Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 19, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | PLD | |
Entity Registrant Name | Prologis, Inc. | |
Entity Central Index Key | 1,045,609 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 533,307,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Investments in real estate properties | $ 25,555,343 | $ 25,838,644 |
Less accumulated depreciation | 4,283,877 | 4,059,348 |
Net investments in real estate properties | 21,271,466 | 21,779,296 |
Investments in and advances to unconsolidated entities | 5,414,623 | 5,496,450 |
Assets held for sale or contribution | 892,546 | 342,060 |
Notes receivable backed by real estate | 0 | 34,260 |
Net investments in real estate | 27,578,635 | 27,652,066 |
Cash and cash equivalents | 527,830 | 447,046 |
Other assets | 1,396,417 | 1,381,963 |
Total assets | 29,502,882 | 29,481,075 |
Liabilities: | ||
Debt | 9,427,124 | 9,412,631 |
Accounts payable and accrued expenses | 719,679 | 702,804 |
Other liabilities | 629,576 | 659,899 |
Total liabilities | 10,776,379 | 10,775,334 |
Prologis, Inc. stockholders’ equity: | ||
Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,379 shares issued and outstanding and 100,000 preferred shares authorized at June 30, 2018 and December 31, 2017, respectively | 68,948 | 68,948 |
Common stock; $0.01 par value; 533,303 shares and 532,186 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively | 5,333 | 5,322 |
Additional paid-in capital | 19,322,016 | 19,363,007 |
Accumulated other comprehensive loss | (1,041,486) | (901,658) |
Distributions in excess of net earnings | (2,716,241) | (2,904,461) |
Total Prologis, Inc. stockholders’ equity | 15,638,570 | 15,631,158 |
Partners' capital: | ||
Noncontrolling interests | 3,087,933 | 3,074,583 |
Total equity | 18,726,503 | 18,705,741 |
Total liabilities and equity | 29,502,882 | 29,481,075 |
Prologis, L.P. [Member] | ||
ASSETS | ||
Investments in real estate properties | 25,555,343 | 25,838,644 |
Less accumulated depreciation | 4,283,877 | 4,059,348 |
Net investments in real estate properties | 21,271,466 | 21,779,296 |
Investments in and advances to unconsolidated entities | 5,414,623 | 5,496,450 |
Assets held for sale or contribution | 892,546 | 342,060 |
Notes receivable backed by real estate | 0 | 34,260 |
Net investments in real estate | 27,578,635 | 27,652,066 |
Cash and cash equivalents | 527,830 | 447,046 |
Other assets | 1,396,417 | 1,381,963 |
Total assets | 29,502,882 | 29,481,075 |
Liabilities: | ||
Debt | 9,427,124 | 9,412,631 |
Accounts payable and accrued expenses | 719,679 | 702,804 |
Other liabilities | 629,576 | 659,899 |
Total liabilities | 10,776,379 | 10,775,334 |
Partners' capital: | ||
Total partners’ capital | 16,102,328 | 16,045,499 |
Noncontrolling interests | 2,624,175 | 2,660,242 |
Total capital | 18,726,503 | 18,705,741 |
Total liabilities and equity | 29,502,882 | 29,481,075 |
Prologis, L.P. [Member] | Preferred [Member] | ||
Partners' capital: | ||
General partner | 68,948 | 68,948 |
Prologis, L.P. [Member] | Common [Member] | ||
Partners' capital: | ||
General partner | 15,569,622 | 15,562,210 |
Limited partners | 218,162 | 165,401 |
Prologis, L.P. [Member] | Class A Common [Member] | ||
Partners' capital: | ||
Limited partners | $ 245,596 | $ 248,940 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
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 | 1,379,000 | 1,379,000 |
Preferred stock, shares outstanding | 1,379,000 | 1,379,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 533,303,000 | 532,186,000 |
Common stock, shares outstanding | 533,303,000 | 532,186,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Rental | $ 426,549 | $ 447,960 | $ 854,450 | $ 887,844 |
Rental recoveries | 118,130 | 128,417 | 246,172 | 255,466 |
Strategic capital | 75,697 | 180,654 | 208,658 | 237,699 |
Development management and other | 900 | 9,152 | 5,652 | 14,329 |
Total revenues | 621,276 | 766,183 | 1,314,932 | 1,395,338 |
Expenses: | ||||
Rental | 133,329 | 147,794 | 276,270 | 300,450 |
Strategic capital | 34,850 | 51,986 | 78,710 | 83,785 |
General and administrative | 57,615 | 60,077 | 120,043 | 113,694 |
Depreciation and amortization | 203,673 | 228,145 | 407,754 | 454,736 |
Other | 4,515 | 2,909 | 7,754 | 5,515 |
Total expenses | 433,982 | 490,911 | 890,531 | 958,180 |
Operating income | 187,294 | 275,272 | 424,401 | 437,158 |
Other income (expense): | ||||
Earnings from unconsolidated entities, net | 62,549 | 68,596 | 125,205 | 117,201 |
Interest expense | (56,314) | (75,354) | (102,575) | (148,266) |
Interest and other income, net | 5,641 | 1,892 | 7,617 | 4,677 |
Gains on dispositions of investments in real estate, net | 94,261 | 83,006 | 289,372 | 180,331 |
Foreign currency and derivative gains (losses), net | 85,382 | (20,055) | 44,288 | (27,455) |
Gains (losses) on early extinguishment of debt, net | 282 | (30,596) | (702) | (30,596) |
Total other income | 191,801 | 27,489 | 363,205 | 95,892 |
Earnings before income taxes | 379,095 | 302,761 | 787,606 | 533,050 |
Total income tax expense | 14,104 | 14,781 | 30,656 | 24,381 |
Consolidated net earnings | 364,991 | 287,980 | 756,950 | 508,669 |
Less net earnings attributable to noncontrolling interests | 28,904 | 19,363 | 53,485 | 35,123 |
Net earnings attributable to controlling interests | 336,087 | 268,617 | 703,465 | 473,546 |
Less preferred stock/unit dividends/distributions | 1,476 | 1,674 | 2,952 | 3,348 |
Net earnings attributable to common stockholders/unitholders | $ 334,611 | $ 266,943 | $ 700,513 | $ 470,198 |
Weighted average common shares/units outstanding - Basic | 532,639 | 530,040 | 532,427 | 529,400 |
Weighted average common shares/units outstanding - Diluted | 554,515 | 552,114 | 554,066 | 550,512 |
Net earnings per share attributable to common stockholders/unitholders - Basic | $ 0.63 | $ 0.50 | $ 1.32 | $ 0.89 |
Net earnings per share attributable to common stockholders/unitholders - Diluted | 0.62 | 0.50 | 1.30 | 0.88 |
Dividends per common share or unit | $ 0.48 | $ 0.44 | $ 0.96 | $ 0.88 |
Prologis, L.P. [Member] | ||||
Revenues: | ||||
Rental | $ 426,549 | $ 447,960 | $ 854,450 | $ 887,844 |
Rental recoveries | 118,130 | 128,417 | 246,172 | 255,466 |
Strategic capital | 75,697 | 180,654 | 208,658 | 237,699 |
Development management and other | 900 | 9,152 | 5,652 | 14,329 |
Total revenues | 621,276 | 766,183 | 1,314,932 | 1,395,338 |
Expenses: | ||||
Rental | 133,329 | 147,794 | 276,270 | 300,450 |
Strategic capital | 34,850 | 51,986 | 78,710 | 83,785 |
General and administrative | 57,615 | 60,077 | 120,043 | 113,694 |
Depreciation and amortization | 203,673 | 228,145 | 407,754 | 454,736 |
Other | 4,515 | 2,909 | 7,754 | 5,515 |
Total expenses | 433,982 | 490,911 | 890,531 | 958,180 |
Operating income | 187,294 | 275,272 | 424,401 | 437,158 |
Other income (expense): | ||||
Earnings from unconsolidated entities, net | 62,549 | 68,596 | 125,205 | 117,201 |
Interest expense | (56,314) | (75,354) | (102,575) | (148,266) |
Interest and other income, net | 5,641 | 1,892 | 7,617 | 4,677 |
Gains on dispositions of investments in real estate, net | 94,261 | 83,006 | 289,372 | 180,331 |
Foreign currency and derivative gains (losses), net | 85,382 | (20,055) | 44,288 | (27,455) |
Gains (losses) on early extinguishment of debt, net | 282 | (30,596) | (702) | (30,596) |
Total other income | 191,801 | 27,489 | 363,205 | 95,892 |
Earnings before income taxes | 379,095 | 302,761 | 787,606 | 533,050 |
Total income tax expense | 14,104 | 14,781 | 30,656 | 24,381 |
Consolidated net earnings | 364,991 | 287,980 | 756,950 | 508,669 |
Less net earnings attributable to noncontrolling interests | 18,882 | 11,986 | 32,940 | 22,123 |
Net earnings attributable to controlling interests | 346,109 | 275,994 | 724,010 | 486,546 |
Less preferred stock/unit dividends/distributions | 1,476 | 1,674 | 2,952 | 3,348 |
Net earnings attributable to common stockholders/unitholders | $ 344,633 | $ 274,320 | $ 721,058 | $ 483,198 |
Weighted average common shares/units outstanding - Basic | 540,084 | 536,060 | 539,547 | 535,392 |
Weighted average common shares/units outstanding - Diluted | 554,515 | 552,114 | 554,066 | 550,512 |
Net earnings per share attributable to common stockholders/unitholders - Basic | $ 0.63 | $ 0.50 | $ 1.32 | $ 0.89 |
Net earnings per share attributable to common stockholders/unitholders - Diluted | 0.62 | 0.50 | 1.30 | 0.88 |
Dividends per common share or unit | $ 0.48 | $ 0.44 | $ 0.96 | $ 0.88 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Consolidated net earnings | $ 364,991 | $ 287,980 | $ 756,950 | $ 508,669 |
Other comprehensive income (loss): | ||||
Foreign currency translation gains (losses), net | (147,813) | 3,162 | (143,043) | 42,829 |
Unrealized gains (losses) on derivative contracts, net | 2,131 | 6,735 | (4,156) | 9,366 |
Comprehensive income | 219,309 | 297,877 | 609,751 | 560,864 |
Net earnings attributable to noncontrolling interests | (28,904) | (19,363) | (53,485) | (35,123) |
Other comprehensive loss (income) attributable to noncontrolling interests | 7,539 | (811) | 7,371 | (48,918) |
Comprehensive income attributable to common stockholders / unitholders | 197,944 | 277,703 | 563,637 | 476,823 |
Prologis, L.P. [Member] | ||||
Consolidated net earnings | 364,991 | 287,980 | 756,950 | 508,669 |
Other comprehensive income (loss): | ||||
Foreign currency translation gains (losses), net | (147,813) | 3,162 | (143,043) | 42,829 |
Unrealized gains (losses) on derivative contracts, net | 2,131 | 6,735 | (4,156) | 9,366 |
Comprehensive income | 219,309 | 297,877 | 609,751 | 560,864 |
Net earnings attributable to noncontrolling interests | (18,882) | (11,986) | (32,940) | (22,123) |
Other comprehensive loss (income) attributable to noncontrolling interests | 3,424 | (561) | 3,205 | (48,828) |
Comprehensive income attributable to common stockholders / unitholders | $ 203,851 | $ 285,330 | $ 580,016 | $ 489,913 |
Consolidated Statement of Equit
Consolidated Statement of Equity - 6 months ended Jun. 30, 2018 - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Distributions in Excess of Net Earnings [Member] | Non-controlling Interests [Member] |
Balance at Dec. 31, 2017 | $ 18,705,741 | $ 68,948 | $ 5,322 | $ 19,363,007 | $ (901,658) | $ (2,904,461) | $ 3,074,583 |
Balance, shares at Dec. 31, 2017 | 532,186 | 532,186 | |||||
Consolidated net earnings | $ 756,950 | 703,465 | 53,485 | ||||
Effect of equity compensation plans | 33,681 | $ 11 | 8,835 | 24,835 | |||
Effect of equity compensation plans, shares | 1,117 | ||||||
Capital contributions | 37,974 | 37,974 | |||||
Redemption of noncontrolling interests | (23,768) | (2,792) | (20,976) | ||||
Foreign currency translation losses, net | (143,043) | (135,793) | (7,250) | ||||
Unrealized losses on derivative contracts, net | (4,156) | (4,035) | (121) | ||||
Reallocation of equity | (46,927) | 46,927 | |||||
Distributions and other | (636,876) | (107) | (515,245) | (121,524) | |||
Balance at Jun. 30, 2018 | $ 18,726,503 | $ 68,948 | $ 5,333 | $ 19,322,016 | $ (1,041,486) | $ (2,716,241) | $ 3,087,933 |
Balance, shares at Jun. 30, 2018 | 533,303 | 533,303 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating activities: | ||
Consolidated net earnings | $ 756,950 | $ 508,669 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Straight-lined rents and amortization of above and below market leases | (26,369) | (48,920) |
Equity-based compensation awards | 39,082 | 37,604 |
Depreciation and amortization | 407,754 | 454,736 |
Earnings from unconsolidated entities, net | (125,205) | (117,201) |
Operating distributions from unconsolidated entities | 175,960 | 141,256 |
Decrease (increase) in operating receivables from unconsolidated entities | 6,589 | (117,675) |
Amortization of debt discounts (premiums), net of debt issuance costs | 5,971 | (4,445) |
Gains on dispositions of investments in real estate, net | (289,372) | (180,331) |
Unrealized foreign currency and derivative losses (gains), net | (52,595) | 35,266 |
Losses on early extinguishment of debt, net | 702 | 30,596 |
Deferred income tax expense (benefit) | (1,194) | 2,268 |
Decrease (increase) in accounts receivable and other assets | (35,756) | 61,452 |
Decrease in accounts payable and accrued expenses and other liabilities | (89,293) | (58,115) |
Net cash provided by operating activities | 773,224 | 745,160 |
Investing activities: | ||
Real estate development | (788,604) | (715,294) |
Real estate acquisitions | (289,031) | (202,088) |
Tenant improvements and lease commissions on previously leased space | (59,342) | (75,342) |
Property improvements | (33,289) | (37,253) |
Proceeds from dispositions and contributions of real estate properties | 901,808 | 836,107 |
Investments in and advances to unconsolidated entities | (83,250) | (144,894) |
Return of investment from unconsolidated entities | 134,640 | 133,677 |
Proceeds from repayment of notes receivable backed by real estate | 34,260 | 32,100 |
Proceeds from the settlement of net investment hedges | 0 | 7,541 |
Payments on the settlement of net investment hedges | (3,966) | (5,058) |
Net cash used in investing activities | (186,774) | (170,504) |
Financing activities: | ||
Proceeds from issuance of common stock/units | 4,322 | 25,374 |
Dividends/distributions paid on common and preferred stock/units | (515,245) | (470,792) |
Noncontrolling interests contributions | 26,174 | 135,857 |
Noncontrolling interests distributions | (121,524) | (99,896) |
Settlement of noncontrolling interests | (23,768) | (789,626) |
Tax paid for shares withheld | (26,694) | (18,894) |
Debt issuance costs paid | (6,386) | (6,151) |
Net payments on credit facilities | (307,086) | (33,745) |
Repurchase and payments of debt | (1,251,830) | (2,002,519) |
Proceeds from issuance of debt | 1,721,793 | 2,134,041 |
Net cash used in financing activities | (500,244) | (1,126,351) |
Effect of foreign currency exchange rate changes on cash | (5,422) | 15,733 |
Net increase (decrease) in cash and cash equivalents | 80,784 | (535,962) |
Cash and cash equivalents, beginning of period | 447,046 | 807,316 |
Cash and cash equivalents, end of period | 527,830 | 271,354 |
Prologis, L.P. [Member] | ||
Operating activities: | ||
Consolidated net earnings | 756,950 | 508,669 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Straight-lined rents and amortization of above and below market leases | (26,369) | (48,920) |
Equity-based compensation awards | 39,082 | 37,604 |
Depreciation and amortization | 407,754 | 454,736 |
Earnings from unconsolidated entities, net | (125,205) | (117,201) |
Operating distributions from unconsolidated entities | 175,960 | 141,256 |
Decrease (increase) in operating receivables from unconsolidated entities | 6,589 | (117,675) |
Amortization of debt discounts (premiums), net of debt issuance costs | 5,971 | (4,445) |
Gains on dispositions of investments in real estate, net | (289,372) | (180,331) |
Unrealized foreign currency and derivative losses (gains), net | (52,595) | 35,266 |
Losses on early extinguishment of debt, net | 702 | 30,596 |
Deferred income tax expense (benefit) | (1,194) | 2,268 |
Decrease (increase) in accounts receivable and other assets | (35,756) | 61,452 |
Decrease in accounts payable and accrued expenses and other liabilities | (89,293) | (58,115) |
Net cash provided by operating activities | 773,224 | 745,160 |
Investing activities: | ||
Real estate development | (788,604) | (715,294) |
Real estate acquisitions | (289,031) | (202,088) |
Tenant improvements and lease commissions on previously leased space | (59,342) | (75,342) |
Property improvements | (33,289) | (37,253) |
Proceeds from dispositions and contributions of real estate properties | 901,808 | 836,107 |
Investments in and advances to unconsolidated entities | (83,250) | (144,894) |
Return of investment from unconsolidated entities | 134,640 | 133,677 |
Proceeds from repayment of notes receivable backed by real estate | 34,260 | 32,100 |
Proceeds from the settlement of net investment hedges | 0 | 7,541 |
Payments on the settlement of net investment hedges | (3,966) | (5,058) |
Net cash used in investing activities | (186,774) | (170,504) |
Financing activities: | ||
Proceeds from issuance of common stock/units | 4,322 | 25,374 |
Dividends/distributions paid on common and preferred stock/units | (536,150) | (489,519) |
Noncontrolling interests contributions | 26,174 | 135,857 |
Noncontrolling interests distributions | (100,619) | (81,169) |
Settlement of noncontrolling interests | (5,949) | (789,626) |
Redemption of common limited partnership units | (17,819) | 0 |
Tax paid for shares withheld | (26,694) | (18,894) |
Debt issuance costs paid | (6,386) | (6,151) |
Net payments on credit facilities | (307,086) | (33,745) |
Repurchase and payments of debt | (1,251,830) | (2,002,519) |
Proceeds from issuance of debt | 1,721,793 | 2,134,041 |
Net cash used in financing activities | (500,244) | (1,126,351) |
Effect of foreign currency exchange rate changes on cash | (5,422) | 15,733 |
Net increase (decrease) in cash and cash equivalents | 80,784 | (535,962) |
Cash and cash equivalents, beginning of period | 447,046 | 807,316 |
Cash and cash equivalents, end of period | $ 527,830 | $ 271,354 |
Consolidated Statements of Capi
Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Consolidated net earnings | $ 364,991 | $ 756,950 |
Effect of equity compensation plans | 33,681 | |
Capital contributions | 37,974 | |
Redemption of noncontrolling interests | (23,768) | |
Unrealized gains (losses) on derivative contracts, net | $ 2,131 | (4,156) |
Non-controlling Interests [Member] | ||
Consolidated net earnings | 53,485 | |
Effect of equity compensation plans | 24,835 | |
Capital contributions | 37,974 | |
Redemption of noncontrolling interests | (20,976) | |
Unrealized gains (losses) on derivative contracts, net | $ (121) | |
Class A Common [Member] | ||
Beginning balance, Units | 8,900 | |
Ending balance, Units | 8,800 | 8,800 |
Prologis, L.P. [Member] | ||
Beginning balance | $ 18,705,741 | |
Consolidated net earnings | $ 364,991 | 756,950 |
Effect of equity compensation plans | 33,681 | |
Capital contributions | 37,974 | |
Redemption of noncontrolling interests | (5,949) | |
Redemption of limited partners units | (17,819) | |
Foreign currency translation losses, net | (143,043) | |
Unrealized gains (losses) on derivative contracts, net | 2,131 | (4,156) |
Distributions and other | (636,876) | |
Ending balance | 18,726,503 | 18,726,503 |
Prologis, L.P. [Member] | Non-controlling Interests [Member] | ||
Beginning balance | 2,660,242 | |
Consolidated net earnings | 32,940 | |
Capital contributions | 37,974 | |
Redemption of noncontrolling interests | (3,157) | |
Foreign currency translation losses, net | (3,205) | |
Distributions and other | (100,619) | |
Ending balance | 2,624,175 | 2,624,175 |
Prologis, L.P. [Member] | Preferred [Member] | General Partner | ||
Beginning balance | $ 68,948 | |
Beginning balance, Units | 1,379 | |
Ending balance | $ 68,948 | $ 68,948 |
Ending balance, Units | 1,379 | 1,379 |
Prologis, L.P. [Member] | Common [Member] | General Partner | ||
Beginning balance | $ 15,562,210 | |
Beginning balance, Units | 532,186 | |
Consolidated net earnings | $ 703,465 | |
Effect of equity compensation plans | $ 8,846 | |
Effect of equity compensation plans, shares | 1,117 | |
Redemption of noncontrolling interests | $ (2,792) | |
Foreign currency translation losses, net | (135,793) | |
Unrealized gains (losses) on derivative contracts, net | (4,035) | |
Reallocation of capital | (46,927) | |
Distributions and other | (515,352) | |
Ending balance | $ 15,569,622 | $ 15,569,622 |
Ending balance, Units | 533,303 | 533,303 |
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member] | ||
Beginning balance | $ 165,401 | |
Beginning balance, Units | 5,656 | |
Consolidated net earnings | $ 9,368 | |
Effect of equity compensation plans | $ 24,835 | |
Effect of equity compensation plans, shares | 2,057 | |
Redemption of limited partners units | $ (15,017) | |
Redemption of limited partnership units | (240) | |
Foreign currency translation losses, net | $ (1,903) | |
Unrealized gains (losses) on derivative contracts, net | (57) | |
Reallocation of capital | 44,937 | |
Distributions and other | (9,402) | |
Ending balance | $ 218,162 | $ 218,162 |
Ending balance, Units | 7,473 | 7,473 |
Prologis, L.P. [Member] | Class A Common [Member] | Limited Partners [Member] | ||
Beginning balance | $ 248,940 | |
Beginning balance, Units | 8,894 | |
Consolidated net earnings | $ 11,177 | |
Redemption of limited partners units | $ (2,802) | |
Redemption of limited partnership units | (45) | |
Foreign currency translation losses, net | $ (2,142) | |
Unrealized gains (losses) on derivative contracts, net | (64) | |
Reallocation of capital | 1,990 | |
Distributions and other | (11,503) | |
Ending balance | $ 245,596 | $ 245,596 |
Ending balance, Units | 8,849 | 8,849 |
General
General | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
General | NOTE 1. GENERAL Business . Prologis, Inc. (or the “Parent”) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and believes the current organization and method of operation will enable it to maintain its status as a REIT. The Parent is the general partner of Prologis, L.P. (or the “Operating Partnership” or “OP”). Through the OP, we are engaged in the ownership, acquisition, development and management of logistics facilities with a focus on high-barrier, high-growth markets in 19 countries. 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 Operations and Strategic Capital. Our Real Estate Operations segment represents the ownership and development of logistics properties. Our Strategic Capital segment represents the management of unconsolidated co-investment ventures. See Note 10 for further discussion of our business segments. Unless otherwise indicated, the Notes to the Consolidated Financial Statements apply to both the Parent and the 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 June 30, 2018, the Parent owned 97.11% common general partnership interest in the OP and 100% of the preferred units in the OP. The remaining 2.89% common limited partnership interests, which include 8.8 million 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 Reallocation of Capital 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. All material intercompany transactions with consolidated entities have been eliminated. The accompanying unaudited interim financial information has been prepared according to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and 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, 2017, as filed with the SEC, and other public information. New Accounting Pronouncements. New Accounting Standards Adopted Revenue Recognition . In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update (“ASU”) that requires companies to use a five-step model to determine when to recognize revenue from customer contracts in an effort to increase consistency and comparability throughout global capital markets and across industries. In February 2017, the FASB issued an additional ASU that provides the accounting treatment for gains and losses from the derecognition of non-financial assets, including the accounting for partial sales of real estate properties. We adopted the revenue recognition and derecognition of non-financial assets standards (collectively “the new revenue recognition standard”) on January 1, 2018, on a modified retrospective basis. Rental revenues and recoveries earned from leasing our operating properties are excluded from this standard and will be assessed with the adoption of the lease ASU discussed below. Our evaluation under the new revenue recognition standard included recurring and transactional fees and incentive fees (“promotes” or “promote revenues”) earned from our co-investment ventures as well as dispositions and contributions of real estate properties. There is no change in our recognition of recurring and transactional fees as we will continue to recognize these fees as we provide the services. Promote revenues are earned based on a venture’s cumulative returns over a certain time-period and the returns are determined by both the operating performance and real estate valuation of the venture, including highly variable inputs such as capitalization rates, interest rates and foreign currency exchange rates. As these key inputs are highly volatile and out of our control, and such volatility can materially impact our promotes period over period, we expect promote revenues will continue to be recognized at or near the end of the performance period. Accordingly, we do not expect significant changes in promote revenue recognition as a result of this ASU. For dispositions of real estate properties to third parties, the standard will not impact the recognition of the sale. Beginning January 1, 2018, we recognized the entire gain attributed to contributions of real estate properties to unconsolidated entities. We previously recognized a gain on contribution only to the extent of the third-party ownership in the unconsolidated entity acquiring the property and deferred the portion of the gain related to our ownership. We adopted the practical expedient to only assess the recognition of revenue for open contracts during the transition period and there was no adjustment to the opening balance of retained earnings at January 1, 2018. The comparative information has not been restated and continues to be reported under the accounting standards in effect for that period. New Accounting Standards Issued but not yet Adopted Leases. In February 2016, the FASB issued an ASU that provides the principles for the recognition, measurement, presentation and disclosure of leases. • As a lessor. The accounting for lessors will remain largely unchanged from current GAAP; however, the standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, these costs are capitalizable and therefore this new standard will result in certain of these costs being expensed as incurred after adoption. During the six months ended June 30, 2018 and 2017, we capitalized $10.5 million and $12.4 million, respectively, of internal costs related to our leasing activities. This standard may also impact the timing, recognition, presentation and disclosures related to our rental recoveries from tenants earned from leasing our operating properties, although we do not expect a significant impact. • As a lessee. Under the standard, lessees apply a dual approach, classifying leases as either finance or operating leases. A lessee is required to record a right-of-use (“ROU”) asset and a lease liability for all leases with a term of greater than 12 months, regardless of their lease classification. We are a lessee of ground leases and office space leases. At December 31, 2017, we had approximately 90 ground and office space leases that will require us to measure and record a ROU asset and a lease liability upon adoption of the standard. There have been no significant changes to our ground and office space leases since December 31, 2017. Details of our future minimum rental payments under these ground and office space leases are disclosed in Note 4 to the Annual Report on Form 10-K for the year ended December 31, 2017. The standard is effective for us on January 1, 2019. We expect to adopt the practical expedients available for implementation under the standard. By adopting these practical expedients, we will not be required to reassess (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. This allows us to continue to account for our ground and office space leases as operating leases, however, any new or renewed ground leases may be classified as financing leases unless they meet certain conditions to be considered a lease involving facilities owned by a government unit or authority. The standard will also require new disclosures within the accompanying notes to the Consolidated Financial Statements. While we are well into our analysis of the adoption, we will continue to evaluate the key drivers in the measurement of the ROU asset and lease liability and assess the impact the adoption will have on the Consolidated Financial Statements based on industry practice and potential updates to the ASU. Derivatives and Hedging . In August 2017, the FASB issued an ASU that simplifies the application of hedge accounting guidance in current GAAP and improves the reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its consolidated financial statements. Among the simplification updates, the standard eliminates the requirement in current GAAP to separately recognize periodic hedge ineffectiveness. Mismatches between the changes in value of the hedged item and hedging instrument may still occur but they will no longer be separately reported. The standard requires the presentation of the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. The standard is effective for us on January 1, 2019, but early adoption is permitted. We do not expect the adoption of this standard to have a material impact on the Consolidated Financial Statements. |
Real Estate
Real Estate | 6 Months Ended |
Jun. 30, 2018 | |
Real Estate [Abstract] | |
Real Estate | NOTE 2. REAL ESTATE Investments in real estate properties consisted of the following (dollars and square feet in thousands): Square Feet Number of Buildings June 30, December 31, June 30, December 31, June 30, December 31, 2018 2017 2018 2017 2018 2017 Operating properties (1): Buildings and improvements 287,393 294,811 1,477 1,525 $ 16,658,627 $ 16,849,349 Improved land 5,608,507 5,735,978 Development portfolio, including land costs: Prestabilized 6,024 7,345 20 22 471,491 546,173 Properties under development 21,317 22,216 63 63 1,184,404 1,047,316 Land (1) (2) 1,111,185 1,154,383 Other real estate investments (3) 521,129 505,445 Total investments in real estate properties 25,555,343 25,838,644 Less accumulated depreciation 4,283,877 4,059,348 Net investments in real estate properties $ 21,271,466 $ 21,779,296 (1) During the six months ended June 30, 2018, we acquired 808 acres of land for $211.2 million and 3 operating properties for $103.1 million. (2) Included in our investments in real estate at June 30, 2018 and December 31, 2017, were 5,220 and 5,191 acres of land, respectively. (3) Included in other real estate investments were: (i) non-logistics real estate; (ii) land parcels that are ground leased to third parties; (iii) our corporate headquarters; (iv) costs related to future development projects, including purchase options on land; (v) infrastructure costs related to projects we are developing on behalf of others; and (vi) earnest money deposits associated with potential acquisitions. Dispositions The following table summarizes our real estate disposition activity (dollars and square feet in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Contributions to unconsolidated co-investment ventures Number of properties 3 5 11 10 Square feet 1,164 875 4,242 3,644 Net proceeds (1) $ 125,917 $ 115,617 $ 665,739 $ 513,106 Gains on contributions, net (1) (2) $ 33,527 $ 37,702 $ 201,253 $ 126,068 Dispositions to third parties Number of properties 7 20 18 38 Square feet 4,139 3,720 5,442 6,038 Net proceeds (1) (3) $ 314,141 $ 216,290 $ 402,122 $ 459,679 Gains on dispositions, net (1) (3) $ 60,734 $ 45,304 $ 88,119 $ 54,263 Total gains on dispositions of investments in real estate, net $ 94,261 $ 83,006 $ 289,372 $ 180,331 (1) Includes the contribution and disposition of land parcels. (2) Amounts in 2018 reflect the adoption of the new revenue recognition standard under which we recognized the entire gain attributed to contributions of real estate properties to unconsolidated entities. Amounts in 2017 reflect our prior recognition of the gain to the extent of the third-party ownership in the unconsolidated entity acquiring the property with the deferral of a portion of the gain related to our ownership. (3) Includes the sale of our investment in Europe Logistics Venture 1 during the six months ended June 30, 2017. |
Unconsolidated Entities
Unconsolidated Entities | 6 Months Ended |
Jun. 30, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Unconsolidated Entities | NOTE 3. UNCONSOLIDATED ENTITIES Summary of Investments We have investments in entities through a variety of ventures. We co-invest in entities that own multiple properties with partners and investors and we provide asset and property management services to these entities, which we refer to as co-investment ventures. These entities may be consolidated or unconsolidated, depending on the structure, our partner’s participation and other rights and our level of control of the entity. This note details our investments in unconsolidated co-investment ventures, which are accounted for using the equity method of accounting. See Note 6 for more detail regarding our consolidated investments that are not wholly owned. We also have other ventures, generally with one partner and that we do not manage, which we account for using the equity method. We refer to our investments in all entities accounted for using the equity method, both unconsolidated co-investment ventures and other ventures, collectively, as unconsolidated entities. The following table summarizes our investments in and advances to our unconsolidated entities (in thousands): June 30, December 31, 2018 2017 Unconsolidated co-investment ventures $ 5,207,093 $ 5,274,702 Other ventures 207,530 221,748 Total $ 5,414,623 $ 5,496,450 Unconsolidated Co-Investment Ventures The following table summarizes the Strategic Capital Revenues Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Recurring fees $ 57,918 $ 43,478 $ 112,562 $ 87,673 Transactional fees 11,828 12,626 27,452 21,219 Promote revenues 5,674 123,946 68,218 127,092 Total strategic capital revenues from unconsolidated co-investment ventures $ 75,420 $ 180,050 $ 208,232 $ 235,984 The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to our unconsolidated co-investment ventures (dollars and square feet in millions): U.S. Other Americas Europe Asia Total As of: Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Key property information Ventures 1 1 2 2 3 3 2 2 8 8 Operating properties 554 552 205 205 653 707 114 95 1,526 1,559 Square feet 88 88 37 37 154 166 48 41 327 332 Financial position Unconsolidated co-investment ventures: Total assets ($) 7,188 7,062 2,073 2,118 13,176 13,586 6,694 6,133 29,131 28,899 Third-party debt ($) 2,098 2,313 752 756 2,650 2,682 2,577 2,328 8,077 8,079 Total liabilities ($) 2,307 2,520 788 782 3,689 3,655 2,881 2,685 9,665 9,642 Our investment balance ($) (1) 1,365 1,383 561 555 2,699 2,813 582 524 5,207 5,275 Our weighted average ownership (2) 26.7 % 28.2 % 43.8 % 43.4 % 32.9 % 32.8 % 15.1 % 15.1 % 28.2 % 28.8 % U.S. Other Americas Europe Asia Total Operating information Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 For the three months ended: Unconsolidated co-investment ventures: Total revenues ($) 168 105 55 66 272 248 114 89 609 508 Net earnings ($) 24 15 19 22 110 93 6 93 159 223 Our earnings from unconsolidated co-investment ventures, net ($) 7 2 8 10 37 36 2 14 54 62 For the six months ended: Unconsolidated co-investment ventures: Total revenues ($) 336 209 108 130 560 492 222 177 1,226 1,008 Net earnings ($) 37 51 33 39 203 166 48 117 321 373 Our earnings from unconsolidated co-investment ventures, net ($) 12 7 14 16 74 66 9 18 109 107 (1) Prologis’ investment balance is presented at our adjusted basis derived from the ventures’ U.S. GAAP information. The difference between our ownership interest of a venture’s equity and our investment balance at June 30, 2018 and December 31, 2017, results principally from three types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018 ($651.8 million and $667.3 million, respectively); (ii) recording additional costs associated with our investment in the venture ($92.4 million and $94.2 million, respectively); and (iii) advances to a venture ($219.9 million and $210.0 million, respectively). For deferred gains from partial sales recorded prior to the adoption the new revenue recognition standard, we will continue to recognize these gains over the lives of the underlying real estate properties or at the time of disposition to a third party. (2) Represents our weighted average ownership interest in all co-investment ventures based on each entity’s contribution of total assets, before depreciation, net of other liabilities. Equity Commitments Related to Certain Unconsolidated Co-Investment Ventures The following table summarizes the remaining equity commitments at June 30, 2018 (in millions): Equity Commitments Expiration Date Prologis Venture Partners Total Prologis Targeted U.S. Logistics Fund $ - $ 178 $ 178 2019 Prologis European Logistics Fund (1) - 1,201 1,201 2018 – 2019 Prologis UK Logistics Venture (2) 18 102 120 2021 Prologis China Logistics Venture 267 1,510 1,777 2020 – 2024 Total $ 285 $ 2,991 $ 3,276 (1) Equity commitments are denominated in euro and reported in U.S. dollars based on an exchange rate of $1.17 U.S. dollars to the euro. (2) Equity commitments are denominated in British pounds sterling and reported in U.S. dollars based on an exchange rate of $1.32 U.S. dollars to the British pound sterling. |
Assets Held for Sale or Contrib
Assets Held for Sale or Contribution | 6 Months Ended |
Jun. 30, 2018 | |
Real Estate Assets Held For Development And Sale [Abstract] | |
Assets Held for Sale or Contribution | NOTE 4. ASSETS HELD FOR SALE OR CONTRIBUTION We have investments in certain real estate properties that met the criteria to be classified as held for sale or contribution at June 30, 2018 and December 31, 2017. At the time of classification, these properties were expected to be sold to third parties or were recently developed and expected to be contributed to unconsolidated co-investment ventures within twelve months. The amounts included in Assets Held for Sale or Contribution Assets held for sale or contribution consisted of the following (dollars and square feet in thousands): June 30, December 31, 2018 2017 Number of operating properties 73 22 Square feet 14,735 5,384 Total assets held for sale or contribution $ 892,546 $ 342,060 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 22,829 $ 9,341 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 5. DEBT All debt is incurred by the OP. The Parent does not have any indebtedness, but guarantees the unsecured debt issued by the OP. The following table summarizes our debt (dollars in thousands): June 30, 2018 December 31, 2017 Weighted Average Interest Rate (1) Amount Outstanding (2) Weighted Average Interest Rate (1) Amount Outstanding (2) Credit facilities 0.9 % $ 11,658 1.8 % $ 317,392 Senior notes 2.9 % 7,102,381 3.0 % 6,067,277 Term loans 1.2 % 1,402,568 1.7 % 2,046,945 Unsecured other 6.1 % 13,093 6.1 % 13,546 Secured mortgages 5.5 % 897,424 5.3 % 967,471 Total 2.9 % $ 9,427,124 2.9 % $ 9,412,631 (1) The interest rates presented represent the effective interest rates (including amortization of debt issuance costs and the noncash premiums or discounts) at the end of the period for the debt outstanding and include the impact of interest rate swaps designated as cash flow hedges, which effectively fix the interest rate on our variable rate debt. (2) Included in the outstanding balances were borrowings denominated in non-U.S. dollars. The following table summarizes our debt by currency (in thousands): June 30, 2018 December 31, 2017 British pound sterling $ 653,632 $ 671,522 Canadian dollar 274,180 451,080 Euro 4,184,844 3,839,422 Japanese yen 1,276,029 1,306,380 U.S. dollar 3,038,439 3,144,227 Total $ 9,427,124 $ 9,412,631 Generally, we borrow in the functional currency of the consolidated subsidiaries but we also borrow in currencies other than the U.S. dollar in the OP and may designate this borrowing as a nonderivative financial instrument. We may also hedge our foreign currency risk by designating derivative financial instruments as net investment hedges, as these amounts offset the translation adjustments on the underlying net assets of our foreign investments. See Note 9 for more information about our nonderivative and derivative financial instruments. Credit Facilities We have a global senior credit facility (the “Global Facility”), under which we may draw in British pounds sterling, Canadian dollars, euro, Japanese yen and U.S. dollars on a revolving basis up to $3.0 billion (subject to currency fluctuations). We have the ability to increase the Global Facility to $3.8 billion, subject to currency fluctuations and obtaining additional lender commitments. Pricing under the Global Facility, including the spread over LIBOR, facility fees and letter of credit fees, varies based on the public debt ratings of the OP. The Global Facility is scheduled to mature in April 2020; however, we may extend the maturity date for six months on two occasions, subject to the satisfaction of certain conditions and payment of extension fees. We also have a Japanese yen revolver (the “Revolver”) with availability of ¥50.0 billion ($451.7 million at June 30, 2018). We have the ability to increase the Revolver to ¥65.0 billion ($587.2 million at June 30, 2018), subject to obtaining additional lender commitments. Pricing under the Revolver, including the spread over LIBOR, facility fees and letter of credit fees, varies based on the public debt ratings of the OP. The Revolver is scheduled to mature in February 2021; however, we may extend the maturity date for one year, subject to the satisfaction of certain conditions and payment of extension fees. We refer to the Global Facility and the Revolver, collectively, as our “Credit Facilities.” The following table summarizes information about our Credit Facilities at June 30, 2018 (in millions): Aggregate lender commitments $ 3,479 Less: Borrowings outstanding 12 Outstanding letters of credit 31 Current availability $ 3,436 Senior Notes In January 2018, we issued €400.0 million ($494.2 million) of senior notes bearing a floating rate of Euribor plus 0.25%, maturing in January 2020. The exchange rate used to calculate into U.S. dollars was the spot rate at the date of the transaction. The effective interest rate was -0.08% at June 30, 2018, primarily due to the amortization of the net premium on the debt. In June 2018, we issued $400.0 million of senior notes that bear an interest rate of 3.88% and mature in September 2028 and $300.0 million of senior notes that bear an interest rate of 4.38% and mature in September 2048. Following the issuance, we used the proceeds to pay down our Global Facility in the second quarter of 2018 and our Canadian term loan (the “2015 Canadian Term Loan”) in July 2018. Term Loans During the six months ended June 30, 2018, we borrowed on our Global Facility and paid down CAD 201.4 million ($158.9 million) on the 2015 Canadian Term Loan, leaving CAD $170.5 million ($128.7 million at June 30, 2018) outstanding. In association with the pay down of the 2015 Canadian Term Loan, we terminated our Canadian denominated cash flow hedges in February 2018. See Note 9 for more information. During the six months ended June 30, 2018 and 2017, we paid down $1.0 billion and $575.7 million, and reborrowed $500.0 million and $877.5 million, on our 2017 Term Loan. Long-Term Debt Maturities Principal payments due on our debt for the remainder of 2018 and for each year through the period ended December 31, 2022, and thereafter were as follows at June 30, 2018 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgages Total 2018 (1) $ - $ - $ 492 $ 108,137 $ 108,629 2019 (1) - - 1,014 446,328 447,342 2020 (2) 11,658 1,165,802 1,077 12,409 1,190,946 2021 - 816,060 910 14,600 831,570 2022 - 816,060 452,455 10,636 1,279,151 Thereafter - 4,356,824 968,756 306,385 5,631,965 Subtotal 11,658 7,154,746 1,424,704 898,495 9,489,603 Premiums (discounts), net - (23,909 ) - 2,212 (21,697 ) Debt issuance costs, net - (28,456 ) (9,043 ) (3,283 ) (40,782 ) Total $ 11,658 $ 7,102,381 $ 1,415,661 $ 897,424 $ 9,427,124 (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 borrowings on our Credit Facilities. (2) Included in the 2020 maturities was the Global Facility that can be extended until 2021, as discussed above. Financial Debt Covenants We have $7.1 billion of senior notes and $1.4 billion of term loans outstanding at June 30, 2018 under two separate indentures, as supplemented, that were subject to certain financial covenants. We are also subject to financial covenants under our Credit Facilities and certain secured mortgages. At June 30, 2018, we were in compliance with all of our financial debt covenants. Guarantee of Finance Subsidiary Debt In July 2018, we formed a finance subsidiary as part of our European operations, Prologis Euro Finance LLC (“Euro Finance Subsidiary”), that is 100% indirectly owned by the OP. All unsecured debt issued by the Euro Finance Subsidiary 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 3-10 of Regulation S-X, the separate financial statements of the Euro Finance Subsidiary are not provided. |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2018 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | NOTE 6. NONCONTROLLING INTERESTS Prologis, L.P. We report noncontrolling interests related to several entities we consolidate but of which we do not own 100% of the equity. These entities include two real estate partnerships that have issued limited partnership units to third parties. Depending on the specific partnership agreements, these limited partnership units are redeemable for cash or, at our option into shares of the Parent’s common stock, generally at a rate of one share of common stock to one 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 for the OP, as well as the limited partnership units in the OP that are not owned by the Parent. The following table summarizes our ownership percentages, noncontrolling interests and the consolidated entities’ total assets and liabilities (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 2,539,930 $ 2,581,629 $ 6,186,215 $ 6,030,819 $ 238,101 $ 284,162 Other consolidated entities (1) various various 84,245 78,613 820,113 806,138 29,813 30,330 Prologis, L.P. 2,624,175 2,660,242 7,006,328 6,836,957 267,914 314,492 Limited partners in Prologis, L.P. (2) (3) 463,758 414,341 - - - - Prologis, Inc. $ 3,087,933 $ 3,074,583 $ 7,006,328 $ 6,836,957 $ 267,914 $ 314,492 (1) This line item includes our two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. The limited partnership units outstanding at June 30, 2018 and December 31, 2017 were exchangeable into cash or, at our option, 0.9 million and 1.0 million shares of the Parent’s common stock. (2) We had 8.8 million and 8.9 million Class A Units that were convertible into 8.4 million and 8.5 million limited partnership units of the OP at June 30, 2018 and December 31, 2017, respectively. (3) At June 30, 2018 and December 31, 2017, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 3.9 million and 4.1 million shares of the Parent’s common stock, respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plan. See further discussion of LTIP Units in Note 7. |
Long-Term Compensation
Long-Term Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Long-Term Compensation | NOTE 7. LONG-TERM COMPENSATION Equity-Based Compensation Plans and Programs Prologis Outperformance Plan (“POP”) We allocate participation points to participants under our POP corresponding to three-year performance periods beginning 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 range from three to ten years. POP awards are earned to the extent our three-year compound annualized total stockholder return (“TSR”) for the performance period is positive and exceeds the three-year compound annualized TSR for the Morgan Stanley Capital International (“MSCI”) US REIT Index for the same period plus 100 basis points. We granted participation points for the 2018 – 2020 performance period in January 2018, with a fair value of $23.3 million using a Monte Carlo valuation model that assumed a risk-free interest rate of 2.1% and an expected volatility of 16.5%. The 2018 – 2020 performance period has an absolute maximum cap of $100 million. If the award is earned then 20% of the POP award is paid at the end of the performance period and the remaining 80% is subject to additional seven-year cliff vesting. The 20% that is paid at the end of the three-year performance period is subject to an additional three-year holding requirement. The performance criteria were met for the 2015 – 2017 performance period, which resulted in awards being earned at December 31, 2017. An aggregate performance pool of $110.2 million was awarded in January 2018 in the form of 0.6 million shares of common stock and 1.2 million vested LTIP Units. 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 is charged to compensation expense over the service period. Beginning in February 2018 with awards for PPP and Annual LTI Awards, the service period is four years. Summary of Award Activity RSUs The following table summarizes the activity for RSUs for the six months ended June 30, 2018 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2018 1,374 $ 45.57 Granted 738 61.01 Vested and distributed (769 ) 45.36 Forfeited (31 ) 53.71 Balance at June 30, 2018 1,312 $ 54.21 LTIP Units The following table summarizes the activity for LTIP Units for the six months ended June 30, 2018 (units in thousands): Vested Unvested Unvested Weighted Average LTIP Units (1) LTIP Units (1) Grant Date Fair Value Balance at January 1, 2018 1,532 1,829 $ 46.48 Granted - 1,246 60.95 Forfeited - (70 ) 47.66 Vested LTIP Units 887 (887 ) 45.25 Vested LTIP Units – POP (2) 1,170 - N/A Conversion to common limited partnership units (52 ) - N/A Balance at June 30, 2018 3,537 2,118 $ 55.46 (1) The outstanding LTIP Units are exchangeable into limited partnership units of the OP and redeemable for the Parent’s common stock after they vest and other applicable conditions have been met. (2) Vested units were based on the POP performance criteria being met for the 2015 – 2017 performance period and represented the earned award amount, as discussed above. |
Earnings Per Common Share or Un
Earnings Per Common Share or Unit | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share or Unit | NOTE 8. EARNINGS PER COMMON SHARE OR UNIT We determine basic earnings per share or unit based on the weighted average number of shares of common stock or units outstanding during the period. We compute diluted earnings per share or unit based on the weighted average number of shares or units outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments. The computation of our basic and diluted earnings per share and unit was as follows (in thousands, except per share and unit amounts): Three Months Ended Six Months Ended June 30, June 30, Prologis, Inc. 2018 2017 2018 2017 Net earnings attributable to common stockholders – Basic $ 334,611 $ 266,943 $ 700,513 $ 470,198 Net earnings attributable to exchangeable limited partnership units (1) 10,216 7,798 20,909 13,765 Adjusted net earnings attributable to common stockholders – Diluted $ 344,827 $ 274,741 $ 721,422 $ 483,963 Weighted average common shares outstanding – Basic 532,639 530,040 532,427 529,400 Incremental weighted average effect on exchange of limited partnership units (1) 16,847 16,364 16,560 16,409 Incremental weighted average effect of equity awards 5,029 5,710 5,079 4,703 Weighted average common shares outstanding – Diluted (2) 554,515 552,114 554,066 550,512 Net earnings per share attributable to common stockholders: Basic $ 0.63 $ 0.50 $ 1.32 $ 0.89 Diluted $ 0.62 $ 0.50 $ 1.30 $ 0.88 Three Months Ended Six Months Ended June 30, June 30, Prologis, L.P. 2018 2017 2018 2017 Net earnings attributable to common unitholders $ 344,633 $ 274,320 $ 721,058 $ 483,198 Net earnings attributable to Class A Units (5,324 ) (4,347 ) (11,177 ) (7,678 ) Net earnings attributable to common unitholders – Basic 339,309 269,973 709,881 475,520 Net earnings attributable to Class A Units 5,324 4,347 11,177 7,678 Net earnings attributable to exchangeable other limited partnership units 194 421 364 765 Adjusted net earnings attributable to common unitholders – Diluted $ 344,827 $ 274,741 $ 721,422 $ 483,963 Weighted average common partnership units outstanding – Basic 540,084 536,060 539,547 535,392 Incremental weighted average effect on exchange of Class A Units 8,477 8,626 8,495 8,645 Incremental weighted average effect on exchange of other limited partnership units 925 1,718 945 1,772 Incremental weighted average effect of equity awards of Prologis, Inc. 5,029 5,710 5,079 4,703 Weighted average common units outstanding – Diluted (2) 554,515 552,114 554,066 550,512 Net earnings per unit attributable to common unitholders: Basic $ 0.63 $ 0.50 $ 1.32 $ 0.89 Diluted $ 0.62 $ 0.50 $ 1.30 $ 0.88 (1) The exchangeable limited partnership units include the units as discussed in Note 6. 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 Six Months Ended June 30, June 30, 2018 2017 2018 2017 Class A Units 8,477 8,626 8,495 8,645 Other limited partnership units 925 1,718 945 1,772 Equity awards 8,432 9,355 8,391 8,583 Prologis, L.P. 17,834 19,699 17,831 19,000 Common limited partnership units 7,445 6,020 7,120 5,992 Prologis, Inc. 25,279 25,719 24,951 24,992 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Fair Value Measurements | NOTE 9. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Derivative Financial Instruments In the normal course of business, our operations are exposed to market risks, including the effect of changes in foreign currency exchange rates and interest rates. We 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, 2017. The following table presents the fair value of our derivative financial instruments recognized within the line items Other Assets Other Liabilities June 30, 2018 December 31, 2017 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards British pound sterling $ 142 $ 4,017 $ 2,440 $ 8,103 Canadian dollar 1,469 253 - 1,698 Euro 3,619 6,380 2 14,234 Japanese yen 3,992 1,235 6,474 931 Mexican peso 373 - - - Designated derivatives Foreign currency contracts Net investment hedges Canadian dollar 1,871 - - 7,263 Euro - 280 - - Interest rate swaps Cash flow hedges Canadian dollar - - 10,223 - Euro - 555 - - Total fair value of derivatives $ 11,466 $ 12,720 $ 19,139 $ 32,229 Undesignated Derivative Financial Instruments Foreign Currency Contracts The following table summarizes the activity of our undesignated foreign currency contracts for the six months ended June 30 (in millions, except for weighted average forward rates and number of active contracts): 2018 2017 CAD CNY EUR GBP JPY MXN CAD EUR GBP JPY Notional amounts at January 1 $ 56 $ - $ 233 $ 132 $ 153 $ - $ 38 $ 197 $ 78 $ 144 New contracts 13 80 54 - 28 10 - 63 137 38 Matured, expired or settled contracts (14 ) (80 ) (55 ) (36 ) (36 ) (10 ) (12 ) (56 ) (46 ) (31 ) Notional amounts at June 30 $ 55 $ - $ 232 $ 96 $ 145 $ - $ 26 $ 204 $ 169 $ 151 Weighted average forward rate at June 30 1.28 - 1.20 1.30 105.53 - 1.32 1.13 1.33 106.51 Active contracts at June 30 24 - 29 16 32 - 12 26 22 32 During the six months ended June 30, 2018 and 2017, we exercised 31 and 22 forward contracts, respectively. We recognized realized losses of $1.1 million and $7.9 million for the three and six months ended June 30, 2018, respectively, and gains of $3.6 million and $8.9 million for the three and six months ended June 30, 2017, respectively, from contracts that matured, expired or settled in Foreign Currency and Derivative Gain (Losses), Net We recognized unrealized gains of $30.1 million and $17.2 million for the three and six months ended June 30, 2018, respectively, and unrealized losses of $18.8 million and $32.5 million for the three and six months ended June 30, 2017, respectively, from the change in value of our outstanding foreign currency contracts within Foreign Currency and Derivative Gains (Losses), Net Designated Derivative Financial Instruments Foreign Currency Contracts The following table summarizes the activity of our foreign currency contracts designated as net investment hedges for the six months ended June 30 2018 2017 CAD EUR CAD GBP Notional amounts at January 1 $ 99 $ - $ 100 $ 46 New contracts 100 35 99 127 Matured, expired or settled contracts (99 ) - (100 ) (173 ) Notional amounts at June 30 $ 100 $ 35 $ 99 $ - Weighted average forward rate at June 30 1.28 1.16 1.34 - Active contracts at June 30 2 1 2 - Interest Rate Swaps The following table summarizes the activity of our interest rate swaps designated as cash flow hedges for the six months ended June 30 2018 2017 CAD EUR USD CAD Notional amounts at January 1 $ 271 $ - $ - $ 271 New contracts (1) - 500 300 - Matured, expired or settled contracts (2) (271 ) - (300 ) - Notional amounts at June 30 $ - $ 500 $ - $ 271 (1) During the six months ended June 30, 2018, we entered into two interest rate swap contracts with an aggregated notional amount of €400.0 million ( (2) During the six months ended June 30, 2018, we repaid CAD 201.4 million ($158.9 million) on our 2015 Canadian Term Loan, leaving CAD 170.5 million ($128.7 million at June 30, 2018) outstanding. At that time, we settled the interest rate swap contracts related to the 2015 Canadian Term Loan as we determined at that time it was no longer probable that we would continue to have the future cash flows as originally hedged. As a result, the $12.5 million gain in Accumulated Other Comprehensive Income (Loss) “AOCI/L” Interest Expense During the six months ended June 30, 2018 and 2017, we had no losses due to hedge ineffectiveness. Designated Nonderivative Financial Instruments The following table summarizes our debt, net of accrued interest, designated as a nonderivative financial instrument to hedge our net investment in international subsidiaries (in millions): June 30, 2018 December 31, 2017 British pound sterling $ 267 $ 436 Euro $ 3,550 $ 3,620 We recognized unrealized gains of $64.6 million and $40.3 million in Foreign Currency and Derivative Losses, Net Other Comprehensive Income (Loss) The change in Other Comprehensive Income (Loss) Other Comprehensive Income (Loss). The following table presents these changes in Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net investment hedges $ 1,740 $ 7,197 $ 4,833 $ 9,491 Nonderivative financial instruments 223,739 (229,666 ) 113,862 (274,192 ) Cumulative translation adjustment (373,292 ) 225,631 (261,738 ) 307,530 Total foreign currency translation gains (losses), net $ (147,813 ) $ 3,162 $ (143,043 ) $ 42,829 Cash flow hedges (1) $ 963 $ 4,559 $ (8,322 ) $ 4,988 Our share of derivatives from unconsolidated co-investment ventures 1,168 2,176 4,166 4,378 Total unrealized gains (losses) on derivative contracts, net $ 2,131 $ 6,735 $ (4,156 ) $ 9,366 Total change in other comprehensive income (loss) $ (145,682 ) $ 9,897 $ (147,199 ) $ 52,195 (1) We estimate an additional expense of $4.2 million will be reclassified to Interest Expense 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, 2017. Fair Value Measurements on a Recurring Basis At June 30, 2018, and December 31, 2017, other than the derivatives discussed previously, we did not have any significant financial assets or financial liabilities that were measured at fair value on a recurring basis in the Consolidated Financial Statements. All of our derivatives held at June 30, 2018, and December 31, 2017, 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 met the criteria to be measured on a nonrecurring basis at fair value and the lower of their carrying amount or their estimated fair value less the costs to sell, respectively, at June 30, 2018 and December 31, 2017. At June 30, 2018 and December 31, 2017, we estimate 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 and assets held for sale or contribution in Notes 2 and 4, respectively. Fair Value of Financial Instruments At June 30, 2018, and December 31, 2017, 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 June 30, 2018 and December 31, 2017, 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 mortgages contain pre-payment penalties or yield maintenance provisions that could make the cost of refinancing the debt at lower rates exceed the benefit that would be derived from doing so. The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): June 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Credit Facilities $ 11,658 $ 11,660 $ 317,392 $ 317,496 Senior notes 7,102,381 7,447,585 6,067,277 6,537,100 Term loans and unsecured other 1,415,661 1,431,793 2,060,491 2,075,002 Secured mortgages 897,424 937,205 967,471 1,026,197 Total $ 9,427,124 $ 9,828,243 $ 9,412,631 $ 9,955,795 |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 10. BUSINESS SEGMENTS Our current business strategy consists of two operating segments: Real Estate Operations and Strategic Capital. We generate revenues, net operating income, earnings and cash flows through our segments, as follows: • Real Estate Operations. This operating segment represents the ownership and development of operating properties and is the largest component of our revenues and earnings. We collect rent from our customers through operating leases, including reimbursements for the majority of our property operating costs. Each operating property is considered to be an individual operating segment with similar economic characteristics; these properties are combined within the reportable business segment based on geographic location. Our Real Estate Operations segment also includes development activities that lead to rental operations, including land held for development and properties currently under development. Within this line of business, we utilize the following: (i) our land bank; (ii) the development expertise of our local teams; and (iii) our customer relationships. Land we own and lease to customers under ground leases is also included in this segment. • Strategic Capital. This operating segment represents the management of unconsolidated co-investment ventures. We generate strategic capital revenues primarily from our unconsolidated co-investment ventures through asset and property management services and we earn additional revenues by providing leasing, acquisition, construction, development, financing, legal and disposition services. Depending on the structure of the venture and the returns provided to our partners, we also earn revenues through promotes periodically during the life of a venture or upon liquidation. Each unconsolidated co-investment venture we manage is considered to be an individual operating segment with similar economic characteristics; these ventures are combined within the reportable business segment based on geographic location. Reconciliations are presented below for: (i) each reportable business segment’s revenues from external customers to Total Revenues Operating Income Earnings Before Income Taxes Total Assets Total Revenues, Operating Income, Earnings Before Income Taxes Total Assets Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Segment revenues: Real estate operations segment: U.S. $ 491,051 $ 529,841 $ 990,308 $ 1,053,988 Other Americas 29,948 16,444 60,379 31,533 Europe 12,908 22,076 30,110 40,307 Asia 11,672 17,168 25,477 31,811 Total real estate operations segment 545,579 585,529 1,106,274 1,157,639 Strategic capital segment: U.S. 17,905 130,677 33,974 142,585 Other Americas 12,256 9,864 18,409 15,915 Europe 28,488 25,973 67,305 52,235 Asia 17,048 14,140 88,970 26,964 Total strategic capital segment 75,697 180,654 208,658 237,699 Total segment revenues 621,276 766,183 1,314,932 1,395,338 Segment net operating income: Real estate operations segment: U.S. (1) 367,935 396,274 737,299 780,374 Other Americas 22,488 10,384 45,411 20,366 Europe 8,693 16,401 21,152 29,259 Asia 8,619 11,767 18,388 21,675 Total real estate operations segment 407,735 434,826 822,250 851,674 Strategic capital segment: U.S. (1) 5,893 99,668 1,657 101,607 Other Americas 9,032 7,587 11,939 10,732 Europe 19,382 16,342 47,045 32,732 Asia 6,540 5,071 69,307 8,843 Total strategic capital segment 40,847 128,668 129,948 153,914 Total segment net operating income 448,582 563,494 952,198 1,005,588 Reconciling items: General and administrative expenses 57,615 60,077 120,043 113,694 Depreciation and amortization expenses 203,673 228,145 407,754 454,736 Operating income 187,294 275,272 424,401 437,158 Earnings from unconsolidated entities, net 62,549 68,596 125,205 117,201 Interest expense (56,314 ) (75,354 ) (102,575 ) (148,266 ) Interest and other income, net 5,641 1,892 7,617 4,677 Gains on dispositions of investments in real estate, net 94,261 83,006 289,372 180,331 Foreign currency and derivative gains (losses), net 85,382 (20,055 ) 44,288 (27,455 ) Gains (losses) on early extinguishment of debt, net 282 (30,596 ) (702 ) (30,596 ) Earnings before income taxes $ 379,095 $ 302,761 $ 787,606 $ 533,050 June 30, 2018 December 31, 2017 Segment assets: Real estate operations segment: U.S. $ 18,807,476 $ 19,058,610 Other Americas 1,618,701 1,767,385 Europe 970,749 1,008,340 Asia 1,023,036 1,083,764 Total real estate operations segment 22,419,962 22,918,099 Strategic capital segment: U.S. 16,438 16,818 Europe 25,280 25,280 Asia 341 544 Total strategic capital segment 42,059 42,642 Total segment assets 22,462,021 22,960,741 Reconciling items: Investments in and advances to unconsolidated entities 5,414,623 5,496,450 Assets held for sale or contribution 892,546 342,060 Notes receivable backed by real estate - 34,260 Cash and cash equivalents 527,830 447,046 Other assets 205,862 200,518 Total reconciling items 7,040,861 6,520,334 Total assets $ 29,502,882 $ 29,481,075 (1) This includes compensation and personnel costs for employees who were located in the U.S. but also support other regions. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | NOTE 11. SUPPLEMENTAL CASH FLOW INFORMATION Our significant noncash investing and financing activities for the six months ended June 30, 2018 and 2017 included the following: • We capitalized $14.1 million and $14.0 million in 2018 and 2017, respectively, of equity-based compensation expense resulting from our development and leasing activities. • We received $105.4 million and $22.8 million in 2018 and 2017, respectively, 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 2. • We formed a consolidated joint venture into which our partner contributed $11.8 million of land in 2018. • We issued 0.7 million shares in 2017 of the Parent’s common stock upon redemption of an equal number of common limited partnership units in the OP. • We received a $19.5 million note backed by real estate in exchange for the disposition of real estate in 2017. We paid $154.4 million and $188.1 million for interest, net of amounts capitalized, for the six months ended June 30, 2018 and 2017, respectively. We paid $32.3 million and $23.6 million for income taxes, net of refunds, for the six months ended June 30, 2018 and 2017, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 12. SUBSEQUENT EVENTS Proposed Merger. On April 29, 2018, we entered into a definitive agreement (the “Merger Agreement”) with DCT Industrial Trust Inc. (“DCT”) and DCT Industrial Operating Partnership LP (“DCT OP”), pursuant to which, subject to the terms and conditions set forth in the Merger Agreement, (i) DCT will merge with and into Prologis, with Prologis surviving the merger (the “Company Merger”) and (ii) immediately prior to the effective time of the Company Merger, DCT OP will merge with and into the OP, with the OP surviving the merger (the “Partnership Merger” and, together with the Company Merger, the “Mergers”). The estimated purchase price consideration for the Mergers will be approximately $8.2 billion in a stock-for-stock transaction, including the assumption of debt, and is based on the closing price of Prologis' common stock on July 19, 2018. Under the terms of the Merger Agreement, at the effective time of the Company Merger, each issued and outstanding share of DCT common stock will be converted automatically into the right to receive 1.02 shares of Prologis common stock and each issued and outstanding common unit of DCT OP will be converted automatically into the right to receive 1.02 common units of the OP. This exchange ratio is fixed and will not be adjusted to reflect changes in the Prologis stock price prior to closing. Changes in the price of Prologis common stock prior to the Mergers will affect the market value of the merger consideration that DCT stockholders and unitholders will receive on the closing date of the Mergers. After consideration of all applicable factors pursuant to the business combination accounting rules, we concluded the Mergers will be treated as an asset acquisition and as a result the transaction costs will be capitalized to the basis of the acquired properties. On July 9, 2018, the SEC declared the registration statement on Form S-4 for the proposed Mergers effective. Subject to DCT stockholder approval and the other closing conditions described in the Form S-4, the Mergers are expected to be consummated in August 2018. In connection with the Mergers, on July 2, 2018, DCT, DCT OP, DCT’s board of directors (the “DCT Board”), Prologis, and the OP were sued in a putative class action lawsuit, the Rosenblatt Rosenblatt Bushansky A ken Bushansky Aiken Although the ultimate outcome of litigation cannot be predicted with certainty, we believe that these lawsuits are without merit and intend to defend against these actions vigorously. |
General (Policies)
General (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. The accompanying Consolidated Financial Statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and are presented in our reporting currency, the U.S. dollar. All material intercompany transactions with consolidated entities have been eliminated. The accompanying unaudited interim financial information has been prepared according to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and 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, 2017, as filed with the SEC, and other public information. |
New Accounting Pronouncements | New Accounting Pronouncements. New Accounting Standards Adopted Revenue Recognition . In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update (“ASU”) that requires companies to use a five-step model to determine when to recognize revenue from customer contracts in an effort to increase consistency and comparability throughout global capital markets and across industries. In February 2017, the FASB issued an additional ASU that provides the accounting treatment for gains and losses from the derecognition of non-financial assets, including the accounting for partial sales of real estate properties. We adopted the revenue recognition and derecognition of non-financial assets standards (collectively “the new revenue recognition standard”) on January 1, 2018, on a modified retrospective basis. Rental revenues and recoveries earned from leasing our operating properties are excluded from this standard and will be assessed with the adoption of the lease ASU discussed below. Our evaluation under the new revenue recognition standard included recurring and transactional fees and incentive fees (“promotes” or “promote revenues”) earned from our co-investment ventures as well as dispositions and contributions of real estate properties. There is no change in our recognition of recurring and transactional fees as we will continue to recognize these fees as we provide the services. Promote revenues are earned based on a venture’s cumulative returns over a certain time-period and the returns are determined by both the operating performance and real estate valuation of the venture, including highly variable inputs such as capitalization rates, interest rates and foreign currency exchange rates. As these key inputs are highly volatile and out of our control, and such volatility can materially impact our promotes period over period, we expect promote revenues will continue to be recognized at or near the end of the performance period. Accordingly, we do not expect significant changes in promote revenue recognition as a result of this ASU. For dispositions of real estate properties to third parties, the standard will not impact the recognition of the sale. Beginning January 1, 2018, we recognized the entire gain attributed to contributions of real estate properties to unconsolidated entities. We previously recognized a gain on contribution only to the extent of the third-party ownership in the unconsolidated entity acquiring the property and deferred the portion of the gain related to our ownership. We adopted the practical expedient to only assess the recognition of revenue for open contracts during the transition period and there was no adjustment to the opening balance of retained earnings at January 1, 2018. The comparative information has not been restated and continues to be reported under the accounting standards in effect for that period. New Accounting Standards Issued but not yet Adopted Leases. In February 2016, the FASB issued an ASU that provides the principles for the recognition, measurement, presentation and disclosure of leases. • As a lessor. The accounting for lessors will remain largely unchanged from current GAAP; however, the standard requires that lessors expense, on an as-incurred basis, certain initial direct costs that are not incremental in negotiating a lease. Under existing standards, these costs are capitalizable and therefore this new standard will result in certain of these costs being expensed as incurred after adoption. During the six months ended June 30, 2018 and 2017, we capitalized $10.5 million and $12.4 million, respectively, of internal costs related to our leasing activities. This standard may also impact the timing, recognition, presentation and disclosures related to our rental recoveries from tenants earned from leasing our operating properties, although we do not expect a significant impact. • As a lessee. Under the standard, lessees apply a dual approach, classifying leases as either finance or operating leases. A lessee is required to record a right-of-use (“ROU”) asset and a lease liability for all leases with a term of greater than 12 months, regardless of their lease classification. We are a lessee of ground leases and office space leases. At December 31, 2017, we had approximately 90 ground and office space leases that will require us to measure and record a ROU asset and a lease liability upon adoption of the standard. There have been no significant changes to our ground and office space leases since December 31, 2017. Details of our future minimum rental payments under these ground and office space leases are disclosed in Note 4 to the Annual Report on Form 10-K for the year ended December 31, 2017. The standard is effective for us on January 1, 2019. We expect to adopt the practical expedients available for implementation under the standard. By adopting these practical expedients, we will not be required to reassess (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. This allows us to continue to account for our ground and office space leases as operating leases, however, any new or renewed ground leases may be classified as financing leases unless they meet certain conditions to be considered a lease involving facilities owned by a government unit or authority. The standard will also require new disclosures within the accompanying notes to the Consolidated Financial Statements. While we are well into our analysis of the adoption, we will continue to evaluate the key drivers in the measurement of the ROU asset and lease liability and assess the impact the adoption will have on the Consolidated Financial Statements based on industry practice and potential updates to the ASU. Derivatives and Hedging . In August 2017, the FASB issued an ASU that simplifies the application of hedge accounting guidance in current GAAP and improves the reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its consolidated financial statements. Among the simplification updates, the standard eliminates the requirement in current GAAP to separately recognize periodic hedge ineffectiveness. Mismatches between the changes in value of the hedged item and hedging instrument may still occur but they will no longer be separately reported. The standard requires the presentation of the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported. The standard is effective for us on January 1, 2019, but early adoption is permitted. We do not expect the adoption of this standard to have a material impact on the Consolidated Financial Statements. |
Real Estate (Tables)
Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Real Estate [Abstract] | |
Investments in Real Estate Properties | Investments in real estate properties consisted of the following (dollars and square feet in thousands): Square Feet Number of Buildings June 30, December 31, June 30, December 31, June 30, December 31, 2018 2017 2018 2017 2018 2017 Operating properties (1): Buildings and improvements 287,393 294,811 1,477 1,525 $ 16,658,627 $ 16,849,349 Improved land 5,608,507 5,735,978 Development portfolio, including land costs: Prestabilized 6,024 7,345 20 22 471,491 546,173 Properties under development 21,317 22,216 63 63 1,184,404 1,047,316 Land (1) (2) 1,111,185 1,154,383 Other real estate investments (3) 521,129 505,445 Total investments in real estate properties 25,555,343 25,838,644 Less accumulated depreciation 4,283,877 4,059,348 Net investments in real estate properties $ 21,271,466 $ 21,779,296 (1) During the six months ended June 30, 2018, we acquired 808 acres of land for $211.2 million and 3 operating properties for $103.1 million. (2) Included in our investments in real estate at June 30, 2018 and December 31, 2017, were 5,220 and 5,191 acres of land, respectively. (3) Included in other real estate investments were: (i) non-logistics real estate; (ii) land parcels that are ground leased to third parties; (iii) our corporate headquarters; (iv) costs related to future development projects, including purchase options on land; (v) infrastructure costs related to projects we are developing on behalf of others; and (vi) earnest money deposits associated with potential acquisitions. |
Summary of Real Estate Disposition Activity | The following table summarizes our real estate disposition activity (dollars and square feet in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Contributions to unconsolidated co-investment ventures Number of properties 3 5 11 10 Square feet 1,164 875 4,242 3,644 Net proceeds (1) $ 125,917 $ 115,617 $ 665,739 $ 513,106 Gains on contributions, net (1) (2) $ 33,527 $ 37,702 $ 201,253 $ 126,068 Dispositions to third parties Number of properties 7 20 18 38 Square feet 4,139 3,720 5,442 6,038 Net proceeds (1) (3) $ 314,141 $ 216,290 $ 402,122 $ 459,679 Gains on dispositions, net (1) (3) $ 60,734 $ 45,304 $ 88,119 $ 54,263 Total gains on dispositions of investments in real estate, net $ 94,261 $ 83,006 $ 289,372 $ 180,331 (1) Includes the contribution and disposition of land parcels. (2) Amounts in 2018 reflect the adoption of the new revenue recognition standard under which we recognized the entire gain attributed to contributions of real estate properties to unconsolidated entities. Amounts in 2017 reflect our prior recognition of the gain to the extent of the third-party ownership in the unconsolidated entity acquiring the property with the deferral of a portion of the gain related to our ownership. (3) Includes the sale of our investment in Europe Logistics Venture 1 during the six months ended June 30, 2017. |
Unconsolidated Entities (Tables
Unconsolidated Entities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Schedule Of Equity Method Investments [Line Items] | |
Summary of Investments in and Advances to our Unconsolidated Entities | The following table summarizes our investments in and advances to our unconsolidated entities (in thousands): June 30, December 31, 2018 2017 Unconsolidated co-investment ventures $ 5,207,093 $ 5,274,702 Other ventures 207,530 221,748 Total $ 5,414,623 $ 5,496,450 |
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 (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to our unconsolidated co-investment ventures (dollars and square feet in millions): U.S. Other Americas Europe Asia Total As of: Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Key property information Ventures 1 1 2 2 3 3 2 2 8 8 Operating properties 554 552 205 205 653 707 114 95 1,526 1,559 Square feet 88 88 37 37 154 166 48 41 327 332 Financial position Unconsolidated co-investment ventures: Total assets ($) 7,188 7,062 2,073 2,118 13,176 13,586 6,694 6,133 29,131 28,899 Third-party debt ($) 2,098 2,313 752 756 2,650 2,682 2,577 2,328 8,077 8,079 Total liabilities ($) 2,307 2,520 788 782 3,689 3,655 2,881 2,685 9,665 9,642 Our investment balance ($) (1) 1,365 1,383 561 555 2,699 2,813 582 524 5,207 5,275 Our weighted average ownership (2) 26.7 % 28.2 % 43.8 % 43.4 % 32.9 % 32.8 % 15.1 % 15.1 % 28.2 % 28.8 % U.S. Other Americas Europe Asia Total Operating information Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 For the three months ended: Unconsolidated co-investment ventures: Total revenues ($) 168 105 55 66 272 248 114 89 609 508 Net earnings ($) 24 15 19 22 110 93 6 93 159 223 Our earnings from unconsolidated co-investment ventures, net ($) 7 2 8 10 37 36 2 14 54 62 For the six months ended: Unconsolidated co-investment ventures: Total revenues ($) 336 209 108 130 560 492 222 177 1,226 1,008 Net earnings ($) 37 51 33 39 203 166 48 117 321 373 Our earnings from unconsolidated co-investment ventures, net ($) 12 7 14 16 74 66 9 18 109 107 (1) Prologis’ investment balance is presented at our adjusted basis derived from the ventures’ U.S. GAAP information. The difference between our ownership interest of a venture’s equity and our investment balance at June 30, 2018 and December 31, 2017, results principally from three types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018 ($651.8 million and $667.3 million, respectively); (ii) recording additional costs associated with our investment in the venture ($92.4 million and $94.2 million, respectively); and (iii) advances to a venture ($219.9 million and $210.0 million, respectively). For deferred gains from partial sales recorded prior to the adoption the new revenue recognition standard, we will continue to recognize these gains over the lives of the underlying real estate properties or at the time of disposition to a third party. (2) Represents our weighted average ownership interest in all co-investment ventures based on each entity’s contribution of total assets, before depreciation, net of other liabilities. |
Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to Co-Investment Ventures | The following table summarizes the Strategic Capital Revenues Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Recurring fees $ 57,918 $ 43,478 $ 112,562 $ 87,673 Transactional fees 11,828 12,626 27,452 21,219 Promote revenues 5,674 123,946 68,218 127,092 Total strategic capital revenues from unconsolidated co-investment ventures $ 75,420 $ 180,050 $ 208,232 $ 235,984 |
Summary of Remaining Equity Commitments | The following table summarizes the remaining equity commitments at June 30, 2018 (in millions): Equity Commitments Expiration Date Prologis Venture Partners Total Prologis Targeted U.S. Logistics Fund $ - $ 178 $ 178 2019 Prologis European Logistics Fund (1) - 1,201 1,201 2018 – 2019 Prologis UK Logistics Venture (2) 18 102 120 2021 Prologis China Logistics Venture 267 1,510 1,777 2020 – 2024 Total $ 285 $ 2,991 $ 3,276 (1) Equity commitments are denominated in euro and reported in U.S. dollars based on an exchange rate of $1.17 U.S. dollars to the euro. (2) Equity commitments are denominated in British pounds sterling and reported in U.S. dollars based on an exchange rate of $1.32 U.S. dollars to the British pound sterling. |
Assets Held for Sale or Contr24
Assets Held for Sale or Contribution (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Real Estate Assets Held For Development And Sale [Abstract] | |
Summary of Assets Held for Sale or Contribution | Assets held for sale or contribution consisted of the following (dollars and square feet in thousands): June 30, December 31, 2018 2017 Number of operating properties 73 22 Square feet 14,735 5,384 Total assets held for sale or contribution $ 892,546 $ 342,060 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 22,829 $ 9,341 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt Summary | The following table summarizes our debt (dollars in thousands): June 30, 2018 December 31, 2017 Weighted Average Interest Rate (1) Amount Outstanding (2) Weighted Average Interest Rate (1) Amount Outstanding (2) Credit facilities 0.9 % $ 11,658 1.8 % $ 317,392 Senior notes 2.9 % 7,102,381 3.0 % 6,067,277 Term loans 1.2 % 1,402,568 1.7 % 2,046,945 Unsecured other 6.1 % 13,093 6.1 % 13,546 Secured mortgages 5.5 % 897,424 5.3 % 967,471 Total 2.9 % $ 9,427,124 2.9 % $ 9,412,631 (1) The interest rates presented represent the effective interest rates (including amortization of debt issuance costs and the noncash premiums or discounts) at the end of the period for the debt outstanding and include the impact of interest rate swaps designated as cash flow hedges, which effectively fix the interest rate on our variable rate debt. (2) Included in the outstanding balances were borrowings denominated in non-U.S. dollars. The following table summarizes our debt by currency (in thousands): June 30, 2018 December 31, 2017 British pound sterling $ 653,632 $ 671,522 Canadian dollar 274,180 451,080 Euro 4,184,844 3,839,422 Japanese yen 1,276,029 1,306,380 U.S. dollar 3,038,439 3,144,227 Total $ 9,427,124 $ 9,412,631 Generally, we borrow in the functional currency of the consolidated subsidiaries but we also borrow in currencies other than the U.S. dollar in the OP and may designate this borrowing as a nonderivative financial instrument. We may also hedge our foreign currency risk by designating derivative financial instruments as net investment hedges, as these amounts offset the translation adjustments on the underlying net assets of our foreign investments. See Note 9 for more information about our nonderivative and derivative financial instruments. |
Credit Facilities | The following table summarizes information about our Credit Facilities at June 30, 2018 (in millions): Aggregate lender commitments $ 3,479 Less: Borrowings outstanding 12 Outstanding letters of credit 31 Current availability $ 3,436 |
Long-Term Debt Maturities | Principal payments due on our debt for the remainder of 2018 and for each year through the period ended December 31, 2022, and thereafter were as follows at June 30, 2018 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgages Total 2018 (1) $ - $ - $ 492 $ 108,137 $ 108,629 2019 (1) - - 1,014 446,328 447,342 2020 (2) 11,658 1,165,802 1,077 12,409 1,190,946 2021 - 816,060 910 14,600 831,570 2022 - 816,060 452,455 10,636 1,279,151 Thereafter - 4,356,824 968,756 306,385 5,631,965 Subtotal 11,658 7,154,746 1,424,704 898,495 9,489,603 Premiums (discounts), net - (23,909 ) - 2,212 (21,697 ) Debt issuance costs, net - (28,456 ) (9,043 ) (3,283 ) (40,782 ) Total $ 11,658 $ 7,102,381 $ 1,415,661 $ 897,424 $ 9,427,124 (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 borrowings on our Credit Facilities. (2) Included in the 2020 maturities was the Global Facility that can be extended until 2021, as discussed above. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Noncontrolling Interest [Abstract] | |
Summary of Ownership Percentages and Noncontrolling Interests | The following table summarizes our ownership percentages, noncontrolling interests and the consolidated entities’ total assets and liabilities (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Jun 30, 2018 Dec 31, 2017 Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 2,539,930 $ 2,581,629 $ 6,186,215 $ 6,030,819 $ 238,101 $ 284,162 Other consolidated entities (1) various various 84,245 78,613 820,113 806,138 29,813 30,330 Prologis, L.P. 2,624,175 2,660,242 7,006,328 6,836,957 267,914 314,492 Limited partners in Prologis, L.P. (2) (3) 463,758 414,341 - - - - Prologis, Inc. $ 3,087,933 $ 3,074,583 $ 7,006,328 $ 6,836,957 $ 267,914 $ 314,492 (1) This line item includes our two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. The limited partnership units outstanding at June 30, 2018 and December 31, 2017 were exchangeable into cash or, at our option, 0.9 million and 1.0 million shares of the Parent’s common stock. (2) We had 8.8 million and 8.9 million Class A Units that were convertible into 8.4 million and 8.5 million limited partnership units of the OP at June 30, 2018 and December 31, 2017, respectively. (3) At June 30, 2018 and December 31, 2017, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 3.9 million and 4.1 million shares of the Parent’s common stock, respectively. Also included are the vested OP Long-Term Incentive Plan Units (“LTIP Units”) associated with our long-term compensation plan. See further discussion of LTIP Units in Note 7. |
Long-Term Compensation (Tables)
Long-Term Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 six months ended June 30, 2018 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2018 1,374 $ 45.57 Granted 738 61.01 Vested and distributed (769 ) 45.36 Forfeited (31 ) 53.71 Balance at June 30, 2018 1,312 $ 54.21 |
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 six months ended June 30, 2018 (units in thousands): Vested Unvested Unvested Weighted Average LTIP Units (1) LTIP Units (1) Grant Date Fair Value Balance at January 1, 2018 1,532 1,829 $ 46.48 Granted - 1,246 60.95 Forfeited - (70 ) 47.66 Vested LTIP Units 887 (887 ) 45.25 Vested LTIP Units – POP (2) 1,170 - N/A Conversion to common limited partnership units (52 ) - N/A Balance at June 30, 2018 3,537 2,118 $ 55.46 (1) The outstanding LTIP Units are exchangeable into limited partnership units of the OP and redeemable for the Parent’s common stock after they vest and other applicable conditions have been met. (2) Vested units were based on the POP performance criteria being met for the 2015 – 2017 performance period and represented the earned award amount, as discussed above. |
Earnings Per Common Share or 28
Earnings Per Common Share or Unit (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 Six Months Ended June 30, June 30, Prologis, Inc. 2018 2017 2018 2017 Net earnings attributable to common stockholders – Basic $ 334,611 $ 266,943 $ 700,513 $ 470,198 Net earnings attributable to exchangeable limited partnership units (1) 10,216 7,798 20,909 13,765 Adjusted net earnings attributable to common stockholders – Diluted $ 344,827 $ 274,741 $ 721,422 $ 483,963 Weighted average common shares outstanding – Basic 532,639 530,040 532,427 529,400 Incremental weighted average effect on exchange of limited partnership units (1) 16,847 16,364 16,560 16,409 Incremental weighted average effect of equity awards 5,029 5,710 5,079 4,703 Weighted average common shares outstanding – Diluted (2) 554,515 552,114 554,066 550,512 Net earnings per share attributable to common stockholders: Basic $ 0.63 $ 0.50 $ 1.32 $ 0.89 Diluted $ 0.62 $ 0.50 $ 1.30 $ 0.88 Three Months Ended Six Months Ended June 30, June 30, Prologis, L.P. 2018 2017 2018 2017 Net earnings attributable to common unitholders $ 344,633 $ 274,320 $ 721,058 $ 483,198 Net earnings attributable to Class A Units (5,324 ) (4,347 ) (11,177 ) (7,678 ) Net earnings attributable to common unitholders – Basic 339,309 269,973 709,881 475,520 Net earnings attributable to Class A Units 5,324 4,347 11,177 7,678 Net earnings attributable to exchangeable other limited partnership units 194 421 364 765 Adjusted net earnings attributable to common unitholders – Diluted $ 344,827 $ 274,741 $ 721,422 $ 483,963 Weighted average common partnership units outstanding – Basic 540,084 536,060 539,547 535,392 Incremental weighted average effect on exchange of Class A Units 8,477 8,626 8,495 8,645 Incremental weighted average effect on exchange of other limited partnership units 925 1,718 945 1,772 Incremental weighted average effect of equity awards of Prologis, Inc. 5,029 5,710 5,079 4,703 Weighted average common units outstanding – Diluted (2) 554,515 552,114 554,066 550,512 Net earnings per unit attributable to common unitholders: Basic $ 0.63 $ 0.50 $ 1.32 $ 0.89 Diluted $ 0.62 $ 0.50 $ 1.30 $ 0.88 (1) The exchangeable limited partnership units include the units as discussed in Note 6. 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 Six Months Ended June 30, June 30, 2018 2017 2018 2017 Class A Units 8,477 8,626 8,495 8,645 Other limited partnership units 925 1,718 945 1,772 Equity awards 8,432 9,355 8,391 8,583 Prologis, L.P. 17,834 19,699 17,831 19,000 Common limited partnership units 7,445 6,020 7,120 5,992 Prologis, Inc. 25,279 25,719 24,951 24,992 |
Financial Instruments and Fai29
Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Schedule of Fair Value of Derivative Financial Instruments | The following table presents the fair value of our derivative financial instruments recognized within the line items Other Assets Other Liabilities June 30, 2018 December 31, 2017 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards British pound sterling $ 142 $ 4,017 $ 2,440 $ 8,103 Canadian dollar 1,469 253 - 1,698 Euro 3,619 6,380 2 14,234 Japanese yen 3,992 1,235 6,474 931 Mexican peso 373 - - - Designated derivatives Foreign currency contracts Net investment hedges Canadian dollar 1,871 - - 7,263 Euro - 280 - - Interest rate swaps Cash flow hedges Canadian dollar - - 10,223 - Euro - 555 - - Total fair value of derivatives $ 11,466 $ 12,720 $ 19,139 $ 32,229 |
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 six months ended June 30 2018 2017 CAD EUR USD CAD Notional amounts at January 1 $ 271 $ - $ - $ 271 New contracts (1) - 500 300 - Matured, expired or settled contracts (2) (271 ) - (300 ) - Notional amounts at June 30 $ - $ 500 $ - $ 271 (1) During the six months ended June 30, 2018, we entered into two interest rate swap contracts with an aggregated notional amount of €400.0 million ( (2) During the six months ended June 30, 2018, we repaid CAD 201.4 million ($158.9 million) on our 2015 Canadian Term Loan, leaving CAD 170.5 million ($128.7 million at June 30, 2018) outstanding. At that time, we settled the interest rate swap contracts related to the 2015 Canadian Term Loan as we determined at that time it was no longer probable that we would continue to have the future cash flows as originally hedged. As a result, the $12.5 million gain in Accumulated Other Comprehensive Income (Loss) “AOCI/L” Interest Expense |
Summary of Debt, Net of Accrued Interest, Designated as Nonderivative Financial Instrument | The following table summarizes our debt, net of accrued interest, designated as a nonderivative financial instrument to hedge our net investment in international subsidiaries (in millions): June 30, 2018 December 31, 2017 British pound sterling $ 267 $ 436 Euro $ 3,550 $ 3,620 |
Summary of Changes in Other Comprehensive Income (Loss) | The following table presents these changes in Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net investment hedges $ 1,740 $ 7,197 $ 4,833 $ 9,491 Nonderivative financial instruments 223,739 (229,666 ) 113,862 (274,192 ) Cumulative translation adjustment (373,292 ) 225,631 (261,738 ) 307,530 Total foreign currency translation gains (losses), net $ (147,813 ) $ 3,162 $ (143,043 ) $ 42,829 Cash flow hedges (1) $ 963 $ 4,559 $ (8,322 ) $ 4,988 Our share of derivatives from unconsolidated co-investment ventures 1,168 2,176 4,166 4,378 Total unrealized gains (losses) on derivative contracts, net $ 2,131 $ 6,735 $ (4,156 ) $ 9,366 Total change in other comprehensive income (loss) $ (145,682 ) $ 9,897 $ (147,199 ) $ 52,195 (1) We estimate an additional expense of $4.2 million will be reclassified to Interest Expense |
Carrying Amounts and Estimated Fair Values of Debt | The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): June 30, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Credit Facilities $ 11,658 $ 11,660 $ 317,392 $ 317,496 Senior notes 7,102,381 7,447,585 6,067,277 6,537,100 Term loans and unsecured other 1,415,661 1,431,793 2,060,491 2,075,002 Secured mortgages 897,424 937,205 967,471 1,026,197 Total $ 9,427,124 $ 9,828,243 $ 9,412,631 $ 9,955,795 |
Undesignated Derivatives [Member] | |
Foreign Currency Contracts Activity | The following table summarizes the activity of our undesignated foreign currency contracts for the six months ended June 30 (in millions, except for weighted average forward rates and number of active contracts): 2018 2017 CAD CNY EUR GBP JPY MXN CAD EUR GBP JPY Notional amounts at January 1 $ 56 $ - $ 233 $ 132 $ 153 $ - $ 38 $ 197 $ 78 $ 144 New contracts 13 80 54 - 28 10 - 63 137 38 Matured, expired or settled contracts (14 ) (80 ) (55 ) (36 ) (36 ) (10 ) (12 ) (56 ) (46 ) (31 ) Notional amounts at June 30 $ 55 $ - $ 232 $ 96 $ 145 $ - $ 26 $ 204 $ 169 $ 151 Weighted average forward rate at June 30 1.28 - 1.20 1.30 105.53 - 1.32 1.13 1.33 106.51 Active contracts at June 30 24 - 29 16 32 - 12 26 22 32 |
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 six months ended June 30 2018 2017 CAD EUR CAD GBP Notional amounts at January 1 $ 99 $ - $ 100 $ 46 New contracts 100 35 99 127 Matured, expired or settled contracts (99 ) - (100 ) (173 ) Notional amounts at June 30 $ 100 $ 35 $ 99 $ - Weighted average forward rate at June 30 1.28 1.16 1.34 - Active contracts at June 30 2 1 2 - |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting, Reconciliation of Revenues, Operating Income and Assets | The following reconciliations are presented in thousands: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Segment revenues: Real estate operations segment: U.S. $ 491,051 $ 529,841 $ 990,308 $ 1,053,988 Other Americas 29,948 16,444 60,379 31,533 Europe 12,908 22,076 30,110 40,307 Asia 11,672 17,168 25,477 31,811 Total real estate operations segment 545,579 585,529 1,106,274 1,157,639 Strategic capital segment: U.S. 17,905 130,677 33,974 142,585 Other Americas 12,256 9,864 18,409 15,915 Europe 28,488 25,973 67,305 52,235 Asia 17,048 14,140 88,970 26,964 Total strategic capital segment 75,697 180,654 208,658 237,699 Total segment revenues 621,276 766,183 1,314,932 1,395,338 Segment net operating income: Real estate operations segment: U.S. (1) 367,935 396,274 737,299 780,374 Other Americas 22,488 10,384 45,411 20,366 Europe 8,693 16,401 21,152 29,259 Asia 8,619 11,767 18,388 21,675 Total real estate operations segment 407,735 434,826 822,250 851,674 Strategic capital segment: U.S. (1) 5,893 99,668 1,657 101,607 Other Americas 9,032 7,587 11,939 10,732 Europe 19,382 16,342 47,045 32,732 Asia 6,540 5,071 69,307 8,843 Total strategic capital segment 40,847 128,668 129,948 153,914 Total segment net operating income 448,582 563,494 952,198 1,005,588 Reconciling items: General and administrative expenses 57,615 60,077 120,043 113,694 Depreciation and amortization expenses 203,673 228,145 407,754 454,736 Operating income 187,294 275,272 424,401 437,158 Earnings from unconsolidated entities, net 62,549 68,596 125,205 117,201 Interest expense (56,314 ) (75,354 ) (102,575 ) (148,266 ) Interest and other income, net 5,641 1,892 7,617 4,677 Gains on dispositions of investments in real estate, net 94,261 83,006 289,372 180,331 Foreign currency and derivative gains (losses), net 85,382 (20,055 ) 44,288 (27,455 ) Gains (losses) on early extinguishment of debt, net 282 (30,596 ) (702 ) (30,596 ) Earnings before income taxes $ 379,095 $ 302,761 $ 787,606 $ 533,050 June 30, 2018 December 31, 2017 Segment assets: Real estate operations segment: U.S. $ 18,807,476 $ 19,058,610 Other Americas 1,618,701 1,767,385 Europe 970,749 1,008,340 Asia 1,023,036 1,083,764 Total real estate operations segment 22,419,962 22,918,099 Strategic capital segment: U.S. 16,438 16,818 Europe 25,280 25,280 Asia 341 544 Total strategic capital segment 42,059 42,642 Total segment assets 22,462,021 22,960,741 Reconciling items: Investments in and advances to unconsolidated entities 5,414,623 5,496,450 Assets held for sale or contribution 892,546 342,060 Notes receivable backed by real estate - 34,260 Cash and cash equivalents 527,830 447,046 Other assets 205,862 200,518 Total reconciling items 7,040,861 6,520,334 Total assets $ 29,502,882 $ 29,481,075 (1) This includes compensation and personnel costs for employees who were located in the U.S. but also support other regions. |
General - Additional Informatio
General - Additional Information (Detail) shares in Millions, $ in Millions | 6 Months Ended | ||
Jun. 30, 2018USD ($)Segmentshares | Dec. 31, 2017Ground | Jun. 30, 2017USD ($) | |
General [Line Items] | |||
Number of reportable segments | Segment | 2 | ||
Percentage of common limited partnership interest | 2.89% | ||
Capitalized cost | $ | $ 10.5 | $ 12.4 | |
Number of ground and office space leases | Ground | 90 | ||
General Partner | Prologis Limited Partnership [Member] | |||
General [Line Items] | |||
Percentage of ownership in operating partnership | 97.11% | ||
Preferred [Member] | Prologis Limited Partnership [Member] | |||
General [Line Items] | |||
Percentage of ownership in operating partnership | 100.00% | ||
Class A Common [Member] | |||
General [Line Items] | |||
Class of common limited partnership units designated as class A common units | shares | 8.8 |
Real Estate - Investments in Re
Real Estate - Investments in Real Estate Properties (Detail) ft² in Thousands, $ in Thousands | Jun. 30, 2018USD ($)ft²aBuildingsProperty | Dec. 31, 2017USD ($)ft²aBuildings |
Real Estate Properties [Line Items] | ||
Number of buildings | Property | 3 | |
Total investments in real estate properties | $ 25,555,343 | $ 25,838,644 |
Less accumulated depreciation | 4,283,877 | 4,059,348 |
Net investments in real estate properties | $ 21,271,466 | $ 21,779,296 |
Improved Land [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | ft² | 0 | 0 |
Number of buildings | Buildings | 0 | 0 |
Total investments in real estate properties | $ 5,608,507 | $ 5,735,978 |
Building and Improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | ft² | 287,393 | 294,811 |
Number of buildings | Buildings | 1,477 | 1,525 |
Total investments in real estate properties | $ 16,658,627 | $ 16,849,349 |
Development Portfolio, Including Cost of Land: Pre-stabilized [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | ft² | 6,024 | 7,345 |
Number of buildings | Buildings | 20 | 22 |
Total investments in real estate properties | $ 471,491 | $ 546,173 |
Properties Under Development [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | ft² | 21,317 | 22,216 |
Number of buildings | Buildings | 63 | 63 |
Total investments in real estate properties | $ 1,184,404 | $ 1,047,316 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | a | 5,220 | 5,191 |
Total investments in real estate properties | $ 1,111,185 | $ 1,154,383 |
Other Real Estate Investments [Member] | ||
Real Estate Properties [Line Items] | ||
Square Feet | ft² | 0 | 0 |
Number of buildings | Buildings | 0 | 0 |
Total investments in real estate properties | $ 521,129 | $ 505,445 |
Real Estate - Investments in 33
Real Estate - Investments in Real Estate Properties (Parenthetical) (Detail) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018USD ($)aProperty | Jun. 30, 2017USD ($) | Dec. 31, 2017a | |
Real Estate Properties [Line Items] | |||
Number of operating properties acquired | Property | 3 | ||
Acquisition value of operating properties | $ 33,289 | $ 37,253 | |
Real Estate Operating Property [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition value of operating properties | $ 103,100 | ||
Land [Member] | |||
Real Estate Properties [Line Items] | |||
Acquisition of net investments in real estate properties, square feet | a | 808 | ||
Acquisition value of net investments in real estate properties | $ 211,200 | ||
Square Feet | a | 5,220 | 5,191 |
Real Estate - Summary of Dispos
Real Estate - Summary of Dispositions (Detail) ft² in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)ft²Property | Jun. 30, 2017USD ($)ft²Property | Jun. 30, 2018USD ($)ft²Property | Jun. 30, 2017USD ($)ft²Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gains on dispositions of investments in real estate, net | $ 94,261 | $ 83,006 | $ 289,372 | $ 180,331 |
Continuing Operations [Member] | Contributions to unconsolidated co-investment ventures [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of buildings | Property | 3 | 5 | 11 | 10 |
Square feet | ft² | 1,164 | 875 | 4,242 | 3,644 |
Net proceeds | $ 125,917 | $ 115,617 | $ 665,739 | $ 513,106 |
Gains on contributions or dispositions, net | $ 33,527 | $ 37,702 | $ 201,253 | $ 126,068 |
Continuing Operations [Member] | Dispositions to Third Parties [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of buildings | Property | 7 | 20 | 18 | 38 |
Square feet | ft² | 4,139 | 3,720 | 5,442 | 6,038 |
Net proceeds | $ 314,141 | $ 216,290 | $ 402,122 | $ 459,679 |
Gains on contributions or dispositions, net | $ 60,734 | $ 45,304 | $ 88,119 | $ 54,263 |
Unconsolidated Entities - Summa
Unconsolidated Entities - Summary of Investments in and Advances to our Unconsolidated Entities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated entities | $ 5,414,623 | $ 5,496,450 |
Unconsolidated Co-Investment Ventures [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated entities | 5,207,093 | 5,274,702 |
Other Ventures [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated entities | $ 207,530 | $ 221,748 |
Unconsolidated Entities - Sum36
Unconsolidated Entities - Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to Co-Investment Ventures (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Total revenues | $ 621,276 | $ 766,183 | $ 1,314,932 | $ 1,395,338 |
Unconsolidated Co-Investment Ventures [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Recurring fees | 57,918 | 43,478 | 112,562 | 87,673 |
Transactional fees | 11,828 | 12,626 | 27,452 | 21,219 |
Promote revenues | 5,674 | 123,946 | 68,218 | 127,092 |
Total revenues | $ 75,420 | $ 180,050 | $ 208,232 | $ 235,984 |
Unconsolidated Entities - Sum37
Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Detail) $ in Thousands, ft² in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018USD ($)ft²PropertyVenture | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)ft²PropertyVenture | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($)ft²PropertyVenture | ||
Schedule Of Equity Method Investments [Line Items] | ||||||
Number of buildings | Property | 3 | 3 | ||||
Our earnings from unconsolidated co-investment ventures, net | $ 62,549 | $ 68,596 | $ 125,205 | $ 117,201 | ||
Unconsolidated Co-Investment Ventures [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Ventures | Venture | 8 | 8 | 8 | |||
Number of buildings | Property | 1,526 | 1,526 | 1,559 | |||
Square feet | ft² | 327 | 327 | 332 | |||
Total assets | $ 29,131,000 | $ 29,131,000 | $ 28,899,000 | |||
Third-party debt | 8,077,000 | 8,077,000 | 8,079,000 | |||
Total liabilities | 9,665,000 | 9,665,000 | 9,642,000 | |||
Our investment balance | [1] | 5,207,000 | 5,207,000 | $ 5,275,000 | ||
Total revenues | 609,000 | 508,000 | 1,226,000 | 1,008,000 | ||
Net earnings | 159,000 | 223,000 | 321,000 | 373,000 | ||
Our earnings from unconsolidated co-investment ventures, net | $ 54,000 | 62,000 | $ 109,000 | 107,000 | ||
Unconsolidated Co-Investment Ventures [Member] | U.S. [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Ventures | Venture | 1 | 1 | 1 | |||
Number of buildings | Property | 554 | 554 | 552 | |||
Square feet | ft² | 88 | 88 | 88 | |||
Total assets | $ 7,188,000 | $ 7,188,000 | $ 7,062,000 | |||
Third-party debt | 2,098,000 | 2,098,000 | 2,313,000 | |||
Total liabilities | 2,307,000 | 2,307,000 | 2,520,000 | |||
Our investment balance | [1] | 1,365,000 | 1,365,000 | $ 1,383,000 | ||
Total revenues | 168,000 | 105,000 | 336,000 | 209,000 | ||
Net earnings | 24,000 | 15,000 | 37,000 | 51,000 | ||
Our earnings from unconsolidated co-investment ventures, net | $ 7,000 | 2,000 | $ 12,000 | 7,000 | ||
Unconsolidated Co-Investment Ventures [Member] | Other Americas [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Ventures | Venture | 2 | 2 | 2 | |||
Number of buildings | Property | 205 | 205 | 205 | |||
Square feet | ft² | 37 | 37 | 37 | |||
Total assets | $ 2,073,000 | $ 2,073,000 | $ 2,118,000 | |||
Third-party debt | 752,000 | 752,000 | 756,000 | |||
Total liabilities | 788,000 | 788,000 | 782,000 | |||
Our investment balance | [1] | 561,000 | 561,000 | $ 555,000 | ||
Total revenues | 55,000 | 66,000 | 108,000 | 130,000 | ||
Net earnings | 19,000 | 22,000 | 33,000 | 39,000 | ||
Our earnings from unconsolidated co-investment ventures, net | $ 8,000 | 10,000 | $ 14,000 | 16,000 | ||
Unconsolidated Co-Investment Ventures [Member] | Europe [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Ventures | Venture | 3 | 3 | 3 | |||
Number of buildings | Property | 653 | 653 | 707 | |||
Square feet | ft² | 154 | 154 | 166 | |||
Total assets | $ 13,176,000 | $ 13,176,000 | $ 13,586,000 | |||
Third-party debt | 2,650,000 | 2,650,000 | 2,682,000 | |||
Total liabilities | 3,689,000 | 3,689,000 | 3,655,000 | |||
Our investment balance | [1] | 2,699,000 | 2,699,000 | $ 2,813,000 | ||
Total revenues | 272,000 | 248,000 | 560,000 | 492,000 | ||
Net earnings | 110,000 | 93,000 | 203,000 | 166,000 | ||
Our earnings from unconsolidated co-investment ventures, net | $ 37,000 | 36,000 | $ 74,000 | 66,000 | ||
Unconsolidated Co-Investment Ventures [Member] | Asia [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Ventures | Venture | 2 | 2 | 2 | |||
Number of buildings | Property | 114 | 114 | 95 | |||
Square feet | ft² | 48 | 48 | 41 | |||
Total assets | $ 6,694,000 | $ 6,694,000 | $ 6,133,000 | |||
Third-party debt | 2,577,000 | 2,577,000 | 2,328,000 | |||
Total liabilities | 2,881,000 | 2,881,000 | 2,685,000 | |||
Our investment balance | [1] | 582,000 | 582,000 | $ 524,000 | ||
Total revenues | 114,000 | 89,000 | 222,000 | 177,000 | ||
Net earnings | 6,000 | 93,000 | 48,000 | 117,000 | ||
Our earnings from unconsolidated co-investment ventures, net | $ 2,000 | $ 14,000 | $ 9,000 | $ 18,000 | ||
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Our weighted average ownership | [2] | 28.20% | 28.20% | 28.80% | ||
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | U.S. [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Our weighted average ownership | [2] | 26.70% | 26.70% | 28.20% | ||
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Other Americas [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Our weighted average ownership | [2] | 43.80% | 43.80% | 43.40% | ||
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Europe [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Our weighted average ownership | [2] | 32.90% | 32.90% | 32.80% | ||
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Asia [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Our weighted average ownership | [2] | 15.10% | 15.10% | 15.10% | ||
[1] | Prologis’ investment balance is presented at our adjusted basis derived from the ventures’ U.S. GAAP information. The difference between our ownership interest of a venture’s equity and our investment balance at June 30, 2018 and December 31, 2017, results principally from three types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018 ($651.8 million and $667.3 million, respectively); (ii) recording additional costs associated with our investment in the venture ($92.4 million and $94.2 million, respectively); and (iii) advances to a venture ($219.9 million and $210.0 million, respectively). For deferred gains from partial sales recorded prior to the adoption the new revenue recognition standard, we will continue to recognize these gains over the lives of the underlying real estate properties or at the time of disposition to a third party. | |||||
[2] | Represents our weighted average ownership interest in all co-investment ventures based on each entity’s contribution of total assets, before depreciation, net of other liabilities. |
Unconsolidated Entities - Sum38
Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Parenthetical) (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | ||
Deferred gain recognized from contribution of property to a venture | $ 651.8 | $ 667.3 |
Additional costs associated with investment in a venture | 92.4 | 94.2 |
Advances to venture | $ 219.9 | $ 210 |
Unconsolidated Entities - Sum39
Unconsolidated Entities - Summary of Remaining Equity Commitments (Detail) $ in Millions | 6 Months Ended | |
Jun. 30, 2018USD ($) | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 3,276 | |
Prologis Targeted U S Logistics Fund [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 178 | |
Expiration date for remaining commitments range start | 2,019 | |
Prologis European Logistics Fund [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 1,201 | [1] |
Expiration date for remaining commitments range start | 2,018 | [1] |
Expiration date for remaining commitments range end | 2,019 | [1] |
Prologis U.K. Logistics Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 120 | [2] |
Expiration date for remaining commitments range start | 2,021 | [2] |
Prologis China Logistics Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 1,777 | |
Expiration date for remaining commitments range start | 2,020 | |
Expiration date for remaining commitments range end | 2,024 | |
Prologis Inc [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 285 | |
Prologis Inc [Member] | Prologis Targeted U S Logistics Fund [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 0 | |
Prologis Inc [Member] | Prologis European Logistics Fund [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 0 | [1] |
Prologis Inc [Member] | Prologis U.K. Logistics Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 18 | [2] |
Prologis Inc [Member] | Prologis China Logistics Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 267 | |
Venture Partners [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 2,991 | |
Venture Partners [Member] | Prologis Targeted U S Logistics Fund [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 178 | |
Venture Partners [Member] | Prologis European Logistics Fund [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 1,201 | [1] |
Venture Partners [Member] | Prologis U.K. Logistics Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | 102 | [2] |
Venture Partners [Member] | Prologis China Logistics Venture [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Remaining equity commitments | $ 1,510 | |
[1] | Equity commitments are denominated in euro and reported in U.S. dollars based on an exchange rate of $1.17 U.S. dollars to the euro. | |
[2] | Equity commitments are denominated in British pounds sterling and reported in U.S. dollars based on an exchange rate of $1.32 U.S. dollars to the British pound sterling. |
Unconsolidated Entities - Sum40
Unconsolidated Entities - Summary of Remaining Equity Commitments (Parenthetical) (Detail) | Jun. 30, 2018$ / €$ / £ |
Prologis European Logistics Fund [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Exchange rate | $ / € | 1.17 |
Prologis U.K. Logistics Venture [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Exchange rate | $ / £ | 1.32 |
Assets Held for Sale or Contr41
Assets Held for Sale or Contribution - Summary of Assets Held for Sale or Contribution (Detail) ft² in Thousands, $ in Thousands | Jun. 30, 2018USD ($)ft²Property | Dec. 31, 2017USD ($)ft²Property |
Long Lived Assets Held For Sale [Line Items] | ||
Number of operating properties | Property | 3 | |
Total assets held for sale or contribution | $ | $ 892,546 | $ 342,060 |
Total liabilities associated with assets held for sale or contribution – included in Other Liabilities | $ | $ 22,829 | $ 9,341 |
Disposal Group Held for Sale Not Discontinued Operations | ||
Long Lived Assets Held For Sale [Line Items] | ||
Number of operating properties | Property | 73 | 22 |
Square feet | ft² | 14,735 | 5,384 |
Debt - Debt Summary (Detail)
Debt - Debt Summary (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.90% | 2.90% |
Debt | $ 9,427,124 | $ 9,412,631 |
Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 0.90% | 1.80% |
Debt | $ 11,658 | $ 317,392 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.90% | 3.00% |
Debt | $ 7,102,381 | $ 6,067,277 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.20% | 1.70% |
Debt | $ 1,402,568 | $ 2,046,945 |
Unsecured Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 6.10% | 6.10% |
Debt | $ 13,093 | $ 13,546 |
Secured Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 5.50% | 5.30% |
Debt | $ 897,424 | $ 967,471 |
Debt - Debt Summary (Parentheti
Debt - Debt Summary (Parenthetical) (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.90% | 2.90% |
Debt | $ 9,427,124 | $ 9,412,631 |
GBP | ||
Debt Instrument [Line Items] | ||
Debt | 653,632 | 671,522 |
CAD | ||
Debt Instrument [Line Items] | ||
Debt | 274,180 | 451,080 |
EUR | ||
Debt Instrument [Line Items] | ||
Debt | 4,184,844 | 3,839,422 |
JPY | ||
Debt Instrument [Line Items] | ||
Debt | 1,276,029 | 1,306,380 |
USD | ||
Debt Instrument [Line Items] | ||
Debt | $ 3,038,439 | $ 3,144,227 |
Debt - Additional Information (
Debt - Additional Information (Detail) $ in Thousands, € in Millions, $ in Millions, ¥ in Billions | 1 Months Ended | 6 Months Ended | ||||||||
Jul. 31, 2018 | Jun. 30, 2018USD ($) | Jan. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018CAD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018JPY (¥) | Jun. 30, 2018CAD ($) | Jan. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Credit facility maximum borrowing capacity | $ 3,479,000 | $ 3,479,000 | ||||||||
Issued amount | 9,489,603 | 9,489,603 | ||||||||
Senior Notes Outstanding | 7,100,000 | 7,100,000 | ||||||||
Carrying Value of Debt | 9,427,124 | 9,427,124 | $ 9,412,631 | |||||||
Prologis Euro Finance L L C | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of ownership in operating partnership | 100.00% | |||||||||
Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issued amount | 7,154,746 | 7,154,746 | ||||||||
Carrying Value of Debt | $ 7,102,381 | 7,102,381 | 6,067,277 | |||||||
Senior Notes [Member] | 3.88% Mature in September 2028 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument maturity date | 2028-09 | |||||||||
Issued amount | $ 400,000 | $ 400,000 | ||||||||
Interest rate | 3.88% | 3.88% | 3.88% | 3.88% | ||||||
Senior Notes [Member] | 4.38% Mature in September 2048 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument maturity date | 2048-09 | |||||||||
Issued amount | $ 300,000 | $ 300,000 | ||||||||
Interest rate | 4.38% | 4.38% | 4.38% | 4.38% | ||||||
Senior Notes [Member] | Euribor [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument maturity date | 2020-01 | |||||||||
Issued amount | $ 494,200 | € 400 | ||||||||
Interest rate | 0.25% | 0.25% | 0.25% | |||||||
Effective interest rate | (0.08%) | (0.08%) | (0.08%) | (0.08%) | ||||||
2015 Canadian Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of debt | $ 158,900 | $ 201.4 | ||||||||
Term loan outstanding | $ 128,700 | 128,700 | $ 170.5 | |||||||
2017 Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of debt | 1,000,000 | $ 575,700 | ||||||||
Debt reborrowed during period | 500,000 | $ 877,500 | ||||||||
Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Carrying Value of Debt | 1,402,568 | 1,402,568 | $ 2,046,945 | |||||||
Global Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility maximum borrowing capacity | 3,000,000 | 3,000,000 | ||||||||
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments | 3,800,000 | $ 3,800,000 | ||||||||
Debt Instrument maturity date | 2020-04 | 2020-04 | ||||||||
Revolver [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility maximum borrowing capacity | 587,200 | $ 587,200 | ¥ 65 | |||||||
Debt Instrument maturity date | 2021-02 | 2021-02 | ||||||||
Credit facility current borrowing capacity | $ 451,700 | $ 451,700 | ¥ 50 |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Detail) $ in Millions | Jun. 30, 2018USD ($) |
Debt Disclosure [Abstract] | |
Aggregate lender commitments | $ 3,479 |
Borrowings outstanding | 12 |
Outstanding letters of credit | 31 |
Current availability | $ 3,436 |
Debt - Long-Term Debt Maturitie
Debt - Long-Term Debt Maturities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
2,018 | $ 108,629 | |
2019 (1) | 447,342 | |
2,020 | 1,190,946 | |
2,021 | 831,570 | |
2,022 | 1,279,151 | |
Thereafter | 5,631,965 | |
Subtotal | 9,489,603 | |
Premiums (discounts), net | (21,697) | |
Debt issuance costs, net | (40,782) | |
Total | 9,427,124 | $ 9,412,631 |
Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 0 | |
2019 (1) | 0 | |
2,020 | 11,658 | |
2,021 | 0 | |
2,022 | 0 | |
Thereafter | 0 | |
Subtotal | 11,658 | |
Premiums (discounts), net | 0 | |
Debt issuance costs, net | 0 | |
Total | 11,658 | 317,392 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 0 | |
2019 (1) | 0 | |
2,020 | 1,165,802 | |
2,021 | 816,060 | |
2,022 | 816,060 | |
Thereafter | 4,356,824 | |
Subtotal | 7,154,746 | |
Premiums (discounts), net | (23,909) | |
Debt issuance costs, net | (28,456) | |
Total | 7,102,381 | 6,067,277 |
Term Loans And Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 492 | |
2019 (1) | 1,014 | |
2,020 | 1,077 | |
2,021 | 910 | |
2,022 | 452,455 | |
Thereafter | 968,756 | |
Subtotal | 1,424,704 | |
Premiums (discounts), net | 0 | |
Debt issuance costs, net | (9,043) | |
Total | 1,415,661 | 2,060,491 |
Secured Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 108,137 | |
2019 (1) | 446,328 | |
2,020 | 12,409 | |
2,021 | 14,600 | |
2,022 | 10,636 | |
Thereafter | 306,385 | |
Subtotal | 898,495 | |
Premiums (discounts), net | 2,212 | |
Debt issuance costs, net | (3,283) | |
Total | $ 897,424 | $ 967,471 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018 | |
Prologis, L.P. [Member] | |
Noncontrolling Interest [Line Items] | |
Description of conversion rate | One share of common stock to one unit |
Noncontrolling Interests - Nonc
Noncontrolling Interests - Noncontrolling Interest Summary (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | ||
Noncontrolling Interest [Line Items] | |||
Operating Partnership noncontrolling interest | $ 2,624,175 | $ 2,660,242 | |
Noncontrolling interests | 3,087,933 | 3,074,583 | |
Total Assets | 29,502,882 | 29,481,075 | |
Total Liabilities | 10,776,379 | 10,775,334 | |
Non-controlling Interests [Member] | |||
Noncontrolling Interest [Line Items] | |||
Total Assets | 7,006,328 | 6,836,957 | |
Total Liabilities | $ 267,914 | $ 314,492 | |
Prologis US Logistics Venture [Member] | |||
Noncontrolling Interest [Line Items] | |||
Parent Company's Ownership Percentage | 55.00% | 55.00% | |
Operating Partnership noncontrolling interest | $ 2,539,930 | $ 2,581,629 | |
Total Assets | 6,186,215 | 6,030,819 | |
Total Liabilities | $ 238,101 | $ 284,162 | |
Other Consolidated Entities [Member] | |||
Noncontrolling Interest [Line Items] | |||
Parent Company's Ownership | [1] | various | various |
Operating Partnership noncontrolling interest | [1] | $ 84,245 | $ 78,613 |
Total Assets | [1] | 820,113 | 806,138 |
Total Liabilities | [1] | 29,813 | 30,330 |
Prologis, L.P. [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests | 2,624,175 | 2,660,242 | |
Total Assets | 29,502,882 | 29,481,075 | |
Total Liabilities | 10,776,379 | 10,775,334 | |
Prologis, L.P. [Member] | Non-controlling Interests [Member] | |||
Noncontrolling Interest [Line Items] | |||
Limited partners in Prologis, L.P. | [2],[3] | 463,758 | 414,341 |
Total Assets | [2],[3] | 0 | 0 |
Total Liabilities | [2],[3] | 0 | 0 |
Prologis Inc [Member] | |||
Noncontrolling Interest [Line Items] | |||
Total Assets | 7,006,328 | 6,836,957 | |
Total Liabilities | 267,914 | 314,492 | |
Prologis Inc [Member] | Non-controlling Interests [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests | $ 3,087,933 | $ 3,074,583 | |
[1] | This line item includes our two partnerships that have issued limited partnership units to third parties, as discussed above, along with various other consolidated entities. The limited partnership units outstanding at June 30, 2018 and December 31, 2017 were exchangeable into cash or, at our option, 0.9 million and 1.0 million shares of the Parent’s common stock. | ||
[2] | At June 30, 2018 and December 31, 2017, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 3.9 million and 4.1 million shares of the Parent’s common stock, respectively | ||
[3] | We had 8.8 million and 8.9 million Class A Units that were convertible into 8.4 million and 8.5 million limited partnership units of the OP at June 30, 2018 and December 31, 2017, respectively. |
Noncontrolling Interests - No49
Noncontrolling Interests - Noncontrolling Interest Summary (Parenthetical) (Detail) - shares shares in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Class A Common [Member] | ||
Noncontrolling Interest [Line Items] | ||
Outstanding limited partnership units, exchanged | 8.4 | 8.5 |
Units outstanding | 8.8 | 8.9 |
Common Unit [Member] | ||
Noncontrolling Interest [Line Items] | ||
Outstanding limited partnership units, exchanged | 3.9 | 4.1 |
Other Consolidated Entities [Member] | ||
Noncontrolling Interest [Line Items] | ||
Outstanding limited partnership units, exchanged | 0.9 | 1 |
Other Consolidated Entities [Member] | Common Stock [Member] | ||
Noncontrolling Interest [Line Items] | ||
Outstanding limited partnership units | 0.9 | 1 |
Long-Term Compensation - Additi
Long-Term Compensation - Additional Information (Detail) - USD ($) shares in Millions | 1 Months Ended | 6 Months Ended |
Jan. 31, 2018 | Jun. 30, 2018 | |
Prologis Out-Performance Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Performance Period | 3 years | |
Outperformance hurdle, above MSCI U.S. REIT Index | 1.00% | |
Prologis Out-Performance Plan [Member] | 2018 - 2020 Performance Periods [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 | $ 23,300,000 | |
Assumed risk free interest rate | 2.10% | |
Expected volatility rate | 16.50% | |
Prologis Out-Performance Plan [Member] | 2018 - 2020 Performance Periods [Member] | Tranche 1 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting rights, percentage | 20.00% | |
Prologis Out-Performance Plan [Member] | 2018 - 2020 Performance Periods [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 | 80.00% | |
Prologis Out-Performance Plan [Member] | 2015 - 2017 Performance Periods [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Aggregate of performance pool award | $ 110,200,000 | |
Common stock | 0.6 | |
Vested LTIP Units – POP | 1.2 | |
Prologis Out-Performance Plan [Member] | Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Prologis Out-Performance Plan [Member] | Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 10 years | |
PPP and Annual LTI Awards [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 4 years |
Long-Term Compensation - RSU Aw
Long-Term Compensation - RSU Awards (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Unvested Awards, Beginning Balance | shares | 1,374 |
Granted | shares | 738 |
Vested and distributed | shares | (769) |
Forfeited | shares | (31) |
Number of Unvested Awards, Ending Balance | shares | 1,312 |
Weighted Average Grant Date Fair Value | $ / shares | $ 45.57 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 61.01 |
Weighted Average Grant Date Fair Value, Vested and distributed | $ / shares | 45.36 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 53.71 |
Weighted Average Grant Date Fair Value | $ / shares | $ 54.21 |
Long-Term Compensation - LTIP U
Long-Term Compensation - LTIP Units Awards (Detail) - Long Term Incentive Plan Units [Member] shares in Thousands | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Beginning Balance | 1,532 |
Vested LTIP Units | 887 |
Vested LTIP Units – POP | 1,170 |
Conversion to common limited partnership units | (52) |
Number of Shares, Ending Balance | 3,537 |
Number of Unvested Awards, Beginning Balance | 1,829 |
Granted | 1,246 |
Forfeited | (70) |
Vested LTIP Units | (887) |
Number of Unvested Awards, Ending Balance | 2,118 |
Weighted Average Grant Date Fair Value | $ / shares | $ 46.48 |
Unvested Weighted Average Grant Date Fair Value, Granted | $ / shares | 60.95 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 47.66 |
Unvested Weighted Average Grant Date Fair Value, Vested LTIP Units | $ / shares | 45.25 |
Weighted Average Grant Date Fair Value, Vested LTIP Units - POP | $ / shares | 0 |
Weighted Average Gant Date Fair Value, Conversion to common limited partnership units | $ / shares | 0 |
Weighted Average Grant Date Fair Value | $ / shares | $ 55.46 |
Earnings Per Common Share or 53
Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share Unit (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Net earnings attributable to common stockholders/unit holders - Basic | $ 334,611 | $ 266,943 | $ 700,513 | $ 470,198 |
Net earnings attributable to exchangeable limited partnership units | 10,216 | 7,798 | 20,909 | 13,765 |
Adjusted net earnings attributable to common stockholders – Diluted | $ 344,827 | $ 274,741 | $ 721,422 | $ 483,963 |
Weighted average common shares/units outstanding – Basic | 532,639 | 530,040 | 532,427 | 529,400 |
Incremental weighted average effect on exchange of limited partnership units | 16,847 | 16,364 | 16,560 | 16,409 |
Incremental weighted average effect of equity awards | 5,029 | 5,710 | 5,079 | 4,703 |
Weighted average common shares/partnership units outstanding - Diluted | 554,515 | 552,114 | 554,066 | 550,512 |
Net earnings per share/unit attributable to common stockholders/unitholders - | ||||
Basic | $ 0.63 | $ 0.50 | $ 1.32 | $ 0.89 |
Diluted | $ 0.62 | $ 0.50 | $ 1.30 | $ 0.88 |
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 | $ 344,633 | $ 274,320 | $ 721,058 | $ 483,198 |
Net earnings attributable to exchangeable limited partnership units | 194 | 421 | 364 | 765 |
Adjusted net earnings attributable to common stockholders – Diluted | $ 344,827 | $ 274,741 | $ 721,422 | $ 483,963 |
Weighted average common shares/units outstanding – Basic | 540,084 | 536,060 | 539,547 | 535,392 |
Incremental weighted average effect on exchange of Class A convertible units | 8,477 | 8,626 | 8,495 | 8,645 |
Incremental weighted average effect on exchange of limited partnership units | 925 | 1,718 | 945 | 1,772 |
Incremental weighted average effect of equity awards | 5,029 | 5,710 | 5,079 | 4,703 |
Weighted average common shares/partnership units outstanding - Diluted | 554,515 | 552,114 | 554,066 | 550,512 |
Net earnings per share/unit attributable to common stockholders/unitholders - | ||||
Basic | $ 0.63 | $ 0.50 | $ 1.32 | $ 0.89 |
Diluted | $ 0.62 | $ 0.50 | $ 1.30 | $ 0.88 |
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 | $ (5,324) | $ (4,347) | $ (11,177) | $ (7,678) |
Adjusted net earnings attributable to common stockholders – Diluted | 5,324 | 4,347 | 11,177 | 7,678 |
Prologis, L.P. [Member] | Common Unit [Member] | ||||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Net earnings attributable to common stockholders/unit holders - Basic | $ 339,309 | $ 269,973 | $ 709,881 | $ 475,520 |
Earnings Per Common Share or 54
Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share Unit (Parenthetical) (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Total weighted average potential dilutive shares and units outstanding | 25,279 | 25,719 | 24,951 | 24,992 |
Prologis, L.P. [Member] | ||||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Total weighted average potentially dilutive Class A Units | 8,477 | 8,626 | 8,495 | 8,645 |
Total weighted average potentially dilutive other limited partnership units | 925 | 1,718 | 945 | 1,772 |
Total weighted average potentially dilutive equity awards | 8,432 | 9,355 | 8,391 | 8,583 |
Total weighted average potential dilutive shares and units outstanding | 17,834 | 19,699 | 17,831 | 19,000 |
Total weighted average potential dilutive common limited partnership units | 7,445 | 6,020 | 7,120 | 5,992 |
Financial Instruments and Fai55
Financial Instruments and Fair Value Measurements - Schedule of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Derivatives Fair Value [Line Items] | ||
Asset | $ 11,466 | $ 19,139 |
Liability | 12,720 | 32,229 |
Forwards [Member] | Mexico, Pesos | ||
Derivatives Fair Value [Line Items] | ||
Asset | 373 | 0 |
Liability | 0 | 0 |
Undesignated Derivatives [Member] | Forwards [Member] | GBP | ||
Derivatives Fair Value [Line Items] | ||
Asset | 142 | 2,440 |
Liability | 4,017 | 8,103 |
Undesignated Derivatives [Member] | Forwards [Member] | CAD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 1,469 | 0 |
Liability | 253 | 1,698 |
Undesignated Derivatives [Member] | Forwards [Member] | EUR | ||
Derivatives Fair Value [Line Items] | ||
Asset | 3,619 | 2 |
Liability | 6,380 | 14,234 |
Undesignated Derivatives [Member] | Forwards [Member] | JPY | ||
Derivatives Fair Value [Line Items] | ||
Asset | 3,992 | 6,474 |
Liability | 1,235 | 931 |
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | CAD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 1,871 | 0 |
Liability | 0 | 7,263 |
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | EUR | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 0 |
Liability | 280 | 0 |
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | CAD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 10,223 |
Liability | 0 | 0 |
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | EUR | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 0 |
Liability | $ 555 | $ 0 |
Financial Instruments and Fai56
Financial Instruments and Fair Value Measurements - Summary of Undesignated Foreign Currency Forwards Activity (Detail) - Undesignated Derivatives [Member] | 6 Months Ended | |
Jun. 30, 2018USD ($)Derivative | Jun. 30, 2017USD ($)Derivative | |
CAD | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 56,000,000 | $ 38,000,000 |
New contracts | 13,000,000 | 0 |
Matured, expired or settled contracts | (14,000,000) | (12,000,000) |
Notional amounts at June 30 | $ 55,000,000 | $ 26,000,000 |
Weighted average forward rate at June 30 | 1.28 | 1.32 |
Active contracts at June 30 | Derivative | 24 | 12 |
China, Yuan Renminbi | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 0 | |
New contracts | 80,000,000 | |
Matured, expired or settled contracts | (80,000,000) | |
Notional amounts at June 30 | $ 0 | |
Weighted average forward rate at June 30 | 0 | |
Active contracts at June 30 | Derivative | 0 | |
EUR | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 233,000,000 | $ 197,000,000 |
New contracts | 54,000,000 | 63,000,000 |
Matured, expired or settled contracts | (55,000,000) | (56,000,000) |
Notional amounts at June 30 | $ 232,000,000 | $ 204,000,000 |
Weighted average forward rate at June 30 | 1.20 | 1.13 |
Active contracts at June 30 | Derivative | 29 | 26 |
GBP | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 132,000,000 | $ 78,000,000 |
New contracts | 0 | 137,000,000 |
Matured, expired or settled contracts | (36,000,000) | (46,000,000) |
Notional amounts at June 30 | $ 96,000,000 | $ 169,000,000 |
Weighted average forward rate at June 30 | 1.30 | 1.33 |
Active contracts at June 30 | Derivative | 16 | 22 |
Mexico, Pesos | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 0 | |
New contracts | 10,000,000 | |
Matured, expired or settled contracts | (10,000,000) | |
Notional amounts at June 30 | $ 0 | |
Weighted average forward rate at June 30 | 0 | |
Active contracts at June 30 | Derivative | 0 | |
JPY | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 153,000,000 | $ 144,000,000 |
New contracts | 28,000,000 | 38,000,000 |
Matured, expired or settled contracts | (36,000,000) | (31,000,000) |
Notional amounts at June 30 | $ 145,000,000 | $ 151,000,000 |
Weighted average forward rate at June 30 | 105.53 | 106.51 |
Active contracts at June 30 | Derivative | 32 | 32 |
Financial Instruments and Fai57
Financial Instruments and Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)Forward_contract | Jun. 30, 2017USD ($)Forward_contract | |
Derivatives Fair Value [Line Items] | ||||
Number of forward contracts exercised | Forward_contract | 31 | 22 | ||
Gains (losses) from forward contracts exercised | $ (1,100,000) | $ 3,600,000 | $ (7,900,000) | $ 8,900,000 |
Hedge ineffectiveness | 0 | 0 | ||
Foreign currency translation gains (losses), net | (147,813,000) | 3,162,000 | (143,043,000) | 42,829,000 |
Forwards [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Unrealized gains (losses) on foreign exchange transactions | 30,100,000 | (18,800,000) | 17,200,000 | (32,500,000) |
Forward Contracts [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Foreign currency translation gains (losses), net | $ 64,600,000 | $ (7,200,000) | $ 40,300,000 | $ (11,300,000) |
Financial Instruments and Fai58
Financial Instruments and Fair Value Measurements - Foreign Currency Contracts Activity (Detail) - Forwards [Member] | 6 Months Ended | |
Jun. 30, 2018USD ($)Derivative | Jun. 30, 2017USD ($)Derivative | |
CAD | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 99,000,000 | $ 100,000,000 |
New contracts | 100,000,000 | 99,000,000 |
Matured, expired or settled contracts | (99,000,000) | (100,000,000) |
Notional amounts at June 30 | $ 100,000,000 | $ 99,000,000 |
Weighted average forward rate at June 30 | 1.28 | 1.34 |
Active contracts at June 30 | Derivative | 2 | 2 |
EUR | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 0 | |
New contracts | 35,000,000 | |
Matured, expired or settled contracts | 0 | |
Notional amounts at June 30 | $ 35,000,000 | |
Weighted average forward rate at June 30 | 1.16 | |
Active contracts at June 30 | Derivative | 1 | |
GBP | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 46,000,000 | |
New contracts | 127,000,000 | |
Matured, expired or settled contracts | (173,000,000) | |
Notional amounts at June 30 | $ 0 | |
Weighted average forward rate at June 30 | 0 | |
Active contracts at June 30 | Derivative | 0 |
Financial Instruments and Fai59
Financial Instruments and Fair Value Measurements - Summary of Activity in Interest Rate Swaps (Detail) - Interest Rate Swaps [Member] - USD ($) | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
CAD | |||
Derivative [Line Items] | |||
Notional amounts at January 1 | $ 271,000,000 | $ 271,000,000 | |
New contracts | [1] | 0 | 0 |
Matured, expired or settled contracts | [2] | (271,000,000) | 0 |
Notional amounts at June 30 | 0 | $ 271,000,000 | |
EUR | |||
Derivative [Line Items] | |||
Notional amounts at January 1 | 0 | ||
New contracts | [1] | 500,000,000 | |
Matured, expired or settled contracts | [2] | 0 | |
Notional amounts at June 30 | 500,000,000 | ||
USD | |||
Derivative [Line Items] | |||
Notional amounts at January 1 | 0 | ||
New contracts | [1] | 300,000,000 | |
Matured, expired or settled contracts | [2] | (300,000,000) | |
Notional amounts at June 30 | $ 0 | ||
[1] | During the six months ended June 30, 2018, we entered into two interest rate swap contracts with an aggregated notional amount of €400.0 million ($499.7 million) to effectively fix the interest rate on our senior notes bearing a floating rate of Euribor plus 0.25% issued in January 2018. | ||
[2] | During the six months ended June 30, 2018, we repaid CAD 201.4 million ($158.9 million) on our 2015 Canadian Term Loan, leaving CAD 170.5 million ($128.7 million at June 30, 2018) outstanding. At that time, we settled the interest rate swap contracts related to the 2015 Canadian Term Loan as we determined at that time it was no longer probable that we would continue to have the future cash flows as originally hedged. As a result, the $12.5 million gain in Accumulated Other Comprehensive Income (Loss) “AOCI/L” at the time of settlement was reclassified to Interest Expense during the first quarter of 2018. |
Financial Instruments and Fai60
Financial Instruments and Fair Value Measurements - Summary of Activity in Interest Rate Swaps (Parenthetical) (Detail) € in Millions, $ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2018 | Mar. 31, 2018USD ($) | Jun. 30, 2018USD ($)Contract | Jun. 30, 2018CAD ($)Contract | Jun. 30, 2018EUR (€) | Jun. 30, 2018CAD ($) | |
Senior Notes [Member] | Interest Rate Swaps [Member] | ||||||
Derivative [Line Items] | ||||||
Number of Contracts | Contract | 2 | 2 | ||||
Notional value of derivative | $ 499.7 | € 400 | ||||
2015 Canadian Term Loan [Member] | Interest Rate Swaps [Member] | ||||||
Derivative [Line Items] | ||||||
Notional value of derivative | 128.7 | $ 170.5 | ||||
Repayments of debt | $ 158.9 | $ 201.4 | ||||
Gain on derivative | $ | $ 12.5 | |||||
Euribor [Member] | Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Interest rate | 0.25% | 0.25% | 0.25% |
Financial Instruments and Fai61
Financial Instruments and Fair Value Measurements - Summary of Debt, Net of Accrued Interest, Designated as Nonderivative Financial Instrument (Detail) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Derivatives Fair Value [Line Items] | ||
Senior Notes Outstanding | $ 7,100 | |
Designated As Hedging Instrument [Member] | British Pound Sterling Senior Notes [Member] | ||
Derivatives Fair Value [Line Items] | ||
Senior Notes Outstanding | 267 | $ 436 |
Designated As Hedging Instrument [Member] | Euro Senior Notes [Member] | ||
Derivatives Fair Value [Line Items] | ||
Senior Notes Outstanding | $ 3,550 | $ 3,620 |
Financial Instruments and Fai62
Financial Instruments and Fair Value Measurements - Summary of Changes in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative translation adjustment | $ (373,292) | $ 225,631 | $ (261,738) | $ 307,530 |
Foreign currency translation gains (losses), net | (147,813) | 3,162 | (143,043) | 42,829 |
Total unrealized gains (losses) on derivative contracts, net | 2,131 | 6,735 | (4,156) | 9,366 |
Total change in other comprehensive income (loss) | (145,682) | 9,897 | (147,199) | 52,195 |
Designated As Hedging Instrument [Member] | Derivative Net Investment Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total derivative hedging instruments | 1,740 | 7,197 | 4,833 | 9,491 |
Designated As Hedging Instrument [Member] | Non derivative Net Investment Hedge [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Nonderivative financial instruments | 223,739 | (229,666) | 113,862 | (274,192) |
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total derivative hedging instruments | 963 | 4,559 | (8,322) | 4,988 |
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 | $ 1,168 | $ 2,176 | $ 4,166 | $ 4,378 |
Financial Instruments and Fai63
Financial Instruments and Fair Value Measurements - Summary of Changes in Other Comprehensive Income (Loss) (Parenthetical) (Detail) $ in Millions | Jun. 30, 2018USD ($) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |
Derivative Instruments Gain Loss [Line Items] | |
Amount to be reclassified to interest expense, next 12 months | $ 4.2 |
Financial Instruments and Fai64
Financial Instruments and Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | $ 9,427,124 | $ 9,412,631 |
Fair Value of Debt | 9,828,243 | 9,955,795 |
Credit Facilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 11,658 | 317,392 |
Fair Value of Debt | 11,660 | 317,496 |
Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 7,102,381 | 6,067,277 |
Fair Value of Debt | 7,447,585 | 6,537,100 |
Term Loans and Unsecured Other Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 1,415,661 | 2,060,491 |
Fair Value of Debt | 1,431,793 | 2,075,002 |
Secured Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 897,424 | 967,471 |
Fair Value of Debt | $ 937,205 | $ 1,026,197 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Business Segments - Segment Rep
Business Segments - Segment Reporting, Reconciliation of Revenues, Operating Income and Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||||
Total revenues | $ 621,276 | $ 766,183 | $ 1,314,932 | $ 1,395,338 | ||
Operating income | 187,294 | 275,272 | 424,401 | 437,158 | ||
General and administrative expenses | 57,615 | 60,077 | 120,043 | 113,694 | ||
Depreciation and amortization expenses | 203,673 | 228,145 | 407,754 | 454,736 | ||
Earnings from unconsolidated entities, net | 62,549 | 68,596 | 125,205 | 117,201 | ||
Interest expense | (56,314) | (75,354) | (102,575) | (148,266) | ||
Interest and other income, net | 5,641 | 1,892 | 7,617 | 4,677 | ||
Gains on dispositions of investments in real estate, net | 94,261 | 83,006 | 289,372 | 180,331 | ||
Foreign currency and derivative gains (losses), net | 85,382 | (20,055) | 44,288 | (27,455) | ||
Gains (losses) on early extinguishment of debt, net | 282 | (30,596) | (702) | (30,596) | ||
Earnings before income taxes | 379,095 | 302,761 | 787,606 | 533,050 | ||
Total assets | 29,502,882 | 29,502,882 | $ 29,481,075 | |||
Investments in and advances to unconsolidated entities | 5,414,623 | 5,414,623 | 5,496,450 | |||
Assets held for sale or contribution | 892,546 | 892,546 | 342,060 | |||
Notes receivable backed by real estate | 0 | 0 | 34,260 | |||
Cash and cash equivalents | 527,830 | 271,354 | 527,830 | 271,354 | 447,046 | $ 807,316 |
Other assets | 1,396,417 | 1,396,417 | 1,381,963 | |||
Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 621,276 | 766,183 | 1,314,932 | 1,395,338 | ||
Operating income | 448,582 | 563,494 | 952,198 | 1,005,588 | ||
Total assets | 22,462,021 | 22,462,021 | 22,960,741 | |||
Operating Segments [Member] | Real Estate Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 545,579 | 585,529 | 1,106,274 | 1,157,639 | ||
Operating income | 407,735 | 434,826 | 822,250 | 851,674 | ||
Total assets | 22,419,962 | 22,419,962 | 22,918,099 | |||
Operating Segments [Member] | Strategic Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 75,697 | 180,654 | 208,658 | 237,699 | ||
Operating income | 40,847 | 128,668 | 129,948 | 153,914 | ||
Total assets | 42,059 | 42,059 | 42,642 | |||
Operating Segments [Member] | U.S. [Member] | Real Estate Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 491,051 | 529,841 | 990,308 | 1,053,988 | ||
Operating income | 367,935 | 396,274 | 737,299 | 780,374 | ||
Total assets | 18,807,476 | 18,807,476 | 19,058,610 | |||
Operating Segments [Member] | U.S. [Member] | Strategic Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 17,905 | 130,677 | 33,974 | 142,585 | ||
Operating income | 5,893 | 99,668 | 1,657 | 101,607 | ||
Total assets | 16,438 | 16,438 | 16,818 | |||
Operating Segments [Member] | Other Americas [Member] | Real Estate Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 29,948 | 16,444 | 60,379 | 31,533 | ||
Operating income | 22,488 | 10,384 | 45,411 | 20,366 | ||
Total assets | 1,618,701 | 1,618,701 | 1,767,385 | |||
Operating Segments [Member] | Other Americas [Member] | Strategic Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 12,256 | 9,864 | 18,409 | 15,915 | ||
Operating income | 9,032 | 7,587 | 11,939 | 10,732 | ||
Operating Segments [Member] | Europe [Member] | Real Estate Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 12,908 | 22,076 | 30,110 | 40,307 | ||
Operating income | 8,693 | 16,401 | 21,152 | 29,259 | ||
Total assets | 970,749 | 970,749 | 1,008,340 | |||
Operating Segments [Member] | Europe [Member] | Strategic Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 28,488 | 25,973 | 67,305 | 52,235 | ||
Operating income | 19,382 | 16,342 | 47,045 | 32,732 | ||
Total assets | 25,280 | 25,280 | 25,280 | |||
Operating Segments [Member] | Asia [Member] | Real Estate Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 11,672 | 17,168 | 25,477 | 31,811 | ||
Operating income | 8,619 | 11,767 | 18,388 | 21,675 | ||
Total assets | 1,023,036 | 1,023,036 | 1,083,764 | |||
Operating Segments [Member] | Asia [Member] | Strategic Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 17,048 | 14,140 | 88,970 | 26,964 | ||
Operating income | 6,540 | 5,071 | 69,307 | 8,843 | ||
Total assets | 341 | 341 | 544 | |||
Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating income | 187,294 | 275,272 | 424,401 | 437,158 | ||
General and administrative expenses | 57,615 | 60,077 | 120,043 | 113,694 | ||
Depreciation and amortization expenses | 203,673 | 228,145 | 407,754 | 454,736 | ||
Earnings from unconsolidated entities, net | 62,549 | 68,596 | 125,205 | 117,201 | ||
Interest expense | (56,314) | (75,354) | (102,575) | (148,266) | ||
Interest and other income, net | 5,641 | 1,892 | 7,617 | 4,677 | ||
Gains on dispositions of investments in real estate, net | 94,261 | $ 83,006 | 289,372 | $ 180,331 | ||
Total assets | 7,040,861 | 7,040,861 | 6,520,334 | |||
Investments in and advances to unconsolidated entities | 5,414,623 | 5,414,623 | 5,496,450 | |||
Assets held for sale or contribution | 892,546 | 892,546 | 342,060 | |||
Notes receivable backed by real estate | 0 | 0 | 34,260 | |||
Cash and cash equivalents | 527,830 | 527,830 | 447,046 | |||
Other assets | $ 205,862 | $ 205,862 | $ 200,518 |
Supplemental Cash Flow Inform67
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Supplemental Cash Flow Information [Line Items] | ||
Capitalization for equity based compensation expense | $ 14.1 | $ 14 |
Noncash acquisition, real estate acquired | 11.8 | |
Notes receivable backed by real estate | 19.5 | |
Interest paid, net of amounts capitalized | 154.4 | 188.1 |
Cash paid for income taxes, net of refunds | 32.3 | $ 23.6 |
Limited Partners [Member] | Prologis, L.P. [Member] | Common [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
PLD units redeemed for common shares | 0.7 | |
Unconsolidated Entities [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
Equity ownership interest received | $ 105.4 | $ 22.8 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - DCT and DCT OP [Member] $ in Billions | Apr. 29, 2018USD ($) |
Subsequent Event [Line Items] | |
Business acquisition, date of acquisition agreement | Apr. 29, 2018 |
Value of common stock issued as consideration | $ 8.2 |
Business acquisition stock conversion ratio | 1.02 |