Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 26, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Prologis, Inc. | |
Entity Central Index Key | 0001045609 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 923,466,000 | |
Entity Shell Company | false | |
Entity File Number | 001-13545 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 94-3281941 | |
Entity Address, Address Line One | Pier 1, Bay 1 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94111 | |
City Area Code | 415 | |
Local Phone Number | 394-9000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | PLD | |
Security Exchange Name | NYSE | |
Prologis LP [Member] | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Prologis, L.P. | |
Entity Central Index Key | 0001045610 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-14245 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3285362 | |
Entity Address, Address Line One | Pier 1, Bay 1 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94111 | |
City Area Code | 415 | |
Local Phone Number | 394-9000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Prologis LP [Member] | Notes 3.000 Percent Due 2026 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 3.000% Notes due 2026 | |
Trading Symbol | PLD/26 | |
Security Exchange Name | NYSE | |
Prologis LP [Member] | Notes 2.250 Percent Due 2029 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 2.250% Notes due 2029 | |
Trading Symbol | PLD/29 | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Investments in real estate properties | $ 82,385,546 | $ 81,623,396 |
Less accumulated depreciation | 9,508,351 | 9,036,085 |
Net investments in real estate properties | 72,877,195 | 72,587,311 |
Investments in and advances to unconsolidated entities | 9,680,097 | 9,698,898 |
Assets held for sale or contribution | 734,106 | 531,257 |
Net investments in real estate | 83,291,398 | 82,817,466 |
Cash and cash equivalents | 522,501 | 278,483 |
Other assets | 4,706,985 | 4,801,499 |
Total assets | 88,520,884 | 87,897,448 |
Liabilities: | ||
Debt | 25,153,342 | 23,875,961 |
Accounts payable and accrued expenses | 1,507,748 | 1,711,885 |
Other liabilities | 4,394,565 | 4,446,509 |
Total liabilities | 31,055,655 | 30,034,355 |
Prologis, Inc. stockholders’ equity: | ||
Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,279 shares issued and outstanding and 100,000 preferred shares authorized at March 31, 2023 and December 31, 2022 | 63,948 | 63,948 |
Common stock; $0.01 par value; 923,453 shares and 923,142 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 9,235 | 9,231 |
Additional paid-in capital | 54,058,036 | 54,065,407 |
Accumulated other comprehensive loss | (496,424) | (443,609) |
Distributions in excess of net earnings | (799,577) | (457,695) |
Total Prologis, Inc. stockholders’ equity | 52,835,218 | 53,237,282 |
Noncontrolling interests | 4,630,011 | 4,625,811 |
Total equity | 57,465,229 | 57,863,093 |
Total liabilities and equity | 88,520,884 | 87,897,448 |
Prologis, L.P. [Member] | ||
ASSETS | ||
Investments in real estate properties | 82,385,546 | 81,623,396 |
Less accumulated depreciation | 9,508,351 | 9,036,085 |
Net investments in real estate properties | 72,877,195 | 72,587,311 |
Investments in and advances to unconsolidated entities | 9,680,097 | 9,698,898 |
Assets held for sale or contribution | 734,106 | 531,257 |
Net investments in real estate | 83,291,398 | 82,817,466 |
Cash and cash equivalents | 522,501 | 278,483 |
Other assets | 4,706,985 | 4,801,499 |
Total assets | 88,520,884 | 87,897,448 |
Liabilities: | ||
Debt | 25,153,342 | 23,875,961 |
Accounts payable and accrued expenses | 1,507,748 | 1,711,885 |
Other liabilities | 4,394,565 | 4,446,509 |
Total liabilities | 31,055,655 | 30,034,355 |
Prologis, Inc. stockholders’ equity: | ||
Noncontrolling interests | 3,304,643 | 3,317,767 |
Total capital | 57,465,229 | 57,863,093 |
Total liabilities and equity | 88,520,884 | 87,897,448 |
Partners’ capital: | ||
Total partners’ capital | 54,160,586 | 54,545,326 |
Prologis, L.P. [Member] | Preferred [Member] | ||
Partners’ capital: | ||
General partner | 63,948 | 63,948 |
Prologis, L.P. [Member] | Common [Member] | ||
Partners’ capital: | ||
General partner | 52,771,270 | 53,173,334 |
Limited partners | 862,734 | 843,263 |
Prologis, L.P. [Member] | Class A Common [Member] | ||
Partners’ capital: | ||
Limited partners | $ 462,634 | $ 464,781 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
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 | 1,279,000 | 1,279,000 |
Preferred stock, shares outstanding | 1,279,000 | 1,279,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 923,453,000 | 923,142,000 |
Common stock, shares outstanding | 923,453,000 | 923,142,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Revenues: | |||
Rental | $ 1,633,770 | $ 1,076,861 | |
Strategic capital | 134,701 | 133,925 | |
Development management and other | 116 | 8,342 | |
Total revenues | 1,768,587 | 1,219,128 | |
Expenses: | |||
Rental | 412,554 | 275,674 | |
Strategic capital | 71,709 | 51,811 | |
General and administrative | 99,777 | 74,646 | |
Depreciation and amortization | 602,367 | 396,647 | |
Other | 7,184 | 9,589 | |
Total expenses | 1,193,591 | 808,367 | |
Operating income before gains on real estate transactions, net | 574,996 | 410,761 | |
Gains on dispositions of development properties and land, net | 0 | 210,206 | |
Gains on other dispositions of investments in real estate, net | 4,047 | 584,835 | |
Operating income | 579,043 | 1,205,802 | |
Other income (expense): | |||
Earnings from unconsolidated entities, net | 75,779 | 76,962 | |
Interest expense | (136,011) | (64,064) | |
Foreign currency and derivative gains and other income, net | 8,614 | 48,409 | |
Gain (losses) on early extinguishment of debt, net | 3,275 | (18,165) | |
Total other income (expense) | (48,343) | 43,142 | |
Earnings before income taxes | 530,700 | 1,248,944 | |
Income tax expense | (32,071) | (29,222) | |
Consolidated net earnings | 498,629 | 1,219,722 | |
Less net earnings attributable to noncontrolling interests | 34,006 | 68,937 | |
Net earnings attributable to controlling interests | 464,623 | 1,150,785 | |
Less preferred stock/unit dividends/distributions | 1,453 | 1,531 | |
Net earnings attributable to common stockholders/unitholders | $ 463,170 | $ 1,149,254 | |
Weighted average common shares/units outstanding - Basic | 923,888 | 740,368 | |
Weighted average common shares/units outstanding - Diluted | [1] | 951,624 | 765,517 |
Net earnings per share/unit attributable to common stockholders/unitholders - Basic | $ 0.50 | $ 1.55 | |
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | $ 0.50 | $ 1.54 | |
Prologis, L.P. [Member] | |||
Revenues: | |||
Rental | $ 1,633,770 | $ 1,076,861 | |
Strategic capital | 134,701 | 133,925 | |
Development management and other | 116 | 8,342 | |
Total revenues | 1,768,587 | 1,219,128 | |
Expenses: | |||
Rental | 412,554 | 275,674 | |
Strategic capital | 71,709 | 51,811 | |
General and administrative | 99,777 | 74,646 | |
Depreciation and amortization | 602,367 | 396,647 | |
Other | 7,184 | 9,589 | |
Total expenses | 1,193,591 | 808,367 | |
Operating income before gains on real estate transactions, net | 574,996 | 410,761 | |
Gains on dispositions of development properties and land, net | 0 | 210,206 | |
Gains on other dispositions of investments in real estate, net | 4,047 | 584,835 | |
Operating income | 579,043 | 1,205,802 | |
Other income (expense): | |||
Earnings from unconsolidated entities, net | 75,779 | 76,962 | |
Interest expense | (136,011) | (64,064) | |
Foreign currency and derivative gains and other income, net | 8,614 | 48,409 | |
Gain (losses) on early extinguishment of debt, net | 3,275 | (18,165) | |
Total other income (expense) | (48,343) | 43,142 | |
Earnings before income taxes | 530,700 | 1,248,944 | |
Income tax expense | (32,071) | (29,222) | |
Consolidated net earnings | 498,629 | 1,219,722 | |
Less net earnings attributable to noncontrolling interests | 22,357 | 36,666 | |
Net earnings attributable to controlling interests | 476,272 | 1,183,056 | |
Less preferred stock/unit dividends/distributions | 1,453 | 1,531 | |
Net earnings attributable to common stockholders/unitholders | $ 474,819 | $ 1,181,525 | |
Weighted average common shares/units outstanding - Basic | 939,054 | 753,159 | |
Weighted average common shares/units outstanding - Diluted | [1] | 951,624 | 765,517 |
Net earnings per share/unit attributable to common stockholders/unitholders - Basic | $ 0.50 | $ 1.55 | |
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | $ 0.50 | $ 1.54 | |
[1] Our total weighted average potentially dilutive shares and units outstanding consisted of the following: |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Consolidated net earnings | $ 498,629 | $ 1,219,722 |
Other comprehensive income (loss): | ||
Foreign currency translation gains (losses), net | (28,101) | 189,523 |
Unrealized gains (losses) on derivative contracts, net | (25,853) | 13,349 |
Comprehensive income | 444,675 | 1,422,594 |
Net earnings attributable to noncontrolling interests | (34,006) | (68,937) |
Other comprehensive loss (income) attributable to noncontrolling interests | 1,139 | (5,739) |
Comprehensive income attributable to common stockholders | 411,808 | 1,347,918 |
Prologis, L.P. [Member] | ||
Consolidated net earnings | 498,629 | 1,219,722 |
Other comprehensive income (loss): | ||
Foreign currency translation gains (losses), net | (28,101) | 189,523 |
Unrealized gains (losses) on derivative contracts, net | (25,853) | 13,349 |
Comprehensive income | 444,675 | 1,422,594 |
Net earnings attributable to noncontrolling interests | (22,357) | (36,666) |
Other comprehensive loss (income) attributable to noncontrolling interests | (187) | (155) |
Comprehensive income attributable to common stockholders | $ 422,131 | $ 1,385,773 |
Consolidated Statements of Equi
Consolidated Statements of Equity - 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] | Noncontrolling Interests [Member] |
Balance at Dec. 31, 2021 | $ 37,742,210 | $ 63,948 | $ 7,398 | $ 35,561,608 | $ (878,253) | $ (1,327,828) | $ 4,315,337 |
Balance, shares at Dec. 31, 2021 | 739,827 | ||||||
Consolidated net earnings | 1,219,722 | 1,150,785 | 68,937 | ||||
Effect of equity compensation plans | 40,167 | $ 3 | 4,217 | 35,947 | |||
Effect of equity compensation plans, shares | 290 | ||||||
Capital contributions | 434 | 434 | |||||
Redemption of noncontrolling interests | (26,269) | $ 1 | 3,300 | (29,570) | |||
Redemption of noncontrolling interests, shares | 72 | ||||||
Foreign currency translation gains (losses), net | 189,523 | 184,152 | 5,371 | ||||
Unrealized gains (losses) on derivative contracts, net | 13,349 | 12,981 | 368 | ||||
Reallocation of equity | (22,852) | 22,852 | |||||
Dividends and other distributions | (716,934) | (10) | (587,382) | (129,542) | |||
Balance at Mar. 31, 2022 | 38,462,202 | 63,948 | $ 7,402 | 35,546,263 | (681,120) | (764,425) | 4,290,134 |
Balance, shares at Mar. 31, 2022 | 740,189 | ||||||
Balance at Dec. 31, 2021 | 37,742,210 | 63,948 | $ 7,398 | 35,561,608 | (878,253) | (1,327,828) | 4,315,337 |
Balance, shares at Dec. 31, 2021 | 739,827 | ||||||
Balance at Dec. 31, 2022 | $ 57,863,093 | 63,948 | $ 9,231 | 54,065,407 | (443,609) | (457,695) | 4,625,811 |
Balance, shares at Dec. 31, 2022 | 923,142 | 923,142 | |||||
Consolidated net earnings | $ 498,629 | 464,623 | 34,006 | ||||
Effect of equity compensation plans | 64,888 | $ 4 | 13,468 | 51,416 | |||
Effect of equity compensation plans, shares | 288 | ||||||
Capital contributions | 0 | 0 | |||||
Redemption of noncontrolling interests | (42,269) | 1,304 | (43,573) | ||||
Redemption of noncontrolling interests, shares | 23 | ||||||
Foreign currency translation gains (losses), net | (28,101) | (27,595) | (506) | ||||
Unrealized gains (losses) on derivative contracts, net | (25,853) | (25,220) | (633) | ||||
Reallocation of equity | (22,143) | 22,143 | |||||
Dividends and other distributions | (865,158) | (806,505) | (58,653) | ||||
Balance at Mar. 31, 2023 | $ 57,465,229 | $ 63,948 | $ 9,235 | $ 54,058,036 | $ (496,424) | $ (799,577) | $ 4,630,011 |
Balance, shares at Mar. 31, 2023 | 923,453 | 923,453 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends per common share | $ 0.87 | $ 0.79 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities: | ||
Consolidated net earnings | $ 498,629 | $ 1,219,722 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Straight-lined rents and amortization of above and below market leases | (143,686) | (37,374) |
Equity-based compensation awards | 62,906 | 41,429 |
Depreciation and amortization | 602,367 | 396,647 |
Earnings from unconsolidated entities, net | (75,779) | (76,962) |
Operating distributions from unconsolidated entities | 135,081 | 95,665 |
Decrease (increase) in operating receivables from unconsolidated entities | 51,164 | (819) |
Amortization of debt discounts and debt issuance costs, net | 17,623 | 1,980 |
Gains on dispositions of development properties and land, net | 0 | (210,206) |
Gains on other dispositions of investments in real estate, net | (4,047) | (584,835) |
Unrealized foreign currency and derivative losses (gains), net | 10,113 | (33,273) |
Losses (gains) on early extinguishment of debt, net | (3,275) | 18,165 |
Deferred income tax expense | 3,577 | 7,492 |
Decrease in other assets | 21,742 | 107,702 |
Decrease in accounts payable and accrued expenses and other liabilities | (62,118) | (103,806) |
Net cash provided by operating activities | 1,114,297 | 841,527 |
Investing activities: | ||
Real estate development | (936,921) | (639,636) |
Real estate acquisitions | (51,866) | (451,343) |
Duke Transaction, net of cash acquired | (3,828) | 0 |
Tenant improvements and lease commissions on previously leased space | (78,955) | (85,024) |
Property improvements | (19,302) | (18,280) |
Proceeds from dispositions and contributions of real estate | 54,903 | 1,495,260 |
Investments in and advances to unconsolidated entities | (39,677) | (34,811) |
Return of investment from unconsolidated entities | 21,169 | 14,302 |
Proceeds from the settlement of net investment hedges | 5,323 | 3,732 |
Payments on the settlement of net investment hedges | 0 | (771) |
Net cash provided by (used in) investing activities | (1,049,154) | 283,429 |
Financing activities: | ||
Dividends/distributions paid on common and preferred stock/units | (806,505) | (587,382) |
Noncontrolling interests contributions | 0 | 434 |
Noncontrolling interests distributions | (58,653) | (129,542) |
Settlement of noncontrolling interests | (42,269) | (26,269) |
Tax paid with shares withheld | (18,690) | (22,602) |
Debt and equity issuance costs paid | (17,868) | (8,058) |
Net proceeds from (payments on) credit facilities | (1,337,857) | (492,552) |
Repurchase of and payments on debt | (90,793) | (332,995) |
Proceeds from the issuance of debt | 2,545,042 | 1,841,450 |
Net cash provided by financing activities | 172,407 | 242,484 |
Effect of foreign currency exchange rate changes on cash | 6,468 | (10,807) |
Net increase in cash and cash equivalents | 244,018 | 1,356,633 |
Cash and cash equivalents, beginning of period | 278,483 | 556,117 |
Cash and cash equivalents, end of period | 522,501 | 1,912,750 |
Prologis, L.P. [Member] | ||
Operating activities: | ||
Consolidated net earnings | 498,629 | 1,219,722 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Straight-lined rents and amortization of above and below market leases | (143,686) | (37,374) |
Equity-based compensation awards | 62,906 | 41,429 |
Depreciation and amortization | 602,367 | 396,647 |
Earnings from unconsolidated entities, net | (75,779) | (76,962) |
Operating distributions from unconsolidated entities | 135,081 | 95,665 |
Decrease (increase) in operating receivables from unconsolidated entities | 51,164 | (819) |
Amortization of debt discounts and debt issuance costs, net | 17,623 | 1,980 |
Gains on dispositions of development properties and land, net | 0 | (210,206) |
Gains on other dispositions of investments in real estate, net | (4,047) | (584,835) |
Unrealized foreign currency and derivative losses (gains), net | 10,113 | (33,273) |
Losses (gains) on early extinguishment of debt, net | (3,275) | 18,165 |
Deferred income tax expense | 3,577 | 7,492 |
Decrease in other assets | 21,742 | 107,702 |
Decrease in accounts payable and accrued expenses and other liabilities | (62,118) | (103,806) |
Net cash provided by operating activities | 1,114,297 | 841,527 |
Investing activities: | ||
Real estate development | (936,921) | (639,636) |
Real estate acquisitions | (51,866) | (451,343) |
Duke Transaction, net of cash acquired | (3,828) | 0 |
Tenant improvements and lease commissions on previously leased space | (78,955) | (85,024) |
Property improvements | (19,302) | (18,280) |
Proceeds from dispositions and contributions of real estate | 54,903 | 1,495,260 |
Investments in and advances to unconsolidated entities | (39,677) | (34,811) |
Return of investment from unconsolidated entities | 21,169 | 14,302 |
Proceeds from the settlement of net investment hedges | 5,323 | 3,732 |
Payments on the settlement of net investment hedges | 0 | (771) |
Net cash provided by (used in) investing activities | (1,049,154) | 283,429 |
Financing activities: | ||
Dividends/distributions paid on common and preferred stock/units | (829,490) | (606,181) |
Noncontrolling interests contributions | 0 | 434 |
Noncontrolling interests distributions | (35,668) | (110,743) |
Redemption of common limited partnership units | (42,269) | (26,269) |
Tax paid with shares withheld | (18,690) | (22,602) |
Debt and equity issuance costs paid | (17,868) | (8,058) |
Net proceeds from (payments on) credit facilities | (1,337,857) | (492,552) |
Repurchase of and payments on debt | (90,793) | (332,995) |
Proceeds from the issuance of debt | 2,545,042 | 1,841,450 |
Net cash provided by financing activities | 172,407 | 242,484 |
Effect of foreign currency exchange rate changes on cash | 6,468 | (10,807) |
Net increase in cash and cash equivalents | 244,018 | 1,356,633 |
Cash and cash equivalents, beginning of period | 278,483 | 556,117 |
Cash and cash equivalents, end of period | $ 522,501 | $ 1,912,750 |
Consolidated Statements of Capi
Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Consolidated net earnings | $ 498,629 | $ 1,219,722 | |
Effect of equity compensation plans | 64,888 | 40,167 | |
Capital contributions | 0 | 434 | |
Unrealized gains (losses) on derivative contracts, net | (25,853) | 13,349 | |
Noncontrolling Interests [Member] | |||
Consolidated net earnings | 34,006 | 68,937 | |
Effect of equity compensation plans | 51,416 | 35,947 | |
Capital contributions | 0 | 434 | |
Unrealized gains (losses) on derivative contracts, net | (633) | 368 | |
Reallocation of equity | $ 22,143 | 22,852 | |
Class A Common [Member] | |||
Beginning balance, Units | 8,600 | ||
Ending balance, Units | 8,600 | 8,600 | |
Prologis, L.P. [Member] | |||
Beginning balance | $ 57,863,093 | 37,742,210 | $ 37,742,210 |
Consolidated net earnings | 498,629 | 1,219,722 | |
Effect of equity compensation plans | 64,888 | 40,167 | |
Capital contributions | 0 | 434 | |
Redemption of limited partners units | (42,269) | (26,269) | |
Foreign currency translation gains (losses), net | (28,101) | 189,523 | |
Unrealized gains (losses) on derivative contracts, net | (25,853) | 13,349 | |
Distributions and other | (865,158) | (716,934) | |
Ending balance | 57,465,229 | 38,462,202 | 57,863,093 |
Prologis, L.P. [Member] | Noncontrolling Interests [Member] | |||
Beginning balance | 3,317,767 | 3,397,538 | 3,397,538 |
Consolidated net earnings | 22,357 | 36,666 | |
Capital contributions | 0 | 434 | |
Foreign currency translation gains (losses), net | 187 | 155 | |
Distributions and other | (35,668) | (110,743) | |
Ending balance | 3,304,643 | 3,324,050 | 3,317,767 |
Prologis, L.P. [Member] | Preferred [Member] | General Partner | |||
Beginning balance | $ 63,948 | $ 63,948 | $ 63,948 |
Beginning balance, Units | 1,279 | 1,279 | 1,279 |
Ending balance | $ 63,948 | $ 63,948 | $ 63,948 |
Ending balance, Units | 1,279 | 1,279 | 1,279 |
Prologis, L.P. [Member] | Common [Member] | General Partner | |||
Beginning balance | $ 53,173,334 | $ 33,362,925 | $ 33,362,925 |
Beginning balance, Units | 923,142 | 739,827 | 739,827 |
Consolidated net earnings | $ 464,623 | $ 1,150,785 | |
Effect of equity compensation plans | $ 13,472 | $ 4,220 | |
Effect of equity compensation plans, units | 288 | 290 | |
Redemption of limited partners units | $ 1,304 | $ 3,301 | |
Redemption of limited partners units, units | 23 | 72 | |
Foreign currency translation gains (losses), net | $ (27,595) | $ 184,152 | |
Unrealized gains (losses) on derivative contracts, net | (25,220) | 12,981 | |
Reallocation of equity | (22,143) | (22,852) | |
Distributions and other | (806,505) | (587,392) | |
Ending balance | $ 52,771,270 | $ 34,108,120 | $ 53,173,334 |
Ending balance, Units | 923,453 | 740,189 | 923,142 |
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member] | |||
Beginning balance | $ 843,263 | $ 557,097 | $ 557,097 |
Beginning balance, Units | 14,640 | 12,354 | 12,354 |
Consolidated net earnings | $ 7,604 | $ 19,856 | |
Effect of equity compensation plans | $ 51,416 | $ 35,947 | |
Effect of equity compensation plans, units | 843 | 837 | |
Redemption of limited partners units | $ (43,573) | $ (29,570) | |
Redemption of limited partners units, units | (386) | (242) | |
Foreign currency translation gains (losses), net | $ (451) | $ 3,222 | |
Unrealized gains (losses) on derivative contracts, net | (412) | 227 | |
Reallocation of equity | 22,313 | 23,144 | |
Distributions and other | (17,426) | (13,241) | |
Ending balance | $ 862,734 | $ 596,682 | $ 843,263 |
Ending balance, Units | 15,097 | 12,949 | 14,640 |
Prologis, L.P. [Member] | Class A Common [Member] | Limited Partners [Member] | |||
Beginning balance | $ 464,781 | $ 360,702 | $ 360,702 |
Beginning balance, Units | 8,595 | 8,595 | 8,595 |
Consolidated net earnings | $ 4,045 | $ 12,415 | |
Foreign currency translation gains (losses), net | (242) | 1,994 | |
Unrealized gains (losses) on derivative contracts, net | (221) | 141 | |
Reallocation of equity | (170) | (292) | |
Distributions and other | (5,559) | (5,558) | |
Ending balance | $ 462,634 | $ 369,402 | $ 464,781 |
Ending balance, Units | 8,595 | 8,595 | 8,595 |
Consolidated Statements of Ca_2
Consolidated Statements of Capital (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement Of Partners Capital [Abstract] | ||
Distributions per common unit | $ 0.87 | $ 0.79 |
General
General | 3 Months Ended |
Mar. 31, 2023 | |
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” or “IRC”), 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” or “OP”). Through the OP, we are engaged in the ownership, acquisition, development and management of logistics facilities with a focus on key markets in 19 countries on four continents. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors. We maintain a significant level of ownership in these co-investment ventures, which may be consolidated or unconsolidated based on our level of control of the entity. Our current business strategy consists of two operating business segments: Real Estate (Rental Operations and Development) and Strategic Capital. Our Real Estate Segment represents the ownership, leasing and development of logistics properties. Our Strategic Capital Segment represents the management of properties owned by our unconsolidated co-investment ventures and other ventures. See Note 11 for further discussion of our business segments. Unless otherwise indicated, the Notes to the Consolidated Financial Statements apply to both the Parent and the OP. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and OP collectively. For each share of preferred or common stock the Parent issues, the OP issues a corresponding preferred or common partnership unit, as applicable, to the Parent in exchange for the contribution of the proceeds from the stock issuance. At March 31, 2023 , the Parent owned a 97.55 % common general partnership interest in the OP and substantially all of the preferred units in the OP. The remaining 2.45 % common limited partnership interests, which include Class A common limited partnership units (“Class A Units”) in the OP, are owned by unaffiliated investors and certain current and former directors and officers of the Parent. Each partner’s percentage interest in the OP is determined based on the number of OP units held, including the number of OP units into which Class A Units are convertible, compared to total OP 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 OP to reflect the appropriate ownership interest for each of the common unitholders. These adjustments are reflected in the line items Reallocation of Equity in the Consolidated Statements of Equity of the Parent and Reallocation of Capital in the Consolidated Statements of Capital of the OP. As the sole general partner of the OP, the Parent has complete responsibility and discretion in the day-to-day management and control of the OP and we operate the Parent and the OP as one enterprise. The management of the Parent consists of the same members as the management of the OP. These members are officers of the Parent and employees of the OP or one of its subsidiaries. As general partner with control of the OP, the Parent is the primary beneficiary and therefore consolidates the OP. Because the Parent’s only significant asset is its investment in the OP, the assets and liabilities of the Parent and the OP 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. 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 note 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 OP 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 year ended December 31, 2022 , as filed with the SEC, and other public information. |
Duke Transaction
Duke Transaction | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Duke Transaction | NOTE 2. DUKE TRANSACTION On October 3, 2022 , we acquired Duke Realty Corporation and Duke Realty Limited Partnership (collectively “Duke” or the “Duke Transaction”). Through the Duke Transaction, we acquired a portfolio primarily comprised of logistics real estate assets, including 494 industrial operating properties, aggregating 144.4 million square feet, which are highly complementary to our U.S. portfolio in terms of product quality, location and growth potential in our key markets . There was approximately 15 million square feet of non-strategic industrial operating properties acquired in the Duke Transaction for which our intent is not to operate these properties long term. These assets are classified as other real estate investments within Investments in Real Estate Properties in the Consolidated Balance Sheets. The portfolio also included properties under development, land for future development and investments in other ventures. The Duke Transaction was completed for $ 23.2 billion through the issuance of equity based on the value of the Prologis common stock and units issued of $ 18.8 billion, the assumption of debt of $ 4.2 billion and transaction costs. In connection with the transaction, each issued and outstanding share or unit held by a Duke shareholder or unitholder was converted automatically into 0.475 shares of Prologis common stock or common units of Prologis, L.P., respectively, including shares and units under Duke’s equity incentive plan that became fully vested at closing. The aggregate equity consideration is calculated below (in millions, except price per share): Number of Prologis shares and units issued upon conversion of 184.80 Multiplied by price of Prologis' common stock on September 30, 2022 $ 101.60 Fair value of Prologis shares and units issued $ 18,776 We accounted for the Duke Transaction as an asset acquisition and as a result, the transaction costs of $ 239.8 million were capitalized to the basis of the acquired properties. Transaction costs included the direct costs incurred to acquire the real estate assets. Under acquisition accounting, the total cost or total consideration exchanged is allocated to the real estate properties and related lease intangibles on a relative fair value basis. As the fair value of the properties acquired exceeded the purchase price, we allocated the bargain consideration at a property-level based on the relative fair value of the property in comparison to the total portfolio. All other assets acquired and liabilities assumed, including debt, and real estate assets that we intend to sell in the next twelve months were recorded at fair value. The total purchase price, including transaction costs, was allocated as follows (in millions): Net investments in real estate $ 24,915 Cash and other assets 441 Debt ( 4,162 ) Intangible liabilities, net of intangible assets (1) ( 1,457 ) Accounts payable, accrued expenses and other liabilities ( 719 ) Noncontrolling interests ( 2 ) Total purchase price, including transaction costs $ 19,016 (1) Intangible assets of $ 836.6 million and intangible liabilities of $ 2.3 billion were included within Other Assets and Other Liabilities , respectively, on the Consolidated Balance Sheets. The acquired lease intangibles from the Duke Transaction will be amortized over the terms of the respective leases with a weighted average remaining lease term of 64 months at October 3, 2022. |
Real Estate
Real Estate | 3 Months Ended |
Mar. 31, 2023 | |
Real Estate [Abstract] | |
Real Estate | NOTE 3. REAL ESTATE Investments in real estate properties consisted of the following (dollars and square feet in thousands): Square Feet Number of Buildings Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, 2023 2022 2023 2022 2023 2022 Operating properties: Buildings and improvements 600,985 597,362 2,836 2,825 $ 49,020,423 $ 48,650,334 Improved land 20,549,061 20,388,461 Development portfolio, including Prestabilized 5,844 4,874 21 15 680,951 597,553 Properties under development 37,600 44,011 102 121 3,571,692 3,614,601 Land (1) 3,444,294 3,338,121 Other real estate investments (2) 5,119,125 5,034,326 Total investments in real estate 82,385,546 81,623,396 Less accumulated depreciation 9,508,351 9,036,085 Net investments in real estate $ 72,877,195 $ 72,587,311 (1) At March 31, 2023 and December 31, 2022, our land was comprised of 7,335 and 7,188 acres, respectively. (2) Included in other real estate investments were: (i) land parcels we own and lease to third parties; (ii) non-strategic real estate assets, primarily acquired from the Duke Transaction, that we do not intend to operate long term; (iii) non-industrial real estate assets that we intend to redevelop into industrial properties; and (iv) costs associated with potential acquisitions and future development projects, including purchase options on land. Acquisitions The following table summarizes our real estate acquisition activity (dollars and square feet in thousands): Three Months Ended 2023 2022 Number of operating properties - 1 Square feet - 303 Acres of land 120 578 Acquisition cost of net investments in real estate, excluding other real estate investments $ 40,474 $ 264,485 Acquisition cost of other real estate investments $ 6,185 $ 223,411 Dispositions The following table summarizes our dispositions of net investments in real estate that include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands): Three Months Ended 2023 2022 Dispositions of development properties and land, net (1) Number of properties - 7 Square feet - 2,583 Net proceeds $ - $ 442,555 Gains on dispositions of development properties and land, net $ - $ 210,206 Other dispositions of investments in real estate, net Number of properties 5 102 Square feet 360 8,676 Net proceeds $ 57,008 $ 1,264,280 Gains on other dispositions of investments in real estate, net $ 4,047 $ 584,835 (1) The gains we recognize in Gains on Dispositions of Development Properties and Land, Net are principally driven by the contribution of newly developed properties to our unconsolidated co-investment ventures and occasionally sales to a third party. Leases We recognized lease right-of-use assets of $ 735.1 million and $ 735.4 million within Other Assets and lease liabilities of $ 642.4 million and $ 638.8 million within Other Liabilities , for land and office space leases in which we are the lessee, on the Consolidated Balance Sheets at March 31, 2023 and December 31, 2022, respectively. |
Unconsolidated Entities
Unconsolidated Entities | 3 Months Ended |
Mar. 31, 2023 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Unconsolidated Entities | NOTE 4. UNCONSOLIDATED ENTITIES Summary of Investments We have investments in entities through a variety of ventures. We co-invest in entities that own multiple properties with partners and investors and we provide asset management 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 related parties and accounted for using the equity method of accounting. See Note 7 for more detail regarding our consolidated investments that are not wholly owned. We also have investments in other ventures, generally with one partner, which we account for using the equity method. We refer to our investments in both unconsolidated co-investment ventures and other ventures, collectively, as unconsolidated entities. The following table summarizes our investments in and advances to unconsolidated entities (in thousands): March 31, December 31, 2023 2022 Unconsolidated co-investment ventures $ 8,055,322 $ 8,073,927 Other ventures (1) 1,624,775 1,624,971 Total $ 9,680,097 $ 9,698,898 (1) Included in other ventures is our $ 174.9 million and $ 162.6 million investment in early and growth-stage companies that are focused on emerging technologies at March 31, 2023 and December 31, 2022, respectively. Unconsolidated Co-Investment Ventures The following table summarizes the Strategic Capital Revenues we recognized in the Consolidated Statements of Income related to our unconsolidated co-investment ventures (in thousands): Three Months Ended 2023 2022 Recurring fees $ 113,557 $ 113,237 Transactional fees 15,080 17,229 Promote revenue 320 - Total strategic capital revenues from unconsolidated co-investment ventures (1) $ 128,957 $ 130,466 (1) These amounts exclude strategic capital revenues from other ventures. The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures on a U.S. GAAP basis (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to these ventures (dollars and square feet in millions): U.S. Other Americas (1) Europe Asia Total At: Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Key property information: Ventures 1 1 2 2 2 2 3 3 8 8 Operating properties 740 739 260 260 992 989 220 217 2,212 2,205 Square feet 123 123 60 60 220 219 90 89 493 491 Financial position: Total assets ($) 12,609 12,617 3,760 3,744 22,957 22,502 9,844 9,964 49,170 48,827 Third-party debt ($) 3,468 3,468 919 919 5,426 5,315 3,827 3,811 13,640 13,513 Total liabilities ($) 4,179 4,143 983 1,011 7,502 7,292 4,259 4,279 16,923 16,725 Our investment balance ($) (2) 2,371 2,398 1,041 1,070 3,850 3,786 793 820 8,055 8,074 Our weighted average ownership (3) 26.2 % 26.2 % 40.6 % 41.0 % 31.0 % 31.0 % 15.2 % 15.2 % 27.4 % 27.4 % U.S. Other Americas (1) Europe Asia Total Operating Information: Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, For the three months ended: Total revenues ($) 324 286 103 89 414 356 165 169 1,006 900 Net earnings ($) 101 72 43 33 69 104 27 34 240 243 Our earnings from unconsolidated 27 19 16 12 21 31 4 6 68 68 (1) Prologis Brazil Logistics Venture (“PBLV”) and our other Brazilian joint ventures are combined as one venture for the purpose of this table. (2) Prologis’ investment balance is presented at our adjusted basis. The difference between our ownership interest of a venture’s equity and our investment balance at March 31, 2023 and December 31, 2022, results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes ($ 146.4 million and $ 193.7 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. (3) Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities. Equity Commitments Related to Certain Unconsolidated Co-Investment Ventures At March 31, 2023, our outstanding equity commitments were $ 285.8 million, primarily for Prologis China Logistics Venture. The equity commitments expire from 2023 to 2028 if they have not been previously called. Typically, equity commitments are used for future development and acquisitions in the unconsolidated co-investment ventures. |
Assets Held for Sale or Contrib
Assets Held for Sale or Contribution | 3 Months Ended |
Mar. 31, 2023 | |
Real Estate Assets Held For Development And Sale [Abstract] | |
Assets Held for Sale or Contribution | NOTE 5. ASSETS HELD FOR SALE OR CONTRIBUTION We had investments in certain real estate properties that met the criteria to be classified as held for sale or contribution at March 31, 2023 and December 31, 2022. At the time of classification, these properties were expected to be sold to third parties or were recently stabilized and expected to be contributed to unconsolidated co-investment ventures within twelve months. The amounts included in Assets Held for Sale or Contribution represented real estate investment balances and the related assets and liabilities. Assets held for sale or contribution consisted of the following (dollars and square feet in thousands): March 31, December 31, 2023 2022 Number of operating properties 23 21 Square feet 5,771 4,061 Total assets held for sale or contribution $ 734,106 $ 531,257 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 10,533 $ 4,536 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 6. DEBT All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt (dollars in thousands): March 31, 2023 December 31, 2022 Weighted Average Amount Weighted Average Amount Interest Rate (1) Years (2) Outstanding (3) Interest Rate (1) Years (2) Outstanding (3) Credit facilities 2.0 % 2.3 $ 212,553 4.2 % 2.8 $ 1,538,461 Senior notes 2.6 % 10.7 22,399,340 2.3 % 10.3 19,786,253 Term loans and unsecured 2.4 % 4.6 2,093,006 2.3 % 4.9 2,106,592 Secured mortgage 3.2 % 4.0 448,443 3.0 % 4.3 444,655 Total 2.6 % 10.0 $ 25,153,342 2.5 % 9.2 $ 23,875,961 (1) The weighted average interest rates represent the effective interest rates (including amortization of debt issuance costs and noncash premiums or discounts) at the end of the period for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rate on certain variable rate debt. (2) The weighted average years represents the remaining maturity in years on the debt outstanding at period end. (3) We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies: March 31, 2023 December 31, 2022 Weighted Average Interest Rate Amount Outstanding % of Total Weighted Average Interest Rate Amount Outstanding % of Total British pound sterling 2.1 % $ 1,263,807 5.0 % 2.1 % $ 1,228,483 5.1 % Canadian dollar 4.9 % 813,415 3.2 % 4.5 % 814,491 3.4 % Euro 1.7 % 9,100,801 36.2 % 1.3 % 7,991,301 33.5 % Japanese yen 1.0 % 3,367,643 13.4 % 1.0 % 3,308,009 13.9 % U.S. dollar 3.6 % 10,607,676 42.2 % 3.6 % 10,533,677 44.1 % Total 2.6 % $ 25,153,342 100.0 % 2.5 % $ 23,875,961 100.0 % Credit Facilities At March 31, 2023, we had two global senior credit facilities: the 2021 Global Facility and the 2022 Global Facility. We may draw on both facilities in British pounds sterling, Canadian dollars, euro, Japanese yen, Mexican pesos and U.S. dollars on a revolving basis up to $ 2.0 billion and $ 3.0 billion (subject to currency fluctuations) on the 2021 and 2022 Global Facility, respectively. The 2021 Global Facility is scheduled to initially mature in April 2024 and the 2022 Global Facility in June 2026 ; however, we can extend the maturity date for each facility by six months on two occasions, subject to the payment of extension fees. We have the ability to increase the 2021 Global Facility to $ 2.5 billion and the 2022 Global Facility to $ 4.0 billion, subject to currency fluctuations and obtaining additional lender commitments. On April 5, 2023, we amended and restated the 2021 Global Facility as the 2023 Global Facility and upsized its borrowing capacity to $ 3.0 billion (subject to currency fluctuations). The 2023 Global Facility is scheduled to initially mature in June 2027 ; however, we can extend the maturity date for the facility by six months on two occasions, subject to the payment of extension fees. We have the ability to increase the 2023 Global Facility to $ 4.0 billion, subject to currency fluctuations and obtaining additional lender commitments. We also have a Japanese yen revolver (the “Yen Credit Facility”) with total commitments of ¥ 55.0 billion ($ 413.0 million at March 31, 2023). We have the ability to increase the borrowing capacity of the Yen Credit Facility to ¥ 75.0 billion ($ 563.2 million at March 31, 2023), subject to obtaining additional lender commitments. The Yen Credit Facility is initially scheduled to mature in July 2024 ; however, we may extend the maturity date for one year, subject to the payment of extension fees. We refer to the 2021 Global Facility, the 2022 Global Facility and the Yen Credit Facility, collectively, as our “Credit Facilities.” Pricing for the Credit Facilities, including the spread over the applicable benchmark and the rates applicable to facility fees and letter of credit fees, varies based on the public debt ratings of the OP. The following table summarizes information about our available liquidity at March 31, 2023 (in millions): Aggregate lender commitments Credit Facilities $ 5,473 Less: Borrowings outstanding 213 Outstanding letters of credit 39 Current availability 5,221 Cash and cash equivalents 523 Total liquidity $ 5,744 Senior Notes The following table summarizes the issuances of senior notes during the three months ended March 31, 2023 (principal in thousands): Aggregate Principal Issuance Date Weighted Average Issuance Date Borrowing Currency USD (1) Interest Rate Years Maturity Dates January € 1,250,000 $ 1,354,125 4.1 % 13.8 January 2030 – 2043 March $ 1,200,000 $ 1,200,000 4.9 % 17.7 June 2033 – 2053 Total $ 2,554,125 4.5 % 15.6 (1) The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date. Long-Term Debt Maturities Scheduled principal payments due on our debt for the remainder of 2023 and for each year through the period ended December 31, 2027, and thereafter were as follows at March 31, 2023 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgage Total 2023 (1) $ - $ - $ - $ 31,619 $ 31,619 2024 (1) (2) 98,365 326,250 - 95,292 519,907 2025 (3) - 37,544 722,420 153,480 913,444 2026 (4) 114,188 1,308,918 638,310 67,805 2,129,221 2027 - 1,738,332 53,787 4,156 1,796,275 Thereafter - 19,569,982 682,140 89,135 20,341,257 Subtotal 212,553 22,981,026 2,096,657 441,487 25,731,723 Unamortized premiums (discounts), net - ( 481,289 ) 946 8,554 ( 471,789 ) Unamortized debt issuance costs, net - ( 100,397 ) ( 4,597 ) ( 1,598 ) ( 106,592 ) Total $ 212,553 $ 22,399,340 $ 2,093,006 $ 448,443 $ 25,153,342 (1) We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings. (2) Included in the 2024 maturities is the Yen Credit Facility that can be extended until 2025. (3) Included in the 2025 maturities is a Canadian term loan that we entered into in 2022 that can be extended until 2027. (4) Included in the 2026 maturities is the 2022 Global Facility that can be extended until 2027. Financial Debt Covenants Our senior notes, term loans and Credit Facilities outstanding at March 31, 2023 were subject to certain financial covenants under their related documents. At March 31, 2023, we were in compliance with all of our financial debt covenants. Guarantee of Finance Subsidiary Debt We have finance subsidiaries as part of our operations in Europe (Prologis Euro Finance LLC), Japan (Prologis Yen Finance LLC) and the U.K. (Prologis Sterling Finance LLC) in order to mitigate our foreign currency risk by borrowing in the currencies in which we invest. These entities are 100 % indirectly owned by the OP and all unsecured debt issued or to be issued by each entity is or will be fully and unconditionally guaranteed by the OP. There are no restrictions or limits on the OP’s ability to obtain funds from its subsidiaries by dividend or loan. In reliance on Rule 13-01 of Regulation S-X, the separate financial statements of Prologis Euro Finance LLC, Prologis Yen Finance LLC and Prologis Sterling Finance LLC are not provided. |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | NOTE 7. 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 limited partnership unit . We also consolidate certain entities in which we do not own 100% of the equity but the equity of these entities is not exchangeable into our common stock. Prologis, Inc. The noncontrolling interests of the Parent include the noncontrolling interests described above for the OP, as well as the limited partnership units in the OP that are not owned by the Parent. The outstanding limited partnership units receive quarterly cash distributions equal to the quarterly dividends paid on our common stock pursuant to the terms of the applicable partnership agreements. The following table summarizes these entities (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 3,170,301 $ 3,182,858 $ 7,200,384 $ 7,225,438 $ 150,401 $ 158,453 Other consolidated entities (1) various various 134,342 134,909 1,679,510 1,737,311 253,241 259,524 Prologis, L.P. 3,304,643 3,317,767 8,879,894 8,962,749 403,642 417,977 Limited partners in Prologis, L.P. (2)(3) 1,325,368 1,308,044 - - - - Prologis, Inc. $ 4,630,011 $ 4,625,811 $ 8,879,894 $ 8,962,749 $ 403,642 $ 417,977 (1) Includes two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. The limited partnership units outstanding at March 31, 2023 and December 31, 2022 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. (2) We had 8.6 million Class A Units that were convertible into 8.1 million and 8.0 million limited partnership units of the OP at March 31, 2023 and December 31, 2022, respectively. (3) There were limited partnership units in the OP, excluding the Class A Units, that were exchangeable into cash or, at our option, 9.7 million and 10.0 million shares of the Parent’s common stock, at March 31, 2023 and December 31, 2022, respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 5.4 million and 4.6 million shares of the Parent’s common stock at March 31, 2023 and December 31, 2022, respectively. See further discussion of LTIP Units in Note 8 . |
Long-Term Compensation
Long-Term Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Long-Term Compensation | NOTE 8. LONG-TERM COMPENSATION Equity-Based Compensation Plans and Programs Prologis Outperformance Plan (“POP”) We have allocated participation points or a percentage of the compensation pool to participants under our POP corresponding to three-year performance periods beginning every January 1. The fair value of the awards is measured at the grant date and amortized over the period from the grant date to the date at which the awards vest, which ranges from three to ten years . The performance hurdle (“Outperformance Hurdle”) at the end of the initial three-year performance period requires our three-year compound annualized total stockholder return (“TSR”) to exceed a threshold set at the three-year compound annualized TSR for the Morgan Stanley Capital International (“MSCI”) US REIT Index for the same period plus 100 basis points. If the Outperformance Hurdle is met, a compensation pool will be formed equal to 3 % of the excess value created, subject to a maximum as defined by each performance period. POP awards cannot be paid at a time when we meet the outperformance hurdle yet our absolute TSR is negative. If after seven years our absolute TSR has not been positive, the awards will be forfeited. We granted participation points for the 2023 – 2025 performance period in January 2023, with a fair value of $ 28.3 million using a Monte Carlo valuation model that assumed a risk-free interest rate of 4.2 % and an expected volatility of 35.0 % for Prologis and 31.0 % for the MSCI US REIT Index. The 2023 – 2025 performance period has an absolute maximum cap of $ 100.0 million. If an award is earned at the end of the initial three-year performance period, then 20 % of the POP award is paid at the end of the initial performance period and the remaining 80 % is subject to additional seven-year cliff vesting. The 20% that is paid at the end of the initial three-year performance period is subject to an additional three-year holding requirement. Awards are in the form of common stock, restricted stock units, POP LTIP Units and LTIP Units. The Outperformance Hurdle was met for the 2020 – 2022 performance period, which resulted in awards of $ 100.0 million being earned at December 31, 2022 and awarded in January 2023. Additionally, awards of $ 22.4 million were earned at December 31, 2022 and awarded in January 2023 for prior performance periods related to the compensation pool in excess of the initial award based on the terms of the POP awards granted prior to 2018. The tables below include POP awards that were earned but are unvested, while any vested awards are reflected within the Consolidated Statements of Equity and Capital. The initial grant date fair value derived using a Monte Carlo valuation model was used in determining the grant date fair value per unit in the tables below. Other Equity-Based Compensation Plans and Programs Our other equity-based compensation plans and programs include (i) the Prologis Promote Plan (“PPP”); (ii) the annual long-term incentive (“LTI”) equity award program (“Annual LTI Award”); and (iii) the annual bonus exchange program. Awards under these plans and programs may be issued in the form of restricted stock units (“RSUs”) or LTIP Units at the participant’s election. RSUs and LTIP Units are valued based on the market price of the Parent’s common stock on the date the award is granted and the grant date value is charged to compensation expense over the service period. Summary of Award Activity RSUs The following table summarizes the activity for RSUs for the three months ended March 31, 2023 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2023 1,533 $ 100.59 Granted 764 96.37 Vested and distributed ( 333 ) 115.60 Forfeited ( 11 ) 129.01 Balance at March 31, 2023 1,953 $ 96.22 LTIP Units The following table summarizes the activity for LTIP Units for the three months ended March 31, 2023 (units in thousands): Unvested Weighted Average LTIP Units Grant Date Fair Value Balance at January 1, 2023 4,214 $ 73.31 Granted 1,292 78.94 Vested LTIP Units ( 688 ) 105.99 Balance at March 31, 2023 4,818 $ 70.16 |
Earnings Per Common Share or Un
Earnings Per Common Share or Unit | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share or Unit | NOTE 9. 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 was as follows (in thousands, except per share and unit amounts): Three Months Ended March 31, Prologis, Inc. 2023 2022 Net earnings attributable to common stockholders – Basic 463,170 $ 1,149,254 Net earnings attributable to exchangeable limited partnership units (1) 11,743 32,338 Adjusted net earnings attributable to common stockholders – Diluted $ 474,913 $ 1,181,592 Weighted average common shares outstanding – Basic 923,888 740,368 Incremental weighted average effect on exchange of limited partnership units (1) 23,535 21,089 Incremental weighted average effect of equity awards 4,201 4,060 Weighted average common shares outstanding – Diluted (2) 951,624 765,517 Net earnings per share attributable to common stockholders: Basic $ 0.50 $ 1.55 Diluted $ 0.50 $ 1.54 Three Months Ended March 31, Prologis, L.P. 2023 2022 Net earnings attributable to common unitholders $ 474,819 $ 1,181,525 Net earnings attributable to Class A Units ( 4,045 ) ( 12,415 ) Net earnings attributable to common unitholders – Basic 470,774 1,169,110 Net earnings attributable to Class A Units 4,045 12,415 Net earnings attributable to exchangeable other limited partnership units 94 67 Adjusted net earnings attributable to common unitholders – Diluted $ 474,913 $ 1,181,592 Weighted average common partnership units outstanding – Basic 939,054 753,159 Incremental weighted average effect on exchange of Class A Units 8,070 7,999 Incremental weighted average effect on exchange of other limited partnership units 299 299 Incremental weighted average effect of equity awards of Prologis, Inc. 4,201 4,060 Weighted average common units outstanding – Diluted (2) 951,624 765,517 Net earnings per unit attributable to common unitholders: Basic $ 0.50 $ 1.55 Diluted $ 0.50 $ 1.54 (1) Earnings allocated to the exchangeable OP units not held by the Parent have been included in the numerator and exchangeable common 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 weighted average potentially dilutive shares and units outstanding consisted of the following: Three Months Ended March 31, 2023 2022 Class A Units 8,070 7,999 Other limited partnership units 299 299 Equity awards 7,773 5,839 Prologis, L.P. 16,142 14,137 Common limited partnership units 15,166 12,791 Prologis, Inc. 31,308 26,928 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Fair Value Measurements | NOTE 10. 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. We may enter into derivative financial instruments to offset these underlying market risks. 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 year ended December 31, 2022. The following table presents the fair value of our derivative financial instruments recognized within Other Assets and Other Liabilities on the Consolidated Balance Sheets (in thousands): March 31, 2023 December 31, 2022 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ - $ 741 $ 35 $ 494 British pound sterling 20,796 915 29,187 648 Canadian dollar 8,316 10 12,074 2 Chinese renminbi 443 434 657 364 Euro 41,794 3,051 51,317 2,801 Japanese yen 33,454 807 34,022 2,344 Swedish krona 5,568 26 6,292 - Designated derivatives Foreign currency contracts Net investment hedges British pound sterling 16,305 555 23,534 - Canadian dollar 18,002 - 24,552 - Chinese renminbi - 34 - - Interest rate swaps Cash flow hedges Euro 2,842 - 44,982 - U.S. dollar - - 584 29 Total fair value of derivatives $ 147,520 $ 6,573 $ 227,236 $ 6,682 Undesignated Derivative Financial Instruments Foreign Currency Contracts The following table summarizes the activity of our undesignated foreign currency contracts for the three months ended March 31 (in millions, except for weighted average forward rates and number of active contracts): 2023 2022 CAD EUR GBP JPY Other Total CAD EUR GBP JPY SEK Other Total Notional amounts at January 1 ($) 283 601 349 331 81 1,645 175 749 383 250 85 20 1,662 New contracts ($) 6 9 49 27 41 132 45 350 ( 21 ) 61 9 13 457 Matured, expired or settled contracts ($) ( 54 ) ( 43 ) ( 22 ) ( 21 ) ( 7 ) ( 147 ) ( 16 ) ( 182 ) ( 19 ) ( 22 ) ( 4 ) ( 4 ) ( 247 ) Notional amounts at March 31 ($) 235 567 376 337 115 1,630 204 917 343 289 90 29 1,872 Weighted average forward rate at March 31 1.29 1.18 1.30 110.58 1.27 1.19 1.27 104.39 9.30 Active contracts at March 31 88 94 100 97 81 93 77 85 84 The following table summarizes the undesignated derivative financial instruments exercised and outstanding recognized in realized and unrealized gains (losses), respectively, in Foreign Currency and Derivative Gains and Other Income, Net in the Consolidated Statements of Income (in millions, except for number of exercised contracts): Three Months Ended March 31, 2023 2022 Exercised contracts 52 32 Realized gains on the matured, expired or settled contracts $ 14 $ 15 Unrealized gains (losses) on the change in fair value of outstanding contracts $ ( 14 ) $ 15 Designated Derivative Financial Instruments Changes in the fair value of derivatives that are designated as net investment hedges of our foreign operations and cash flow hedges are recorded in Accumulated Other Comprehensive Income (Loss) (“AOCI/L”) and reflected within the Other Comprehensive Income (Loss) table below. Foreign Currency Contracts The following table summarizes the activity of our foreign currency contracts designated as net investment hedges for the three months ended March 31 (in millions, except for weighted average forward rates and number of active contracts): 2023 2022 CAD CNH GBP Total BRL CAD GBP Total Notional amounts at January 1 ($) 534 - 440 974 - 535 432 967 New contracts ($) 119 100 - 219 44 204 229 477 Matured, expired or settled contracts ($) ( 124 ) - - ( 124 ) ( 44 ) ( 125 ) ( 100 ) ( 269 ) Notional amounts at March 31 ($) 529 100 440 1,069 - 614 561 1,175 Weighted average forward rate at 1.30 6.72 1.28 - 1.26 1.35 Active contracts at March 31 6 1 4 - 7 5 Interest Rate Swaps The following table summarizes the activity of our interest rate swaps designated as cash flow hedges for the three months ended March 31 (in millions): 2023 2022 EUR USD Total EUR Total Notional amounts at January 1 ($) 447 150 597 165 165 New contracts ($) 434 550 984 1,004 1,004 Matured, expired or settled contracts ($) (1) ( 709 ) ( 700 ) ( 1,409 ) ( 722 ) ( 722 ) Notional amounts at March 31 ($) 172 - 172 447 447 (1) Included in AOCI(L) are cash flow hedges of $ 268.6 million notional, that settled during the three months ended March 31, 2023, to hedge our exposure to the variability in future cash flows for forecasted debt transactions that have not occurred and will be hedged over 10 years . Designated Nonderivative Financial Instruments The following table summarizes our debt and accrued interest, designated as a hedge of our net investment in international subsidiaries at the quarter ended (in millions): March 31, 2023 December 31, 2022 British pound sterling $ 1,252 $ 1,237 Canadian dollar $ 373 $ 370 The following table summarizes the unrealized gains (losses) in Foreign Currency and Derivative Gains and Other Income, Net on the remeasurement of the unhedged portion of our euro denominated debt and accrued interest (in millions): Three Months Ended March 31, 2023 2022 Unrealized gains (losses) on the unhedged portion $ ( 4 ) $ 15 Other Comprehensive Income (Loss) The change in Other Comprehensive Income (Loss) in the Consolidated Statements of Comprehensive Income during the periods presented was due to the translation into U.S. dollars from the consolidation of the financial statements of our consolidated subsidiaries whose functional currency is not the U.S. dollar. The change in fair value of the effective portion of our derivative financial instruments that have been designated as net investment hedges and cash flow hedges and the translation of the hedged portion of our debt, as discussed above, are also included in Other Comprehensive Income (Loss). The following table presents these changes in Other Comprehensive Income (Loss) (in thousands): Three Months Ended 2023 2022 Derivative net investment hedges (1) $ ( 8,163 ) $ 4,093 Debt designated as nonderivative net investment hedges ( 41,499 ) 33,597 Cumulative translation adjustment 21,561 151,833 Total foreign currency translation gains (losses), net $ ( 28,101 ) $ 189,523 Cash flow hedges (1) (2) $ ( 19,327 ) $ 4,422 Our share of derivatives from unconsolidated co-investment ventures ( 6,526 ) 8,927 Total unrealized gains (losses) on derivative contracts, net $ ( 25,853 ) $ 13,349 Total change in other comprehensive income (losses) $ ( 53,954 ) $ 202,872 (1) The ending balance in AOCI/L for accumulated derivative gains on net investment hedges was $ 324.8 million and $ 333.0 million at March 31, 2023 and December 31, 2022, respectively. Additionally, the ending balance in AOCI/L for accumulated derivative gains on cash flow hedges was $ 13.4 million and $ 32.7 million at March 31, 2023 and December 31, 2022, respectively. (2) We estimate an additional expense of $ 1.0 million will be reclassified to Interest Expense over the next 12 months from March 31, 2023, due to the amortization of previously settled derivatives designated as cash flow hedges. 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 year ended December 31, 2022. Fair Value Measurements on a Recurring Basis At March 31, 2023 and December 31, 2022, other than the derivatives discussed previously, we had no 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 March 31, 2023 and December 31, 2022, were classified as Level 2 of the fair value hierarchy. Fair Value Measurements on Nonrecurring Basis Acquired properties and assets we expect to sell or contribute are significant nonfinancial assets that met the criteria to be measured at fair value on a nonrecurring basis. At March 31, 2023 and December 31, 2022, we estimated the fair value of our properties using Level 2 or Level 3 inputs from the fair value hierarchy. See more information on our acquired properties in Note 3 and assets held for sale or contribution in Note 5. Fair Value of Financial Instruments At March 31, 2023 and December 31, 2022, the carrying amounts of certain financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts payable and accrued expenses were representative of their fair values. The differences in the fair value of our debt from the carrying value in the table below were the result of differences in interest rates or borrowing spreads that were available to us at March 31, 2023 and December 31, 2022, as compared with those in effect when the debt was issued or assumed, including reduced borrowing spreads due to our improved credit ratings. The senior notes and many of the issuances of secured mortgage debt contain prepayment 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. We evaluate this on an on-going basis and take the opportunity to refinance our debt at lower rates and longer maturities based on market conditions and other factors. See Note 6 for more information on our debt activity. The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): March 31, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Credit facilities $ 212,553 $ 212,553 $ 1,538,461 $ 1,538,461 Senior notes 22,399,340 19,275,513 19,786,253 16,604,241 Term loans and unsecured other 2,093,006 2,079,813 2,106,592 2,092,264 Secured mortgage 448,443 428,330 444,655 420,964 Total $ 25,153,342 $ 21,996,209 $ 23,875,961 $ 20,655,930 |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 11. BUSINESS SEGMENTS Our current business strategy includes two operating segments: Real Estate (Rental Operations and Development) and Strategic Capital. We generate revenues, earnings, net operating income and cash flows through our segments, as follows: • Real Estate Segment. This operating segment represents the ownership and development of operating properties and is the largest component of our revenue 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. The Real Estate Segment also includes development activities that lead to rental operations, including land held for development and properties currently under development, and other real estate investments. Within this line of business, we utilize the following: (i) our land bank; (ii) the development and leasing expertise of our local teams; and (iii) our customer relationships. • Strategic Capital Segment. This operating segment represents the management of unconsolidated co-investment ventures. We generate strategic capital revenues primarily 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 ; (ii) each reportable business segment’s net operating income from external customers to Operating Income and Earnings Before Income Taxes ; and (iii) each reportable business segment’s assets to Total Assets . Our chief operating decision makers rely primarily on net operating income and similar measures to make decisions about allocating resources and assessing segment performance. The applicable components of Total Revenues , Operating Income , Earnings Before Income Taxes and Total Assets are allocated to each reportable business segment’s revenues, net operating income and assets. Items that are not directly assignable to a segment, such as certain corporate income and expenses, are not allocated but reflected as reconciling items. The following reconciliations are presented in thousands: Three Months Ended 2023 2022 Revenues: Real estate segment: U.S. $ 1,574,567 $ 1,038,991 Other Americas 25,572 22,191 Europe 19,156 12,008 Asia 14,591 12,013 Total real estate segment 1,633,886 1,085,203 Strategic capital segment: U.S. 53,696 50,635 Other Americas 14,195 11,653 Europe 43,533 46,196 Asia 23,277 25,441 Total strategic capital segment 134,701 133,925 Total revenues 1,768,587 1,219,128 Segment net operating income: (1) Real estate segment: U.S. (2) 1,171,983 771,210 Other Americas 19,178 16,107 Europe 14,210 3,970 Asia 8,777 8,653 Total real estate segment 1,214,148 799,940 Strategic capital segment: U.S. (2) 21,567 27,677 Other Americas 8,942 7,374 Europe 22,604 32,463 Asia 9,879 14,600 Total strategic capital segment 62,992 82,114 Total segment net operating income 1,277,140 882,054 Reconciling items: General and administrative expenses ( 99,777 ) ( 74,646 ) Depreciation and amortization expenses ( 602,367 ) ( 396,647 ) Gains on dispositions of development properties and land, net - 210,206 Gains on other dispositions of investments in real estate, net 4,047 584,835 Operating income 579,043 1,205,802 Earnings from unconsolidated entities, net 75,779 76,962 Interest expense ( 136,011 ) ( 64,064 ) Foreign currency and derivative gains and other income, net 8,614 48,409 Gains (losses) on early extinguishment of debt, net 3,275 ( 18,165 ) Earnings before income taxes $ 530,700 $ 1,248,944 March 31, December 31, Segment assets: Real estate segment: U.S. $ 71,965,308 $ 71,858,560 Other Americas 1,899,350 1,831,956 Europe 2,159,880 1,952,160 Asia 934,822 1,031,135 Total real estate segment 76,959,360 76,673,811 Strategic capital segment: (3) U.S. 10,605 10,817 Europe 25,280 25,280 Asia 224 231 Total strategic capital segment 36,109 36,328 Total segment assets 76,995,469 76,710,139 Reconciling items: Investments in and advances to unconsolidated entities 9,680,097 9,698,898 Assets held for sale or contribution 734,106 531,257 Cash and cash equivalents 522,501 278,483 Other assets 588,711 678,671 Total reconciling items 11,525,415 11,187,309 Total assets $ 88,520,884 $ 87,897,448 (1) Net Operating Income ("NOI") from the Real Estate Segment is calculated directly from our Consolidated Financial Statements as Rental Revenues and Development Management and Other Revenues less Rental Expenses and Other Expenses. NOI from the Strategic Capital Segment is calculated directly from our Consolidated Financial Statements as Strategic Capital Revenues less Strategic Capital Expenses. (2) This includes compensation and personnel costs for employees who were located in the U.S. but also support other geographies. (3) Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital Segment. Goodwill was $ 25.3 million at March 31, 2023 and December 31, 2022. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | NOTE 12. SUPPLEMENTAL CASH FLOW INFORMATION Our significant noncash investing and financing activities for the three months ended March 31, 2023 and 2022 included the following: • We recognized lease right-of-use assets and lease liabilities related to leases in which we are the lessee within Other Assets and Other Liabilities on the Consolidated Balance Sheets, including any new leases, renewals and modifications of $ 12.1 million in 2023 and $ 3.7 million in 2022 for both assets and liabilities. • We capitalized $ 14.7 million and $ 10.6 million in 2023 and 2022, respectively, of equity-based compensation expense. • We received $ 216.4 million in 2022, of ownership interests in certain unconsolidated co-investment ventures as a portion of our proceeds from the contribution of properties to these entities, as disclosed in Note 4. • We issued less than 0.1 million shares in 2023 and 2022, of the Parent’s common stock upon redemption of an equal number of common limited partnership units in the OP. We paid $ 129.9 million and $ 62.9 million for interest, net of amounts capitalized, during the three months ended March 31, 2023 and 2022, respectively. We paid $ 46.2 million and $ 30.7 million for income taxes, net of refunds, during the three months ended March 31, 2023 and 2022, respectively. |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Business | Business . Prologis, Inc. (or the “Parent”) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”), 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” or “OP”). Through the OP, we are engaged in the ownership, acquisition, development and management of logistics facilities with a focus on key markets in 19 countries on four continents. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors. We maintain a significant level of ownership in these co-investment ventures, which may be consolidated or unconsolidated based on our level of control of the entity. Our current business strategy consists of two operating business segments: Real Estate (Rental Operations and Development) and Strategic Capital. Our Real Estate Segment represents the ownership, leasing and development of logistics properties. Our Strategic Capital Segment represents the management of properties owned by our unconsolidated co-investment ventures and other ventures. See Note 11 for further discussion of our business segments. Unless otherwise indicated, the Notes to the Consolidated Financial Statements apply to both the Parent and the OP. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and OP collectively. For each share of preferred or common stock the Parent issues, the OP issues a corresponding preferred or common partnership unit, as applicable, to the Parent in exchange for the contribution of the proceeds from the stock issuance. At March 31, 2023 , the Parent owned a 97.55 % common general partnership interest in the OP and substantially all of the preferred units in the OP. The remaining 2.45 % common limited partnership interests, which include Class A common limited partnership units (“Class A Units”) in the OP, are owned by unaffiliated investors and certain current and former directors and officers of the Parent. Each partner’s percentage interest in the OP is determined based on the number of OP units held, including the number of OP units into which Class A Units are convertible, compared to total OP 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 OP to reflect the appropriate ownership interest for each of the common unitholders. These adjustments are reflected in the line items Reallocation of Equity in the Consolidated Statements of Equity of the Parent and Reallocation of Capital in the Consolidated Statements of Capital of the OP. As the sole general partner of the OP, the Parent has complete responsibility and discretion in the day-to-day management and control of the OP and we operate the Parent and the OP as one enterprise. The management of the Parent consists of the same members as the management of the OP. These members are officers of the Parent and employees of the OP or one of its subsidiaries. As general partner with control of the OP, the Parent is the primary beneficiary and therefore consolidates the OP. Because the Parent’s only significant asset is its investment in the OP, the assets and liabilities of the Parent and the OP are the same on their respective financial statements. |
Basis of Presentation | Basis of Presentation. The accompanying Consolidated Financial Statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and are presented in our reporting currency, the U.S. dollar. 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 note 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 OP 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 year ended December 31, 2022 , as filed with the SEC, and other public information. |
Duke Transaction (Tables)
Duke Transaction (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Schedule of Aggregate Equity Consideration | The aggregate equity consideration is calculated below (in millions, except price per share): Number of Prologis shares and units issued upon conversion of 184.80 Multiplied by price of Prologis' common stock on September 30, 2022 $ 101.60 Fair value of Prologis shares and units issued $ 18,776 |
Schedule of Purchase Price including Transaction Costs Allocated to Assets Acquired and Liabilities Assumed | The total purchase price, including transaction costs, was allocated as follows (in millions): Net investments in real estate $ 24,915 Cash and other assets 441 Debt ( 4,162 ) Intangible liabilities, net of intangible assets (1) ( 1,457 ) Accounts payable, accrued expenses and other liabilities ( 719 ) Noncontrolling interests ( 2 ) Total purchase price, including transaction costs $ 19,016 (1) Intangible assets of $ 836.6 million and intangible liabilities of $ 2.3 billion were included within Other Assets and Other Liabilities , respectively, on the Consolidated Balance Sheets. The acquired lease intangibles from the Duke Transaction will be amortized over the terms of the respective leases with a weighted average remaining lease term of 64 months at October 3, 2022. |
Real Estate (Tables)
Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, 2023 2022 2023 2022 2023 2022 Operating properties: Buildings and improvements 600,985 597,362 2,836 2,825 $ 49,020,423 $ 48,650,334 Improved land 20,549,061 20,388,461 Development portfolio, including Prestabilized 5,844 4,874 21 15 680,951 597,553 Properties under development 37,600 44,011 102 121 3,571,692 3,614,601 Land (1) 3,444,294 3,338,121 Other real estate investments (2) 5,119,125 5,034,326 Total investments in real estate 82,385,546 81,623,396 Less accumulated depreciation 9,508,351 9,036,085 Net investments in real estate $ 72,877,195 $ 72,587,311 (1) At March 31, 2023 and December 31, 2022, our land was comprised of 7,335 and 7,188 acres, respectively. (2) Included in other real estate investments were: (i) land parcels we own and lease to third parties; (ii) non-strategic real estate assets, primarily acquired from the Duke Transaction, that we do not intend to operate long term; (iii) non-industrial real estate assets that we intend to redevelop into industrial properties; and (iv) costs associated with potential acquisitions and future development projects, including purchase options on land. |
Schedule of Acquisitions of Properties | The following table summarizes our real estate acquisition activity (dollars and square feet in thousands): Three Months Ended 2023 2022 Number of operating properties - 1 Square feet - 303 Acres of land 120 578 Acquisition cost of net investments in real estate, excluding other real estate investments $ 40,474 $ 264,485 Acquisition cost of other real estate investments $ 6,185 $ 223,411 |
Number of Properties Disposed Including Minor Adjustments | The following table summarizes our dispositions of net investments in real estate that include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands): Three Months Ended 2023 2022 Dispositions of development properties and land, net (1) Number of properties - 7 Square feet - 2,583 Net proceeds $ - $ 442,555 Gains on dispositions of development properties and land, net $ - $ 210,206 Other dispositions of investments in real estate, net Number of properties 5 102 Square feet 360 8,676 Net proceeds $ 57,008 $ 1,264,280 Gains on other dispositions of investments in real estate, net $ 4,047 $ 584,835 (1) The gains we recognize in Gains on Dispositions of Development Properties and Land, Net are principally driven by the contribution of newly developed properties to our unconsolidated co-investment ventures and occasionally sales to a third party. |
Unconsolidated Entities (Tables
Unconsolidated Entities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 unconsolidated entities (in thousands): March 31, December 31, 2023 2022 Unconsolidated co-investment ventures $ 8,055,322 $ 8,073,927 Other ventures (1) 1,624,775 1,624,971 Total $ 9,680,097 $ 9,698,898 (1) Included in other ventures is our $ 174.9 million and $ 162.6 million investment in early and growth-stage companies that are focused on emerging technologies at March 31, 2023 and December 31, 2022, respectively. |
Unconsolidated Co-Investment Ventures [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Summary of Investments in and Advances to our Unconsolidated Entities | The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures on a U.S. GAAP basis (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to these ventures (dollars and square feet in millions): U.S. Other Americas (1) Europe Asia Total At: Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Key property information: Ventures 1 1 2 2 2 2 3 3 8 8 Operating properties 740 739 260 260 992 989 220 217 2,212 2,205 Square feet 123 123 60 60 220 219 90 89 493 491 Financial position: Total assets ($) 12,609 12,617 3,760 3,744 22,957 22,502 9,844 9,964 49,170 48,827 Third-party debt ($) 3,468 3,468 919 919 5,426 5,315 3,827 3,811 13,640 13,513 Total liabilities ($) 4,179 4,143 983 1,011 7,502 7,292 4,259 4,279 16,923 16,725 Our investment balance ($) (2) 2,371 2,398 1,041 1,070 3,850 3,786 793 820 8,055 8,074 Our weighted average ownership (3) 26.2 % 26.2 % 40.6 % 41.0 % 31.0 % 31.0 % 15.2 % 15.2 % 27.4 % 27.4 % U.S. Other Americas (1) Europe Asia Total Operating Information: Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, Mar 31, For the three months ended: Total revenues ($) 324 286 103 89 414 356 165 169 1,006 900 Net earnings ($) 101 72 43 33 69 104 27 34 240 243 Our earnings from unconsolidated 27 19 16 12 21 31 4 6 68 68 (1) Prologis Brazil Logistics Venture (“PBLV”) and our other Brazilian joint ventures are combined as one venture for the purpose of this table. (2) Prologis’ investment balance is presented at our adjusted basis. The difference between our ownership interest of a venture’s equity and our investment balance at March 31, 2023 and December 31, 2022, results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes ($ 146.4 million and $ 193.7 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. (3) Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities. |
Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to Co-Investment Ventures | The following table summarizes the Strategic Capital Revenues we recognized in the Consolidated Statements of Income related to our unconsolidated co-investment ventures (in thousands): Three Months Ended 2023 2022 Recurring fees $ 113,557 $ 113,237 Transactional fees 15,080 17,229 Promote revenue 320 - Total strategic capital revenues from unconsolidated co-investment ventures (1) $ 128,957 $ 130,466 (1) These amounts exclude strategic capital revenues from other ventures. |
Assets Held for Sale or Contr_2
Assets Held for Sale or Contribution (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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): March 31, December 31, 2023 2022 Number of operating properties 23 21 Square feet 5,771 4,061 Total assets held for sale or contribution $ 734,106 $ 531,257 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 10,533 $ 4,536 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt Summary | All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt (dollars in thousands): March 31, 2023 December 31, 2022 Weighted Average Amount Weighted Average Amount Interest Rate (1) Years (2) Outstanding (3) Interest Rate (1) Years (2) Outstanding (3) Credit facilities 2.0 % 2.3 $ 212,553 4.2 % 2.8 $ 1,538,461 Senior notes 2.6 % 10.7 22,399,340 2.3 % 10.3 19,786,253 Term loans and unsecured 2.4 % 4.6 2,093,006 2.3 % 4.9 2,106,592 Secured mortgage 3.2 % 4.0 448,443 3.0 % 4.3 444,655 Total 2.6 % 10.0 $ 25,153,342 2.5 % 9.2 $ 23,875,961 (1) The weighted average interest rates represent the effective interest rates (including amortization of debt issuance costs and noncash premiums or discounts) at the end of the period for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rate on certain variable rate debt. (2) The weighted average years represents the remaining maturity in years on the debt outstanding at period end. (3) We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies: March 31, 2023 December 31, 2022 Weighted Average Interest Rate Amount Outstanding % of Total Weighted Average Interest Rate Amount Outstanding % of Total British pound sterling 2.1 % $ 1,263,807 5.0 % 2.1 % $ 1,228,483 5.1 % Canadian dollar 4.9 % 813,415 3.2 % 4.5 % 814,491 3.4 % Euro 1.7 % 9,100,801 36.2 % 1.3 % 7,991,301 33.5 % Japanese yen 1.0 % 3,367,643 13.4 % 1.0 % 3,308,009 13.9 % U.S. dollar 3.6 % 10,607,676 42.2 % 3.6 % 10,533,677 44.1 % Total 2.6 % $ 25,153,342 100.0 % 2.5 % $ 23,875,961 100.0 % |
Schedule of Current Availability on Debt and Cash | The following table summarizes information about our available liquidity at March 31, 2023 (in millions): Aggregate lender commitments Credit Facilities $ 5,473 Less: Borrowings outstanding 213 Outstanding letters of credit 39 Current availability 5,221 Cash and cash equivalents 523 Total liquidity $ 5,744 |
Summary of Issuances of Senior Notes | The following table summarizes the issuances of senior notes during the three months ended March 31, 2023 (principal in thousands): Aggregate Principal Issuance Date Weighted Average Issuance Date Borrowing Currency USD (1) Interest Rate Years Maturity Dates January € 1,250,000 $ 1,354,125 4.1 % 13.8 January 2030 – 2043 March $ 1,200,000 $ 1,200,000 4.9 % 17.7 June 2033 – 2053 Total $ 2,554,125 4.5 % 15.6 (1) The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date. |
Long-Term Debt Maturities | Scheduled principal payments due on our debt for the remainder of 2023 and for each year through the period ended December 31, 2027, and thereafter were as follows at March 31, 2023 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgage Total 2023 (1) $ - $ - $ - $ 31,619 $ 31,619 2024 (1) (2) 98,365 326,250 - 95,292 519,907 2025 (3) - 37,544 722,420 153,480 913,444 2026 (4) 114,188 1,308,918 638,310 67,805 2,129,221 2027 - 1,738,332 53,787 4,156 1,796,275 Thereafter - 19,569,982 682,140 89,135 20,341,257 Subtotal 212,553 22,981,026 2,096,657 441,487 25,731,723 Unamortized premiums (discounts), net - ( 481,289 ) 946 8,554 ( 471,789 ) Unamortized debt issuance costs, net - ( 100,397 ) ( 4,597 ) ( 1,598 ) ( 106,592 ) Total $ 212,553 $ 22,399,340 $ 2,093,006 $ 448,443 $ 25,153,342 (1) We expect to repay the amounts maturing in the next twelve months with cash generated from operations, proceeds from dispositions of real estate properties, or as necessary, with additional borrowings. (2) Included in the 2024 maturities is the Yen Credit Facility that can be extended until 2025. (3) Included in the 2025 maturities is a Canadian term loan that we entered into in 2022 that can be extended until 2027. (4) Included in the 2026 maturities is the 2022 Global Facility that can be extended until 2027. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Noncontrolling Interest [Abstract] | |
Summary of Ownership Percentages and Noncontrolling Interests | The following table summarizes these entities (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 3,170,301 $ 3,182,858 $ 7,200,384 $ 7,225,438 $ 150,401 $ 158,453 Other consolidated entities (1) various various 134,342 134,909 1,679,510 1,737,311 253,241 259,524 Prologis, L.P. 3,304,643 3,317,767 8,879,894 8,962,749 403,642 417,977 Limited partners in Prologis, L.P. (2)(3) 1,325,368 1,308,044 - - - - Prologis, Inc. $ 4,630,011 $ 4,625,811 $ 8,879,894 $ 8,962,749 $ 403,642 $ 417,977 (1) Includes two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. The limited partnership units outstanding at March 31, 2023 and December 31, 2022 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. (2) We had 8.6 million Class A Units that were convertible into 8.1 million and 8.0 million limited partnership units of the OP at March 31, 2023 and December 31, 2022, respectively. (3) There were limited partnership units in the OP, excluding the Class A Units, that were exchangeable into cash or, at our option, 9.7 million and 10.0 million shares of the Parent’s common stock, at March 31, 2023 and December 31, 2022, respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 5.4 million and 4.6 million shares of the Parent’s common stock at March 31, 2023 and December 31, 2022, respectively. See further discussion of LTIP Units in Note 8 . |
Long-Term Compensation (Tables)
Long-Term Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Restricted Stock Units (RSUs) [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 three months ended March 31, 2023 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2023 1,533 $ 100.59 Granted 764 96.37 Vested and distributed ( 333 ) 115.60 Forfeited ( 11 ) 129.01 Balance at March 31, 2023 1,953 $ 96.22 |
Long Term Incentive Plan 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 three months ended March 31, 2023 (units in thousands): Unvested Weighted Average LTIP Units Grant Date Fair Value Balance at January 1, 2023 4,214 $ 73.31 Granted 1,292 78.94 Vested LTIP Units ( 688 ) 105.99 Balance at March 31, 2023 4,818 $ 70.16 |
Earnings Per Common Share or _2
Earnings Per Common Share or Unit (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 was as follows (in thousands, except per share and unit amounts): Three Months Ended March 31, Prologis, Inc. 2023 2022 Net earnings attributable to common stockholders – Basic 463,170 $ 1,149,254 Net earnings attributable to exchangeable limited partnership units (1) 11,743 32,338 Adjusted net earnings attributable to common stockholders – Diluted $ 474,913 $ 1,181,592 Weighted average common shares outstanding – Basic 923,888 740,368 Incremental weighted average effect on exchange of limited partnership units (1) 23,535 21,089 Incremental weighted average effect of equity awards 4,201 4,060 Weighted average common shares outstanding – Diluted (2) 951,624 765,517 Net earnings per share attributable to common stockholders: Basic $ 0.50 $ 1.55 Diluted $ 0.50 $ 1.54 Three Months Ended March 31, Prologis, L.P. 2023 2022 Net earnings attributable to common unitholders $ 474,819 $ 1,181,525 Net earnings attributable to Class A Units ( 4,045 ) ( 12,415 ) Net earnings attributable to common unitholders – Basic 470,774 1,169,110 Net earnings attributable to Class A Units 4,045 12,415 Net earnings attributable to exchangeable other limited partnership units 94 67 Adjusted net earnings attributable to common unitholders – Diluted $ 474,913 $ 1,181,592 Weighted average common partnership units outstanding – Basic 939,054 753,159 Incremental weighted average effect on exchange of Class A Units 8,070 7,999 Incremental weighted average effect on exchange of other limited partnership units 299 299 Incremental weighted average effect of equity awards of Prologis, Inc. 4,201 4,060 Weighted average common units outstanding – Diluted (2) 951,624 765,517 Net earnings per unit attributable to common unitholders: Basic $ 0.50 $ 1.55 Diluted $ 0.50 $ 1.54 (1) Earnings allocated to the exchangeable OP units not held by the Parent have been included in the numerator and exchangeable common 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 weighted average potentially dilutive shares and units outstanding consisted of the following: Three Months Ended March 31, 2023 2022 Class A Units 8,070 7,999 Other limited partnership units 299 299 Equity awards 7,773 5,839 Prologis, L.P. 16,142 14,137 Common limited partnership units 15,166 12,791 Prologis, Inc. 31,308 26,928 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Fair Value of Derivative Financial Instruments | The following table presents the fair value of our derivative financial instruments recognized within Other Assets and Other Liabilities on the Consolidated Balance Sheets (in thousands): March 31, 2023 December 31, 2022 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ - $ 741 $ 35 $ 494 British pound sterling 20,796 915 29,187 648 Canadian dollar 8,316 10 12,074 2 Chinese renminbi 443 434 657 364 Euro 41,794 3,051 51,317 2,801 Japanese yen 33,454 807 34,022 2,344 Swedish krona 5,568 26 6,292 - Designated derivatives Foreign currency contracts Net investment hedges British pound sterling 16,305 555 23,534 - Canadian dollar 18,002 - 24,552 - Chinese renminbi - 34 - - Interest rate swaps Cash flow hedges Euro 2,842 - 44,982 - U.S. dollar - - 584 29 Total fair value of derivatives $ 147,520 $ 6,573 $ 227,236 $ 6,682 |
Summary of Undesignated Financial Instruments Exercised and Realized and Unrealized Gains in Foreign Currency and Derivative Gains, Net | The following table summarizes the undesignated derivative financial instruments exercised and outstanding recognized in realized and unrealized gains (losses), respectively, in Foreign Currency and Derivative Gains and Other Income, Net in the Consolidated Statements of Income (in millions, except for number of exercised contracts): Three Months Ended March 31, 2023 2022 Exercised contracts 52 32 Realized gains on the matured, expired or settled contracts $ 14 $ 15 Unrealized gains (losses) on the change in fair value of outstanding contracts $ ( 14 ) $ 15 |
Summary of Activity in Interest Rate Swaps | The following table summarizes the activity of our interest rate swaps designated as cash flow hedges for the three months ended March 31 (in millions): 2023 2022 EUR USD Total EUR Total Notional amounts at January 1 ($) 447 150 597 165 165 New contracts ($) 434 550 984 1,004 1,004 Matured, expired or settled contracts ($) (1) ( 709 ) ( 700 ) ( 1,409 ) ( 722 ) ( 722 ) Notional amounts at March 31 ($) 172 - 172 447 447 (1) Included in AOCI(L) are cash flow hedges of $ 268.6 million notional, that settled during the three months ended March 31, 2023, to hedge our exposure to the variability in future cash flows for forecasted debt transactions that have not occurred and will be hedged over 10 years . |
Summary of Debt and Accrued Interest, Designated as Nonderivative Financial Instrument | The following table summarizes our debt and accrued interest, designated as a hedge of our net investment in international subsidiaries at the quarter ended (in millions): March 31, 2023 December 31, 2022 British pound sterling $ 1,252 $ 1,237 Canadian dollar $ 373 $ 370 |
Summary of Recognized Unrealized Gains (Losses) in Foreign Currency and Derivative Gains Net on Remeasurement of Unhedged Portion of Euro Denominated Debt and Accrued Interest | The following table summarizes the unrealized gains (losses) in Foreign Currency and Derivative Gains and Other Income, Net on the remeasurement of the unhedged portion of our euro denominated debt and accrued interest (in millions): Three Months Ended March 31, 2023 2022 Unrealized gains (losses) on the unhedged portion $ ( 4 ) $ 15 |
Summary of Changes in Other Comprehensive Income (Loss) | The following table presents these changes in Other Comprehensive Income (Loss) (in thousands): Three Months Ended 2023 2022 Derivative net investment hedges (1) $ ( 8,163 ) $ 4,093 Debt designated as nonderivative net investment hedges ( 41,499 ) 33,597 Cumulative translation adjustment 21,561 151,833 Total foreign currency translation gains (losses), net $ ( 28,101 ) $ 189,523 Cash flow hedges (1) (2) $ ( 19,327 ) $ 4,422 Our share of derivatives from unconsolidated co-investment ventures ( 6,526 ) 8,927 Total unrealized gains (losses) on derivative contracts, net $ ( 25,853 ) $ 13,349 Total change in other comprehensive income (losses) $ ( 53,954 ) $ 202,872 (1) The ending balance in AOCI/L for accumulated derivative gains on net investment hedges was $ 324.8 million and $ 333.0 million at March 31, 2023 and December 31, 2022, respectively. Additionally, the ending balance in AOCI/L for accumulated derivative gains on cash flow hedges was $ 13.4 million and $ 32.7 million at March 31, 2023 and December 31, 2022, respectively. (2) We estimate an additional expense of $ 1.0 million will be reclassified to Interest Expense over the next 12 months from March 31, 2023, due to the amortization of previously settled derivatives designated as cash flow hedges. |
Carrying Amounts and Estimated Fair Values of Debt | The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): March 31, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Credit facilities $ 212,553 $ 212,553 $ 1,538,461 $ 1,538,461 Senior notes 22,399,340 19,275,513 19,786,253 16,604,241 Term loans and unsecured other 2,093,006 2,079,813 2,106,592 2,092,264 Secured mortgage 448,443 428,330 444,655 420,964 Total $ 25,153,342 $ 21,996,209 $ 23,875,961 $ 20,655,930 |
Undesignated Derivatives [Member] | |
Foreign Currency Contracts Activity | The following table summarizes the activity of our undesignated foreign currency contracts for the three months ended March 31 (in millions, except for weighted average forward rates and number of active contracts): 2023 2022 CAD EUR GBP JPY Other Total CAD EUR GBP JPY SEK Other Total Notional amounts at January 1 ($) 283 601 349 331 81 1,645 175 749 383 250 85 20 1,662 New contracts ($) 6 9 49 27 41 132 45 350 ( 21 ) 61 9 13 457 Matured, expired or settled contracts ($) ( 54 ) ( 43 ) ( 22 ) ( 21 ) ( 7 ) ( 147 ) ( 16 ) ( 182 ) ( 19 ) ( 22 ) ( 4 ) ( 4 ) ( 247 ) Notional amounts at March 31 ($) 235 567 376 337 115 1,630 204 917 343 289 90 29 1,872 Weighted average forward rate at March 31 1.29 1.18 1.30 110.58 1.27 1.19 1.27 104.39 9.30 Active contracts at March 31 88 94 100 97 81 93 77 85 84 |
Designated As Hedging Instrument [Member] | |
Foreign Currency Contracts Activity | The following table summarizes the activity of our foreign currency contracts designated as net investment hedges for the three months ended March 31 (in millions, except for weighted average forward rates and number of active contracts): 2023 2022 CAD CNH GBP Total BRL CAD GBP Total Notional amounts at January 1 ($) 534 - 440 974 - 535 432 967 New contracts ($) 119 100 - 219 44 204 229 477 Matured, expired or settled contracts ($) ( 124 ) - - ( 124 ) ( 44 ) ( 125 ) ( 100 ) ( 269 ) Notional amounts at March 31 ($) 529 100 440 1,069 - 614 561 1,175 Weighted average forward rate at 1.30 6.72 1.28 - 1.26 1.35 Active contracts at March 31 6 1 4 - 7 5 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting, Reconciliation of Revenues, Operating Income and Assets | The following reconciliations are presented in thousands: Three Months Ended 2023 2022 Revenues: Real estate segment: U.S. $ 1,574,567 $ 1,038,991 Other Americas 25,572 22,191 Europe 19,156 12,008 Asia 14,591 12,013 Total real estate segment 1,633,886 1,085,203 Strategic capital segment: U.S. 53,696 50,635 Other Americas 14,195 11,653 Europe 43,533 46,196 Asia 23,277 25,441 Total strategic capital segment 134,701 133,925 Total revenues 1,768,587 1,219,128 Segment net operating income: (1) Real estate segment: U.S. (2) 1,171,983 771,210 Other Americas 19,178 16,107 Europe 14,210 3,970 Asia 8,777 8,653 Total real estate segment 1,214,148 799,940 Strategic capital segment: U.S. (2) 21,567 27,677 Other Americas 8,942 7,374 Europe 22,604 32,463 Asia 9,879 14,600 Total strategic capital segment 62,992 82,114 Total segment net operating income 1,277,140 882,054 Reconciling items: General and administrative expenses ( 99,777 ) ( 74,646 ) Depreciation and amortization expenses ( 602,367 ) ( 396,647 ) Gains on dispositions of development properties and land, net - 210,206 Gains on other dispositions of investments in real estate, net 4,047 584,835 Operating income 579,043 1,205,802 Earnings from unconsolidated entities, net 75,779 76,962 Interest expense ( 136,011 ) ( 64,064 ) Foreign currency and derivative gains and other income, net 8,614 48,409 Gains (losses) on early extinguishment of debt, net 3,275 ( 18,165 ) Earnings before income taxes $ 530,700 $ 1,248,944 March 31, December 31, Segment assets: Real estate segment: U.S. $ 71,965,308 $ 71,858,560 Other Americas 1,899,350 1,831,956 Europe 2,159,880 1,952,160 Asia 934,822 1,031,135 Total real estate segment 76,959,360 76,673,811 Strategic capital segment: (3) U.S. 10,605 10,817 Europe 25,280 25,280 Asia 224 231 Total strategic capital segment 36,109 36,328 Total segment assets 76,995,469 76,710,139 Reconciling items: Investments in and advances to unconsolidated entities 9,680,097 9,698,898 Assets held for sale or contribution 734,106 531,257 Cash and cash equivalents 522,501 278,483 Other assets 588,711 678,671 Total reconciling items 11,525,415 11,187,309 Total assets $ 88,520,884 $ 87,897,448 (1) Net Operating Income ("NOI") from the Real Estate Segment is calculated directly from our Consolidated Financial Statements as Rental Revenues and Development Management and Other Revenues less Rental Expenses and Other Expenses. NOI from the Strategic Capital Segment is calculated directly from our Consolidated Financial Statements as Strategic Capital Revenues less Strategic Capital Expenses. (2) This includes compensation and personnel costs for employees who were located in the U.S. but also support other geographies. (3) Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital Segment. Goodwill was $ 25.3 million at March 31, 2023 and December 31, 2022. |
General - Additional Informatio
General - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 Segment | |
General [Line Items] | |
Number of reportable segments | 2 |
Unaffiliated Investors and Certain Current and Former Directors and Officers [Member] | |
General [Line Items] | |
Percentage of common limited partnership interest | 2.45% |
General Partner | Prologis LP [Member] | |
General [Line Items] | |
Percentage of ownership in operating partnership | 97.55% |
Duke Transaction - Additional I
Duke Transaction - Additional Information (Detail) - Duke Transaction [Member] $ in Millions | Oct. 03, 2022 USD ($) |
Business Acquisition [Line Items] | |
Business acquisition, date of acquisition agreement | Oct. 03, 2022 |
Business acquisition consideration transferred | $ 23,200 |
Fair value of Prologis shares and units issued | 18,776 |
Business acquisition, assumption of debt | $ 4,162 |
Business acquisition stock conversion ratio | 0.00475 |
Transaction costs | $ 239.8 |
Duke Transaction - Schedule of
Duke Transaction - Schedule of Aggregate Equity Consideration (Detail) - Duke Transaction [Member] - USD ($) $ / shares in Units, $ in Millions | Oct. 03, 2022 | Sep. 30, 2022 |
Business Acquisition [Line Items] | ||
Number of Prologis shares and units issued upon conversion of Duke's shares and units at October 3, 2022 | 184.80 | |
Multiplied by price of Prologis' common stock on September 30, 2022 | $ 101.60 | |
Fair value of Prologis shares and units issued | $ 18,776 |
Duke Transaction - Schedule o_2
Duke Transaction - Schedule of Purchase Price including Transaction Costs Allocated to Assets Acquired and Liabilities Assumed (Detail) - Duke Transaction [Member] $ in Millions | Oct. 03, 2022 USD ($) |
Business Acquisition [Line Items] | |
Net investments in real estate | $ 24,915 |
Cash and other assets | 441 |
Debt | (4,162) |
Intangible liabilities, net of intangible assets | (1,457) |
Accounts payable, accrued expenses and other liabilities | (719) |
Noncontrolling interests | (2) |
Total purchase price, including transaction costs | $ 19,016 |
Duke Transaction - Schedule o_3
Duke Transaction - Schedule of Purchase Price including Transaction Costs Allocated to Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - Lessor [Member] - Duke Transaction [Member] $ in Millions | Oct. 03, 2022 USD ($) |
Business Acquisition [Line Items] | |
Weighted average remaining lease term | 64 months |
Other Assets [Member] | |
Business Acquisition [Line Items] | |
Intangible assets | $ 836.6 |
Other Liabilities [Member] | |
Business Acquisition [Line Items] | |
Intangible liabilities | $ 2,300 |
Real Estate - Investments in Re
Real Estate - Investments in Real Estate Properties (Detail) ft² in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) ft² a Building | Dec. 31, 2022 USD ($) ft² a Building | |
Real Estate Properties [Line Items] | |||
Total investments in real estate properties | $ 82,385,546 | $ 81,623,396 | |
Less accumulated depreciation | 9,508,351 | 9,036,085 | |
Net investments in real estate properties | 72,877,195 | 72,587,311 | |
Improved Land [Member] | |||
Real Estate Properties [Line Items] | |||
Total investments in real estate properties | $ 20,549,061 | $ 20,388,461 | |
Building and Improvements [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet | ft² | 600,985 | 597,362 | |
Number of buildings | Building | 2,836,000 | 2,825,000 | |
Total investments in real estate properties | $ 49,020,423 | $ 48,650,334 | |
Development Portfolio, Including Cost of Land: Pre-stabilized [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet | ft² | 5,844 | 4,874 | |
Number of buildings | Building | 21,000 | 15,000 | |
Total investments in real estate properties | $ 680,951 | $ 597,553 | |
Properties Under Development [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet | ft² | 37,600 | 44,011 | |
Number of buildings | Building | 102,000 | 121,000 | |
Total investments in real estate properties | $ 3,571,692 | $ 3,614,601 | |
Land [Member] | |||
Real Estate Properties [Line Items] | |||
Square Feet | a | 7,335 | 7,188 | |
Total investments in real estate properties | [1] | $ 3,444,294 | $ 3,338,121 |
Other Real Estate Investments [Member] | |||
Real Estate Properties [Line Items] | |||
Total investments in real estate properties | [2] | $ 5,119,125 | $ 5,034,326 |
[1] At March 31, 2023 and December 31, 2022, our land was comprised of 7,335 and 7,188 acres, respectively. Included in other real estate investments were: (i) land parcels we own and lease to third parties; (ii) non-strategic real estate assets, primarily acquired from the Duke Transaction, that we do not intend to operate long term; (iii) non-industrial real estate assets that we intend to redevelop into industrial properties; and (iv) costs associated with potential acquisitions and future development projects, including purchase options on land. |
Real Estate - Investments in _2
Real Estate - Investments in Real Estate Properties (Parenthetical) (Detail) - a | Mar. 31, 2023 | Dec. 31, 2022 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | 7,335 | 7,188 |
Real Estate - Summary of Acquis
Real Estate - Summary of Acquisition (Detail) ft² in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) ft² Property | Mar. 31, 2022 USD ($) ft² Property | |
Business Acquisition [Line Items] | ||
Number of operating properties | Property | 0 | 1,000 |
Square feet | ft² | 0 | 303 |
Acres of land | ft² | 120 | 578 |
Acquisition cost of net investments in real estate, excluding other real estate investments | $ | $ 40,474 | $ 264,485 |
Acquisition cost of other real estate investments | $ | $ 6,185 | $ 223,411 |
Real Estate - Additional Inform
Real Estate - Additional Information (Detail) ft² in Millions, $ in Millions | Oct. 03, 2022 ft² Property | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Real Estate Properties [Line Items] | |||
Operating lease right-of-use assets | $ 735.1 | $ 735.4 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets | |
Lease liabilities | $ 642.4 | $ 638.8 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities | |
Duke Transaction [Member] | |||
Real Estate Properties [Line Items] | |||
Number of industrial properties | Property | 494 | ||
Square feet | ft² | 144.4 |
Real Estate - Summary of Dispos
Real Estate - Summary of Dispositions of Net Investments in Real Estate (Detail) ft² in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 USD ($) ft² Property | Mar. 31, 2022 USD ($) ft² Property | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gains on dispositions of development properties and land, net | [1] | $ 0 | $ 210,206 |
Gains on other dispositions of investments in real estate, net | $ 4,047 | $ 584,835 | |
Discontinuing Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | Property | [1] | 0 | 7 |
Square feet | ft² | [1] | 0 | 2,583 |
Net proceeds | [1] | $ 0 | $ 442,555 |
Continuing Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of buildings | Property | 5 | 102 | |
Square feet | ft² | 360 | 8,676 | |
Net proceeds | $ 57,008 | $ 1,264,280 | |
[1] The gains we recognize in Gains on Dispositions of Development Properties and Land, Net are principally driven by the contribution of newly developed properties to our unconsolidated co-investment ventures and occasionally sales to a third party. |
Unconsolidated Entities - Summa
Unconsolidated Entities - Summary of Investments in and Advances to our Unconsolidated Entities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated entities | $ 9,680,097 | $ 9,698,898 | |
Unconsolidated Co-Investment Ventures [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated entities | 8,055,322 | 8,073,927 | |
Other Ventures [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated entities | [1] | $ 1,624,775 | $ 1,624,971 |
[1] Included in other ventures is our $ 174.9 million and $ 162.6 million investment in early and growth-stage companies that are focused on emerging technologies at March 31, 2023 and December 31, 2022, respectively. |
Unconsolidated Entities - Sum_2
Unconsolidated Entities - Summary of Investments in and Advances to our Unconsolidated Entities (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Other Ventures [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investment in early and growth-stage companies | $ 174.9 | $ 162.6 |
Unconsolidated Entities - Sum_3
Unconsolidated Entities - Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to Co-Investment Ventures (Detail) - Unconsolidated Co-Investment Ventures [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Schedule Of Equity Method Investments [Line Items] | |||
Recurring fees | $ 113,557 | $ 113,237 | |
Transactional fees | 15,080 | 17,229 | |
Promote revenue | 320 | 0 | |
Total strategic capital revenues from unconsolidated co-investment ventures | [1] | $ 128,957 | $ 130,466 |
[1] These amounts exclude strategic capital revenues from other ventures. |
Unconsolidated Entities - Sum_4
Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Detail) $ in Thousands, ft² in Millions | 3 Months Ended | |||
Mar. 31, 2023 USD ($) ft² Property Venture | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) ft² Property Venture | ||
Schedule Of Equity Method Investments [Line Items] | ||||
Total assets | $ 88,520,884 | $ 87,897,448 | ||
Total liabilities | 31,055,655 | $ 30,034,355 | ||
Total revenues | 1,768,587 | $ 1,219,128 | ||
Consolidated net earnings | 498,629 | 1,219,722 | ||
Our earnings from unconsolidated co-investment ventures, net | $ 75,779 | 76,962 | ||
Weighted Average [Member] | Unconsolidated Co-Investments Ventures [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Our weighted average ownership | [1] | 27.40% | 27.40% | |
Weighted Average [Member] | U.S. [Member] | Unconsolidated Co-Investments Ventures [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Our weighted average ownership | [1] | 26.20% | 26.20% | |
Weighted Average [Member] | Other Americas [Member] | Unconsolidated Co-Investments Ventures [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Our weighted average ownership | [1],[2] | 40.60% | 41% | |
Weighted Average [Member] | Europe [Member] | Unconsolidated Co-Investments Ventures [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Our weighted average ownership | [1] | 31% | 31% | |
Weighted Average [Member] | Asia [Member] | Unconsolidated Co-Investments Ventures [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Our weighted average ownership | [1] | 15.20% | 15.20% | |
Unconsolidated Co-Investment Ventures [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ventures | Venture | 8 | 8 | ||
Number of buildings | Property | 2,212 | 2,205 | ||
Square feet | ft² | 493 | 491 | ||
Total assets | $ 49,170,000 | $ 48,827,000 | ||
Third-party debt | 13,640,000 | 13,513,000 | ||
Total liabilities | 16,923,000 | 16,725,000 | ||
Our investment balance | [3] | 8,055,000 | $ 8,074,000 | |
Total revenues | 1,006,000 | 900,000 | ||
Consolidated net earnings | 240,000 | 243,000 | ||
Our earnings from unconsolidated co-investment ventures, net | $ 68,000 | 68,000 | ||
Unconsolidated Co-Investment Ventures [Member] | U.S. [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ventures | Venture | 1 | 1 | ||
Number of buildings | Property | 740 | 739 | ||
Square feet | ft² | 123 | 123 | ||
Total assets | $ 12,609,000 | $ 12,617,000 | ||
Third-party debt | 3,468,000 | 3,468,000 | ||
Total liabilities | 4,179,000 | 4,143,000 | ||
Our investment balance | [3] | 2,371,000 | $ 2,398,000 | |
Total revenues | 324,000 | 286,000 | ||
Consolidated net earnings | 101,000 | 72,000 | ||
Our earnings from unconsolidated co-investment ventures, net | $ 27,000 | 19,000 | ||
Unconsolidated Co-Investment Ventures [Member] | Other Americas [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ventures | Venture | [2] | 2 | 2 | |
Number of buildings | Property | [2] | 260 | 260 | |
Square feet | ft² | [2] | 60 | 60 | |
Total assets | [2] | $ 3,760,000 | $ 3,744,000 | |
Third-party debt | [2] | 919,000 | 919,000 | |
Total liabilities | [2] | 983,000 | 1,011,000 | |
Our investment balance | [2],[3] | 1,041,000 | $ 1,070,000 | |
Total revenues | [2] | 103,000 | 89,000 | |
Consolidated net earnings | [2] | 43,000 | 33,000 | |
Our earnings from unconsolidated co-investment ventures, net | [2] | $ 16,000 | 12,000 | |
Unconsolidated Co-Investment Ventures [Member] | Europe [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ventures | Venture | 2 | 2 | ||
Number of buildings | Property | 992 | 989 | ||
Square feet | ft² | 220 | 219 | ||
Total assets | $ 22,957,000 | $ 22,502,000 | ||
Third-party debt | 5,426,000 | 5,315,000 | ||
Total liabilities | 7,502,000 | 7,292,000 | ||
Our investment balance | [3] | 3,850,000 | $ 3,786,000 | |
Total revenues | 414,000 | 356,000 | ||
Consolidated net earnings | 69,000 | 104,000 | ||
Our earnings from unconsolidated co-investment ventures, net | $ 21,000 | 31,000 | ||
Unconsolidated Co-Investment Ventures [Member] | Asia [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Ventures | Venture | 3 | 3 | ||
Number of buildings | Property | 220 | 217 | ||
Square feet | ft² | 90 | 89 | ||
Total assets | $ 9,844,000 | $ 9,964,000 | ||
Third-party debt | 3,827,000 | 3,811,000 | ||
Total liabilities | 4,259,000 | 4,279,000 | ||
Our investment balance | [3] | 793,000 | $ 820,000 | |
Total revenues | 165,000 | 169,000 | ||
Consolidated net earnings | 27,000 | 34,000 | ||
Our earnings from unconsolidated co-investment ventures, net | $ 4,000 | $ 6,000 | ||
[1] Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities. Prologis Brazil Logistics Venture (“PBLV”) and our other Brazilian joint ventures are combined as one venture for the purpose of this table. Prologis’ investment balance is presented at our adjusted basis. The difference between our ownership interest of a venture’s equity and our investment balance at March 31, 2023 and December 31, 2022, results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes ($ 146.4 million and $ 193.7 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. |
Unconsolidated Entities - Sum_5
Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule Of Equity Method Investments [Line Items] | ||
Receivables from unconsolidated co-investment ventures | $ 146.4 | $ 193.7 |
Unconsolidated Entities - Addit
Unconsolidated Entities - Additional Information (Detail) - Prologis, Inc. [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Schedule Of Equity Method Investments [Line Items] | |
Remaining equity commitments | $ 285.8 |
Expiration date for remaining commitments range start | 2023 |
Expiration date for remaining commitments range end | 2028 |
Assets Held for Sale or Contr_3
Assets Held for Sale or Contribution - Summary of Assets Held for Sale or Contribution (Detail) ft² in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) ft² Property | Dec. 31, 2022 USD ($) ft² Property |
Long Lived Assets Held For Sale [Line Items] | ||
Total assets held for sale or contribution | $ 734,106 | $ 531,257 |
Total liabilities associated with assets held for sale or contribution – included in Other Liabilities | $ 10,533 | $ 4,536 |
Disposal Group Held for Sale Not Discontinued Operations [Member] | ||
Long Lived Assets Held For Sale [Line Items] | ||
Number of operating properties | Property | 23 | 21 |
Square feet | ft² | 5,771 | 4,061 |
Debt - Debt Summary (Detail)
Debt - Debt Summary (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.60% | 2.50% |
Weighted Average Term | 10 years | 9 years 2 months 12 days |
Debt | $ 25,153,342 | $ 23,875,961 |
Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2% | 4.20% |
Weighted Average Term | 2 years 3 months 18 days | 2 years 9 months 18 days |
Debt | $ 212,553 | $ 1,538,461 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.60% | 2.30% |
Weighted Average Term | 10 years 8 months 12 days | 10 years 3 months 18 days |
Debt | $ 22,399,340 | $ 19,786,253 |
Term Loans and Unsecured Other [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.40% | 2.30% |
Weighted Average Term | 4 years 7 months 6 days | 4 years 10 months 24 days |
Debt | $ 2,093,006 | $ 2,106,592 |
Secured Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.20% | 3% |
Weighted Average Term | 4 years | 4 years 3 months 18 days |
Debt | $ 448,443 | $ 444,655 |
Debt - Debt Summary (Parentheti
Debt - Debt Summary (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.60% | 2.50% |
Debt | $ 25,153,342 | $ 23,875,961 |
Percentage of outstanding debt | 100% | 100% |
GBP | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.10% | 2.10% |
Debt | $ 1,263,807 | $ 1,228,483 |
Percentage of outstanding debt | 5% | 5.10% |
CAD | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 4.90% | 4.50% |
Debt | $ 813,415 | $ 814,491 |
Percentage of outstanding debt | 3.20% | 3.40% |
EUR | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.70% | 1.30% |
Debt | $ 9,100,801 | $ 7,991,301 |
Percentage of outstanding debt | 36.20% | 33.50% |
JPY | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1% | 1% |
Debt | $ 3,367,643 | $ 3,308,009 |
Percentage of outstanding debt | 13.40% | 13.90% |
USD | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.60% | 3.60% |
Debt | $ 10,607,676 | $ 10,533,677 |
Percentage of outstanding debt | 42.20% | 44.10% |
Debt - Additional Information (
Debt - Additional Information (Detail) $ in Millions, ¥ in Billions | 1 Months Ended | 3 Months Ended | ||||
Apr. 05, 2023 USD ($) | Oct. 31, 2018 | Aug. 31, 2018 | Jul. 31, 2018 | Mar. 31, 2023 USD ($) | Mar. 31, 2023 JPY (¥) | |
Debt Instrument [Line Items] | ||||||
Credit facility maximum borrowing capacity | $ 5,473 | |||||
Prologis Euro Finance L L C [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of ownership in operating partnership | 100% | |||||
Prologis Yen Finance LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of ownership in operating partnership | 100% | |||||
Prologis Sterling Finance LLC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of ownership in operating partnership | 100% | |||||
Global Credit Facility 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility maximum borrowing capacity | $ 3,000 | |||||
Debt Instrument maturity date | 2026-06 | |||||
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments | $ 4,000 | |||||
Global Credit Facility 2023 [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility maximum borrowing capacity | $ 3,000 | |||||
Debt Instrument maturity date | 2027-06 | |||||
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments | $ 4,000 | |||||
Global Credit Facility 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility maximum borrowing capacity | $ 2,000 | |||||
Debt Instrument maturity date | 2024-04 | |||||
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments | $ 2,500 | |||||
Yen Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility maximum borrowing capacity | $ 563.2 | ¥ 75 | ||||
Debt Instrument maturity date | 2024-07 | |||||
Credit facility maximum borrowing capacity | $ 413 | ¥ 55 |
Debt - Schedule of Current Avai
Debt - Schedule of Current Availability on Debt and Cash (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Credit Facilities | $ 5,473,000 | |
Borrowings outstanding | 213,000 | |
Outstanding letters of credit | 39,000 | |
Current availability | 5,221,000 | |
Cash and cash equivalents | 522,501 | $ 278,483 |
Total liquidity | $ 5,744,000 |
Debt - Summary of Issuances and
Debt - Summary of Issuances and Redemption of Senior Notes (Detail) - Issuance of Senior Notes € in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2023 EUR (€) | Sep. 30, 2022 | Mar. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |||
Aggregate Principal | $ 2,554,125 | ||
Weighted Average [Member] | |||
Debt Instrument [Line Items] | |||
Term | 15 years 7 months 6 days | ||
Interest Rate | 4.50% | 4.50% | |
February 2034 Senior Notes [Member] | EUR | |||
Debt Instrument [Line Items] | |||
Debt Instrument maturity month | 2034-02 | ||
July 2042 Senior Notes [Member] | JPY | |||
Debt Instrument [Line Items] | |||
Debt Instrument maturity month | 2042-07 | ||
January 2030 Senior Notes [Member] | EUR | |||
Debt Instrument [Line Items] | |||
Aggregate Principal | € 1,250,000 | $ 1,354,125 | |
January 2030 Senior Notes [Member] | EUR | Weighted Average [Member] | |||
Debt Instrument [Line Items] | |||
Term | 13 years 9 months 18 days | ||
Interest Rate | 4.10% | 4.10% | |
January 2030 Senior Notes [Member] | EUR | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument maturity month | 2030-01 | ||
January 2030 Senior Notes [Member] | EUR | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument maturity month | 2043-01 | ||
June 2033 Senior Notes [Member] | USD | |||
Debt Instrument [Line Items] | |||
Aggregate Principal | $ 1,200,000 | ||
June 2033 Senior Notes [Member] | USD | Weighted Average [Member] | |||
Debt Instrument [Line Items] | |||
Term | 17 years 8 months 12 days | ||
Interest Rate | 4.90% | 4.90% | |
June 2033 Senior Notes [Member] | USD | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument maturity month | 2033-06 | ||
June 2033 Senior Notes [Member] | USD | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument maturity month | 2053-06 |
Debt - Long-Term Debt Maturitie
Debt - Long-Term Debt Maturities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
2023 | $ 31,619 | |
2024 | 519,907 | |
2025 | 913,444 | |
2026 | 2,129,221 | |
2027 | 1,796,275 | |
Thereafter | 20,341,257 | |
Subtotal | 25,731,723 | |
Unamortized premiums (discounts), net | (471,789) | |
Unamortized debt issuance costs, net | (106,592) | |
Total | 25,153,342 | $ 23,875,961 |
Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
2023 | 0 | |
2024 | 98,365 | |
2025 | 0 | |
2026 | 114,188 | |
2027 | 0 | |
Thereafter | 0 | |
Subtotal | 212,553 | |
Unamortized premiums (discounts), net | 0 | |
Unamortized debt issuance costs, net | 0 | |
Total | 212,553 | 1,538,461 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
2023 | 0 | |
2024 | 326,250 | |
2025 | 37,544 | |
2026 | 1,308,918 | |
2027 | 1,738,332 | |
Thereafter | 19,569,982 | |
Subtotal | 22,981,026 | |
Unamortized premiums (discounts), net | (481,289) | |
Unamortized debt issuance costs, net | (100,397) | |
Total | 22,399,340 | 19,786,253 |
Term Loans and Unsecured Other [Member] | ||
Debt Instrument [Line Items] | ||
2023 | 0 | |
2024 | 0 | |
2025 | 722,420 | |
2026 | 638,310 | |
2027 | 53,787 | |
Thereafter | 682,140 | |
Subtotal | 2,096,657 | |
Unamortized premiums (discounts), net | 946 | |
Unamortized debt issuance costs, net | (4,597) | |
Total | 2,093,006 | 2,106,592 |
Secured Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
2023 | 31,619 | |
2024 | 95,292 | |
2025 | 153,480 | |
2026 | 67,805 | |
2027 | 4,156 | |
Thereafter | 89,135 | |
Subtotal | 441,487 | |
Unamortized premiums (discounts), net | 8,554 | |
Unamortized debt issuance costs, net | (1,598) | |
Total | $ 448,443 | $ 444,655 |
Debt - Long-Term Debt Maturit_2
Debt - Long-Term Debt Maturities (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt instruments expected maturing period | next twelve months |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
Prologis, L.P. [Member] | |
Minority Interest [Line Items] | |
Description of conversion rate | one share of common stock to one limited partnership unit |
Noncontrolling Interests - Nonc
Noncontrolling Interests - Noncontrolling Interest Summary (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | ||
Minority Interest [Line Items] | |||
Total Assets | $ 88,520,884 | $ 87,897,448 | |
Operating Partnership noncontrolling interest | 3,304,643 | 3,317,767 | |
Operating Partnership noncontrolling interest | 4,630,011 | 4,625,811 | |
Total Liabilities | 31,055,655 | 30,034,355 | |
Noncontrolling Interests [Member] | |||
Minority Interest [Line Items] | |||
Total Assets | 8,879,894 | 8,962,749 | |
Total Liabilities | $ 403,642 | $ 417,977 | |
Prologis U S Logistics Venture [Member] | |||
Minority Interest [Line Items] | |||
Parent Company's Ownership Percentage | 55% | 55% | |
Total Assets | $ 7,200,384 | $ 7,225,438 | |
Operating Partnership noncontrolling interest | 3,170,301 | 3,182,858 | |
Total Liabilities | $ 150,401 | $ 158,453 | |
Other Consolidated Entities [Member] | |||
Minority Interest [Line Items] | |||
Parent Company's Ownership | [1] | various | various |
Total Assets | [1] | $ 1,679,510 | $ 1,737,311 |
Operating Partnership noncontrolling interest | [1] | 134,342 | 134,909 |
Total Liabilities | [1] | 253,241 | 259,524 |
Prologis, L.P. [Member] | |||
Minority Interest [Line Items] | |||
Total Assets | 88,520,884 | 87,897,448 | |
Operating Partnership noncontrolling interest | 3,304,643 | 3,317,767 | |
Total Liabilities | 31,055,655 | 30,034,355 | |
Prologis, L.P. [Member] | Noncontrolling Interests [Member] | |||
Minority Interest [Line Items] | |||
Limited partners in Prologis, L.P. | [2],[3] | 1,325,368 | 1,308,044 |
Total Assets | [2],[3] | 0 | 0 |
Total Liabilities | [2],[3] | 0 | 0 |
Prologis, Inc. [Member] | |||
Minority Interest [Line Items] | |||
Total Assets | 8,879,894 | 8,962,749 | |
Total Liabilities | 403,642 | 417,977 | |
Prologis, Inc. [Member] | Noncontrolling Interests [Member] | |||
Minority Interest [Line Items] | |||
Operating Partnership noncontrolling interest | $ 4,630,011 | $ 4,625,811 | |
[1] Includes two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. The limited partnership units outstanding at March 31, 2023 and December 31, 2022 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. There were limited partnership units in the OP, excluding the Class A Units, that were exchangeable into cash or, at our option, 9.7 million and 10.0 million shares of the Parent’s common stock, at March 31, 2023 and December 31, 2022, respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plans of 5.4 million and 4.6 million shares of the Parent’s common stock at March 31, 2023 and December 31, 2022, respectively. See further discussion of LTIP Units in Note 8 . We had 8.6 million Class A Units that were convertible into 8.1 million and 8.0 million limited partnership units of the OP at March 31, 2023 and December 31, 2022, respectively. |
Noncontrolling Interests - No_2
Noncontrolling Interests - Noncontrolling Interest Summary (Parenthetical) (Detail) - shares shares in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Long Term Incentive Plan Units [Member] | ||
Minority Interest [Line Items] | ||
Vested LTIP Units | 5.4 | 4.6 |
Class A Common [Member] | ||
Minority Interest [Line Items] | ||
Outstanding limited partnership units, exchanged | 8.1 | 8 |
Units outstanding | 8.6 | 8.6 |
Common Unit [Member] | ||
Minority Interest [Line Items] | ||
Outstanding limited partnership units, exchanged | 9.7 | 10 |
Other Consolidated Entities [Member] | ||
Minority Interest [Line Items] | ||
Outstanding limited partnership units, exchanged | 0.3 | 0.3 |
Other Consolidated Entities [Member] | Common Stock [Member] | ||
Minority Interest [Line Items] | ||
Outstanding limited partnership units | 2 | 2 |
Long-Term Compensation - Additi
Long-Term Compensation - Additional Information (Detail) - Prologis Out-Performance Plan [Member] - USD ($) | 1 Months Ended | 3 Months Ended |
Jan. 31, 2023 | Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Performance Period | 3 years | |
Outperformance hurdle, above MSCI U.S. REIT Index | 1% | |
Performance pool as percentage of excess value, if outperformance hurdle is met | 3% | |
Forfeited awards after seven years | 7 years | |
2023 - 2025 Performance Period [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Performance Period | 3 years | |
Cash incentive award maximum | $ 100,000,000 | |
Holding period | 3 years | |
Aggregate fair value | $ 28,300,000 | |
Assumed risk free interest rate | 4.20% | |
2023 - 2025 Performance Period [Member] | Tranche 1 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting rights, percentage | 20% | |
2023 - 2025 Performance Period [Member] | Tranche 2 (After Seven Year Cliff) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 7 years | |
Vesting rights, percentage | 80% | |
2023 - 2025 Performance Period [Member] | Prologis, Inc. [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected volatility rate | 35% | |
2023 - 2025 Performance Period [Member] | Msci Us Reit Index | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected volatility rate | 31% | |
2020 - 2022 Performance Period [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Cash incentive award maximum | $ 100,000,000 | |
Prior To 2018 Performance Periods [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Cash incentive award maximum | $ 22,400,000 | |
Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 10 years |
Long-Term Compensation - RSU Aw
Long-Term Compensation - RSU Awards (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Unvested Awards, Beginning Balance | shares | 1,533 |
Granted | shares | 764 |
Vested and distributed | shares | (333) |
Forfeited | shares | (11) |
Number of Unvested Awards, Ending Balance | shares | 1,953 |
Weighted Average Grant Date Fair Value | $ / shares | $ 100.59 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 96.37 |
Weighted Average Grant Date Fair Value, Vested and distributed | $ / shares | 115.60 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 129.01 |
Weighted Average Grant Date Fair Value | $ / shares | $ 96.22 |
Long-Term Compensation - LTIP U
Long-Term Compensation - LTIP Units Awards (Detail) - Long Term Incentive Plan Units [Member] shares in Thousands | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Unvested Awards, Beginning Balance | shares | 4,214 |
Granted | shares | 1,292 |
Vested LTIP Units | shares | (688) |
Number of Unvested Awards, Ending Balance | shares | 4,818 |
Weighted Average Grant Date Fair Value | $ / shares | $ 73.31 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 78.94 |
Weighted Average Grant Date Fair Value, Vested LTIP Units | $ / shares | 105.99 |
Weighted Average Grant Date Fair Value | $ / shares | $ 70.16 |
Earnings Per Common Share or _3
Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share or Unit (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | |||
Net earnings attributable to common stockholders/unit holders - Basic | $ 463,170 | $ 1,149,254 | |
Net earnings attributable to exchangeable limited partnership units | [1] | 11,743 | 32,338 |
Adjusted net earnings attributable to common stockholders – Diluted | $ 474,913 | $ 1,181,592 | |
Weighted average common shares/units outstanding - Basic | 923,888 | 740,368 | |
Incremental weighted average effect on exchange of limited partnership units | [1] | 23,535 | 21,089 |
Incremental weighted average effect of equity awards | 4,201 | 4,060 | |
Weighted average common shares/partnership units outstanding - Diluted | [2] | 951,624 | 765,517 |
Net earnings per share/unit attributable to common stockholders/unitholders - | |||
Basic | $ 0.50 | $ 1.55 | |
Diluted | $ 0.50 | $ 1.54 | |
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 | $ 474,819 | $ 1,181,525 | |
Net earnings attributable to exchangeable limited partnership units | 94 | 67 | |
Adjusted net earnings attributable to common stockholders – Diluted | $ 474,913 | $ 1,181,592 | |
Weighted average common shares/units outstanding - Basic | 939,054 | 753,159 | |
Incremental weighted average effect on exchange of Class A convertible units | 8,070 | 7,999 | |
Incremental weighted average effect on exchange of limited partnership units | 299 | 299 | |
Incremental weighted average effect of equity awards | 4,201 | 4,060 | |
Weighted average common shares/partnership units outstanding - Diluted | [2] | 951,624 | 765,517 |
Net earnings per share/unit attributable to common stockholders/unitholders - | |||
Basic | $ 0.50 | $ 1.55 | |
Diluted | $ 0.50 | $ 1.54 | |
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 | $ (4,045) | $ (12,415) | |
Adjusted net earnings attributable to common stockholders – Diluted | 4,045 | 12,415 | |
Prologis, L.P. [Member] | Common Units [Member] | |||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | |||
Net earnings attributable to common stockholders/unit holders - Basic | $ 470,774 | $ 1,169,110 | |
[1] Earnings allocated to the exchangeable OP units not held by the Parent have been included in the numerator and exchangeable common 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. Our total weighted average potentially dilutive shares and units outstanding consisted of the following: |
Earnings Per Common Share or _4
Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share or Unit (Parenthetical) (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||
Total weighted average potential dilutive shares and units outstanding | 31,308 | 26,928 |
Prologis, L.P. [Member] | ||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||
Total weighted average potentially dilutive Class A Units | 8,070 | 7,999 |
Total weighted average potentially dilutive other limited partnership units | 299 | 299 |
Total weighted average potentially dilutive equity awards | 7,773 | 5,839 |
Total weighted average potential dilutive shares and units outstanding | 16,142 | 14,137 |
Total weighted average potential dilutive common limited partnership units | 15,166 | 12,791 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Schedule of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives Fair Value [Line Items] | ||
Asset | $ 147,520 | $ 227,236 |
Liability | 6,573 | 6,682 |
Undesignated Derivatives [Member] | Forwards [Member] | BRL | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 35 |
Liability | 741 | 494 |
Undesignated Derivatives [Member] | Forwards [Member] | GBP | ||
Derivatives Fair Value [Line Items] | ||
Asset | 20,796 | 29,187 |
Liability | 915 | 648 |
Undesignated Derivatives [Member] | Forwards [Member] | CAD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 8,316 | 12,074 |
Liability | 10 | 2 |
Undesignated Derivatives [Member] | Forwards [Member] | CNY | ||
Derivatives Fair Value [Line Items] | ||
Asset | 443 | 657 |
Liability | 434 | 364 |
Undesignated Derivatives [Member] | Forwards [Member] | EUR | ||
Derivatives Fair Value [Line Items] | ||
Asset | 41,794 | 51,317 |
Liability | 3,051 | 2,801 |
Undesignated Derivatives [Member] | Forwards [Member] | JPY | ||
Derivatives Fair Value [Line Items] | ||
Asset | 33,454 | 34,022 |
Liability | 807 | 2,344 |
Undesignated Derivatives [Member] | Forwards [Member] | SEK | ||
Derivatives Fair Value [Line Items] | ||
Asset | 5,568 | 6,292 |
Liability | 26 | 0 |
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | GBP | ||
Derivatives Fair Value [Line Items] | ||
Asset | 16,305 | 23,534 |
Liability | 555 | 0 |
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | CAD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 18,002 | 24,552 |
Liability | 0 | 0 |
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | CNY | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 0 |
Liability | 34 | 0 |
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | EUR | ||
Derivatives Fair Value [Line Items] | ||
Asset | 2,842 | 44,982 |
Liability | 0 | 0 |
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | USD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 584 |
Liability | $ 0 | $ 29 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Summary of Undesignated Foreign Currency Forwards Activity (Detail) - Forwards [Member] - Undesignated Derivatives [Member] | 3 Months Ended | |
Mar. 31, 2023 USD ($) Derivative | Mar. 31, 2022 USD ($) Derivative | |
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 1,645,000,000 | $ 1,662,000,000 |
New contracts | 132,000,000 | 457,000,000 |
Matured, expired or settled contracts | (147,000,000) | (247,000,000) |
Notional amounts at March 31 | 1,630,000,000 | 1,872,000,000 |
CAD | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | 283,000,000 | 175,000,000 |
New contracts | 6,000,000 | 45,000,000 |
Matured, expired or settled contracts | (54,000,000) | (16,000,000) |
Notional amounts at March 31 | $ 235,000,000 | $ 204,000,000 |
Weighted average forward rate at March 31 | 1.29 | 1.27 |
Active contracts at March 31 | Derivative | 88 | 81 |
EUR | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 601,000,000 | $ 749,000,000 |
New contracts | 9,000,000 | 350,000,000 |
Matured, expired or settled contracts | (43,000,000) | (182,000,000) |
Notional amounts at March 31 | $ 567,000,000 | $ 917,000,000 |
Weighted average forward rate at March 31 | 1.18 | 1.19 |
Active contracts at March 31 | Derivative | 94 | 93 |
GBP | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 349,000,000 | $ 383,000,000 |
New contracts | 49,000,000 | 21,000,000 |
Matured, expired or settled contracts | (22,000,000) | (19,000,000) |
Notional amounts at March 31 | $ 376,000,000 | $ 343,000,000 |
Weighted average forward rate at March 31 | 1.30 | 1.27 |
Active contracts at March 31 | Derivative | 100 | 77 |
JPY | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 331,000,000 | $ 250,000,000 |
New contracts | 27,000,000 | 61,000,000 |
Matured, expired or settled contracts | (21,000,000) | (22,000,000) |
Notional amounts at March 31 | $ 337,000,000 | $ 289,000,000 |
Weighted average forward rate at March 31 | 110.58 | 104.39 |
Active contracts at March 31 | Derivative | 97 | 85 |
S E K | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 85,000,000 | |
New contracts | 9,000,000 | |
Matured, expired or settled contracts | 4,000,000 | |
Notional amounts at March 31 | $ 90,000,000 | |
Weighted average forward rate at March 31 | 9.30 | |
Active contracts at March 31 | Derivative | 84 | |
Other | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 81,000,000 | $ 20,000,000 |
New contracts | 41,000,000 | 13,000,000 |
Matured, expired or settled contracts | (7,000,000) | (4,000,000) |
Notional amounts at March 31 | $ 115,000,000 | $ 29,000,000 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Summary of Undesignated Financial Instruments Exercised and Realized and Unrealized Gains in Foreign Currency and Derivative Gains, Net (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) Contract | Mar. 31, 2022 USD ($) Contract | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Exercised contracts | Contract | 52 | 32 |
Realized gains on the matured, expired or settled contracts | $ 14 | $ 15 |
Unrealized gains on the change in fair value of outstanding contracts | $ (14) | $ 15 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements - Foreign Currency Contracts Activity (Detail) - Forwards [Member] - Net Investment Hedges [Member] - Designated As Hedging Instrument [Member] | 3 Months Ended | |
Mar. 31, 2023 USD ($) Derivative | Mar. 31, 2022 USD ($) Derivative | |
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 974,000,000 | $ 967,000,000 |
New contracts | 219,000,000 | 477,000,000 |
Matured, expired or settled contracts | (124,000,000) | (269,000,000) |
Notional amounts at March 31 | 1,069,000,000 | 1,175,000,000 |
BRL | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | 0 | |
New contracts | 44,000,000 | |
Matured, expired or settled contracts | (44,000,000) | |
Notional amounts at March 31 | $ 0 | |
Weighted average forward rate at March 31 | 0 | |
Active contracts at March 31 | Derivative | 0 | |
CAD | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | 534,000,000 | $ 535,000,000 |
New contracts | 119,000,000 | 204,000,000 |
Matured, expired or settled contracts | (124,000,000) | (125,000,000) |
Notional amounts at March 31 | $ 529,000,000 | $ 614,000,000 |
Weighted average forward rate at March 31 | 1.30 | 1.26 |
Active contracts at March 31 | Derivative | 6 | 7 |
GBP | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 440,000,000 | $ 432,000,000 |
New contracts | 0 | 229,000,000 |
Matured, expired or settled contracts | 0 | (100,000,000) |
Notional amounts at March 31 | $ 440,000,000 | $ 561,000,000 |
Weighted average forward rate at March 31 | 1.28 | 1.35 |
Active contracts at March 31 | Derivative | 4 | 5 |
CNH | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 0 | |
New contracts | 100,000,000 | |
Matured, expired or settled contracts | 0 | |
Notional amounts at March 31 | $ 100,000,000 | |
Weighted average forward rate at March 31 | 6.72 | |
Active contracts at March 31 | Derivative | 1 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements - Summary of Activity in Interest Rate Swaps (Detail) - Interest Rate Swaps [Member] - Cash Flow Hedges [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative [Line Items] | ||
Notional amounts at March 31 | $ 268,600,000 | |
Designated As Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | 597,000,000 | $ 165,000,000 |
New contracts | 984,000,000 | 1,004,000,000 |
Matured, expired or settled contracts | (1,409,000,000) | (722,000,000) |
Notional amounts at March 31 | 172,000,000 | 447,000,000 |
EUR | Designated As Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | 447,000,000 | 165,000,000 |
New contracts | 434,000,000 | 1,004,000,000 |
Matured, expired or settled contracts | (709,000,000) | (722,000,000) |
Notional amounts at March 31 | 172,000,000 | $ 447,000,000 |
USD | Designated As Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | 150,000,000 | |
New contracts | 550,000,000 | |
Matured, expired or settled contracts | (700,000,000) | |
Notional amounts at March 31 | $ 0 |
Financial Instruments and Fai_8
Financial Instruments and Fair Value Measurements - Summary of Activity in Interest Rate Swaps (Parenthetical) (Details) - Interest Rate Swap [Member] - Cash Flow Hedges [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Derivative [Line Items] | |
Derivative notional amount | $ 268.6 |
Hedging period | 10 years |
Financial Instruments and Fai_9
Financial Instruments and Fair Value Measurements - Summary of Debt and Accrued Interest, Designated as Hedge (Detail) - Designated As Hedging Instrument [Member] - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
British Pound Sterling Senior Notes [Member] | ||
Derivatives Fair Value [Line Items] | ||
Senior Notes Outstanding | $ 1,252 | $ 1,237 |
Canadian Dollar Senior Notes [Member] | ||
Derivatives Fair Value [Line Items] | ||
Senior Notes Outstanding | $ 373 | $ 370 |
Financial Instruments and Fa_10
Financial Instruments and Fair Value Measurements - Summary of Recognized Unrealized Gains (Losses) in Foreign Currency and Derivative Gains Net on Remeasurement of Unhedged Portion of Euro Denominated Debt and Accrued Interest (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivatives Fair Value [Line Items] | ||
Foreign currency translation gains (losses), net | $ (28,101) | $ 189,523 |
Forward Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Foreign currency translation gains (losses), net | $ (4,000) | $ 15,000 |
Financial Instruments and Fa_11
Financial Instruments and Fair Value Measurements - Summary of Changes in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Cumulative translation adjustment | $ 21,561 | $ 151,833 |
Total foreign currency translation gains (losses), net | (28,101) | 189,523 |
Total unrealized gains (losses) on derivative contracts, net | (25,853) | 13,349 |
Total change in other comprehensive income | (53,954) | 202,872 |
Designated As Hedging Instrument [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total derivative hedging instruments | (8,163) | 4,093 |
Designated As Hedging Instrument [Member] | Non derivative Net Investment Hedge [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Debt designated as nonderivative net investment hedges | (41,499) | 33,597 |
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total derivative hedging instruments | (19,327) | 4,422 |
Designated As Hedging Instrument [Member] | Our Share of Derivatives from Unconsolidated Co-Investment Ventures [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total derivative hedging instruments | $ (6,526) | $ 8,927 |
Financial Instruments and Fa_12
Financial Instruments and Fair Value Measurements - Summary of Changes in Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Derivative Instruments Gain Loss [Line Items] | |||
Unrealized gains (losses) on derivative contracts, net | $ (25,853) | $ 13,349 | |
Accumulated Gain (Loss) on Net Investment Hedges [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Unrealized gains (losses) on derivative contracts, net | 324,800 | $ 333,000 | |
Accumulated Gain (Loss) Net Cash Flow Hedge Parent [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount to be reclassified to interest expense, next 12 months | 1,000 | ||
Unrealized gains (losses) on derivative contracts, net | $ 13,400 | $ 32,700 |
Financial Instruments and Fa_13
Financial Instruments and Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | $ 25,153,342 | $ 23,875,961 |
Fair Value of Debt | 21,996,209 | 20,655,930 |
Credit Facilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 212,553 | 1,538,461 |
Fair Value of Debt | 212,553 | 1,538,461 |
Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 22,399,340 | 19,786,253 |
Fair Value of Debt | 19,275,513 | 16,604,241 |
Term Loans and Unsecured Other [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 2,093,006 | 2,106,592 |
Fair Value of Debt | 2,079,813 | 2,092,264 |
Secured Mortgage [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 448,443 | 444,655 |
Fair Value of Debt | $ 428,330 | $ 420,964 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 Segment | |
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 | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 1,768,587 | $ 1,219,128 | |
Operating income | 579,043 | 1,205,802 | |
General and administrative expenses | 99,777 | 74,646 | |
Depreciation and amortization expenses | 602,367 | 396,647 | |
Gains on dispositions of development properties and land, net | 0 | 210,206 | |
Gains on other dispositions of investments in real estate, net | 4,047 | 584,835 | |
Earnings from unconsolidated entities, net | 75,779 | 76,962 | |
Interest expense | (136,011) | (64,064) | |
Gain (losses) on early extinguishment of debt, net | 3,275 | (18,165) | |
Earnings before income taxes | 530,700 | 1,248,944 | |
Total assets | 88,520,884 | $ 87,897,448 | |
Investments in and advances to unconsolidated entities | 9,680,097 | 9,698,898 | |
Assets held for sale or contribution | 734,106 | 531,257 | |
Cash and cash equivalents | 522,501 | 278,483 | |
Other assets | 4,706,985 | 4,801,499 | |
Real Estate Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 76,959,360 | 76,673,811 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income | 1,277,140 | 882,054 | |
Total assets | 76,995,469 | 76,710,139 | |
Operating Segments [Member] | Real Estate Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,633,886 | 1,085,203 | |
Operating income | 1,214,148 | 799,940 | |
Operating Segments [Member] | Strategic Capital [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 134,701 | 133,925 | |
Operating income | 62,992 | 82,114 | |
Total assets | 36,109 | 36,328 | |
Operating Segments [Member] | U.S. [Member] | Real Estate Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,574,567 | 1,038,991 | |
Operating income | 1,171,983 | 771,210 | |
Total assets | 71,965,308 | 71,858,560 | |
Operating Segments [Member] | U.S. [Member] | Strategic Capital [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 53,696 | 50,635 | |
Operating income | 21,567 | 27,677 | |
Total assets | 10,605 | 10,817 | |
Operating Segments [Member] | Other Americas [Member] | Real Estate Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 25,572 | 22,191 | |
Operating income | 19,178 | 16,107 | |
Total assets | 1,899,350 | 1,831,956 | |
Operating Segments [Member] | Other Americas [Member] | Strategic Capital [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 14,195 | 11,653 | |
Operating income | 8,942 | 7,374 | |
Operating Segments [Member] | Europe [Member] | Real Estate Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 19,156 | 12,008 | |
Operating income | 14,210 | 3,970 | |
Total assets | 2,159,880 | 1,952,160 | |
Operating Segments [Member] | Europe [Member] | Strategic Capital [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 43,533 | 46,196 | |
Operating income | 22,604 | 32,463 | |
Total assets | 25,280 | 25,280 | |
Operating Segments [Member] | Asia [Member] | Real Estate Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 14,591 | 12,013 | |
Operating income | 8,777 | 8,653 | |
Total assets | 934,822 | 1,031,135 | |
Operating Segments [Member] | Asia [Member] | Strategic Capital [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 23,277 | 25,441 | |
Operating income | 9,879 | 14,600 | |
Total assets | 224 | 231 | |
Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income | 579,043 | 1,205,802 | |
General and administrative expenses | (99,777) | (74,646) | |
Depreciation and amortization expenses | (602,367) | (396,647) | |
Gains on dispositions of development properties and land, net | 210,206 | ||
Gains on other dispositions of investments in real estate, net | 4,047 | 584,835 | |
Earnings from unconsolidated entities, net | 75,779 | 76,962 | |
Interest expense | 136,011 | 64,064 | |
Foreign currency and derivative gains and other income, net | 8,614 | 48,409 | |
Gain (losses) on early extinguishment of debt, net | 3,275 | (18,165) | |
Earnings before income taxes | 530,700 | $ 1,248,944 | |
Total assets | 11,525,415 | 11,187,309 | |
Investments in and advances to unconsolidated entities | 9,680,097 | 9,698,898 | |
Assets held for sale or contribution | 734,106 | 531,257 | |
Cash and cash equivalents | 522,501 | 278,483 | |
Other assets | $ 588,711 | $ 678,671 |
Business Segments - Segment R_2
Business Segments - Segment Reporting, Reconciliation of Revenues, Operating Income and Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Strategic Capital [Member] | Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $ 25.3 | $ 25.3 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Supplemental Cash Flow Information [Line Items] | ||
Lease Right-of-Use assets | $ 12.1 | $ 3.7 |
Lease liabilities | 12.1 | 3.7 |
Capitalization for equity based compensation expense | 14.7 | 10.6 |
Interest paid, net of amounts capitalized | 129.9 | 62.9 |
Cash paid for income taxes, net of refunds | $ 46.2 | $ 30.7 |
Limited Partners [Member] | Prologis, L.P. [Member] | Common [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
PLD units redeemed for common shares | 0.1 | 0.1 |
Unconsolidated Entities [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
Equity ownership interest received | $ 216.4 |
Acquisition of Duke - Additiona
Acquisition of Duke - Additional Information (Detail) - shares shares in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Business Acquisition [Line Items] | ||
Common stock, shares issued | 923,453 | 923,142 |