Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 24, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
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 | 531,863,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Investments in real estate properties | $ 27,501,284 | $ 27,119,330 |
Less accumulated depreciation | 4,026,369 | 3,758,372 |
Net investments in real estate properties | 23,474,915 | 23,360,958 |
Investments in and advances to unconsolidated entities | 4,617,724 | 4,230,429 |
Assets held for sale or contribution | 350,987 | 322,139 |
Notes receivable backed by real estate | 19,536 | 32,100 |
Net investments in real estate | 28,463,162 | 27,945,626 |
Cash and cash equivalents | 271,354 | 807,316 |
Other assets | 1,415,879 | 1,496,990 |
Total assets | 30,150,395 | 30,249,932 |
Liabilities: | ||
Debt | 11,081,922 | 10,608,294 |
Accounts payable and accrued expenses | 554,775 | 556,179 |
Other liabilities | 653,460 | 627,319 |
Total liabilities | 12,290,157 | 11,791,792 |
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 June 30, 2017, and December 31, 2016 | 78,235 | 78,235 |
Common stock: $0.01 par value; 531,338 shares and 528,671 shares issued and outstanding at June 30, 2017, and December 31, 2016, respectively | 5,313 | 5,287 |
Additional paid-in capital | 19,305,197 | 19,455,039 |
Accumulated other comprehensive loss | (934,196) | (937,473) |
Distributions in excess of net earnings | (3,607,253) | (3,610,007) |
Total Prologis, Inc. stockholders’ equity | 14,847,296 | 14,991,081 |
Partners' capital: | ||
Noncontrolling interests | 3,012,942 | 3,467,059 |
Total equity | 17,860,238 | 18,458,140 |
Total liabilities and equity | 30,150,395 | 30,249,932 |
Prologis, L.P. [Member] | ||
ASSETS | ||
Investments in real estate properties | 27,501,284 | 27,119,330 |
Less accumulated depreciation | 4,026,369 | 3,758,372 |
Net investments in real estate properties | 23,474,915 | 23,360,958 |
Investments in and advances to unconsolidated entities | 4,617,724 | 4,230,429 |
Assets held for sale or contribution | 350,987 | 322,139 |
Notes receivable backed by real estate | 19,536 | 32,100 |
Net investments in real estate | 28,463,162 | 27,945,626 |
Cash and cash equivalents | 271,354 | 807,316 |
Other assets | 1,415,879 | 1,496,990 |
Total assets | 30,150,395 | 30,249,932 |
Liabilities: | ||
Debt | 11,081,922 | 10,608,294 |
Accounts payable and accrued expenses | 554,775 | 556,179 |
Other liabilities | 653,460 | 627,319 |
Total liabilities | 12,290,157 | 11,791,792 |
Partners' capital: | ||
Total partners’ capital | 15,252,886 | 15,385,671 |
Noncontrolling interests | 2,607,352 | 3,072,469 |
Total capital | 17,860,238 | 18,458,140 |
Total liabilities and equity | 30,150,395 | 30,249,932 |
Prologis, L.P. [Member] | Preferred [Member] | ||
Partners' capital: | ||
General partner | 78,235 | 78,235 |
Prologis, L.P. [Member] | Common [Member] | ||
Partners' capital: | ||
General partner | 14,769,061 | 14,912,846 |
Limited partners | 165,826 | 150,173 |
Prologis, L.P. [Member] | Class A Common [Member] | ||
Partners' capital: | ||
Limited partners | $ 239,764 | $ 244,417 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
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 | 531,338,000 | 528,671,000 |
Common stock, shares outstanding | 531,338,000 | 528,671,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Rental | $ 447,960 | $ 426,150 | $ 887,844 | $ 863,254 |
Rental recoveries | 128,417 | 119,981 | 255,466 | 236,993 |
Strategic capital | 180,654 | 53,535 | 237,699 | 104,538 |
Development management and other | 9,152 | 2,489 | 14,329 | 3,670 |
Total revenues | 766,183 | 602,155 | 1,395,338 | 1,208,455 |
Expenses: | ||||
Rental | 147,794 | 140,725 | 300,450 | 287,306 |
Strategic capital | 51,986 | 27,866 | 83,785 | 53,159 |
General and administrative | 60,077 | 56,934 | 113,694 | 107,477 |
Depreciation and amortization | 228,145 | 230,382 | 454,736 | 480,382 |
Other | 2,909 | 3,900 | 5,515 | 8,585 |
Total expenses | 490,911 | 459,807 | 958,180 | 936,909 |
Operating income | 275,272 | 142,348 | 437,158 | 271,546 |
Other income (expense): | ||||
Earnings from unconsolidated entities, net | 68,596 | 41,454 | 117,201 | 99,765 |
Interest expense | (75,354) | (76,455) | (148,266) | (157,267) |
Interest and other income, net | 1,892 | 1,527 | 4,677 | 4,118 |
Gains on dispositions of investments in real estate, net | 83,006 | 200,350 | 180,331 | 344,667 |
Foreign currency and derivative losses, net | (20,055) | (10,335) | (27,455) | (24,546) |
Gains (losses) on early extinguishment of debt, net | (30,596) | 2,044 | (30,596) | 992 |
Total other income | 27,489 | 158,585 | 95,892 | 267,729 |
Earnings before income taxes | 302,761 | 300,933 | 533,050 | 539,275 |
Total income tax expense | 14,781 | 5,142 | 24,381 | 20,679 |
Consolidated net earnings | 287,980 | 295,791 | 508,669 | 518,596 |
Less net earnings attributable to noncontrolling interests | 19,363 | 18,712 | 35,123 | 31,787 |
Net earnings attributable to controlling interests | 268,617 | 277,079 | 473,546 | 486,809 |
Less preferred stock/unit dividends/distributions | 1,674 | 1,696 | 3,348 | 3,385 |
Net earnings attributable to common stockholders/unitholders | $ 266,943 | $ 275,383 | $ 470,198 | $ 483,424 |
Weighted average common shares/units outstanding – Basic | 530,040 | 524,842 | 529,400 | 524,540 |
Weighted average common shares/units outstanding - Diluted | 552,114 | 545,388 | 550,512 | 544,293 |
Net earnings per share attributable to common stockholders/unitholders - Basic | $ 0.50 | $ 0.52 | $ 0.89 | $ 0.92 |
Net earnings per share attributable to common stockholders/unitholders - Diluted | 0.50 | 0.52 | 0.88 | 0.92 |
Dividends per common share or unit | $ 0.44 | $ 0.42 | $ 0.88 | $ 0.84 |
Prologis, L.P. [Member] | ||||
Revenues: | ||||
Rental | $ 447,960 | $ 426,150 | $ 887,844 | $ 863,254 |
Rental recoveries | 128,417 | 119,981 | 255,466 | 236,993 |
Strategic capital | 180,654 | 53,535 | 237,699 | 104,538 |
Development management and other | 9,152 | 2,489 | 14,329 | 3,670 |
Total revenues | 766,183 | 602,155 | 1,395,338 | 1,208,455 |
Expenses: | ||||
Rental | 147,794 | 140,725 | 300,450 | 287,306 |
Strategic capital | 51,986 | 27,866 | 83,785 | 53,159 |
General and administrative | 60,077 | 56,934 | 113,694 | 107,477 |
Depreciation and amortization | 228,145 | 230,382 | 454,736 | 480,382 |
Other | 2,909 | 3,900 | 5,515 | 8,585 |
Total expenses | 490,911 | 459,807 | 958,180 | 936,909 |
Operating income | 275,272 | 142,348 | 437,158 | 271,546 |
Other income (expense): | ||||
Earnings from unconsolidated entities, net | 68,596 | 41,454 | 117,201 | 99,765 |
Interest expense | (75,354) | (76,455) | (148,266) | (157,267) |
Interest and other income, net | 1,892 | 1,527 | 4,677 | 4,118 |
Gains on dispositions of investments in real estate, net | 83,006 | 200,350 | 180,331 | 344,667 |
Foreign currency and derivative losses, net | (20,055) | (10,335) | (27,455) | (24,546) |
Gains (losses) on early extinguishment of debt, net | (30,596) | 2,044 | (30,596) | 992 |
Total other income | 27,489 | 158,585 | 95,892 | 267,729 |
Earnings before income taxes | 302,761 | 300,933 | 533,050 | 539,275 |
Total income tax expense | 14,781 | 5,142 | 24,381 | 20,679 |
Consolidated net earnings | 287,980 | 295,791 | 508,669 | 518,596 |
Less net earnings attributable to noncontrolling interests | 11,986 | 10,396 | 22,123 | 17,237 |
Net earnings attributable to controlling interests | 275,994 | 285,395 | 486,546 | 501,359 |
Less preferred stock/unit dividends/distributions | 1,674 | 1,696 | 3,348 | 3,385 |
Net earnings attributable to common stockholders/unitholders | $ 274,320 | $ 283,699 | $ 483,198 | $ 497,974 |
Weighted average common shares/units outstanding – Basic | 536,060 | 531,912 | 535,392 | 531,507 |
Weighted average common shares/units outstanding - Diluted | 552,114 | 545,388 | 550,512 | 544,293 |
Net earnings per share attributable to common stockholders/unitholders - Basic | $ 0.50 | $ 0.52 | $ 0.89 | $ 0.92 |
Net earnings per share attributable to common stockholders/unitholders - Diluted | 0.50 | 0.52 | 0.88 | 0.92 |
Dividends per common share or unit | $ 0.44 | $ 0.42 | $ 0.88 | $ 0.84 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Consolidated net earnings | $ 287,980 | $ 295,791 | $ 508,669 | $ 518,596 |
Other comprehensive income (loss): | ||||
Foreign currency translation gains (losses), net | 3,162 | (23,061) | 42,829 | (21,600) |
Unrealized gains (losses) on derivative contracts, net | 6,735 | (5,926) | 9,366 | (21,818) |
Comprehensive income | 297,877 | 266,804 | 560,864 | 475,178 |
Net earnings attributable to noncontrolling interests | (19,363) | (18,712) | (35,123) | (31,787) |
Other comprehensive income attributable to noncontrolling interests | (811) | (5,192) | (48,918) | (13,232) |
Comprehensive income attributable to common stockholders / unitholders | 277,703 | 242,900 | 476,823 | 430,159 |
Prologis, L.P. [Member] | ||||
Consolidated net earnings | 287,980 | 295,791 | 508,669 | 518,596 |
Other comprehensive income (loss): | ||||
Foreign currency translation gains (losses), net | 3,162 | (23,061) | 42,829 | (21,600) |
Unrealized gains (losses) on derivative contracts, net | 6,735 | (5,926) | 9,366 | (21,818) |
Comprehensive income | 297,877 | 266,804 | 560,864 | 475,178 |
Net earnings attributable to noncontrolling interests | (11,986) | (10,396) | (22,123) | (17,237) |
Other comprehensive income attributable to noncontrolling interests | (561) | (6,118) | (48,828) | (14,844) |
Comprehensive income attributable to common stockholders / unitholders | $ 285,330 | $ 250,290 | $ 489,913 | $ 443,097 |
Consolidated Statement of Equit
Consolidated Statement of Equity - 6 months ended Jun. 30, 2017 - 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, 2016 | $ 18,458,140 | $ 78,235 | $ 5,287 | $ 19,455,039 | $ (937,473) | $ (3,610,007) | $ 3,467,059 |
Balance, shares at Dec. 31, 2016 | 528,671 | 528,671 | |||||
Consolidated net earnings | $ 508,669 | 473,546 | 35,123 | ||||
Effect of equity compensation plans | 58,785 | $ 17 | 39,879 | 18,889 | |||
Effect of equity compensation plans, shares | 1,714 | ||||||
Capital contributions | 135,857 | 135,857 | |||||
Settlement of noncontrolling interests | (789,626) | (201,620) | (588,006) | ||||
Conversion of noncontrolling interests | $ 9 | 28,429 | (28,438) | ||||
Conversion of noncontrolling interests, shares | 953 | ||||||
Foreign currency translation gains (losses), net | 42,829 | (5,839) | 48,668 | ||||
Unrealized gains on derivative contracts, net | 9,366 | 9,116 | 250 | ||||
Reallocation of equity | (16,501) | 16,501 | |||||
Distributions and other | (563,782) | (29) | (470,792) | (92,961) | |||
Balance at Jun. 30, 2017 | $ 17,860,238 | $ 78,235 | $ 5,313 | $ 19,305,197 | $ (934,196) | $ (3,607,253) | $ 3,012,942 |
Balance, shares at Jun. 30, 2017 | 531,338 | 531,338 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities: | ||
Consolidated net earnings | $ 508,669 | $ 518,596 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Straight-lined rents and amortization of above and below market leases | (48,920) | (43,113) |
Equity-based compensation awards | 37,604 | 29,212 |
Depreciation and amortization | 454,736 | 480,382 |
Earnings from unconsolidated entities, net | (117,201) | (99,765) |
Distributions from unconsolidated entities | 141,256 | 147,155 |
Net changes in operating receivables from unconsolidated entities | (117,675) | 22,896 |
Amortization of debt premiums, net of debt issuance costs | (4,445) | (9,616) |
Gains on dispositions of investments in real estate, net | (180,331) | (344,667) |
Unrealized foreign currency and derivative losses, net | 35,266 | 23,386 |
Losses (gains) on early extinguishment of debt, net | 30,596 | (992) |
Deferred income tax expense (benefit) | 2,268 | (4,602) |
Decrease in accounts receivable and other assets | 61,452 | 14,327 |
Decrease in accounts payable and accrued expenses and other liabilities | (58,115) | (99,539) |
Net cash provided by operating activities | 745,160 | 633,660 |
Investing activities: | ||
Real estate development | (715,294) | (775,545) |
Real estate acquisitions | (202,088) | (136,107) |
Tenant improvements and lease commissions on previously leased space | (75,342) | (88,659) |
Nondevelopment capital expenditures | (37,253) | (30,096) |
Proceeds from dispositions and contributions of real estate properties | 836,107 | 1,284,126 |
Investments in and advances to unconsolidated entities | (144,894) | (145,287) |
Return of investment from unconsolidated entities | 133,677 | 533,333 |
Proceeds from repayment of notes receivable backed by real estate | 32,100 | 201,250 |
Proceeds from the settlement of net investment hedges | 7,541 | 16,768 |
Payments on the settlement of net investment hedges | (5,058) | 0 |
Net cash provided by (used in) investing activities | (170,504) | 859,783 |
Financing activities: | ||
Proceeds from issuance of common stock | 25,374 | 10,354 |
Dividends paid on common and preferred stock | (470,792) | (445,343) |
Noncontrolling interests contributions | 135,857 | 825 |
Noncontrolling interests distributions | (99,896) | (214,263) |
Purchase of noncontrolling interests | (789,626) | (2,979) |
Tax paid for shares withheld | (18,894) | (7,301) |
Debt and equity issuance costs paid | (6,151) | (14,865) |
Net payments on credit facilities | (33,745) | (3,515) |
Repurchase and payments of debt | (2,002,519) | (1,277,311) |
Proceeds from issuance of debt | 2,134,041 | 517,045 |
Net cash used in financing activities | (1,126,351) | (1,437,353) |
Effect of foreign currency exchange rate changes on cash | 15,733 | 12,051 |
Net increase (decrease) in cash and cash equivalents | (535,962) | 68,141 |
Cash and cash equivalents, beginning of period | 807,316 | 264,080 |
Cash and cash equivalents, end of period | 271,354 | 332,221 |
Prologis, L.P. [Member] | ||
Operating activities: | ||
Consolidated net earnings | 508,669 | 518,596 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Straight-lined rents and amortization of above and below market leases | (48,920) | (43,113) |
Equity-based compensation awards | 37,604 | 29,212 |
Depreciation and amortization | 454,736 | 480,382 |
Earnings from unconsolidated entities, net | (117,201) | (99,765) |
Distributions from unconsolidated entities | 141,256 | 147,155 |
Net changes in operating receivables from unconsolidated entities | (117,675) | 22,896 |
Amortization of debt premiums, net of debt issuance costs | (4,445) | (9,616) |
Gains on dispositions of investments in real estate, net | (180,331) | (344,667) |
Unrealized foreign currency and derivative losses, net | 35,266 | 23,386 |
Losses (gains) on early extinguishment of debt, net | 30,596 | (992) |
Deferred income tax expense (benefit) | 2,268 | (4,602) |
Decrease in accounts receivable and other assets | 61,452 | 14,327 |
Decrease in accounts payable and accrued expenses and other liabilities | (58,115) | (99,539) |
Net cash provided by operating activities | 745,160 | 633,660 |
Investing activities: | ||
Real estate development | (715,294) | (775,545) |
Real estate acquisitions | (202,088) | (136,107) |
Tenant improvements and lease commissions on previously leased space | (75,342) | (88,659) |
Nondevelopment capital expenditures | (37,253) | (30,096) |
Proceeds from dispositions and contributions of real estate properties | 836,107 | 1,284,126 |
Investments in and advances to unconsolidated entities | (144,894) | (145,287) |
Return of investment from unconsolidated entities | 133,677 | 533,333 |
Proceeds from repayment of notes receivable backed by real estate | 32,100 | 201,250 |
Proceeds from the settlement of net investment hedges | 7,541 | 16,768 |
Payments on the settlement of net investment hedges | (5,058) | 0 |
Net cash provided by (used in) investing activities | (170,504) | 859,783 |
Financing activities: | ||
Proceeds from issuance of common stock | 25,374 | 10,354 |
Dividends paid on common and preferred stock | (489,519) | (465,071) |
Noncontrolling interests contributions | 135,857 | 825 |
Noncontrolling interests distributions | (81,169) | (195,386) |
Purchase of noncontrolling interests | (789,626) | (2,128) |
Tax paid for shares withheld | (18,894) | (7,301) |
Debt and equity issuance costs paid | (6,151) | (14,865) |
Net payments on credit facilities | (33,745) | (3,515) |
Repurchase and payments of debt | (2,002,519) | (1,277,311) |
Proceeds from issuance of debt | 2,134,041 | 517,045 |
Net cash used in financing activities | (1,126,351) | (1,437,353) |
Effect of foreign currency exchange rate changes on cash | 15,733 | 12,051 |
Net increase (decrease) in cash and cash equivalents | (535,962) | 68,141 |
Cash and cash equivalents, beginning of period | 807,316 | 264,080 |
Cash and cash equivalents, end of period | $ 271,354 | $ 332,221 |
Consolidated Statements of Capi
Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Consolidated net earnings | $ 287,980 | $ 508,669 | |
Effect of equity compensation plans | 58,785 | ||
Capital contributions | 135,857 | ||
Unrealized gains on derivative contracts, net | $ 6,735 | 9,366 | |
Non-controlling Interests [Member] | |||
Consolidated net earnings | 35,123 | ||
Effect of equity compensation plans | 18,889 | ||
Capital contributions | 135,857 | ||
Unrealized gains on derivative contracts, net | $ 250 | ||
Class A Common [Member] | |||
Beginning balance, Units | 8,900 | ||
Conversion of limited partners units, shares | 8,600 | 8,700 | |
Ending balance, Units | 8,900 | 8,900 | 8,900 |
Prologis, L.P. [Member] | |||
Beginning balance | $ 18,458,140 | ||
Consolidated net earnings | $ 287,980 | 508,669 | |
Effect of equity compensation plans | 58,785 | ||
Capital contributions | 135,857 | ||
Settlement of noncontrolling interests | (789,626) | ||
Foreign currency translation gains (losses), net | 42,829 | ||
Unrealized gains on derivative contracts, net | 6,735 | 9,366 | |
Distributions and other | (563,782) | ||
Ending balance | 17,860,238 | 17,860,238 | $ 18,458,140 |
Prologis, L.P. [Member] | Non-controlling Interests [Member] | |||
Beginning balance | 3,072,469 | ||
Consolidated net earnings | 22,123 | ||
Capital contributions | 135,857 | ||
Settlement of noncontrolling interests | (588,006) | ||
Conversion of limited partners units | (9,685) | ||
Foreign currency translation gains (losses), net | 48,828 | ||
Distributions and other | (74,234) | ||
Ending balance | 2,607,352 | 2,607,352 | 3,072,469 |
Prologis, L.P. [Member] | Preferred [Member] | General Partner | |||
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 |
Prologis, L.P. [Member] | Common [Member] | General Partner | |||
Beginning balance | $ 14,912,846 | ||
Beginning balance, Units | 528,671 | ||
Consolidated net earnings | $ 473,546 | ||
Effect of equity compensation plans | $ 39,896 | ||
Effect of equity compensation plans, shares | 1,714 | ||
Settlement of noncontrolling interests | $ (201,620) | ||
Conversion of limited partners units | $ 28,438 | ||
Conversion of limited partners units, shares | 953 | ||
Foreign currency translation gains (losses), net | $ (5,839) | ||
Unrealized gains on derivative contracts, net | 9,116 | ||
Reallocation of capital | (16,501) | ||
Distributions and other | (470,821) | ||
Ending balance | $ 14,769,061 | $ 14,769,061 | $ 14,912,846 |
Ending balance, Units | 531,338 | 531,338 | 528,671 |
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member] | |||
Beginning balance | $ 150,173 | ||
Beginning balance, Units | 5,323 | ||
Consolidated net earnings | $ 5,322 | ||
Effect of equity compensation plans | $ 18,889 | ||
Effect of equity compensation plans, shares | 1,320 | ||
Conversion of limited partners units | $ (18,753) | ||
Conversion of limited partners units, shares | (677) | ||
Foreign currency translation gains (losses), net | $ (66) | ||
Unrealized gains on derivative contracts, net | 102 | ||
Reallocation of capital | 17,383 | ||
Distributions and other | (7,224) | ||
Ending balance | $ 165,826 | $ 165,826 | $ 150,173 |
Ending balance, Units | 5,966 | 5,966 | 5,323 |
Prologis, L.P. [Member] | Class A Common [Member] | Limited Partners [Member] | |||
Beginning balance | $ 244,417 | ||
Beginning balance, Units | 8,894 | ||
Consolidated net earnings | $ 7,678 | ||
Foreign currency translation gains (losses), net | (94) | ||
Unrealized gains on derivative contracts, net | 148 | ||
Reallocation of capital | (882) | ||
Distributions and other | (11,503) | ||
Ending balance | $ 239,764 | $ 239,764 | $ 244,417 |
Ending balance, Units | 8,894 | 8,894 | 8,894 |
General
General | 6 Months Ended |
Jun. 30, 2017 | |
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 logistics properties. Our Strategic Capital segment represents the management of co-investment ventures and other unconsolidated entities. See Note 10 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 June 30, 2017, the Parent owned an approximate 97.33% common general partnership interest in the Operating Partnership and 100% of the preferred units in the Operating Partnership. The remaining approximate 2.67% 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 held, including the number of Operating Partnership units into which Class A Units are convertible, 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, 2016, as filed with the SEC, and other public information. Certain amounts included in the accompanying Consolidated Financial Statements for 2016 have been reclassified to conform to the 2017 financial statement presentation. This included two reclassifications made in the Consolidated Statements of Cash Flows. The first was a reclassification of distributions from our unconsolidated entities from investing activities New Accounting Pronouncements. New Accounting Standards Adopted In January 2017, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update that clarifies the definition of a business. The update adds further guidance that assists preparers in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. We expect most of our acquisitions of operating properties and portfolios of operating properties to qualify as asset acquisitions under the standard that permits the capitalization of acquisition costs to the basis of the acquired buildings. We adopted this standard on January 1, 2017, on a prospective basis, and the adoption did not have a significant impact on the Consolidated Financial Statements. New Accounting Standards Issued but not yet Adopted Revenue Recognition. 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. We are evaluating each of our revenue streams and their related accounting policies under the standard. Rental revenues and recoveries earned from leasing our operating properties will be assessed with the adoption of the lease accounting standard update discussed below. Our evaluation under the revenue recognition standard also includes recurring fees and promotes earned from our co-investment ventures as well as sales to third parties and unconsolidated co-investment ventures. While we do not expect changes in the recognition of recurring fees earned, we are evaluating both the timing and measurement of promotes that may result in recognition when they are probable of being earned. For sales to third parties, primarily dispositions of real estate in exchange for cash with few contingencies, we do not expect the standard to significantly impact the recognition of or accounting treatment. In February 2017, the FASB issued an additional accounting standard update that provides the accounting treatment for gains and losses from the derecognition of non-financial assets, including the accounting for partial sales. Upon adoption of the standard, we will recognize, on a prospective basis, the entire gain attributed to sales to unconsolidated co-investment ventures rather than the third-party share we recognize today. For deferred gains from existing partial sales recorded prior to the adoption of the standard we will continue to recognize these gains into earnings over the lives of the assets. Both the revenue recognition and derecognition of non-financial assets standards are effective for us on January 1, 2018. In addition to the recognition changes discussed above, expanded quantitative and qualitative disclosures regarding revenue recognition will be required for contracts that are subject to these standards. We expect to adopt the standards on a modified retrospective basis. Leases. In February 2016, the FASB issued an accounting standard update that provides the principles for the recognition, measurement, presentation and disclosure of leases. The accounting for lessors will remain largely unchanged from current GAAP; however, the standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard may result in certain of these costs being expensed as incurred after adoption. This standard may also impact the timing, recognition and disclosures related to our rental recoveries from tenants earned from leasing our operating properties. 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 and office space leases. At December 31, 2016, we had approximately 90 ground and office space leases that will require us to measure and record a right-of-use asset and a lease liability upon adoption of the standard. There have been no significant changes to our ground and office space leases since December 31, 2016. The standard is effective for us on January 1, 2019. We are assessing the practical expedients available for implementation under the standard. If the practical expedients are elected, we would not be required to reassess (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for expired or existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. The standard will also require new disclosures within the notes accompanying the Consolidated Financial Statements. We will continue to assess the method of adoption and the overall impact the adoption will have on the Consolidated Financial Statements. |
Real Estate
Real Estate | 6 Months Ended |
Jun. 30, 2017 | |
Real Estate [Abstract] | |
Real Estate | NOTE 2. REAL ESTATE Investments in real estate properties consisted of the following (dollars and square feet in thousands): Square Feet Number of Buildings June 30, December 31, June 30, December 31, June 30, December 31, 2017 2016 2017 2016 2017 2016 Operating properties Buildings and improvements 332,282 331,210 1,752 1,776 $ 18,273,094 $ 17,905,914 Improved land 6,139,322 6,037,543 Development portfolio, including land costs: Prestabilized 5,878 8,256 22 29 526,442 798,233 Properties under development 22,325 19,539 55 60 962,851 633,849 Land (1) 1,081,897 1,218,904 Other real estate investments (2) 517,678 524,887 Total investments in real estate properties 27,501,284 27,119,330 Less accumulated depreciation 4,026,369 3,758,372 Net investments in real estate properties $ 23,474,915 $ 23,360,958 (1) Included in our investments in real estate at June 30, 2017, and December 31, 2016, were 5,460 and 5,892 acres of land, respectively. (2) Included in other real estate investments are: (i) non-logistics real estate; (ii) land parcels that are ground leased to third parties; (iii) our corporate office buildings; (iv) costs related to future development projects, including purchase options on land; (v) infrastructure costs related to projects we are developing on behalf of others; and (vi) earnest money deposits associated with potential acquisitions. Dispositions The following table summarizes our real estate disposition activity for the three and six months ended June 30 (dollars and square feet in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Contributions to unconsolidated co-investment ventures Number of properties 5 5 10 10 Square feet 875 1,308 3,644 4,019 Net proceeds (1) $ 115,617 $ 65,805 $ 513,106 $ 463,700 Gains on contributions, net (1) $ 37,702 $ 10,451 $ 126,068 $ 103,590 Dispositions to third parties Number of properties 20 72 38 99 Square feet 3,720 8,321 6,038 10,565 Net proceeds (1) (2) $ 216,290 $ 609,028 $ 459,679 $ 889,607 Gains on dispositions, net (1) (2) $ 45,304 $ 103,284 $ 54,263 $ 154,462 Total gains on contributions and dispositions, net $ 83,006 $ 113,735 $ 180,331 $ 258,052 Gains on redemption of investment in co-investment ventures (3) - 86,615 - 86,615 Total gains on dispositions of investments in real estate, net $ 83,006 $ 200,350 $ 180,331 $ 344,667 ( 1 ) Includes the contribution and disposition of land parcels. ( 2 ) Includes the sale of our investment in European Logistics Venture 1 (“ELV”) in 2017. See Note 3 for more information on this transaction. (3) In April 2016, we redeemed a portion of our investment in Prologis Targeted European Logistics Fund (“PTELF”) and Prologis Targeted U.S. Logistics Fund (“USLF”) for €185.0 million ($210.6 million) and $200.0 million, respectively. The amounts received for the redemptions were included in Return of Investment from Unconsolidated Entities |
Unconsolidated Entities
Unconsolidated Entities | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Unconsolidated Entities | NOTE 3. 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 6 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 primarily 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): June 30, December 31, 2017 2016 Unconsolidated co-investment ventures $ 4,382,825 $ 4,057,524 Other ventures 234,899 172,905 Totals $ 4,617,724 $ 4,230,429 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Strategic capital revenues from unconsolidated co-investment ventures, net: U.S. (1) $ 130,165 $ 9,179 $ 141,223 $ 18,174 Other Americas (1) 9,864 5,693 15,915 11,079 Europe 25,957 25,435 52,127 47,768 Asia 14,064 12,654 26,719 26,255 Total strategic capital revenues from unconsolidated co-investment ventures, net $ 180,050 $ 52,961 $ 235,984 $ 103,276 Earnings from unconsolidated co-investment ventures, net: U.S. $ 1,963 $ 718 $ 6,909 $ 7,377 Other Americas 8,933 7,509 15,503 12,808 Europe 35,859 29,014 65,764 60,593 Asia 14,410 3,693 18,439 7,348 Total earnings from unconsolidated co-investment ventures, net $ 61,165 $ 40,934 $ 106,615 $ 88,126 (1) In June 2017, we earned promotes from USLF based on the venture’s cumulative returns to its investors over the last three years and FIBRA Prologis based on the venture’s cumulative returns to its investors over the past year. 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: June 30, December 31, June 30, (dollars and square feet in millions) 2017 2016 2016 U.S.: Number of ventures 1 1 1 Number of operating properties owned 384 369 379 Square feet 52 50 49 Total assets $ 4,346 $ 4,238 $ 4,228 Third-party debt $ 1,400 $ 1,414 $ 1,425 Total liabilities $ 1,620 $ 1,540 $ 1,504 Our investment balance (1) $ 545 $ 435 $ 518 Our weighted average ownership (2) 14.2 % 14.9 % 17.6 % Other Americas: Number of ventures 2 2 2 Number of operating properties owned 215 213 209 Square feet 43 42 41 Total assets $ 2,791 $ 2,793 $ 2,694 Third-party debt $ 728 $ 739 $ 677 Total liabilities $ 812 $ 814 $ 772 Our investment balance (1) $ 836 $ 845 $ 848 Our weighted average ownership (2) 44.0 % 43.9 % 43.6 % Europe: Number of ventures (3) (4) 4 4 4 Number of operating properties owned 702 700 690 Square feet 164 163 160 Total assets $ 12,178 $ 10,853 $ 11,188 Third-party debt $ 2,595 $ 2,446 $ 2,566 Total liabilities $ 3,536 $ 3,283 $ 3,521 Our investment balance (1) $ 2,505 $ 2,327 $ 2,464 Our weighted average ownership (2) 33.0 % 35.1 % 36.2 % Asia: Number of ventures 2 2 2 Number of operating properties owned 83 85 77 Square feet 36 36 34 Total assets $ 5,528 $ 5,173 $ 5,346 Third-party debt $ 2,088 $ 1,947 $ 1,952 Total liabilities $ 2,376 $ 2,239 $ 2,250 Our investment balance (1) $ 497 $ 451 $ 498 Our weighted average ownership (2) 15.1 % 15.1 % 15.0 % Total: Number of ventures 9 9 9 Number of operating properties owned 1,384 1,367 1,355 Square feet 295 291 284 Total assets $ 24,843 $ 23,057 $ 23,456 Third-party debt $ 6,811 $ 6,546 $ 6,620 Total liabilities $ 8,344 $ 7,876 $ 8,047 Our investment balance (1) $ 4,383 $ 4,058 $ 4,328 Our weighted average ownership (2) 26.9 % 27.9 % 28.8 % Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Revenues: U.S. $ 105 $ 98 $ 209 $ 196 Other Americas 66 59 130 116 Europe 248 248 492 492 Asia 89 86 177 162 Total revenues $ 508 $ 491 $ 1,008 $ 966 Net earnings: U.S. $ 15 $ 6 $ 51 $ 36 Other Americas 22 19 39 33 Europe 93 68 166 141 Asia 93 22 117 44 Total net earnings $ 223 $ 115 $ 373 $ 254 (1) The difference between our ownership interest of a venture’s equity and our investment balance at June 30, 2017, and December 31, 2016, 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 ($459.4 million and $469.9 million, respectively); (ii) recording additional costs associated with our investment in a venture ($125.0 million and $124.1 million, respectively); and (iii) advances to a venture ($300.5 million and $166.1 million, respectively), which increased primarily from the gross promotes that were earned during the second quarter of 2017 and expected to be paid in the third quarter of 2017 . (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 January 2017, we sold our investment in ELV to our fund partner for $84.3 million and ELV contributed its properties to PTELF in exchange for equity interests. (4) In February 2017, we formed the Prologis United Kingdom Logistics Venture (“UKLV”), an unconsolidated co-investment venture in which we have a 15.0% ownership interest. UKLV will acquire land, develop buildings and operate and hold logistics real estate assets in the United Kingdom (“U.K.”). Upon formation, we, along with our venture partner, committed £380.0 million ($493.2 million at June 30, 2017), of which our share is £57.0 million ($74.0 million at June 30, 2017). During the six months ended June 30, 2017, we contributed 1.4 million square feet of stabilized properties, 0.5 million square feet of properties under development and 144.8 acres of land for £269.5 million ($336.4 million). We expect to continue to contribute properties and land into UKLV. In July 2017, we contributed 190 operating properties formerly owned by Prologis North American Industrial Fund (“NAIF”), totaling approximately 39 million square feet, for an aggregate purchase price of $2.8 billion, to USLF, our unconsolidated co-investment venture. We received cash proceeds of $720 million and additional units, which increased our ownership interest in USLF to approximately 27% and USLF assumed $956.0 million of secured debt. As a result of this transaction, we expect to record a gain of approximately $480 million, net of a deferral due to our ongoing investment, in the third quarter of 2017. Equity Commitments Related to Certain Unconsolidated Co-Investment Ventures The following table summarizes the remaining equity commitments at June 30, 2017 (in millions): Equity Commitments Expiration Date for Remaining Commitments Prologis Venture Partners Total Prologis Targeted Europe Logistics Fund (1) $ - $ 346 $ 346 2017 - 2018 Prologis United Kingdom Logistics Venture (2) 35 201 236 2021 Prologis China Logistics Venture 294 1,665 1,959 2017 Totals $ 329 $ 2,212 $ 2,541 (1) Equity commitments are denominated in euro and reported in U.S. dollars based on an exchange rate of $1.14 U.S. dollars to the euro. (2) As discussed above, this co-investment venture was formed in February 2017. Equity commitments are denominated in British pounds sterling and reported in U.S. dollars based on an exchange rate of $1.30 U.S. dollars to the British pound sterling. |
Assets Held for Sale or Contrib
Assets Held for Sale or Contribution | 6 Months Ended |
Jun. 30, 2017 | |
Real Estate Assets Held For Development And Sale [Abstract] | |
Assets Held for Sale or Contribution | NOTE 4. ASSETS HELD FOR SALE OR CONTRIBUTION We have investments in certain real estate properties that met the criteria to be classified as held for sale or contribution at June 30, 2017, and December 31, 2016. These properties are expected to be sold to third parties or contributed to unconsolidated co-investment ventures within twelve months. The amounts included in Assets Held for Sale or Contribution Assets held for sale or contribution consisted of the following (dollars and square feet in thousands): June 30, December 31, 2017 2016 Number of operating properties 22 13 Square feet 4,886 4,167 Total assets held for sale or contribution $ 350,987 $ 322,139 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 6,281 $ 4,984 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 5. 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): June 30, 2017 December 31, 2016 Weighted Average Interest Rate (1) Amount Outstanding (2) Weighted Average Interest Rate (1) Amount Outstanding Credit facilities - $ - 1.0 % $ 35,023 Senior notes 3.1 % 6,727,450 3.3 % 6,417,492 Term loans 1.6 % 1,954,091 1.4 % 1,484,523 Unsecured other 6.1 % 14,346 6.1 % 14,478 Secured mortgages (3) 3.9 % 1,983,623 4.9 % 979,585 Secured mortgages of consolidated entities (3) 2.7 % 402,412 3.0 % 1,677,193 Totals 3.0 % $ 11,081,922 3.2 % $ 10,608,294 (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 the debt outstanding. (2) Included in the outstanding balances are borrowings denominated in non-U.S. dollars, principally: euro ($3.6 billion), Japanese yen ($1.5 billion), British pounds sterling ($0.6 billion) and Canadian dollars ($0.4 billion). (3) As discussed in Note 6, in March 2017 we acquired all of our partner’s interest in NAIF, therefore, the related secured mortgage debt of $956.0 million at June 30, 2017 was wholly-owned and reported as secured mortgages. In July 2017, this debt was assumed by USLF in conjunction with our contribution of the associated real estate properties, as discussed in Note 3. Credit Facilities We have a global senior credit facility (the “Global Facility”), under which we may draw in British pounds sterling, Canadian dollars, euro, Japanese yen and U.S. dollars on a revolving basis up to $3.0 billion (subject to currency fluctuations). We have the ability to increase the Global Facility to $3.8 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 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 Japanese yen revolver (the “Revolver”). In February 2017, we renewed and amended the Revolver to increase our availability from ¥45.0 billion to ¥50.0 billion ($446.7 million at June 30, 2017). We have the ability to increase the Revolver to ¥65.0 billion ($580.6 million at June 30, 2017), 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. The Revolver is scheduled to mature in February 2021; however, we may extend the maturity date for one year, subject to the satisfaction of certain conditions and payment of extension fees. We refer to the Global Facility and the Revolver, collectively, as our “Credit Facilities.” The following table summarizes information about our Credit Facilities at June 30, 2017 (in millions): Aggregate lender commitments $ 3,452 Less: Borrowings outstanding - Outstanding letters of credit 37 Current availability $ 3,415 Senior Notes In June 2017, we issued £500.0 million ($645.3 million) of senior notes bearing an interest rate of 2.25%, maturing in 2029, at 99.94% of par value for an all-in-rate of 2.30%. Following the issuance, we paid cash of $652.0 million to redeem $618.3 million of previously issued senior notes before the maturity date in an effort to reduce our borrowing costs and extend our debt maturities. As a result, we recognized a loss in Gains (Losses) on Early Extinguishment of Debt, Net Term Loans In March 2017, we entered into an unsecured senior term loan agreement (the “2017 Yen Term Loan”) under which we can draw in Japanese yen, of which ¥7.2 billion ($64.3 million at June 30, 2017) matures in March 2027 and bears an interest rate of 0.92% and ¥4.8 billion ($42.9 million at June 30, 2017) matures in March 2028 and bears an interest rate of 1.01%. In the first quarter of 2017, we borrowed ¥12.0 billion ($107.2 million), causing the 2017 Yen Term Loan to be fully drawn at June 30, 2017. In May 2017, we renewed and amended our existing senior term loan agreement (the “2017 Term Loan,” formerly the “Euro Term Loan”) under which loans can be obtained in British pounds sterling, euro, Japanese yen and U.S. dollars in an aggregate amount not to exceed $500.0 million. We may increase the borrowings up to $1.0 billion, subject to obtaining additional lender commitments. We may also pay down and reborrow under this term loan. The 2017 Term Loan bears an interest rate of LIBOR plus 0.90% and is scheduled to mature in May 2020; however, we may extend the maturity date twice, by one year each, subject to the satisfaction of certain conditions and the payment of an extension fee. In the second quarter of 2017, we borrowed $500.0 million, causing the 2017 Term Loan to be fully drawn at June 30, 2017. In connection with the contribution of properties to USLF in July 2017, we used the net proceeds to pay down the balance outstanding on our 2017 Term Loan. Long-Term Debt Maturities Principal payments due on our debt, for the remainder of 2017 and for each of the years in the period ending December 31, 2026, and thereafter were as follows at June 30, 2017 (in thousands): Unsecured Senior Term Loans Secured Maturity Notes and Other Mortgage Debt Total 2017 (1) $ - $ 491 $ - $ 491 2018 175,000 1,009 118,063 294,072 2019 - 1,091 610,281 611,372 2020 (2) 887,241 501,155 446,318 1,834,714 2021 1,298,840 954 436,544 1,736,338 2022 798,840 447,396 141,673 1,387,909 2023 850,000 913,201 163,284 1,926,485 2024 798,840 882 174,735 974,457 2025 750,000 958 133,420 884,378 2026 570,600 599 139,920 711,119 Thereafter 648,903 112,851 2,384 764,138 Subtotal 6,778,264 1,980,587 2,366,622 11,125,473 Premiums (discounts), net (22,648 ) - 28,391 5,743 Debt issuance costs, net (28,166 ) (12,150 ) (8,978 ) (49,294 ) Totals $ 6,727,450 $ 1,968,437 $ 2,386,035 $ 11,081,922 (1) We expect to repay the amounts maturing in 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 2020 maturities is the 2017 Term Loan that can be extended until 2022. Debt Covenants We have approximately $6.7 billion of senior notes and $2.0 billion of term loans outstanding at June 30, 2017, under three separate indentures, as supplemented, which are subject to certain financial covenants. We are also subject to financial covenants under our Credit Facilities and certain secured mortgage debt. At June 30, 2017, we were in compliance with all financial covenants. |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | NOTE 6. 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 convertible or redeemable. 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 June 30, 2017, and December 31, 2016 (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities 2017 2016 2017 2016 2017 2016 2017 2016 Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 2,522,506 $ 2,424,800 $ 6,105,549 $ 6,201,278 $ 496,086 $ 797,593 Prologis North American Industrial Fund (1) 100.0 % 66.1 % - 486,648 - 2,479,072 - 1,038,708 Prologis Brazil Logistics Partners Fund I (2) 100.0 % 50.0 % - 61,836 - 131,581 - 720 Other consolidated entities (3) various various 84,846 99,185 849,870 866,821 37,488 34,073 Prologis, L.P. noncontrolling interests 2,607,352 3,072,469 6,955,419 9,678,752 533,574 1,871,094 Limited partners in Prologis, L.P. (4) (5) 405,590 394,590 - - - - Prologis, Inc. noncontrolling interests $ 3,012,942 $ 3,467,059 $ 6,955,419 $ 9,678,752 $ 533,574 $ 1,871,094 (1) In March 2017, we acquired all of our partner’s interest for $710.2 million. The difference between the amount we paid and the noncontrolling interest balance was adjusted through Additional Paid-in Capital (2) In March 2017, we acquired all of our partner’s interest for $79.8 million. The difference between the amount we paid and the noncontrolling interest balance was adjusted through Additional Paid-in Capital (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 June 30, 2017, and December 31, 2016, limited partnership units were redeemable for cash or, at our option, 1.6 million shares of the Parent’s common stock. During the first six months of 2017, limited partnership units were redeemed for 265 thousand shares of the Parent’s common stock. (4) We had 8.9 million Class A Units that were convertible into 8.6 million and 8.7 million common limited partnership units of the Operating Partnership at June 30, 2017 and December 31, 2016, respectively. (5) At June 30, 2017, and December 31, 2016, excluding the Class A Units, there were common limited partnership units in the Operating Partnership outstanding that were redeemable for cash or, at our option, 4.1 million shares and 4.6 million shares of the Parent’s common stock with a fair value of $242.2 million and $241.8 million, respectively, based on the closing stock price of the Parent’s common stock. During the first six months of 2017, unitholders redeemed 0.7 million common limited partnership units for an equal number of shares of the Parent’s common stock with a value of $18.8 million. At June 30, 2017, and December 31, 2016, there were 3.7 million and 2.2 million LTIP Units (as defined in Note 7) outstanding, respectively, associated with our long-term compensation plan that are convertible into common units of the Operating Partnership after they vest and other applicable conditions are met. |
Long-Term Compensation
Long-Term Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Long-Term Compensation | NOTE 7. LONG-TERM COMPENSATION Prologis Outperformance Plan (“POP”) Participation points represent a portion of a compensation pool that can be earned if and when certain performance criteria are met under the POP for the applicable performance period. We granted participation points for the 2017 – 2019 performance period in January 2017, with a fair value of $20.4 million using a Monte Carlo valuation model that assumed a risk-free interest rate of 1.49% and an expected volatility of 22.2%. The POP performance criteria were met for the 2014 – 2016 performance period, which resulted in awards for this performance period being earned. An aggregate performance pool of $62.2 million was awarded in January 2017 in the form of common stock or vested POP LTIP Units. Prologis Promote Plan (“PPP”) The following table details the equity awards granted under the PPP for the six months ended June 30 (in thousands): 2017 2016 RSUs granted 88 53 Grant date fair value of RSUs granted $ 4,800 $ 2,300 LTIP Units granted 203 114 Grant date fair value of LTIP Units granted $ 11,100 $ 4,900 Prologis Outperformance Plan Operating Partnership Long-Term Incentive Plan Units (“POP LTIP Units”) The following table summarizes the activity for the unvested POP LTIP Units for the six months ended June 30, 2017 (units in thousands): Number of Unvested POP LTIP Units Balance at January 1, 2017 3,490 Granted 38 Vested POP LTIP Units (1) (698 ) Forfeited (576 ) Balance at June 30, 2017 2,254 (1) Vested units were based on the POP performance criteria being met for the 2014 – 2016 performance period and represented the earned award amount. Vested units are included in LTIP Units in the table below. Any excess outstanding unvested POP LTIP Units for the 2014 – 2016 performance period were forfeited to the extent not earned. Operating Partnership Long-Term Incentive Plan Units (“LTIP Units”) The following table summarizes the activity for LTIP Units for the six months ended June 30, 2017 (units in thousands): Number of Weighted Average Number of LTIP Units Grant-Date Fair Value LTIP Units Vested Balance at January 1, 2017 2,219 $ 40.81 743 Granted 1,032 Vested POP LTIP Units 698 Conversion to common limited partnership units (227 ) Balance at June 30, 2017 3,722 $ 45.55 1,835 Restricted Stock Units (“RSUs”) The following table summarizes the activity for RSUs for the six months ended June 30, 2017 (units in thousands): Number of Weighted Average Number of RSUs Grant-Date Fair Value RSUs Vested Balance at January 1, 2017 1,617 $ 40.58 125 Granted 757 Vested and distributed (783 ) Forfeited (46 ) Balance at June 30, 2017 1,545 $ 45.29 106 Stock Options We have 1.0 million stock options outstanding and exercisable at June 30, 2017, with a weighted average exercise price of $31.14. The aggregate intrinsic value of exercised options was $19.8 million and $10.0 million for the six months ended June 30, 2017, and 2016, respectively. No stock options were granted in 2017 or 2016. |
Earnings Per Common Share or Un
Earnings Per Common Share or Unit | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share or Unit | NOTE 8. 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 Six Months Ended June 30, June 30, Prologis, Inc. 2017 2016 2017 2016 Net earnings attributable to common stockholders – Basic $ 266,943 $ 275,383 $ 470,198 $ 483,424 Net earnings attributable to redeemable limited partnership unitholders (1) 7,798 9,085 13,765 15,694 Adjusted net earnings attributable to common stockholders – Diluted $ 274,741 $ 284,468 $ 483,963 $ 499,118 Weighted average common shares outstanding – Basic 530,040 524,842 529,400 524,540 Incremental weighted average effect on redemption of limited partnership units (1) 16,364 17,703 16,409 17,623 Incremental weighted average effect of equity awards 5,710 2,843 4,703 2,130 Weighted average common shares outstanding – Diluted (2) 552,114 545,388 550,512 544,293 Net earnings per share attributable to common stockholders: Basic $ 0.50 $ 0.52 $ 0.89 $ 0.92 Diluted $ 0.50 $ 0.52 $ 0.88 $ 0.92 Three Months Ended Six Months Ended June 30, June 30, Prologis, L.P. 2017 2016 2017 2016 Net earnings attributable to common unitholders $ 274,320 $ 283,699 $ 483,198 $ 497,974 Net earnings attributable to Class A common unitholders (4,347 ) (4,619 ) (7,678 ) (8,129 ) Net earnings attributable to common unitholders – Basic $ 269,973 $ 279,080 $ 475,520 $ 489,845 Net earnings attributable to Class A common unitholders 4,347 4,619 7,678 8,129 Net earnings attributable to limited partnership unitholders 421 768 765 1,143 Adjusted net earnings attributable to common unitholders – Diluted $ 274,741 $ 284,467 $ 483,963 $ 499,117 Weighted average common partnership units outstanding – Basic 536,060 531,912 535,392 531,507 Incremental weighted average effect on conversion of Class A Units 8,626 8,798 8,645 8,821 Incremental weighted average effect on redemption of limited partnership units into common stock of Prologis, Inc. 1,718 1,835 1,772 1,835 Incremental weighted average effect of equity awards of Prologis, Inc. 5,710 2,843 4,703 2,130 Weighted average common partnership units outstanding – Diluted (2) 552,114 545,388 550,512 544,293 Net earnings per unit attributable to common unitholders: Basic $ 0.50 $ 0.52 $ 0.89 $ 0.92 Diluted $ 0.50 $ 0.52 $ 0.88 $ 0.92 (1) Earnings allocated to the redeemable Operating Partnership units not held by the Parent has been included in the numerator and redeemable 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) Our total potentially dilutive shares and units outstanding consisted of the following: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Total weighted average potentially dilutive limited partnership units 10,344 10,633 10,417 10,656 Total potentially dilutive stock awards 9,355 7,176 8,583 6,854 Total Prologis, L.P. 19,699 17,809 19,000 17,510 Limited partners in Prologis, L.P. 6,020 7,070 5,992 6,967 Total Prologis, Inc. 25,719 24,879 24,992 24,477 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Fair Value Measurements | NOTE 9. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Derivative Financial Instruments In the normal course of business, our operations are exposed to market risks, including the effect of changes in foreign currency exchange rates and interest rates. To manage these risks, we may enter into 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. Our derivative financial instruments are customized 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, 2016. The following table presents the fair value and classification of our derivative instruments (in thousands): June 30, 2017 December 31, 2016 Asset Liability Asset Liability Net investment hedges British pound sterling denominated $ - $ - $ 7,439 $ - Canadian dollar denominated - 3,904 1,245 - Forwards and options (1) British pound sterling denominated 8,401 4,048 16,985 - Canadian dollar denominated 31 546 831 197 Euro denominated 538 6,101 10,933 - Yen denominated 6,919 1,512 9,246 1,071 Interest rate hedges 3,639 - 435 - Total fair value of derivatives $ 19,528 $ 16,111 $ 47,114 $ 1,268 (1) As discussed below, these foreign currency options are not designated as hedges. We recognized unrealized losses of $18.8 million and $32.5 million for the three and six months ended June 30, 2017, respectively, from the change in value of our outstanding foreign currency options within Foreign Currency and Derivative Losses, Net 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 in Foreign Currency and Derivative Losses, Net The following tables summarize the activity in our foreign currency contracts for the six months ended June 30 (in millions, except for weighted average forward rates and number of active contracts): 2017 Foreign Currency Contracts Local Currency Net Investment Hedges Forwards and Options CAD GBP CAD EUR GBP JPY Notional amounts at January 1 $ 133 £ 31 $ 50 € 174 £ 48 ¥ 15,500 New contracts 133 100 - 56 107 4,000 Matured, expired or settled contracts (133 ) (131 ) (15 ) (50 ) (31 ) (3,500 ) Notional amounts at June 30 $ 133 £ - $ 35 € 180 £ 124 ¥ 16,000 Foreign Currency Contracts U.S. Dollar Net Investment Hedges Forwards and Options Notional amounts at January 1 $ 100 $ 46 $ 38 $ 197 $ 78 $ 144 New contracts 99 127 - 63 137 38 Matured, expired or settled contracts (100 ) (173 ) (12 ) (56 ) (46 ) (31 ) Notional amounts at June 30 $ 99 $ - $ 26 $ 204 $ 169 $ 151 Weighted average forward rate at June 30 1.34 - 1.32 1.13 1.33 106.51 Active contracts at June 30 2 - 12 26 22 32 2016 Foreign Currency Contracts Local Currency Net Investment Hedges Forwards and Options CAD GBP JPY EUR GBP JPY Other Notional amounts at January 1 $ - £ 238 ¥ - € 275 £ 97 ¥ 12,840 New contracts 133 60 11,189 171 - 11,460 Matured, expired or settled contracts - (60 ) (11,189 ) (75 ) (24 ) (3,120 ) Notional amounts at June 30 $ 133 £ 238 ¥ - € 371 £ 73 ¥ 21,180 Foreign Currency Contracts U.S. Dollar Net Investment Hedges Forwards and Options (1) Notional amounts at January 1 $ - $ 386 $ - $ 310 $ 148 $ 109 $ 50 New contracts 100 85 99 192 - 108 15 Matured, expired or settled contracts - (100 ) (99 ) (85 ) (36 ) (27 ) (15 ) Notional amounts at June 30 $ 100 $ 371 $ - $ 417 $ 112 $ 190 $ 50 (1) During the Foreign Currency and Derivative Losses, Net. Interest Rate We may enter into interest rate swap agreements that allow us to receive variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of 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 At June 30, 2017, and December 31, 2016, we had three interest rate swaps outstanding with a notional amount of $271.2 million. We did not enter into or settle any interest rate swaps during the six months ended June 30, 2017, or 2016. 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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Derivative net investment hedges (1) $ 7,197 $ 21,512 $ 9,491 $ 29,420 Interest rate and cash flow hedges (2) 4,559 (2,703 ) 4,988 (13,824 ) Our share of derivatives from unconsolidated co-investment ventures 2,176 (3,223 ) 4,378 (7,994 ) Total derivative instruments 13,932 15,586 18,857 7,602 Nonderivative net investment hedges (3) (4) (229,666 ) 91,416 (274,192 ) (69,773 ) Total derivative and nonderivative hedging instruments $ (215,734 ) $ 107,002 $ (255,335 ) $ (62,171 ) (1) We received $0.7 million and $2.5 million for the three and six months ended June 30, 2017, respectively, upon the settlement of net investment hedges. We received $15.9 million and $16.8 million for the three and six months ended June 30, 2016, respectively, upon the settlement of net investment hedges. (2) The amounts reclassified to interest expense for the three and six months ended June 30, 2017, were $1.5 million and $2.9 million, respectively. The amounts reclassified to interest expense for the three and six months ended June 30, 2016, were $1.1 million and $2.1 million, respectively. For the next 12 months from June 30, 2017, we estimate an additional expense of $4.8 million will be reclassified to Interest Expense (3) At June 30, 2017, and December 31, 2016, we had €3.1 billion ($3.5 billion) and €3.2 billion ($3.4 billion) of debt, net of accrued interest, respectively, designated as nonderivative financial instrument hedges of our net investment in international subsidiaries. We recognized unrealized losses of $7.2 million and $11.3 million in Foreign Currency and Derivative Losses, Net (4) In June 2017, we issued £500.0 million ($645.3 million) of debt, as discussed in Note 5, and designated the debt as a nonderivative financial instrument hedge of our net investment in international subsidiaries. We had no gains or losses for the three and six months ended June 30, 2017. Fair Value Measurements There have been no significant changes in our policy from what was disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016. Fair Value Measurements on a Recurring Basis At June 30, 2017, and December 31, 2016, other than the derivatives discussed previously, 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. All of our derivatives held at June 30, 2017, and December 31, 2016, 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 June 30, 2017, or December 31, 2016. Fair Value of Financial Instruments At June 30, 2017, and December 31, 2016, 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 June 30, 2017, and December 31, 2016, as compared with those in effect when the debt was issued or assumed. 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): June 30, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Credit Facilities $ - $ - $ 35,023 $ 35,061 Senior notes 6,727,450 7,216,569 6,417,492 6,935,485 Term loans and unsecured other 1,968,437 1,986,654 1,499,001 1,510,661 Secured mortgages 1,983,623 2,063,821 979,585 1,055,020 Secured mortgages of consolidated entities 402,412 402,348 1,677,193 1,683,489 Total debt $ 11,081,922 $ 11,669,392 $ 10,608,294 $ 11,219,716 |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 10. 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 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 business 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 utilize the following: (i) our land bank; (ii) the development expertise of our local teams; (iii) our customer relationships; and (iv) our in-depth knowledge in connection with our development activities. 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 periodically 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 business 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 Six Months Ended June 30, June 30, 2017 2016 2017 2016 Revenues: Real estate operations segment: U.S. $ 529,841 $ 501,707 $ 1,053,988 $ 1,012,864 Other Americas 16,444 15,083 31,533 29,018 Europe 22,076 19,533 40,307 36,008 Asia 17,168 12,297 31,811 26,027 Total real estate operations segment 585,529 548,620 1,157,639 1,103,917 Strategic capital segment: U.S. 130,677 9,580 142,585 18,936 Other Americas 9,864 5,693 15,915 11,079 Europe 25,973 25,526 52,235 48,109 Asia 14,140 12,736 26,964 26,414 Total strategic capital segment 180,654 53,535 237,699 104,538 Total revenues $ 766,183 $ 602,155 $ 1,395,338 $ 1,208,455 Segment net operating income: Real estate operations segment: U.S. $ 396,274 $ 369,786 $ 780,374 $ 745,503 Other Americas 10,384 10,517 20,366 18,710 Europe 16,401 15,328 29,259 26,633 Asia 11,767 8,364 21,675 17,180 Total real estate operations segment 434,826 403,995 851,674 808,026 Strategic capital segment: U.S. 99,668 826 101,607 2,536 Other Americas 7,587 3,052 10,732 6,188 Europe 16,342 18,450 32,732 34,070 Asia 5,071 3,341 8,843 8,585 Total strategic capital segment 128,668 25,669 153,914 51,379 Total segment net operating income 563,494 429,664 1,005,588 859,405 Reconciling items: General and administrative expenses 60,077 56,934 113,694 107,477 Depreciation and amortization expenses 228,145 230,382 454,736 480,382 Operating income 275,272 142,348 437,158 271,546 Earnings from unconsolidated entities, net 68,596 41,454 117,201 99,765 Interest expense (75,354 ) (76,455 ) (148,266 ) (157,267 ) Interest and other income, net 1,892 1,527 4,677 4,118 Gains on dispositions of investments in real estate, net 83,006 200,350 180,331 344,667 Foreign currency and derivative losses, net (20,055 ) (10,335 ) (27,455 ) (24,546 ) Gains (losses) on early extinguishment of debt, net (30,596 ) 2,044 (30,596 ) 992 Earnings before income taxes $ 302,761 $ 300,933 $ 533,050 $ 539,275 June 30, December 31, 2017 2016 Assets: Real estate operations segment: U.S. $ 21,295,808 $ 21,286,422 Other Americas 1,052,052 978,476 Europe 1,139,882 1,346,589 Asia 1,147,246 936,462 Total real estate operations segment 24,634,988 24,547,949 Strategic capital segment: U.S. 17,454 18,090 Europe 44,680 47,635 Asia 958 1,301 Total strategic capital segment 63,092 67,026 Total segment assets 24,698,080 24,614,975 Reconciling items: Investments in and advances to unconsolidated entities 4,617,724 4,230,429 Assets held for sale or contribution 350,987 322,139 Notes receivable backed by real estate 19,536 32,100 Cash and cash equivalents 271,354 807,316 Other assets 192,714 242,973 Total reconciling items 5,452,315 5,634,957 Total assets $ 30,150,395 $ 30,249,932 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | NOTE 11. SUPPLEMENTAL CASH FLOW INFORMATION Our significant noncash investing and financing activities for the six months ended June 30, 2017, and 2016 included the following: • We capitalized $14.0 million and $13.3 million in 2017 and 2016, respectively, of equity-based compensation expense resulting from our development and leasing activities. • We issued 0.7 million and 0.9 million shares in 2017 and 2016, respectively, 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 6. • We received $22.8 million of ownership interests in certain unconsolidated co-investment ventures as a portion of our proceeds from the contribution of properties to these entities during 2017, as disclosed in Note 3. • We received a $19.5 million of a note backed by real estate in exchange for the disposition of real estate in 2017. We paid $188.1 million and $197.9 million for interest, net of amounts capitalized, for the six months ended June 30, 2017, and 2016, respectively. We paid $23.6 million and $14.4 million for income taxes, net of refunds, for the six months ended June 30, 2017, and 2016, respectively. |
General (Policies)
General (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
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, 2016, as filed with the SEC, and other public information. Certain amounts included in the accompanying Consolidated Financial Statements for 2016 have been reclassified to conform to the 2017 financial statement presentation. This included two reclassifications made in the Consolidated Statements of Cash Flows. The first was a reclassification of distributions from our unconsolidated entities from investing activities |
New Accounting Pronouncements | New Accounting Pronouncements. New Accounting Standards Adopted In January 2017, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update that clarifies the definition of a business. The update adds further guidance that assists preparers in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. We expect most of our acquisitions of operating properties and portfolios of operating properties to qualify as asset acquisitions under the standard that permits the capitalization of acquisition costs to the basis of the acquired buildings. We adopted this standard on January 1, 2017, on a prospective basis, and the adoption did not have a significant impact on the Consolidated Financial Statements. New Accounting Standards Issued but not yet Adopted Revenue Recognition. 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. We are evaluating each of our revenue streams and their related accounting policies under the standard. Rental revenues and recoveries earned from leasing our operating properties will be assessed with the adoption of the lease accounting standard update discussed below. Our evaluation under the revenue recognition standard also includes recurring fees and promotes earned from our co-investment ventures as well as sales to third parties and unconsolidated co-investment ventures. While we do not expect changes in the recognition of recurring fees earned, we are evaluating both the timing and measurement of promotes that may result in recognition when they are probable of being earned. For sales to third parties, primarily dispositions of real estate in exchange for cash with few contingencies, we do not expect the standard to significantly impact the recognition of or accounting treatment. In February 2017, the FASB issued an additional accounting standard update that provides the accounting treatment for gains and losses from the derecognition of non-financial assets, including the accounting for partial sales. Upon adoption of the standard, we will recognize, on a prospective basis, the entire gain attributed to sales to unconsolidated co-investment ventures rather than the third-party share we recognize today. For deferred gains from existing partial sales recorded prior to the adoption of the standard we will continue to recognize these gains into earnings over the lives of the assets. Both the revenue recognition and derecognition of non-financial assets standards are effective for us on January 1, 2018. In addition to the recognition changes discussed above, expanded quantitative and qualitative disclosures regarding revenue recognition will be required for contracts that are subject to these standards. We expect to adopt the standards on a modified retrospective basis. Leases. In February 2016, the FASB issued an accounting standard update that provides the principles for the recognition, measurement, presentation and disclosure of leases. The accounting for lessors will remain largely unchanged from current GAAP; however, the standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, certain of these costs are capitalizable and therefore this new standard may result in certain of these costs being expensed as incurred after adoption. This standard may also impact the timing, recognition and disclosures related to our rental recoveries from tenants earned from leasing our operating properties. 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 and office space leases. At December 31, 2016, we had approximately 90 ground and office space leases that will require us to measure and record a right-of-use asset and a lease liability upon adoption of the standard. There have been no significant changes to our ground and office space leases since December 31, 2016. The standard is effective for us on January 1, 2019. We are assessing the practical expedients available for implementation under the standard. If the practical expedients are elected, we would not be required to reassess (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for expired or existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. The standard will also require new disclosures within the notes accompanying the Consolidated Financial Statements. We will continue to assess the method of adoption and the overall impact the adoption will have on the Consolidated Financial Statements. |
Real Estate (Tables)
Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, December 31, June 30, December 31, June 30, December 31, 2017 2016 2017 2016 2017 2016 Operating properties Buildings and improvements 332,282 331,210 1,752 1,776 $ 18,273,094 $ 17,905,914 Improved land 6,139,322 6,037,543 Development portfolio, including land costs: Prestabilized 5,878 8,256 22 29 526,442 798,233 Properties under development 22,325 19,539 55 60 962,851 633,849 Land (1) 1,081,897 1,218,904 Other real estate investments (2) 517,678 524,887 Total investments in real estate properties 27,501,284 27,119,330 Less accumulated depreciation 4,026,369 3,758,372 Net investments in real estate properties $ 23,474,915 $ 23,360,958 (1) Included in our investments in real estate at June 30, 2017, and December 31, 2016, were 5,460 and 5,892 acres of land, respectively. (2) Included in other real estate investments are: (i) non-logistics real estate; (ii) land parcels that are ground leased to third parties; (iii) our corporate office buildings; (iv) costs related to future development projects, including purchase options on land; (v) infrastructure costs related to projects we are developing on behalf of others; and (vi) earnest money deposits associated with potential acquisitions. |
Summary of Properties Disposed | The following table summarizes our real estate disposition activity for the three and six months ended June 30 (dollars and square feet in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Contributions to unconsolidated co-investment ventures Number of properties 5 5 10 10 Square feet 875 1,308 3,644 4,019 Net proceeds (1) $ 115,617 $ 65,805 $ 513,106 $ 463,700 Gains on contributions, net (1) $ 37,702 $ 10,451 $ 126,068 $ 103,590 Dispositions to third parties Number of properties 20 72 38 99 Square feet 3,720 8,321 6,038 10,565 Net proceeds (1) (2) $ 216,290 $ 609,028 $ 459,679 $ 889,607 Gains on dispositions, net (1) (2) $ 45,304 $ 103,284 $ 54,263 $ 154,462 Total gains on contributions and dispositions, net $ 83,006 $ 113,735 $ 180,331 $ 258,052 Gains on redemption of investment in co-investment ventures (3) - 86,615 - 86,615 Total gains on dispositions of investments in real estate, net $ 83,006 $ 200,350 $ 180,331 $ 344,667 ( 1 ) Includes the contribution and disposition of land parcels. ( 2 ) Includes the sale of our investment in European Logistics Venture 1 (“ELV”) in 2017. See Note 3 for more information on this transaction. (3) In April 2016, we redeemed a portion of our investment in Prologis Targeted European Logistics Fund (“PTELF”) and Prologis Targeted U.S. Logistics Fund (“USLF”) for €185.0 million ($210.6 million) and $200.0 million, respectively. The amounts received for the redemptions were included in Return of Investment from Unconsolidated Entities |
Unconsolidated Entities (Tables
Unconsolidated Entities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Schedule Of Equity Method Investments [Line Items] | |
Summary of Investments in and Advances to our Unconsolidated Entities | The following table summarizes our investments in and advances to our unconsolidated entities (in thousands): June 30, December 31, 2017 2016 Unconsolidated co-investment ventures $ 4,382,825 $ 4,057,524 Other ventures 234,899 172,905 Totals $ 4,617,724 $ 4,230,429 |
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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Strategic capital revenues from unconsolidated co-investment ventures, net: U.S. (1) $ 130,165 $ 9,179 $ 141,223 $ 18,174 Other Americas (1) 9,864 5,693 15,915 11,079 Europe 25,957 25,435 52,127 47,768 Asia 14,064 12,654 26,719 26,255 Total strategic capital revenues from unconsolidated co-investment ventures, net $ 180,050 $ 52,961 $ 235,984 $ 103,276 Earnings from unconsolidated co-investment ventures, net: U.S. $ 1,963 $ 718 $ 6,909 $ 7,377 Other Americas 8,933 7,509 15,503 12,808 Europe 35,859 29,014 65,764 60,593 Asia 14,410 3,693 18,439 7,348 Total earnings from unconsolidated co-investment ventures, net $ 61,165 $ 40,934 $ 106,615 $ 88,126 (1) In June 2017, we earned promotes from USLF based on the venture’s cumulative returns to its investors over the last three years and FIBRA Prologis based on the venture’s cumulative returns to its investors over the past year. 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 June 30, 2017 (in millions): Equity Commitments Expiration Date for Remaining Commitments Prologis Venture Partners Total Prologis Targeted Europe Logistics Fund (1) $ - $ 346 $ 346 2017 - 2018 Prologis United Kingdom Logistics Venture (2) 35 201 236 2021 Prologis China Logistics Venture 294 1,665 1,959 2017 Totals $ 329 $ 2,212 $ 2,541 (1) Equity commitments are denominated in euro and reported in U.S. dollars based on an exchange rate of $1.14 U.S. dollars to the euro. (2) As discussed above, this co-investment venture was formed in February 2017. Equity commitments are denominated in British pounds sterling and reported in U.S. dollars based on an exchange rate of $1.30 U.S. dollars to the British pound sterling. |
Unconsolidated Co-Investment Ventures [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Summary of Investments in and Advances to our 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: June 30, December 31, June 30, (dollars and square feet in millions) 2017 2016 2016 U.S.: Number of ventures 1 1 1 Number of operating properties owned 384 369 379 Square feet 52 50 49 Total assets $ 4,346 $ 4,238 $ 4,228 Third-party debt $ 1,400 $ 1,414 $ 1,425 Total liabilities $ 1,620 $ 1,540 $ 1,504 Our investment balance (1) $ 545 $ 435 $ 518 Our weighted average ownership (2) 14.2 % 14.9 % 17.6 % Other Americas: Number of ventures 2 2 2 Number of operating properties owned 215 213 209 Square feet 43 42 41 Total assets $ 2,791 $ 2,793 $ 2,694 Third-party debt $ 728 $ 739 $ 677 Total liabilities $ 812 $ 814 $ 772 Our investment balance (1) $ 836 $ 845 $ 848 Our weighted average ownership (2) 44.0 % 43.9 % 43.6 % Europe: Number of ventures (3) (4) 4 4 4 Number of operating properties owned 702 700 690 Square feet 164 163 160 Total assets $ 12,178 $ 10,853 $ 11,188 Third-party debt $ 2,595 $ 2,446 $ 2,566 Total liabilities $ 3,536 $ 3,283 $ 3,521 Our investment balance (1) $ 2,505 $ 2,327 $ 2,464 Our weighted average ownership (2) 33.0 % 35.1 % 36.2 % Asia: Number of ventures 2 2 2 Number of operating properties owned 83 85 77 Square feet 36 36 34 Total assets $ 5,528 $ 5,173 $ 5,346 Third-party debt $ 2,088 $ 1,947 $ 1,952 Total liabilities $ 2,376 $ 2,239 $ 2,250 Our investment balance (1) $ 497 $ 451 $ 498 Our weighted average ownership (2) 15.1 % 15.1 % 15.0 % Total: Number of ventures 9 9 9 Number of operating properties owned 1,384 1,367 1,355 Square feet 295 291 284 Total assets $ 24,843 $ 23,057 $ 23,456 Third-party debt $ 6,811 $ 6,546 $ 6,620 Total liabilities $ 8,344 $ 7,876 $ 8,047 Our investment balance (1) $ 4,383 $ 4,058 $ 4,328 Our weighted average ownership (2) 26.9 % 27.9 % 28.8 % Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Revenues: U.S. $ 105 $ 98 $ 209 $ 196 Other Americas 66 59 130 116 Europe 248 248 492 492 Asia 89 86 177 162 Total revenues $ 508 $ 491 $ 1,008 $ 966 Net earnings: U.S. $ 15 $ 6 $ 51 $ 36 Other Americas 22 19 39 33 Europe 93 68 166 141 Asia 93 22 117 44 Total net earnings $ 223 $ 115 $ 373 $ 254 (1) The difference between our ownership interest of a venture’s equity and our investment balance at June 30, 2017, and December 31, 2016, 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 ($459.4 million and $469.9 million, respectively); (ii) recording additional costs associated with our investment in a venture ($125.0 million and $124.1 million, respectively); and (iii) advances to a venture ($300.5 million and $166.1 million, respectively), which increased primarily from the gross promotes that were earned during the second quarter of 2017 and expected to be paid in the third quarter of 2017 . (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 January 2017, we sold our investment in ELV to our fund partner for $84.3 million and ELV contributed its properties to PTELF in exchange for equity interests. (4) In February 2017, we formed the Prologis United Kingdom Logistics Venture (“UKLV”), an unconsolidated co-investment venture in which we have a 15.0% ownership interest. UKLV will acquire land, develop buildings and operate and hold logistics real estate assets in the United Kingdom (“U.K.”). Upon formation, we, along with our venture partner, committed £380.0 million ($493.2 million at June 30, 2017), of which our share is £57.0 million ($74.0 million at June 30, 2017). During the six months ended June 30, 2017, we contributed 1.4 million square feet of stabilized properties, 0.5 million square feet of properties under development and 144.8 acres of land for £269.5 million ($336.4 million). We expect to continue to contribute properties and land into UKLV. |
Assets Held for Sale or Contr23
Assets Held for Sale or Contribution (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, December 31, 2017 2016 Number of operating properties 22 13 Square feet 4,886 4,167 Total assets held for sale or contribution $ 350,987 $ 322,139 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 6,281 $ 4,984 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt Summary | The following table summarizes our debt (dollars in thousands): June 30, 2017 December 31, 2016 Weighted Average Interest Rate (1) Amount Outstanding (2) Weighted Average Interest Rate (1) Amount Outstanding Credit facilities - $ - 1.0 % $ 35,023 Senior notes 3.1 % 6,727,450 3.3 % 6,417,492 Term loans 1.6 % 1,954,091 1.4 % 1,484,523 Unsecured other 6.1 % 14,346 6.1 % 14,478 Secured mortgages (3) 3.9 % 1,983,623 4.9 % 979,585 Secured mortgages of consolidated entities (3) 2.7 % 402,412 3.0 % 1,677,193 Totals 3.0 % $ 11,081,922 3.2 % $ 10,608,294 (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 the debt outstanding. (2) Included in the outstanding balances are borrowings denominated in non-U.S. dollars, principally: euro ($3.6 billion), Japanese yen ($1.5 billion), British pounds sterling ($0.6 billion) and Canadian dollars ($0.4 billion). (3) As discussed in Note 6, in March 2017 we acquired all of our partner’s interest in NAIF, therefore, the related secured mortgage debt of $956.0 million at June 30, 2017 was wholly-owned and reported as secured mortgages. In July 2017, this debt was assumed by USLF in conjunction with our contribution of the associated real estate properties, as discussed in Note 3. |
Credit Facilities | The following table summarizes information about our Credit Facilities at June 30, 2017 (in millions): Aggregate lender commitments $ 3,452 Less: Borrowings outstanding - Outstanding letters of credit 37 Current availability $ 3,415 |
Long-Term Debt Maturities | Principal payments due on our debt, for the remainder of 2017 and for each of the years in the period ending December 31, 2026, and thereafter were as follows at June 30, 2017 (in thousands): Unsecured Senior Term Loans Secured Maturity Notes and Other Mortgage Debt Total 2017 (1) $ - $ 491 $ - $ 491 2018 175,000 1,009 118,063 294,072 2019 - 1,091 610,281 611,372 2020 (2) 887,241 501,155 446,318 1,834,714 2021 1,298,840 954 436,544 1,736,338 2022 798,840 447,396 141,673 1,387,909 2023 850,000 913,201 163,284 1,926,485 2024 798,840 882 174,735 974,457 2025 750,000 958 133,420 884,378 2026 570,600 599 139,920 711,119 Thereafter 648,903 112,851 2,384 764,138 Subtotal 6,778,264 1,980,587 2,366,622 11,125,473 Premiums (discounts), net (22,648 ) - 28,391 5,743 Debt issuance costs, net (28,166 ) (12,150 ) (8,978 ) (49,294 ) Totals $ 6,727,450 $ 1,968,437 $ 2,386,035 $ 11,081,922 (1) We expect to repay the amounts maturing in 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 2020 maturities is the 2017 Term Loan that can be extended until 2022. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017, and December 31, 2016 (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities 2017 2016 2017 2016 2017 2016 2017 2016 Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 2,522,506 $ 2,424,800 $ 6,105,549 $ 6,201,278 $ 496,086 $ 797,593 Prologis North American Industrial Fund (1) 100.0 % 66.1 % - 486,648 - 2,479,072 - 1,038,708 Prologis Brazil Logistics Partners Fund I (2) 100.0 % 50.0 % - 61,836 - 131,581 - 720 Other consolidated entities (3) various various 84,846 99,185 849,870 866,821 37,488 34,073 Prologis, L.P. noncontrolling interests 2,607,352 3,072,469 6,955,419 9,678,752 533,574 1,871,094 Limited partners in Prologis, L.P. (4) (5) 405,590 394,590 - - - - Prologis, Inc. noncontrolling interests $ 3,012,942 $ 3,467,059 $ 6,955,419 $ 9,678,752 $ 533,574 $ 1,871,094 (1) In March 2017, we acquired all of our partner’s interest for $710.2 million. The difference between the amount we paid and the noncontrolling interest balance was adjusted through Additional Paid-in Capital (2) In March 2017, we acquired all of our partner’s interest for $79.8 million. The difference between the amount we paid and the noncontrolling interest balance was adjusted through Additional Paid-in Capital (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 June 30, 2017, and December 31, 2016, limited partnership units were redeemable for cash or, at our option, 1.6 million shares of the Parent’s common stock. During the first six months of 2017, limited partnership units were redeemed for 265 thousand shares of the Parent’s common stock. (4) We had 8.9 million Class A Units that were convertible into 8.6 million and 8.7 million common limited partnership units of the Operating Partnership at June 30, 2017 and December 31, 2016, respectively. (5) At June 30, 2017, and December 31, 2016, excluding the Class A Units, there were common limited partnership units in the Operating Partnership outstanding that were redeemable for cash or, at our option, 4.1 million shares and 4.6 million shares of the Parent’s common stock with a fair value of $242.2 million and $241.8 million, respectively, based on the closing stock price of the Parent’s common stock. During the first six months of 2017, unitholders redeemed 0.7 million common limited partnership units for an equal number of shares of the Parent’s common stock with a value of $18.8 million. At June 30, 2017, and December 31, 2016, there were 3.7 million and 2.2 million LTIP Units (as defined in Note 7) outstanding, respectively, associated with our long-term compensation plan that are convertible into common units of the Operating Partnership after they vest and other applicable conditions are met. |
Long-Term Compensation (Tables)
Long-Term Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
POP LTIP Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Unvested POP LTIP Units Activity | The following table summarizes the activity for the unvested POP LTIP Units for the six months ended June 30, 2017 (units in thousands): Number of Unvested POP LTIP Units Balance at January 1, 2017 3,490 Granted 38 Vested POP LTIP Units (1) (698 ) Forfeited (576 ) Balance at June 30, 2017 2,254 (1) Vested units were based on the POP performance criteria being met for the 2014 – 2016 performance period and represented the earned award amount. Vested units are included in LTIP Units in the table below. Any excess outstanding unvested POP LTIP Units for the 2014 – 2016 performance period were forfeited to the extent not earned. |
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 LTIP Units for the six months ended June 30, 2017 (units in thousands): Number of Weighted Average Number of LTIP Units Grant-Date Fair Value LTIP Units Vested Balance at January 1, 2017 2,219 $ 40.81 743 Granted 1,032 Vested POP LTIP Units 698 Conversion to common limited partnership units (227 ) Balance at June 30, 2017 3,722 $ 45.55 1,835 |
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 six months ended June 30, 2017 (units in thousands): Number of Weighted Average Number of RSUs Grant-Date Fair Value RSUs Vested Balance at January 1, 2017 1,617 $ 40.58 125 Granted 757 Vested and distributed (783 ) Forfeited (46 ) Balance at June 30, 2017 1,545 $ 45.29 106 |
Prologis Promote Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Equity Awards Granted | The following table details the equity awards granted under the PPP for the six months ended June 30 (in thousands): 2017 2016 RSUs granted 88 53 Grant date fair value of RSUs granted $ 4,800 $ 2,300 LTIP Units granted 203 114 Grant date fair value of LTIP Units granted $ 11,100 $ 4,900 |
Earnings Per Common Share or 27
Earnings Per Common Share or Unit (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 Six Months Ended June 30, June 30, Prologis, Inc. 2017 2016 2017 2016 Net earnings attributable to common stockholders – Basic $ 266,943 $ 275,383 $ 470,198 $ 483,424 Net earnings attributable to redeemable limited partnership unitholders (1) 7,798 9,085 13,765 15,694 Adjusted net earnings attributable to common stockholders – Diluted $ 274,741 $ 284,468 $ 483,963 $ 499,118 Weighted average common shares outstanding – Basic 530,040 524,842 529,400 524,540 Incremental weighted average effect on redemption of limited partnership units (1) 16,364 17,703 16,409 17,623 Incremental weighted average effect of equity awards 5,710 2,843 4,703 2,130 Weighted average common shares outstanding – Diluted (2) 552,114 545,388 550,512 544,293 Net earnings per share attributable to common stockholders: Basic $ 0.50 $ 0.52 $ 0.89 $ 0.92 Diluted $ 0.50 $ 0.52 $ 0.88 $ 0.92 Three Months Ended Six Months Ended June 30, June 30, Prologis, L.P. 2017 2016 2017 2016 Net earnings attributable to common unitholders $ 274,320 $ 283,699 $ 483,198 $ 497,974 Net earnings attributable to Class A common unitholders (4,347 ) (4,619 ) (7,678 ) (8,129 ) Net earnings attributable to common unitholders – Basic $ 269,973 $ 279,080 $ 475,520 $ 489,845 Net earnings attributable to Class A common unitholders 4,347 4,619 7,678 8,129 Net earnings attributable to limited partnership unitholders 421 768 765 1,143 Adjusted net earnings attributable to common unitholders – Diluted $ 274,741 $ 284,467 $ 483,963 $ 499,117 Weighted average common partnership units outstanding – Basic 536,060 531,912 535,392 531,507 Incremental weighted average effect on conversion of Class A Units 8,626 8,798 8,645 8,821 Incremental weighted average effect on redemption of limited partnership units into common stock of Prologis, Inc. 1,718 1,835 1,772 1,835 Incremental weighted average effect of equity awards of Prologis, Inc. 5,710 2,843 4,703 2,130 Weighted average common partnership units outstanding – Diluted (2) 552,114 545,388 550,512 544,293 Net earnings per unit attributable to common unitholders: Basic $ 0.50 $ 0.52 $ 0.89 $ 0.92 Diluted $ 0.50 $ 0.52 $ 0.88 $ 0.92 (1) Earnings allocated to the redeemable Operating Partnership units not held by the Parent has been included in the numerator and redeemable 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) Our total potentially dilutive shares and units outstanding consisted of the following: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Total weighted average potentially dilutive limited partnership units 10,344 10,633 10,417 10,656 Total potentially dilutive stock awards 9,355 7,176 8,583 6,854 Total Prologis, L.P. 19,699 17,809 19,000 17,510 Limited partners in Prologis, L.P. 6,020 7,070 5,992 6,967 Total Prologis, Inc. 25,719 24,879 24,992 24,477 |
Financial Instruments and Fai28
Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 December 31, 2016 Asset Liability Asset Liability Net investment hedges British pound sterling denominated $ - $ - $ 7,439 $ - Canadian dollar denominated - 3,904 1,245 - Forwards and options (1) British pound sterling denominated 8,401 4,048 16,985 - Canadian dollar denominated 31 546 831 197 Euro denominated 538 6,101 10,933 - Yen denominated 6,919 1,512 9,246 1,071 Interest rate hedges 3,639 - 435 - Total fair value of derivatives $ 19,528 $ 16,111 $ 47,114 $ 1,268 (1) As discussed below, these foreign currency options are not designated as hedges. We recognized unrealized losses of $18.8 million and $32.5 million for the three and six months ended June 30, 2017, respectively, from the change in value of our outstanding foreign currency options within Foreign Currency and Derivative Losses, Net |
Foreign Currency Contracts Activity | The following tables summarize the activity in our foreign currency contracts for the six months ended June 30 (in millions, except for weighted average forward rates and number of active contracts): 2017 Foreign Currency Contracts Local Currency Net Investment Hedges Forwards and Options CAD GBP CAD EUR GBP JPY Notional amounts at January 1 $ 133 £ 31 $ 50 € 174 £ 48 ¥ 15,500 New contracts 133 100 - 56 107 4,000 Matured, expired or settled contracts (133 ) (131 ) (15 ) (50 ) (31 ) (3,500 ) Notional amounts at June 30 $ 133 £ - $ 35 € 180 £ 124 ¥ 16,000 Foreign Currency Contracts U.S. Dollar Net Investment Hedges Forwards and Options Notional amounts at January 1 $ 100 $ 46 $ 38 $ 197 $ 78 $ 144 New contracts 99 127 - 63 137 38 Matured, expired or settled contracts (100 ) (173 ) (12 ) (56 ) (46 ) (31 ) Notional amounts at June 30 $ 99 $ - $ 26 $ 204 $ 169 $ 151 Weighted average forward rate at June 30 1.34 - 1.32 1.13 1.33 106.51 Active contracts at June 30 2 - 12 26 22 32 2016 Foreign Currency Contracts Local Currency Net Investment Hedges Forwards and Options CAD GBP JPY EUR GBP JPY Other Notional amounts at January 1 $ - £ 238 ¥ - € 275 £ 97 ¥ 12,840 New contracts 133 60 11,189 171 - 11,460 Matured, expired or settled contracts - (60 ) (11,189 ) (75 ) (24 ) (3,120 ) Notional amounts at June 30 $ 133 £ 238 ¥ - € 371 £ 73 ¥ 21,180 Foreign Currency Contracts U.S. Dollar Net Investment Hedges Forwards and Options (1) Notional amounts at January 1 $ - $ 386 $ - $ 310 $ 148 $ 109 $ 50 New contracts 100 85 99 192 - 108 15 Matured, expired or settled contracts - (100 ) (99 ) (85 ) (36 ) (27 ) (15 ) Notional amounts at June 30 $ 100 $ 371 $ - $ 417 $ 112 $ 190 $ 50 (1) During the Foreign Currency and Derivative Losses, Net. |
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 June 30, Six Months Ended June 30, 2017 2016 2017 2016 Derivative net investment hedges (1) $ 7,197 $ 21,512 $ 9,491 $ 29,420 Interest rate and cash flow hedges (2) 4,559 (2,703 ) 4,988 (13,824 ) Our share of derivatives from unconsolidated co-investment ventures 2,176 (3,223 ) 4,378 (7,994 ) Total derivative instruments 13,932 15,586 18,857 7,602 Nonderivative net investment hedges (3) (4) (229,666 ) 91,416 (274,192 ) (69,773 ) Total derivative and nonderivative hedging instruments $ (215,734 ) $ 107,002 $ (255,335 ) $ (62,171 ) (1) We received $0.7 million and $2.5 million for the three and six months ended June 30, 2017, respectively, upon the settlement of net investment hedges. We received $15.9 million and $16.8 million for the three and six months ended June 30, 2016, respectively, upon the settlement of net investment hedges. (2) The amounts reclassified to interest expense for the three and six months ended June 30, 2017, were $1.5 million and $2.9 million, respectively. The amounts reclassified to interest expense for the three and six months ended June 30, 2016, were $1.1 million and $2.1 million, respectively. For the next 12 months from June 30, 2017, we estimate an additional expense of $4.8 million will be reclassified to Interest Expense (3) At June 30, 2017, and December 31, 2016, we had €3.1 billion ($3.5 billion) and €3.2 billion ($3.4 billion) of debt, net of accrued interest, respectively, designated as nonderivative financial instrument hedges of our net investment in international subsidiaries. We recognized unrealized losses of $7.2 million and $11.3 million in Foreign Currency and Derivative Losses, Net (4) In June 2017, we issued £500.0 million ($645.3 million) of debt, as discussed in Note 5, and designated the debt as a nonderivative financial instrument hedge of our net investment in international subsidiaries. We had no gains or losses for the three and six months ended June 30, 2017. |
Carrying Amounts and Estimated Fair Values of Debt | The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): June 30, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Credit Facilities $ - $ - $ 35,023 $ 35,061 Senior notes 6,727,450 7,216,569 6,417,492 6,935,485 Term loans and unsecured other 1,968,437 1,986,654 1,499,001 1,510,661 Secured mortgages 1,983,623 2,063,821 979,585 1,055,020 Secured mortgages of consolidated entities 402,412 402,348 1,677,193 1,683,489 Total debt $ 11,081,922 $ 11,669,392 $ 10,608,294 $ 11,219,716 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting, Reconciliation of Revenues, Operating Income and Assets | The following reconciliations are presented in thousands: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Revenues: Real estate operations segment: U.S. $ 529,841 $ 501,707 $ 1,053,988 $ 1,012,864 Other Americas 16,444 15,083 31,533 29,018 Europe 22,076 19,533 40,307 36,008 Asia 17,168 12,297 31,811 26,027 Total real estate operations segment 585,529 548,620 1,157,639 1,103,917 Strategic capital segment: U.S. 130,677 9,580 142,585 18,936 Other Americas 9,864 5,693 15,915 11,079 Europe 25,973 25,526 52,235 48,109 Asia 14,140 12,736 26,964 26,414 Total strategic capital segment 180,654 53,535 237,699 104,538 Total revenues $ 766,183 $ 602,155 $ 1,395,338 $ 1,208,455 Segment net operating income: Real estate operations segment: U.S. $ 396,274 $ 369,786 $ 780,374 $ 745,503 Other Americas 10,384 10,517 20,366 18,710 Europe 16,401 15,328 29,259 26,633 Asia 11,767 8,364 21,675 17,180 Total real estate operations segment 434,826 403,995 851,674 808,026 Strategic capital segment: U.S. 99,668 826 101,607 2,536 Other Americas 7,587 3,052 10,732 6,188 Europe 16,342 18,450 32,732 34,070 Asia 5,071 3,341 8,843 8,585 Total strategic capital segment 128,668 25,669 153,914 51,379 Total segment net operating income 563,494 429,664 1,005,588 859,405 Reconciling items: General and administrative expenses 60,077 56,934 113,694 107,477 Depreciation and amortization expenses 228,145 230,382 454,736 480,382 Operating income 275,272 142,348 437,158 271,546 Earnings from unconsolidated entities, net 68,596 41,454 117,201 99,765 Interest expense (75,354 ) (76,455 ) (148,266 ) (157,267 ) Interest and other income, net 1,892 1,527 4,677 4,118 Gains on dispositions of investments in real estate, net 83,006 200,350 180,331 344,667 Foreign currency and derivative losses, net (20,055 ) (10,335 ) (27,455 ) (24,546 ) Gains (losses) on early extinguishment of debt, net (30,596 ) 2,044 (30,596 ) 992 Earnings before income taxes $ 302,761 $ 300,933 $ 533,050 $ 539,275 June 30, December 31, 2017 2016 Assets: Real estate operations segment: U.S. $ 21,295,808 $ 21,286,422 Other Americas 1,052,052 978,476 Europe 1,139,882 1,346,589 Asia 1,147,246 936,462 Total real estate operations segment 24,634,988 24,547,949 Strategic capital segment: U.S. 17,454 18,090 Europe 44,680 47,635 Asia 958 1,301 Total strategic capital segment 63,092 67,026 Total segment assets 24,698,080 24,614,975 Reconciling items: Investments in and advances to unconsolidated entities 4,617,724 4,230,429 Assets held for sale or contribution 350,987 322,139 Notes receivable backed by real estate 19,536 32,100 Cash and cash equivalents 271,354 807,316 Other assets 192,714 242,973 Total reconciling items 5,452,315 5,634,957 Total assets $ 30,150,395 $ 30,249,932 |
General - Additional Informatio
General - Additional Information (Detail) shares in Millions | 6 Months Ended | |
Jun. 30, 2017Segmentshares | Dec. 31, 2016Ground | |
General [Line Items] | ||
Number of reportable segments | Segment | 2 | |
Percentage of common limited partnership interest | 2.67% | |
Number of ground and office space leases | Ground | 90 | |
General Partner | Prologis Limited Partnership [Member] | ||
General [Line Items] | ||
Percentage of ownership in operating partnership | 97.33% | |
Preferred [Member] | Prologis Limited Partnership [Member] | ||
General [Line Items] | ||
Percentage of ownership in operating partnership | 100.00% | |
Class A Common [Member] | ||
General [Line Items] | ||
Class of common limited partnership units designated as class A common units | shares | 8.9 |
Real Estate - Investments in Re
Real Estate - Investments in Real Estate Properties (Detail) ft² in Thousands, $ in Thousands | Jun. 30, 2017USD ($)ft²aBuildings | Dec. 31, 2016USD ($)ft²aBuildings |
Real Estate Properties [Line Items] | ||
Total investments in real estate properties | $ 27,501,284 | $ 27,119,330 |
Less accumulated depreciation | 4,026,369 | 3,758,372 |
Net investments in real estate properties | $ 23,474,915 | $ 23,360,958 |
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 | $ 6,139,322 | $ 6,037,543 |
Building and Improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | ft² | 332,282 | 331,210 |
Number of buildings | Buildings | 1,752 | 1,776 |
Total investments in real estate properties | $ 18,273,094 | $ 17,905,914 |
Development Portfolio, Including Cost of Land: Pre-stabilized [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | ft² | 5,878 | 8,256 |
Number of buildings | Buildings | 22 | 29 |
Total investments in real estate properties | $ 526,442 | $ 798,233 |
Properties Under Development [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | ft² | 22,325 | 19,539 |
Number of buildings | Buildings | 55 | 60 |
Total investments in real estate properties | $ 962,851 | $ 633,849 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | a | 5,460 | 5,892 |
Total investments in real estate properties | $ 1,081,897 | $ 1,218,904 |
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 | $ 517,678 | $ 524,887 |
Real Estate - Investments in 32
Real Estate - Investments in Real Estate Properties (Parenthetical) (Detail) - a | Jun. 30, 2017 | Dec. 31, 2016 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Square feet | 5,460 | 5,892 |
Real Estate - Summary of Dispos
Real Estate - Summary of Dispositions (Detail) ft² in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)ft²Property | Jun. 30, 2016USD ($)ft²Property | Jun. 30, 2017USD ($)ft²Property | Jun. 30, 2016USD ($)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 | $ 83,006 | $ 200,350 | $ 180,331 | $ 344,667 |
Continuing Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total gains on contributions and dispositions, net | 83,006 | 113,735 | 180,331 | 258,052 |
Total gains on dispositions of investments in real estate, net | $ 83,006 | $ 200,350 | $ 180,331 | $ 344,667 |
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 | 5 | 5 | 10 | 10 |
Square feet | ft² | 875 | 1,308 | 3,644 | 4,019 |
Net proceeds | $ 115,617 | $ 65,805 | $ 513,106 | $ 463,700 |
Gains on contributions, net (1) | $ 37,702 | $ 10,451 | $ 126,068 | $ 103,590 |
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 | 20 | 72 | 38 | 99 |
Square feet | ft² | 3,720 | 8,321 | 6,038 | 10,565 |
Net proceeds | $ 216,290 | $ 609,028 | $ 459,679 | $ 889,607 |
Gains on contributions, net (1) | 45,304 | 103,284 | 54,263 | 154,462 |
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] | ||||
Gains on contributions, net (1) | $ 0 | $ 86,615 | $ 0 | $ 86,615 |
Real Estate - Summary of Disp34
Real Estate - Summary of Dispositions (Parenthetical) (Detail) - 1 months ended Apr. 30, 2016 € in Millions, $ in Millions | USD ($) | EUR (€) |
Prologis Europe Logistics Fund | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Redeemed a portion of investment | $ 210.6 | € 185 |
Prologis Targeted U S Logistics Fund | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Redeemed a portion of investment | $ 200 |
Unconsolidated Entities - Summa
Unconsolidated Entities - Summary of Investments in and Advances to our Unconsolidated Entities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated entities | $ 4,617,724 | $ 4,230,429 |
Unconsolidated Co-Investment Ventures [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated entities | 4,382,825 | 4,057,524 |
Other Ventures [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated entities | $ 234,899 | $ 172,905 |
Unconsolidated Entities - Sum36
Unconsolidated Entities - Summary of Amounts Recognized in Consolidated Statements of Income Related to Co-Investment Ventures (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Schedule Of Equity Method Investments [Line Items] | |||||
Total strategic capital revenues | $ 180,654 | $ 53,535 | $ 237,699 | $ 104,538 | |
Total earnings from unconsolidated co-investment ventures, net | 68,596 | 41,454 | 117,201 | 99,765 | |
Unconsolidated Co-Investment Ventures [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Total strategic capital revenues | 180,050 | 52,961 | 235,984 | 103,276 | |
Total earnings from unconsolidated co-investment ventures, net | 61,165 | 40,934 | 106,615 | 88,126 | |
Unconsolidated Co-Investment Ventures [Member] | U.S. [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Total strategic capital revenues | [1] | 130,165 | 9,179 | 141,223 | 18,174 |
Total earnings from unconsolidated co-investment ventures, net | 1,963 | 718 | 6,909 | 7,377 | |
Unconsolidated Co-Investment Ventures [Member] | Other Americas [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Total strategic capital revenues | [1] | 9,864 | 5,693 | 15,915 | 11,079 |
Total earnings from unconsolidated co-investment ventures, net | 8,933 | 7,509 | 15,503 | 12,808 | |
Unconsolidated Co-Investment Ventures [Member] | Europe [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Total strategic capital revenues | 25,957 | 25,435 | 52,127 | 47,768 | |
Total earnings from unconsolidated co-investment ventures, net | 35,859 | 29,014 | 65,764 | 60,593 | |
Unconsolidated Co-Investment Ventures [Member] | Asia [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Total strategic capital revenues | 14,064 | 12,654 | 26,719 | 26,255 | |
Total earnings from unconsolidated co-investment ventures, net | $ 14,410 | $ 3,693 | $ 18,439 | $ 7,348 | |
[1] | In June 2017, we earned promotes from USLF based on the venture’s cumulative returns to its investors over the last three years and FIBRA Prologis based on the venture’s cumulative returns to its investors over the past year. The third parties’ share of the promotes that were recognized in Strategic Capital Revenues were $123.9 million. |
Unconsolidated Entities - Sum37
Unconsolidated Entities - Summary of Amounts Recognized in Consolidated Statements of Income Related to Co-Investment Ventures (Parenthetical) (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Equity Method Investments And Joint Ventures [Abstract] | |
Third parties share of promotes recognized in strategic capital revenues | $ 123.9 |
Unconsolidated Entities - Sum38
Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Detail) - Unconsolidated Co-Investment Ventures [Member] ft² in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017USD ($)ft²PropertyVenture | Jun. 30, 2016USD ($)ft²PropertyVenture | Jun. 30, 2017USD ($)ft²PropertyVenture | Jun. 30, 2016USD ($)ft²PropertyVenture | Dec. 31, 2016USD ($)ft²PropertyVenture | ||
Schedule Of Equity Method Investments [Line Items] | ||||||
Number of ventures | Venture | 9 | 9 | 9 | 9 | 9 | |
Number of operating properties owned | Property | 1,384 | 1,355 | 1,384 | 1,355 | 1,367 | |
Square feet | ft² | 295 | 284 | 295 | 284 | 291 | |
Total assets | $ 24,843 | $ 23,456 | $ 24,843 | $ 23,456 | $ 23,057 | |
Third-party debt | 6,811 | 6,620 | 6,811 | 6,620 | 6,546 | |
Total liabilities | 8,344 | 8,047 | 8,344 | 8,047 | 7,876 | |
Our investment balance | [1] | 4,383 | 4,328 | 4,383 | 4,328 | $ 4,058 |
Revenues | 508 | 491 | 1,008 | 966 | ||
Net earnings | $ 223 | $ 115 | $ 373 | $ 254 | ||
U.S. [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Number of ventures | Venture | 1 | 1 | 1 | 1 | 1 | |
Number of operating properties owned | Property | 384 | 379 | 384 | 379 | 369 | |
Square feet | ft² | 52 | 49 | 52 | 49 | 50 | |
Total assets | $ 4,346 | $ 4,228 | $ 4,346 | $ 4,228 | $ 4,238 | |
Third-party debt | 1,400 | 1,425 | 1,400 | 1,425 | 1,414 | |
Total liabilities | 1,620 | 1,504 | 1,620 | 1,504 | 1,540 | |
Our investment balance | [1] | 545 | 518 | 545 | 518 | $ 435 |
Revenues | 105 | 98 | 209 | 196 | ||
Net earnings | $ 15 | $ 6 | $ 51 | $ 36 | ||
Other Americas [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Number of ventures | Venture | 2 | 2 | 2 | 2 | 2 | |
Number of operating properties owned | Property | 215 | 209 | 215 | 209 | 213 | |
Square feet | ft² | 43 | 41 | 43 | 41 | 42 | |
Total assets | $ 2,791 | $ 2,694 | $ 2,791 | $ 2,694 | $ 2,793 | |
Third-party debt | 728 | 677 | 728 | 677 | 739 | |
Total liabilities | 812 | 772 | 812 | 772 | 814 | |
Our investment balance | [1] | 836 | 848 | 836 | 848 | $ 845 |
Revenues | 66 | 59 | 130 | 116 | ||
Net earnings | $ 22 | $ 19 | $ 39 | $ 33 | ||
Europe [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Number of ventures | Venture | [2],[3] | 4 | 4 | 4 | 4 | 4 |
Number of operating properties owned | Property | 702 | 690 | 702 | 690 | 700 | |
Square feet | ft² | 164 | 160 | 164 | 160 | 163 | |
Total assets | $ 12,178 | $ 11,188 | $ 12,178 | $ 11,188 | $ 10,853 | |
Third-party debt | 2,595 | 2,566 | 2,595 | 2,566 | 2,446 | |
Total liabilities | 3,536 | 3,521 | 3,536 | 3,521 | 3,283 | |
Our investment balance | [1] | 2,505 | 2,464 | 2,505 | 2,464 | $ 2,327 |
Revenues | 248 | 248 | 492 | 492 | ||
Net earnings | $ 93 | $ 68 | $ 166 | $ 141 | ||
Asia [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Number of ventures | Venture | 2 | 2 | 2 | 2 | 2 | |
Number of operating properties owned | Property | 83 | 77 | 83 | 77 | 85 | |
Square feet | ft² | 36 | 34 | 36 | 34 | 36 | |
Total assets | $ 5,528 | $ 5,346 | $ 5,528 | $ 5,346 | $ 5,173 | |
Third-party debt | 2,088 | 1,952 | 2,088 | 1,952 | 1,947 | |
Total liabilities | 2,376 | 2,250 | 2,376 | 2,250 | 2,239 | |
Our investment balance | [1] | 497 | 498 | 497 | 498 | $ 451 |
Revenues | 89 | 86 | 177 | 162 | ||
Net earnings | $ 93 | $ 22 | $ 117 | $ 44 | ||
Weighted Average [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Our weighted average ownership | [4] | 26.90% | 28.80% | 26.90% | 28.80% | 27.90% |
Weighted Average [Member] | U.S. [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Our weighted average ownership | [4] | 14.20% | 17.60% | 14.20% | 17.60% | 14.90% |
Weighted Average [Member] | Other Americas [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Our weighted average ownership | [4] | 44.00% | 43.60% | 44.00% | 43.60% | 43.90% |
Weighted Average [Member] | Europe [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Our weighted average ownership | [4] | 33.00% | 36.20% | 33.00% | 36.20% | 35.10% |
Weighted Average [Member] | Asia [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Our weighted average ownership | [4] | 15.10% | 15.00% | 15.10% | 15.00% | 15.10% |
[1] | The difference between our ownership interest of a venture’s equity and our investment balance at June 30, 2017, and December 31, 2016, 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 ($459.4 million and $469.9 million, respectively); (ii) recording additional costs associated with our investment in a venture ($125.0 million and $124.1 million, respectively); and (iii) advances to a venture ($300.5 million and $166.1 million, respectively), which increased primarily from the gross promotes that were earned during the second quarter of 2017 and expected to be paid in the third quarter of 2017. | |||||
[2] | In February 2017, we formed the Prologis United Kingdom Logistics Venture (“UKLV”), an unconsolidated co-investment venture in which we have a 15.0% ownership interest. UKLV will acquire land, develop buildings and operate and hold logistics real estate assets in the United Kingdom (“U.K.”). Upon formation, we, along with our venture partner, committed £380.0 million ($493.2 million at June 30, 2017), of which our share is £57.0 million ($74.0 million at June 30, 2017). During the six months ended June 30, 2017, we contributed 1.4 million square feet of stabilized properties, 0.5 million square feet of properties under development and 144.8 acres of land for £269.5 million ($336.4 million). We expect to continue to contribute properties and land into UKLV. | |||||
[3] | In January 2017, we sold our investment in ELV to our fund partner for $84.3 million and ELV contributed its properties to PTELF in exchange for equity interests. | |||||
[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 - Sum39
Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Parenthetical) (Detail) ft² in Thousands, $ in Thousands, £ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jan. 31, 2017USD ($) | Jun. 30, 2017USD ($)ft²a | Dec. 31, 2016USD ($)ft²a | Jun. 30, 2017GBP (£)ft²a | Feb. 28, 2017GBP (£) | |
Schedule Of Equity Method Investments [Line Items] | |||||
Deferred gain recognize | $ 459,400 | $ 469,900 | |||
Additional costs associated with investment in a venture | 125,000 | 124,100 | |||
Advances to venture | 300,500 | 166,100 | |||
Equity commitments | 74,000 | £ 57 | |||
Investments in real estate properties | $ 27,501,284 | $ 27,119,330 | |||
Properties Under Development [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Square feet | ft² | 22,325 | 19,539 | 22,325 | ||
Investments in real estate properties | $ 962,851 | $ 633,849 | |||
Land [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Square feet | a | 5,460 | 5,892 | 5,460 | ||
Investments in real estate properties | $ 1,081,897 | $ 1,218,904 | |||
Europe Logistics Venture 1 [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Redeemed a portion of investment | $ 84,300 | ||||
Prologis U.K. Logistics Venture [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Ownership percentage | 15.00% | ||||
Equity commitments | $ 493,200 | £ 380 | |||
Prologis U.K. Logistics Venture [Member] | Stabilized Properties [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Square feet | ft² | 1,400 | 1,400 | |||
Prologis U.K. Logistics Venture [Member] | Stabilized Properties, Properties under Development and Land [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Investments in real estate properties | $ 336,400 | £ 269.5 | |||
Prologis U.K. Logistics Venture [Member] | Properties Under Development [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Square feet | ft² | 500 | 500 | |||
Prologis U.K. Logistics Venture [Member] | Land [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Square feet | a | 144.8 | 144.8 |
Unconsolidated Entities - Addit
Unconsolidated Entities - Additional Information (Detail) - Prologis Targeted U S Logistics Fund ft² in Millions, $ in Millions | 1 Months Ended | |
Jul. 31, 2017USD ($)ft²Property | Apr. 30, 2016USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||
Cash proceeds on sale of properties | $ 200 | |
Subsequent Event [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Number of buildings | Property | 190 | |
Square Feet | ft² | 39 | |
Aggregate purchase price | $ 2,800 | |
Secured Debt | 956 | |
Cash proceeds on sale of properties | $ 720 | |
Ownership percentage | 27.00% | |
Gain on sale of properties, net of deferral due | $ 480 |
Unconsolidated Entities - Sum41
Unconsolidated Entities - Summary of Remaining Equity Commitments (Detail) $ in Millions | 6 Months Ended | |
Jun. 30, 2017USD ($) | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 2,541 | |
Prologis Europe Logistics Fund | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 346 | [1] |
Expiration date for remaining commitments range start | 2,017 | [1] |
Expiration date for remaining commitments range end | 2,018 | [1] |
Prologis U.K. Logistics Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 236 | [2] |
Expiration date for remaining commitments range start | 2,021 | [2] |
Prologis China Logistics Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 1,959 | |
Expiration date for remaining commitments range start | 2,017 | |
Prologis Inc [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 329 | |
Prologis Inc [Member] | Prologis Europe Logistics Fund | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 0 | [1] |
Prologis Inc [Member] | Prologis U.K. Logistics Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 35 | [2] |
Prologis Inc [Member] | Prologis China Logistics Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 294 | |
Venture Partners [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 2,212 | |
Venture Partners [Member] | Prologis Europe Logistics Fund | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 346 | [1] |
Venture Partners [Member] | Prologis U.K. Logistics Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 201 | [2] |
Venture Partners [Member] | Prologis China Logistics Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 1,665 | |
[1] | Equity commitments are denominated in euro and reported in U.S. dollars based on an exchange rate of $1.14 U.S. dollars to the euro. | |
[2] | As discussed above, this co-investment venture was formed in February 2017. Equity commitments are denominated in British pounds sterling and reported in U.S. dollars based on an exchange rate of $1.30 U.S. dollars to the British pound sterling. |
Unconsolidated Entities - Sum42
Unconsolidated Entities - Summary of Remaining Equity Commitments (Parenthetical) (Detail) | Jun. 30, 2017$ / €$ / £ |
Prologis Europe Logistics Fund | |
Schedule Of Equity Method Investments [Line Items] | |
Exchange rate | $ / € | 1.14 |
Prologis U.K. Logistics Venture [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Exchange rate | $ / £ | 1.30 |
Assets Held for Sale or Contr43
Assets Held for Sale or Contribution - Summary of Assets Held for Sale or Contribution (Detail) ft² in Thousands, $ in Thousands | Jun. 30, 2017USD ($)ft²Property | Dec. 31, 2016USD ($)ft²Property |
Long Lived Assets Held For Sale [Line Items] | ||
Total assets held for sale or contribution | $ 350,987 | $ 322,139 |
Total liabilities associated with assets held for sale or contribution – included in Other Liabilities | $ 6,281 | $ 4,984 |
Disposal Group Heldforsale Not Discontinued Operations | ||
Long Lived Assets Held For Sale [Line Items] | ||
Number of operating properties | Property | 22 | 13 |
Square feet | ft² | 4,886 | 4,167 |
Debt - Debt Summary (Detail)
Debt - Debt Summary (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.00% | 3.20% |
Debt | $ 11,081,922 | $ 10,608,294 |
Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 0.00% | 1.00% |
Debt | $ 0 | $ 35,023 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.10% | 3.30% |
Debt | $ 6,727,450 | $ 6,417,492 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.60% | 1.40% |
Debt | $ 1,954,091 | $ 1,484,523 |
Unsecured Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 6.10% | 6.10% |
Debt | $ 14,346 | $ 14,478 |
Secured Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.90% | 4.90% |
Debt | $ 1,983,623 | $ 979,585 |
Secured Mortgage Debt of Consolidated Entities [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.70% | 3.00% |
Debt | $ 402,412 | $ 1,677,193 |
Debt - Debt Summary (Parentheti
Debt - Debt Summary (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt | $ 11,081,922 | $ 10,608,294 |
Prologis North American Industrial Fund [Member] | ||
Debt Instrument [Line Items] | ||
Secured mortgage debt | 956,000 | |
EUR | ||
Debt Instrument [Line Items] | ||
Debt | 3,600,000 | |
JPY | ||
Debt Instrument [Line Items] | ||
Debt | 1,500,000 | |
CAD | ||
Debt Instrument [Line Items] | ||
Debt | 400,000 | |
GBP | ||
Debt Instrument [Line Items] | ||
Debt | $ 600,000 |
Debt - Additional Information (
Debt - Additional Information (Detail) £ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2017USD ($) | May 31, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2017GBP (£) | Jun. 30, 2017JPY (¥) | Mar. 31, 2017USD ($) | Mar. 31, 2017JPY (¥) | Feb. 28, 2017JPY (¥) | |
Debt Instrument [Line Items] | ||||||||||||
Credit facility maximum borrowing capacity | $ 3,452,000,000 | $ 3,452,000,000 | $ 3,452,000,000 | |||||||||
Issued amount | 11,125,473,000 | 11,125,473,000 | $ 11,125,473,000 | |||||||||
Interest rate | 3.00% | 3.20% | ||||||||||
Gains (losses) on early extinguishment of debt, net | (30,596,000) | $ 2,044,000 | $ (30,596,000) | $ 992,000 | ||||||||
Borrowings outstanding | 0 | 0 | 0 | |||||||||
Senior Notes Outstanding | 6,700,000,000 | 6,700,000,000 | 6,700,000,000 | |||||||||
Carrying Value of Debt | 11,081,922,000 | 11,081,922,000 | 11,081,922,000 | $ 10,608,294,000 | ||||||||
Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Issued amount | 6,778,264,000 | 6,778,264,000 | $ 6,778,264,000 | |||||||||
Interest rate | 3.10% | 3.30% | ||||||||||
Cash paid to redeem senior notes | 652,000,000 | |||||||||||
Redeemed amount of issued notes | 618,300,000 | 618,300,000 | $ 618,300,000 | |||||||||
Gains (losses) on early extinguishment of debt, net | (32,200,000) | |||||||||||
Carrying Value of Debt | 6,727,450,000 | 6,727,450,000 | 6,727,450,000 | $ 6,417,492,000 | ||||||||
Senior Notes [Member] | 2.25%, Maturing in 2029 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Issued amount | $ 645,300,000 | 645,300,000 | 645,300,000 | £ 500 | ||||||||
Interest rate | 2.25% | |||||||||||
Maturity year | 2,029 | |||||||||||
Percentage of par value issued | 99.94% | |||||||||||
Senior notes all-in-rate | 2.30% | |||||||||||
2017 Yen Term Loan Tranche One [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility maximum borrowing capacity | $ 64,300,000 | $ 64,300,000 | $ 64,300,000 | ¥ 7,200,000,000 | ||||||||
Debt Instrument maturity date | 2027-03 | |||||||||||
Debt instrument interest rate | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% | |||||||
2017 Yen Term Loan Tranche Two [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility maximum borrowing capacity | $ 42,900,000 | $ 42,900,000 | $ 42,900,000 | 4,800,000,000 | ||||||||
Debt Instrument maturity date | 2028-03 | |||||||||||
Debt instrument interest rate | 1.01% | 1.01% | 1.01% | 1.01% | 1.01% | |||||||
2017 Yen Senior Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Borrowings outstanding | $ 107,200,000 | ¥ 12,000,000,000 | ||||||||||
2017 Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility maximum borrowing capacity | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | |||||||||
Debt Instrument maturity date | 2020-05 | |||||||||||
Borrowings outstanding | 500,000,000 | 500,000,000 | $ 500,000,000 | |||||||||
2017 Term Loan [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Issued amount | $ 500,000,000 | |||||||||||
2017 Term Loan [Member] | LIIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 0.90% | |||||||||||
Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 1.60% | 1.40% | ||||||||||
Carrying Value of Debt | 1,954,091,000 | 1,954,091,000 | $ 1,954,091,000 | $ 1,484,523,000 | ||||||||
Global Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility maximum borrowing capacity | 3,000,000,000 | 3,000,000,000 | 3,000,000,000 | |||||||||
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments | 3,800,000,000 | 3,800,000,000 | $ 3,800,000,000 | |||||||||
Debt Instrument maturity date | 2020-04 | |||||||||||
Revolver [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility maximum borrowing capacity | 580,600,000 | 580,600,000 | $ 580,600,000 | ¥ 65,000,000,000 | ||||||||
Debt Instrument maturity date | 2021-02 | |||||||||||
Credit facility current borrowing capacity | $ 446,700,000 | $ 446,700,000 | $ 446,700,000 | ¥ 50,000,000,000 | ¥ 45,000,000,000 |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Detail) $ in Millions | Jun. 30, 2017USD ($) |
Debt Disclosure [Abstract] | |
Aggregate lender commitments | $ 3,452 |
Borrowings outstanding | 0 |
Outstanding letters of credit | 37 |
Current availability | $ 3,415 |
Debt - Long-Term Debt Maturitie
Debt - Long-Term Debt Maturities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
2,017 | $ 491 | |
2,018 | 294,072 | |
2,019 | 611,372 | |
2020 (2) | 1,834,714 | |
2,021 | 1,736,338 | |
2,022 | 1,387,909 | |
2,023 | 1,926,485 | |
2,024 | 974,457 | |
2,025 | 884,378 | |
2,026 | 711,119 | |
Thereafter | 764,138 | |
Subtotal | 11,125,473 | |
Premiums (discounts), net | 5,743 | |
Debt issuance costs, net | (49,294) | |
Totals | 11,081,922 | $ 10,608,294 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 0 | |
2,018 | 175,000 | |
2,019 | 0 | |
2020 (2) | 887,241 | |
2,021 | 1,298,840 | |
2,022 | 798,840 | |
2,023 | 850,000 | |
2,024 | 798,840 | |
2,025 | 750,000 | |
2,026 | 570,600 | |
Thereafter | 648,903 | |
Subtotal | 6,778,264 | |
Premiums (discounts), net | (22,648) | |
Debt issuance costs, net | (28,166) | |
Totals | 6,727,450 | 6,417,492 |
Term Loans And Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 491 | |
2,018 | 1,009 | |
2,019 | 1,091 | |
2020 (2) | 501,155 | |
2,021 | 954 | |
2,022 | 447,396 | |
2,023 | 913,201 | |
2,024 | 882 | |
2,025 | 958 | |
2,026 | 599 | |
Thereafter | 112,851 | |
Subtotal | 1,980,587 | |
Premiums (discounts), net | 0 | |
Debt issuance costs, net | (12,150) | |
Totals | 1,968,437 | $ 1,499,001 |
Secured Mortgage Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 0 | |
2,018 | 118,063 | |
2,019 | 610,281 | |
2020 (2) | 446,318 | |
2,021 | 436,544 | |
2,022 | 141,673 | |
2,023 | 163,284 | |
2,024 | 174,735 | |
2,025 | 133,420 | |
2,026 | 139,920 | |
Thereafter | 2,384 | |
Subtotal | 2,366,622 | |
Premiums (discounts), net | 28,391 | |
Debt issuance costs, net | (8,978) | |
Totals | $ 2,386,035 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017 | |
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 | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | ||
Noncontrolling Interest [Line Items] | |||
Operating Partnership noncontrolling interest | $ 2,607,352 | $ 3,072,469 | |
Noncontrolling interests | 3,012,942 | 3,467,059 | |
Total Assets | 30,150,395 | 30,249,932 | |
Total Liabilities | 12,290,157 | 11,791,792 | |
Non-controlling Interests [Member] | |||
Noncontrolling Interest [Line Items] | |||
Total Assets | 6,955,419 | 9,678,752 | |
Total Liabilities | $ 533,574 | $ 1,871,094 | |
Prologis US Logistics Venture [Member] | |||
Noncontrolling Interest [Line Items] | |||
Parent Company's Ownership Percentage | 55.00% | 55.00% | |
Operating Partnership noncontrolling interest | $ 2,522,506 | $ 2,424,800 | |
Total Assets | 6,105,549 | 6,201,278 | |
Total Liabilities | $ 496,086 | $ 797,593 | |
Prologis North American Industrial Fund [Member] | |||
Noncontrolling Interest [Line Items] | |||
Parent Company's Ownership Percentage | [1] | 100.00% | 66.10% |
Operating Partnership noncontrolling interest | [1] | $ 0 | $ 486,648 |
Total Assets | [1] | 0 | 2,479,072 |
Total Liabilities | [1] | $ 0 | $ 1,038,708 |
Prologis Brazil Logistics Partners Fund I [Member] | |||
Noncontrolling Interest [Line Items] | |||
Parent Company's Ownership Percentage | [2] | 100.00% | 50.00% |
Operating Partnership noncontrolling interest | [2] | $ 0 | $ 61,836 |
Total Assets | [2] | 0 | 131,581 |
Total Liabilities | [2] | $ 0 | $ 720 |
Other Consolidated Entities [Member] | |||
Noncontrolling Interest [Line Items] | |||
Parent Company's Ownership | [3] | various | various |
Operating Partnership noncontrolling interest | [3] | $ 84,846 | $ 99,185 |
Total Assets | [3] | 849,870 | 866,821 |
Total Liabilities | [3] | 37,488 | 34,073 |
Prologis, L.P. [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests | 2,607,352 | 3,072,469 | |
Total Assets | 30,150,395 | 30,249,932 | |
Total Liabilities | 12,290,157 | 11,791,792 | |
Prologis, L.P. [Member] | Non-controlling Interests [Member] | |||
Noncontrolling Interest [Line Items] | |||
Limited partners in Prologis, L.P. | [4],[5] | 405,590 | 394,590 |
Total Assets | [4],[5] | 0 | 0 |
Total Liabilities | [4],[5] | 0 | 0 |
Prologis Inc [Member] | |||
Noncontrolling Interest [Line Items] | |||
Total Assets | 6,955,419 | 9,678,752 | |
Total Liabilities | 533,574 | 1,871,094 | |
Prologis Inc [Member] | Non-controlling Interests [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests | $ 3,012,942 | $ 3,467,059 | |
[1] | In March 2017, we acquired all of our partner’s interest for $710.2 million. The difference between the amount we paid and the noncontrolling interest balance was adjusted through Additional Paid-in Capital with no gain or loss recognized. | ||
[2] | In March 2017, we acquired all of our partner’s interest for $79.8 million. The difference between the amount we paid and the noncontrolling interest balance was adjusted through Additional Paid-in Capital with no gain or loss recognized. At December 31, 2016, the assets of the Prologis Brazil Logistics Partners Fund I were primarily investments in unconsolidated entities of $113.1 million. For additional information on our unconsolidated investments, see Note 3. | ||
[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 June 30, 2017, and December 31, 2016, limited partnership units were redeemable for cash or, at our option, 1.6 million shares of the Parent’s common stock. During the first six months of 2017, limited partnership units were redeemed for 265 thousand shares of the Parent’s common stock. | ||
[4] | At June 30, 2017, and December 31, 2016, excluding the Class A Units, there were common limited partnership units in the Operating Partnership outstanding that were redeemable for cash or, at our option, 4.1 million shares and 4.6 million shares of the Parent’s common stock with a fair value of $242.2 million and $241.8 million, respectively, based on the closing stock price of the Parent’s common stock. During the first six months of 2017, unitholders redeemed 0.7 million common limited partnership units for an equal number of shares of the Parent’s common stock with a value of $18.8 million. At June 30, 2017, and December 31, 2016, there were 3.7 million and 2.2 million LTIP Units (as defined in Note 7) outstanding, respectively, associated with our long-term compensation plan that are convertible into common units of the Operating Partnership after they vest and other applicable conditions are met. | ||
[5] | We had 8.9 million Class A Units that were convertible into 8.6 million and 8.7 million common limited partnership units of the Operating Partnership at June 30, 2017 and December 31, 2016, respectively. |
Noncontrolling Interests - No51
Noncontrolling Interests - Noncontrolling Interest Summary (Parenthetical) (Detail) - USD ($) shares in Thousands, $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Noncontrolling Interest [Line Items] | ||||
Outstanding limited partnership units, redeemed | 265 | |||
Business acquisition, common limited partnership units issued | 4,100 | 4,600 | ||
Fair value of outstanding limited partnership units | $ 242.2 | $ 241.8 | ||
LTIP Units [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Number of units outstanding | 3,700 | 2,200 | ||
Class A Common [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Units outstanding | 8,900 | 8,900 | ||
Conversion and exchange of units to shares | 8,600 | 8,700 | ||
Common Stock [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Outstanding limited partnership units | 1,600 | 1,600 | ||
Prologis North American Industrial Fund [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Acquisition of partner's interest | $ 710.2 | |||
Prologis Brazil Logistics Partners Fund I [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Acquisition of partner's interest | $ 79.8 | |||
Investments in unconsolidated entities | $ 113.1 | |||
Prologis, L.P. [Member] | Class A Common [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] | ||||
Outstanding limited partnership units, redeemed | 700 | 900 | ||
Units outstanding | 5,966 | 5,323 | ||
Conversion and exchange of units to shares | (677) | |||
Limited partners units redeemed value | $ 18.8 |
Long-Term Compensation - Additi
Long-Term Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock options outstanding | 1,000,000 | ||
Stock options exercisable | 1,000,000 | ||
Stock options outstanding, weighted average exercise price | $ 31.14 | ||
Stock options exercisable, weighted average exercise price | $ 31.14 | ||
Aggregate intrinsic value of exercised options | $ 19.8 | $ 10 | |
Options granted | 0 | 0 | |
Prologis Out-Performance Plan [Member] | 2017 – 2019 Performance Periods [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Aggregate fair value | $ 20.4 | ||
Assumed risk free interest rate | 1.49% | ||
Expected volatility rate | 22.20% | ||
Prologis Out-Performance Plan [Member] | 2014 – 2016 Performance Periods [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Aggregate of performance pool award | $ 62.2 |
Long-Term Compensation - Summar
Long-Term Compensation - Summary of Equity Awards Granted (Detail) - Prologis Promote Plan [Member] - USD ($) shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Restricted Stock Units (RSUs) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 88 | 53 |
Grant date fair value | $ 4,800 | $ 2,300 |
Long-Term Incentive Plan Units (LTIP units) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted | 203 | 114 |
Grant date fair value | $ 11,100 | $ 4,900 |
Long-Term Compensation - Summ54
Long-Term Compensation - Summary of Unvested POP LTIP Units Activity (Detail) - POP LTIP Units [Member] shares in Thousands | 6 Months Ended |
Jun. 30, 2017shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Unvested Awards, beginning balance | 3,490 |
Granted | 38 |
Vested POP LTIP Units (1) | (698) |
Forfeited | (576) |
Number of Unvested Awards, ending balance | 2,254 |
Long-Term Compensation - RSU an
Long-Term Compensation - RSU and Performance Share Awards (Detail) shares in Thousands | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
LTIP Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Awards, beginning balance | 2,219 |
Granted | 1,032 |
Vested POP LTIP Units | 698 |
Conversion to Units | (227) |
Number of Awards, ending balance | 3,722 |
Weighted Average Grant-Date Fair Value | $ / shares | $ 40.81 |
Weighted Average Grant-Date Fair Value, Granted | $ / shares | 0 |
Weighted Average Grant-Date Fair Value, Vested POP LTIP Units | $ / shares | 0 |
Weighted Average Grant-Date Fair Value, Conversion to common limited partnership units | $ / shares | 0 |
Weighted Average Grant-Date Fair Value | $ / shares | $ 45.55 |
Number of Shares, Beginning Balance | 743 |
Number of Shares, Ending Balance | 1,835 |
RSU and PSA [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Awards, beginning balance | 1,617 |
Granted | 757 |
Number of Awards, ending balance | 1,545 |
Weighted Average Grant-Date Fair Value | $ / shares | $ 40.58 |
Weighted Average Grant-Date Fair Value, Granted | $ / shares | 0 |
Weighted Average Grant-Date Fair Value, Vested | $ / shares | 0 |
Weighted Average Grant-Date Fair Value, Forfeited | $ / shares | 0 |
Weighted Average Grant-Date Fair Value | $ / shares | $ 45.29 |
Number of Shares, Beginning Balance | 125 |
Number of Shares, Ending Balance | 106 |
Vested and distributed | (783) |
Forfeited | (46) |
Earnings Per Common Share or 56
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Net earnings attributable to common stockholders/unit holders - Basic | $ 266,943 | $ 275,383 | $ 470,198 | $ 483,424 |
Net earnings attributable to redeemable limited partnership unitholders | (7,798) | (9,085) | (13,765) | (15,694) |
Adjusted net earnings attributable to common stockholders – Diluted | $ 274,741 | $ 284,468 | $ 483,963 | $ 499,118 |
Weighted average common shares/units outstanding - Basic | 530,040 | 524,842 | 529,400 | 524,540 |
Incremental weighted average effect on redemption of limited partnership units | 16,364 | 17,703 | 16,409 | 17,623 |
Incremental weighted average effect of equity awards | 5,710 | 2,843 | 4,703 | 2,130 |
Weighted average common shares/partnership units outstanding - Diluted | 552,114 | 545,388 | 550,512 | 544,293 |
Net earnings per share/unit attributable to common stockholders/unitholders - | ||||
Basic | $ 0.50 | $ 0.52 | $ 0.89 | $ 0.92 |
Diluted | $ 0.50 | $ 0.52 | $ 0.88 | $ 0.92 |
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 | $ 274,320 | $ 283,699 | $ 483,198 | $ 497,974 |
Net earnings attributable to limited partnership unitholders | 421 | 768 | 765 | 1,143 |
Adjusted net earnings attributable to common stockholders – Diluted | $ 274,741 | $ 284,467 | $ 483,963 | $ 499,117 |
Weighted average common shares/units outstanding - Basic | 536,060 | 531,912 | 535,392 | 531,507 |
Incremental weighted average effect on conversion of Class A Units | 8,626 | 8,798 | 8,645 | 8,821 |
Incremental weighted average effect on redemption of limited partnership units | 1,718 | 1,835 | 1,772 | 1,835 |
Incremental weighted average effect of equity awards | 5,710 | 2,843 | 4,703 | 2,130 |
Weighted average common shares/partnership units outstanding - Diluted | 552,114 | 545,388 | 550,512 | 544,293 |
Net earnings per share/unit attributable to common stockholders/unitholders - | ||||
Basic | $ 0.50 | $ 0.52 | $ 0.89 | $ 0.92 |
Diluted | $ 0.50 | $ 0.52 | $ 0.88 | $ 0.92 |
Prologis, L.P. [Member] | Class A Common [Member] | ||||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Net earnings attributable to common stockholders/unit holders - Basic | $ (4,347) | $ (4,619) | $ (7,678) | $ (8,129) |
Adjusted net earnings attributable to common stockholders – Diluted | 4,347 | 4,619 | 7,678 | 8,129 |
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 | $ 269,973 | $ 279,080 | $ 475,520 | $ 489,845 |
Earnings Per Common Share or 57
Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share Unit (Parenthetical) (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Total potential dilutive shares and units outstanding | 25,719 | 24,879 | 24,992 | 24,477 |
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 | 10,344 | 10,633 | 10,417 | 10,656 |
Total potentially dilutive stock awards outstanding | 9,355 | 7,176 | 8,583 | 6,854 |
Total potential dilutive shares and units outstanding | 19,699 | 17,809 | 19,000 | 17,510 |
Total potential dilutive shares and units outstanding limited partnership | 6,020 | 7,070 | 5,992 | 6,967 |
Financial Instruments and Fai58
Financial Instruments and Fair Value Measurements - Schedule of Fair Value and Classification of Derivative Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Derivatives Fair Value [Line Items] | ||
Asset | $ 19,528 | $ 47,114 |
Liability | 16,111 | 1,268 |
Forwards and Options [Member] | GBP [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset | 8,401 | 16,985 |
Liability | 4,048 | 0 |
Forwards and Options [Member] | CAD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 31 | 831 |
Liability | 546 | 197 |
Forwards and Options [Member] | EUR | ||
Derivatives Fair Value [Line Items] | ||
Asset | 538 | 10,933 |
Liability | 6,101 | 0 |
Forwards and Options [Member] | JPY [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset | 6,919 | 9,246 |
Liability | 1,512 | 1,071 |
Interest Rate Hedges [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset | 3,639 | 435 |
Liability | 0 | 0 |
Net Investment Hedges [Member] | GBP [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 7,439 |
Liability | 0 | 0 |
Net Investment Hedges [Member] | CAD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 1,245 |
Liability | $ 3,904 | $ 0 |
Financial Instruments and Fai59
Financial Instruments and Fair Value Measurements - Schedule of Fair Value and Classification of Derivative Instruments (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Foreign Currency Options [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Unrealized gains (losses) on foreign exchange transactions | $ (18.8) | $ 3.3 | $ (32.5) | $ (13.5) |
Financial Instruments and Fai60
Financial Instruments and Fair Value Measurements - Foreign Currency Contracts Activity (Detail) | 6 Months Ended | ||||||||||||
Jun. 30, 2017USD ($)DerivativeCAD / $£ / $€ / $¥ / $ | Jun. 30, 2017EUR (€)DerivativeCAD / $£ / $€ / $¥ / $ | Jun. 30, 2017GBP (£)DerivativeCAD / $£ / $€ / $¥ / $ | Jun. 30, 2017JPY (¥)DerivativeCAD / $£ / $€ / $¥ / $ | Jun. 30, 2017CADDerivativeCAD / $£ / $€ / $¥ / $ | Jun. 30, 2016USD ($) | Jun. 30, 2016EUR (€) | Jun. 30, 2016GBP (£) | Jun. 30, 2016JPY (¥) | Jun. 30, 2016CAD | ||||
CAD | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts at January 1 | $ 38,000,000 | CAD 50,000,000 | |||||||||||
New contracts | 0 | 0 | |||||||||||
Matured, expired or settled contracts | (12,000,000) | (15,000,000) | |||||||||||
Notional amounts at June 30 | $ 26,000,000 | CAD 35,000,000 | |||||||||||
Weighted average forward rate at March 31 | CAD / $ | 1.32 | 1.32 | 1.32 | 1.32 | 1.32 | ||||||||
Active contracts at June 30 | 12 | 12 | 12 | 12 | 12 | ||||||||
Net Investment Hedges [Member] | CAD | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts at January 1 | $ 100,000,000 | CAD 133,000,000 | $ 0 | CAD 0 | |||||||||
New contracts | 99,000,000 | 133,000,000 | 100,000,000 | 133,000,000 | |||||||||
Matured, expired or settled contracts | (100,000,000) | (133,000,000) | 0 | 0 | |||||||||
Notional amounts at June 30 | $ 99,000,000 | CAD 133,000,000 | 100,000,000 | CAD 133,000,000 | |||||||||
Weighted average forward rate at March 31 | CAD / $ | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 | ||||||||
Active contracts at June 30 | 2 | 2 | 2 | 2 | 2 | ||||||||
Net Investment Hedges [Member] | GBP [Member] | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts at January 1 | $ 46,000,000 | £ 31,000,000 | 386,000,000 | £ 238,000,000 | |||||||||
New contracts | 127,000,000 | 100,000,000 | 85,000,000 | 60,000,000 | |||||||||
Matured, expired or settled contracts | (173,000,000) | (131,000,000) | (100,000,000) | (60,000,000) | |||||||||
Notional amounts at June 30 | $ 0 | £ 0 | 371,000,000 | 238,000,000 | |||||||||
Weighted average forward rate at March 31 | £ / $ | 0 | 0 | 0 | 0 | 0 | ||||||||
Active contracts at June 30 | 0 | 0 | 0 | 0 | 0 | ||||||||
Net Investment Hedges [Member] | JPY | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts at January 1 | 0 | ¥ 0 | |||||||||||
New contracts | 99,000,000 | 11,189,000,000 | |||||||||||
Matured, expired or settled contracts | (99,000,000) | (11,189,000,000) | |||||||||||
Notional amounts at June 30 | 0 | 0 | |||||||||||
Foreign Currency Contracts [Member] | GBP [Member] | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts at January 1 | $ 78,000,000 | [1] | £ 48,000,000 | 148,000,000 | [1] | 97,000,000 | |||||||
New contracts | 137,000,000 | [1] | 107,000,000 | 0 | [1] | 0 | |||||||
Matured, expired or settled contracts | (46,000,000) | [1] | (31,000,000) | (36,000,000) | [1] | (24,000,000) | |||||||
Notional amounts at June 30 | $ 169,000,000 | [1] | £ 124,000,000 | 112,000,000 | [1] | £ 73,000,000 | |||||||
Weighted average forward rate at March 31 | £ / $ | 1.33 | 1.33 | 1.33 | 1.33 | 1.33 | ||||||||
Active contracts at June 30 | 22 | 22 | 22 | 22 | 22 | ||||||||
Foreign Currency Contracts [Member] | JPY | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts at January 1 | $ 144,000,000 | [1] | ¥ 15,500,000,000 | 109,000,000 | [1] | 12,840,000,000 | |||||||
New contracts | 38,000,000 | [1] | 4,000,000,000 | 108,000,000 | [1] | 11,460,000,000 | |||||||
Matured, expired or settled contracts | (31,000,000) | [1] | (3,500,000,000) | (27,000,000) | [1] | (3,120,000,000) | |||||||
Notional amounts at June 30 | $ 151,000,000 | [1] | ¥ 16,000,000,000 | 190,000,000 | [1] | ¥ 21,180,000,000 | |||||||
Weighted average forward rate at March 31 | ¥ / $ | 106.51 | 106.51 | 106.51 | 106.51 | 106.51 | ||||||||
Active contracts at June 30 | 32 | 32 | 32 | 32 | 32 | ||||||||
Foreign Currency Contracts [Member] | EUR | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts at January 1 | $ 197,000,000 | [1] | € 174,000,000 | 310,000,000 | [1] | € 275,000,000 | |||||||
New contracts | 63,000,000 | [1] | 56,000,000 | 192,000,000 | [1] | 171,000,000 | |||||||
Matured, expired or settled contracts | (56,000,000) | [1] | (50,000,000) | (85,000,000) | [1] | (75,000,000) | |||||||
Notional amounts at June 30 | $ 204,000,000 | [1] | € 180,000,000 | 417,000,000 | [1] | € 371,000,000 | |||||||
Weighted average forward rate at March 31 | € / $ | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | ||||||||
Active contracts at June 30 | 26 | 26 | 26 | 26 | 26 | ||||||||
Foreign Currency Contracts [Member] | USD [Member] | |||||||||||||
Derivative [Line Items] | |||||||||||||
Notional amounts at January 1 | $ | [1] | 50,000,000 | |||||||||||
New contracts | $ | [1] | 15,000,000 | |||||||||||
Matured, expired or settled contracts | $ | [1] | (15,000,000) | |||||||||||
Notional amounts at June 30 | $ | [1] | $ 50,000,000 | |||||||||||
[1] | During the six months ended June 30, 2017, and 2016, we exercised 22 and 15 option contracts, respectively. We realized gains of $3.6 million and $8.9 million for the three and six months ended June 30, 2017, respectively, and gains of $0.2 million and $1.9 million for the three and six months ended June 30, 2016, respectively, in Foreign Currency and Derivative Losses, Net. |
Financial Instruments and Fai61
Financial Instruments and Fair Value Measurements - Foreign Currency Contracts Activity (Parenthetical) (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Contracts | Jun. 30, 2016USD ($)Contracts | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||||
Number of option contracts exercised | Contracts | 22 | 15 | ||
Gains (losses) from option contracts exercised | $ | $ 3.6 | $ 0.2 | $ 8.9 | $ 1.9 |
Financial Instruments and Fai62
Financial Instruments and Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($)Derivative | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Derivative | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)Derivative | |
Derivatives Fair Value [Line Items] | |||||
Hedge ineffectiveness | $ 0 | $ 0 | |||
Number of interest rate swaps hedges outstanding | Derivative | 3 | 3 | 3 | ||
Derivative contract entered or settlement of interest rate swaps | $ 0 | 0 | |||
Foreign currency translation gains (losses) | $ 225,600,000 | $ (136,000,000) | 307,500,000 | $ 18,800,000 | |
Interest Rate Swaps [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Notional value of derivative | $ 271,200,000 | $ 271,200,000 | $ 271,200,000 |
Financial Instruments and Fai63
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total derivative instruments | $ 13,932 | $ 15,586 | $ 18,857 | $ 7,602 |
Total derivative and nonderivative hedging instruments | (215,734) | 107,002 | (255,335) | (62,171) |
Designated As Hedging Instrument [Member] | Derivative Net Investment Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total derivative instruments | 7,197 | 21,512 | 9,491 | 29,420 |
Designated As Hedging Instrument [Member] | Interest Rate and Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total derivative instruments | 4,559 | (2,703) | 4,988 | (13,824) |
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 | 2,176 | (3,223) | 4,378 | (7,994) |
Non-Derivative Net Investment Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Nonderivative net investment hedges | $ (229,666) | $ 91,416 | $ (274,192) | $ (69,773) |
Financial Instruments and Fai64
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 Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017EUR (€) | Mar. 31, 2017USD ($) | Mar. 31, 2017EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | |
Derivative Instruments Gain Loss [Line Items] | ||||||||||
Amount received from (paid for) on settlement of net investment hedges | $ 700,000 | $ 15,900,000 | $ 2,500,000 | $ 16,800,000 | ||||||
Interest expense reclassified | 75,354,000 | 76,455,000 | 148,266,000 | 157,267,000 | ||||||
Debt | $ 11,081,922,000 | 11,081,922,000 | 11,081,922,000 | $ 10,608,294,000 | ||||||
Amount of gain (loss) included in AOCI | 3,162,000 | (23,061,000) | 42,829,000 | (21,600,000) | ||||||
Senior notes | 6,700,000,000 | 6,700,000,000 | 6,700,000,000 | |||||||
Forward Contracts | ||||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||||
Amount of gain (loss) included in AOCI | (7,200,000) | 0 | (11,300,000) | 0 | ||||||
Foreign Currency Options [Member] | ||||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||||
Amount of gain (loss) included in AOCI | 0 | |||||||||
Designated As Hedging Instrument [Member] | Forward Contracts | ||||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||||
Debt | $ 3,500,000,000 | € 3,100 | $ 3,400,000,000 | € 3,200 | ||||||
Designated As Hedging Instrument [Member] | Foreign Currency Options [Member] | ||||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||||
Senior notes | 645,300,000 | 645,300,000 | 645,300,000 | € 500 | ||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||||
Interest expense reclassified | 1,500,000 | $ 1,100,000 | 2,900,000 | $ 2,100,000 | ||||||
Amount to be reclassified to interest expense, next 12 months | $ 4,800,000 | $ 4,800,000 | $ 4,800,000 |
Financial Instruments and Fai65
Financial Instruments and Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | $ 11,081,922 | $ 10,608,294 |
Fair Value of Debt | 11,669,392 | 11,219,716 |
Credit Facilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 0 | 35,023 |
Fair Value of Debt | 0 | 35,061 |
Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 6,727,450 | 6,417,492 |
Fair Value of Debt | 7,216,569 | 6,935,485 |
Term Loans and Unsecured Other Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 1,968,437 | 1,499,001 |
Fair Value of Debt | 1,986,654 | 1,510,661 |
Secured Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 1,983,623 | 979,585 |
Fair Value of Debt | 2,063,821 | 1,055,020 |
Secured Mortgage of Consolidated Entities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 402,412 | 1,677,193 |
Fair Value of Debt | $ 402,348 | $ 1,683,489 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017Segment | |
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 | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||||
Total revenues | $ 766,183 | $ 602,155 | $ 1,395,338 | $ 1,208,455 | ||
Operating income | 275,272 | 142,348 | 437,158 | 271,546 | ||
General and administrative expenses | 60,077 | 56,934 | 113,694 | 107,477 | ||
Depreciation and amortization expenses | 228,145 | 230,382 | 454,736 | 480,382 | ||
Earnings from unconsolidated entities, net | 68,596 | 41,454 | 117,201 | 99,765 | ||
Interest expense | (75,354) | (76,455) | (148,266) | (157,267) | ||
Interest and other income, net | 1,892 | 1,527 | 4,677 | 4,118 | ||
Gains on dispositions of investments in real estate, net | 83,006 | 200,350 | 180,331 | 344,667 | ||
Foreign currency and derivative losses, net | (20,055) | (10,335) | (27,455) | (24,546) | ||
Gains (losses) on early extinguishment of debt, net | (30,596) | 2,044 | (30,596) | 992 | ||
Earnings before income taxes | 302,761 | 300,933 | 533,050 | 539,275 | ||
Total assets | 30,150,395 | 30,150,395 | $ 30,249,932 | |||
Investments in and advances to unconsolidated entities | 4,617,724 | 4,617,724 | 4,230,429 | |||
Assets held for sale or contribution | 350,987 | 350,987 | 322,139 | |||
Notes receivable backed by real estate | 19,536 | 19,536 | 32,100 | |||
Cash and cash equivalents | 271,354 | 332,221 | 271,354 | 332,221 | 807,316 | $ 264,080 |
Other assets | 1,415,879 | 1,415,879 | 1,496,990 | |||
Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 766,183 | 602,155 | 1,395,338 | 1,208,455 | ||
Operating income | 563,494 | 429,664 | 1,005,588 | 859,405 | ||
Total assets | 24,698,080 | 24,698,080 | 24,614,975 | |||
Operating Segments [Member] | Real Estate Operations Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 585,529 | 548,620 | 1,157,639 | 1,103,917 | ||
Operating income | 434,826 | 403,995 | 851,674 | 808,026 | ||
Total assets | 24,634,988 | 24,634,988 | 24,547,949 | |||
Operating Segments [Member] | Strategic Capital Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 180,654 | 53,535 | 237,699 | 104,538 | ||
Operating income | 128,668 | 25,669 | 153,914 | 51,379 | ||
Total assets | 63,092 | 63,092 | 67,026 | |||
Operating Segments [Member] | U.S. [Member] | Real Estate Operations Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 529,841 | 501,707 | 1,053,988 | 1,012,864 | ||
Operating income | 396,274 | 369,786 | 780,374 | 745,503 | ||
Total assets | 21,295,808 | 21,295,808 | 21,286,422 | |||
Operating Segments [Member] | U.S. [Member] | Strategic Capital Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 130,677 | 9,580 | 142,585 | 18,936 | ||
Operating income | 99,668 | 826 | 101,607 | 2,536 | ||
Total assets | 17,454 | 17,454 | 18,090 | |||
Operating Segments [Member] | Other Americas [Member] | Real Estate Operations Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 16,444 | 15,083 | 31,533 | 29,018 | ||
Operating income | 10,384 | 10,517 | 20,366 | 18,710 | ||
Total assets | 1,052,052 | 1,052,052 | 978,476 | |||
Operating Segments [Member] | Other Americas [Member] | Strategic Capital Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 9,864 | 5,693 | 15,915 | 11,079 | ||
Operating income | 7,587 | 3,052 | 10,732 | 6,188 | ||
Operating Segments [Member] | Europe [Member] | Real Estate Operations Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 22,076 | 19,533 | 40,307 | 36,008 | ||
Operating income | 16,401 | 15,328 | 29,259 | 26,633 | ||
Total assets | 1,139,882 | 1,139,882 | 1,346,589 | |||
Operating Segments [Member] | Europe [Member] | Strategic Capital Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 25,973 | 25,526 | 52,235 | 48,109 | ||
Operating income | 16,342 | 18,450 | 32,732 | 34,070 | ||
Total assets | 44,680 | 44,680 | 47,635 | |||
Operating Segments [Member] | Asia [Member] | Real Estate Operations Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 17,168 | 12,297 | 31,811 | 26,027 | ||
Operating income | 11,767 | 8,364 | 21,675 | 17,180 | ||
Total assets | 1,147,246 | 1,147,246 | 936,462 | |||
Operating Segments [Member] | Asia [Member] | Strategic Capital Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 14,140 | 12,736 | 26,964 | 26,414 | ||
Operating income | 5,071 | 3,341 | 8,843 | 8,585 | ||
Total assets | 958 | 958 | 1,301 | |||
Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating income | 275,272 | 142,348 | 437,158 | 271,546 | ||
General and administrative expenses | 60,077 | 56,934 | 113,694 | 107,477 | ||
Depreciation and amortization expenses | 228,145 | 230,382 | 454,736 | 480,382 | ||
Earnings from unconsolidated entities, net | 68,596 | 41,454 | 117,201 | 99,765 | ||
Interest expense | (75,354) | (76,455) | (148,266) | (157,267) | ||
Interest and other income, net | 1,892 | 1,527 | 4,677 | 4,118 | ||
Gains on dispositions of investments in real estate, net | 83,006 | 200,350 | 180,331 | 344,667 | ||
Foreign currency and derivative losses, net | (20,055) | (10,335) | (27,455) | (24,546) | ||
Gains (losses) on early extinguishment of debt, net | (30,596) | $ 2,044 | (30,596) | $ 992 | ||
Total assets | 5,452,315 | 5,452,315 | 5,634,957 | |||
Investments in and advances to unconsolidated entities | 4,617,724 | 4,617,724 | 4,230,429 | |||
Assets held for sale or contribution | 350,987 | 350,987 | 322,139 | |||
Notes receivable backed by real estate | 19,536 | 19,536 | 32,100 | |||
Cash and cash equivalents | 271,354 | 271,354 | 807,316 | |||
Other assets | $ 192,714 | $ 192,714 | $ 242,973 |
Supplemental Cash Flow Inform68
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Supplemental Cash Flow Information [Line Items] | |||
Capitalization for equity based compensation expense | $ 14,000 | $ 13,300 | |
Outstanding limited partnership units, redeemed | 265 | ||
Notes receivable backed by real estate | $ 19,536 | $ 32,100 | |
Interest paid, net of amounts capitalized | 188,100 | 197,900 | |
Cash paid for income taxes, net of refunds | 23,600 | $ 14,400 | |
Unconsolidated Entities [Member] | |||
Supplemental Cash Flow Information [Line Items] | |||
Equity ownership interest received | 22,800 | ||
Prologis, L.P. [Member] | |||
Supplemental Cash Flow Information [Line Items] | |||
Notes receivable backed by real estate | $ 19,536 | $ 32,100 | |
Limited Partners [Member] | Prologis, L.P. [Member] | Common [Member] | |||
Supplemental Cash Flow Information [Line Items] | |||
Outstanding limited partnership units, redeemed | 700 | 900 |