolidated Entities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 1,686,453 | 1,822,509 |
Fair Value of Debt | $ 1,702,694 | $ 1,825,361 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Business Segments - Segment Rep
Business Segments - Segment Reporting, Reconciliation of Revenues, Operating Income and Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||||||
Total revenues | $ 704,565 | $ 580,622 | $ 1,913,020 | $ 1,553,873 | ||
Consolidated net earnings | 232,624 | 103,392 | 504,170 | 274,621 | ||
General and administrative expenses | 58,157 | 54,178 | 165,634 | 157,458 | ||
Depreciation and amortization expenses | 224,867 | 247,471 | 705,249 | 607,467 | ||
Earnings from unconsolidated entities, net | 45,857 | 33,557 | 145,622 | 106,383 | ||
Interest expense | (75,310) | (81,035) | (232,577) | (218,698) | ||
Interest and other income, net | 2,932 | 6,237 | 7,051 | 19,133 | ||
Gains on dispositions of investments in real estate, net | 117,296 | 268,791 | 461,963 | 655,288 | ||
Foreign currency and derivative losses, net | (1,730) | (9,428) | (26,277) | (374) | ||
Gains (losses) on early extinguishment of debt, net | 1,492 | 0 | 2,484 | (16,525) | ||
Earnings before income taxes | 323,161 | 321,514 | 862,436 | 819,828 | ||
Total assets | 30,888,209 | 30,888,209 | $ 31,394,767 | |||
Investments in and advances to unconsolidated entities | 4,580,584 | 4,580,584 | 4,755,620 | |||
Assets held for sale or contribution | 450,349 | 450,349 | 378,423 | |||
Notes receivable backed by real estate | 33,800 | 33,800 | 235,050 | |||
Cash and cash equivalents | 375,120 | 310,433 | 375,120 | 310,433 | 264,080 | $ 350,692 |
Other assets | 1,516,340 | 1,516,340 | 1,514,510 | |||
Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 704,565 | 580,622 | 1,913,020 | 1,553,873 | ||
Consolidated net earnings | 515,648 | 405,041 | 1,375,053 | 1,039,546 | ||
Total assets | 25,184,560 | 25,184,560 | 25,470,558 | |||
Operating Segments [Member] | Real Estate Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 563,988 | 536,446 | 1,671,455 | 1,420,626 | ||
Consolidated net earnings | 419,695 | 387,397 | 1,231,271 | 982,960 | ||
Total assets | 25,115,062 | 25,115,062 | 25,399,230 | |||
Operating Segments [Member] | Strategic Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 140,577 | 44,176 | 241,565 | 133,247 | ||
Consolidated net earnings | 95,953 | 17,644 | 143,782 | 56,586 | ||
Total assets | 69,498 | 69,498 | 71,328 | |||
Operating Segments [Member] | U.S. [Member] | Real Estate Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 512,759 | 488,611 | 1,525,623 | 1,283,303 | ||
Consolidated net earnings | 385,837 | 354,685 | 1,131,340 | 892,391 | ||
Total assets | 21,208,119 | 21,208,119 | 22,030,457 | |||
Operating Segments [Member] | U.S. [Member] | Strategic Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 9,940 | 10,453 | 28,876 | 29,913 | ||
Consolidated net earnings | (577) | 132 | 1,959 | 3,141 | ||
Total assets | 18,408 | 18,408 | 19,363 | |||
Operating Segments [Member] | Other Americas [Member] | Real Estate Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 15,598 | 14,876 | 44,637 | 43,143 | ||
Consolidated net earnings | 10,417 | 10,456 | 29,148 | 29,229 | ||
Total assets | 1,001,743 | 1,001,743 | 919,381 | |||
Operating Segments [Member] | Other Americas [Member] | Strategic Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 5,805 | 4,239 | 16,863 | 16,821 | ||
Consolidated net earnings | 2,975 | 2,073 | 9,142 | 9,831 | ||
Operating Segments [Member] | Europe | Real Estate Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 18,999 | 17,591 | 55,328 | 53,041 | ||
Consolidated net earnings | 13,819 | 11,092 | 40,773 | 32,173 | ||
Total assets | 1,430,702 | 1,430,702 | 1,291,991 | |||
Operating Segments [Member] | Europe | Strategic Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 113,545 | 20,652 | 161,333 | 60,046 | ||
Consolidated net earnings | 91,358 | 14,192 | 125,107 | 40,317 | ||
Total assets | 49,358 | 49,358 | 49,960 | |||
Operating Segments [Member] | Asia | Real Estate Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 16,632 | 15,368 | 45,867 | 41,139 | ||
Consolidated net earnings | 9,622 | 11,164 | 30,010 | 29,167 | ||
Total assets | 1,474,498 | 1,474,498 | 1,157,401 | |||
Operating Segments [Member] | Asia | Strategic Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 11,287 | 8,832 | 34,493 | 26,467 | ||
Consolidated net earnings | 2,197 | 1,247 | 7,574 | 3,297 | ||
Total assets | 1,732 | 1,732 | 2,005 | |||
Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Consolidated net earnings | 232,624 | 103,392 | 504,170 | 274,621 | ||
General and administrative expenses | 58,157 | 54,178 | 165,634 | 157,458 | ||
Depreciation and amortization expenses | 224,867 | 247,471 | 705,249 | 607,467 | ||
Earnings from unconsolidated entities, net | 45,857 | 33,557 | 145,622 | 106,383 | ||
Interest expense | (75,310) | (81,035) | (232,577) | (218,698) | ||
Interest and other income, net | 2,932 | 6,237 | 7,051 | 19,133 | ||
Gains on dispositions of investments in real estate, net | 117,296 | 268,791 | 461,963 | 655,288 | ||
Foreign currency and derivative losses, net | (1,730) | (9,428) | (26,277) | (374) | ||
Gains (losses) on early extinguishment of debt, net | 1,492 | $ 0 | 2,484 | $ (16,525) | ||
Total assets | 5,703,649 | 5,703,649 | 5,924,209 | |||
Investments in and advances to unconsolidated entities | 4,580,584 | 4,580,584 | 4,755,620 | |||
Assets held for sale or contribution | 450,349 | 450,349 | 378,423 | |||
Notes receivable backed by real estate | 33,800 | 33,800 | 235,050 | |||
Cash and cash equivalents | 375,120 | 375,120 | 264,080 | |||
Other assets | $ 263,796 | $ 263,796 | $ 291,036 |
Supplemental Cash Flow Inform74
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Supplemental Cash Flow Information [Line Items] | ||||
Capitalization for equity based compensation expense | $ 19.7 | $ 17.1 | ||
Equity ownership interest received | $ 65.3 | |||
Interest paid in cash, net of amounts capitalized | 267.2 | 273.3 | ||
Cash paid for income taxes, net of refunds | $ 16.4 | $ 17 | ||
Unconsolidated Co-Investment Ventures [Member] | ||||
Supplemental Cash Flow Information [Line Items] | ||||
Equity ownership interest received | $ 31.8 | |||
Limited Partners [Member] | Prologis, L.P. [Member] | Common [Member] | ||||
Supplemental Cash Flow Information [Line Items] | ||||
Conversion of limited partners units, shares | (1,867) |