Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 23, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Prologis, Inc. | |
Entity Central Index Key | 0001045609 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 739,223,000 | |
Entity Shell Company | false | |
Entity File Number | 001-13545 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 94-3281941 | |
Entity Address, Address Line One | Pier 1, Bay 1 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94111 | |
City Area Code | 415 | |
Local Phone Number | 394-9000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | PLD | |
Security Exchange Name | NYSE | |
Prologis LP [Member] | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Prologis, L.P. | |
Entity Central Index Key | 0001045610 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-14245 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3285362 | |
Entity Address, Address Line One | Pier 1, Bay 1 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94111 | |
City Area Code | 415 | |
Local Phone Number | 394-9000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Prologis LP [Member] | Notes 3. 000 Percent Due 2022 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 3.000% Notes due 2022 | |
Trading Symbol | PLD/22 | |
Security Exchange Name | NYSE | |
Prologis LP [Member] | Notes 3. 375 Percent Due 2024 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 3.375% Notes due 2024 | |
Trading Symbol | PLD/24 | |
Security Exchange Name | NYSE | |
Prologis LP [Member] | Notes 3. 000 Percent Due 2026 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 3.000% Notes due 2026 | |
Trading Symbol | PLD/26 | |
Security Exchange Name | NYSE | |
Prologis LP [Member] | Notes 2. 250 Percent Due 2029 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 2.250% Notes due 2029 | |
Trading Symbol | PLD/29 | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Investments in real estate properties | $ 49,106,359 | $ 35,224,414 |
Less accumulated depreciation | 6,229,744 | 5,437,662 |
Net investments in real estate properties | 42,876,615 | 29,786,752 |
Investments in and advances to unconsolidated entities | 7,310,960 | 6,237,371 |
Assets held for sale or contribution | 1,757,187 | 720,685 |
Net investments in real estate | 51,944,762 | 36,744,808 |
Lease right-of-use assets | 455,704 | 486,330 |
Cash and cash equivalents | 940,193 | 1,088,855 |
Other assets | 2,418,939 | 1,711,857 |
Total assets | 55,759,598 | 40,031,850 |
Liabilities: | ||
Debt | 16,518,126 | 11,905,877 |
Lease liabilities | 448,534 | 471,634 |
Accounts payable and accrued expenses | 1,119,124 | 704,954 |
Other liabilities | 1,184,507 | 877,601 |
Total liabilities | 19,270,291 | 13,960,066 |
Prologis, Inc. stockholders’ equity: | ||
Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,279 and 1,379 shares issued and outstanding and 100,000 preferred shares authorized at September 30, 2020 and December 31, 2019, respectively | 63,948 | 68,948 |
Common stock; $0.01 par value; 738,965 shares and 631,797 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively | 7,390 | 6,318 |
Additional paid-in capital | 35,456,223 | 25,719,427 |
Accumulated other comprehensive loss | (1,184,465) | (990,398) |
Distributions in excess of net earnings | (2,245,921) | (2,151,168) |
Total Prologis, Inc. stockholders’ equity | 32,097,175 | 22,653,127 |
Partners' capital: | ||
Noncontrolling interests | 4,392,132 | 3,418,657 |
Total equity | 36,489,307 | 26,071,784 |
Total liabilities and equity | 55,759,598 | 40,031,850 |
Prologis, L.P. [Member] | ||
ASSETS | ||
Investments in real estate properties | 49,106,359 | 35,224,414 |
Less accumulated depreciation | 6,229,744 | 5,437,662 |
Net investments in real estate properties | 42,876,615 | 29,786,752 |
Investments in and advances to unconsolidated entities | 7,310,960 | 6,237,371 |
Assets held for sale or contribution | 1,757,187 | 720,685 |
Net investments in real estate | 51,944,762 | 36,744,808 |
Lease right-of-use assets | 455,704 | 486,330 |
Cash and cash equivalents | 940,193 | 1,088,855 |
Other assets | 2,418,939 | 1,711,857 |
Total assets | 55,759,598 | 40,031,850 |
Liabilities: | ||
Debt | 16,518,126 | 11,905,877 |
Lease liabilities | 448,534 | 471,634 |
Accounts payable and accrued expenses | 1,119,124 | 704,954 |
Other liabilities | 1,184,507 | 877,601 |
Total liabilities | 19,270,291 | 13,960,066 |
Partners' capital: | ||
Total partners' capital | 32,986,311 | 23,296,390 |
Noncontrolling interests | 3,502,996 | 2,775,394 |
Total capital | 36,489,307 | 26,071,784 |
Total liabilities and equity | 55,759,598 | 40,031,850 |
Prologis, L.P. [Member] | Preferred [Member] | ||
Partners' capital: | ||
General partner | 63,948 | 68,948 |
Prologis, L.P. [Member] | Common [Member] | ||
Partners' capital: | ||
General partner | 32,033,227 | 22,584,179 |
Limited partners | 541,626 | 355,076 |
Prologis, L.P. [Member] | Class A Common [Member] | ||
Partners' capital: | ||
Limited partners | $ 347,510 | $ 288,187 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, liquidation preference per share | $ 50 | $ 50 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 1,279,000 | 1,379,000 |
Preferred stock, shares outstanding | 1,279,000 | 1,379,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 738,965,000 | 631,797,000 |
Common stock, shares outstanding | 738,965,000 | 631,797,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues: | ||||
Rental | $ 980,148 | $ 710,465 | $ 2,803,321 | $ 2,107,961 |
Strategic capital | 98,993 | 230,467 | 516,242 | 393,416 |
Development management and other | 3,632 | 1,249 | 7,575 | 3,228 |
Total revenues | 1,082,773 | 942,181 | 3,327,138 | 2,504,605 |
Expenses: | ||||
Rental | 245,490 | 180,864 | 705,217 | 550,070 |
Strategic capital | 45,791 | 63,404 | 173,910 | 138,668 |
General and administrative | 74,348 | 65,199 | 208,701 | 201,176 |
Depreciation and amortization | 400,738 | 282,254 | 1,144,903 | 850,639 |
Other | 3,020 | 2,294 | 25,573 | 9,643 |
Total expenses | 769,387 | 594,015 | 2,258,304 | 1,750,196 |
Operating income before gains on real estate transactions, net | 313,386 | 348,166 | 1,068,834 | 754,409 |
Gains on dispositions of development properties and land, net | 134,207 | 63,935 | 383,373 | 303,317 |
Gains on other dispositions of investments in real estate, net | 108,927 | 59,379 | 184,357 | 232,400 |
Operating income | 556,520 | 471,480 | 1,636,564 | 1,290,126 |
Other income (expense): | ||||
Earnings from unconsolidated entities, net | 73,972 | 46,302 | 216,844 | 151,524 |
Interest expense | (80,711) | (60,244) | (237,651) | (179,873) |
Interest and other income (expense), net | (5,866) | 654 | (4,469) | 12,876 |
Foreign currency and derivative gains (losses), net | (100,974) | 59,492 | (48,481) | 70,267 |
Losses on early extinguishment of debt, net | (98,266) | (13,585) | (164,606) | (16,086) |
Total other income (expense) | (211,845) | 32,619 | (238,363) | 38,708 |
Earnings before income taxes | 344,675 | 504,099 | 1,398,201 | 1,328,834 |
Total income tax expense | 12,154 | 13,086 | 89,578 | 53,230 |
Consolidated net earnings | 332,521 | 491,013 | 1,308,623 | 1,275,604 |
Less net earnings attributable to noncontrolling interests | 29,827 | 38,867 | 108,703 | 89,636 |
Net earnings attributable to controlling interests | 302,694 | 452,146 | 1,199,920 | 1,185,968 |
Less preferred stock/unit dividends/distributions | 1,652 | 1,507 | 4,921 | 4,498 |
Loss on preferred stock repurchase | 2,347 | 0 | 2,347 | 0 |
Net earnings attributable to common stockholders/unitholders | $ 298,695 | $ 450,639 | $ 1,192,652 | $ 1,181,470 |
Weighted average common shares/units outstanding - Basic | 738,194 | 630,929 | 724,876 | 630,356 |
Weighted average common shares/units outstanding - Diluted | 764,619 | 655,259 | 750,971 | 654,818 |
Net earnings per share/unit attributable to common stockholders/unitholders - Basic | $ 0.40 | $ 0.71 | $ 1.65 | $ 1.87 |
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | $ 0.40 | $ 0.71 | $ 1.63 | $ 1.86 |
Prologis, L.P. [Member] | ||||
Revenues: | ||||
Rental | $ 980,148 | $ 710,465 | $ 2,803,321 | $ 2,107,961 |
Strategic capital | 98,993 | 230,467 | 516,242 | 393,416 |
Development management and other | 3,632 | 1,249 | 7,575 | 3,228 |
Total revenues | 1,082,773 | 942,181 | 3,327,138 | 2,504,605 |
Expenses: | ||||
Rental | 245,490 | 180,864 | 705,217 | 550,070 |
Strategic capital | 45,791 | 63,404 | 173,910 | 138,668 |
General and administrative | 74,348 | 65,199 | 208,701 | 201,176 |
Depreciation and amortization | 400,738 | 282,254 | 1,144,903 | 850,639 |
Other | 3,020 | 2,294 | 25,573 | 9,643 |
Total expenses | 769,387 | 594,015 | 2,258,304 | 1,750,196 |
Operating income before gains on real estate transactions, net | 313,386 | 348,166 | 1,068,834 | 754,409 |
Gains on dispositions of development properties and land, net | 134,207 | 63,935 | 383,373 | 303,317 |
Gains on other dispositions of investments in real estate, net | 108,927 | 59,379 | 184,357 | 232,400 |
Operating income | 556,520 | 471,480 | 1,636,564 | 1,290,126 |
Other income (expense): | ||||
Earnings from unconsolidated entities, net | 73,972 | 46,302 | 216,844 | 151,524 |
Interest expense | (80,711) | (60,244) | (237,651) | (179,873) |
Interest and other income (expense), net | (5,866) | 654 | (4,469) | 12,876 |
Foreign currency and derivative gains (losses), net | (100,974) | 59,492 | (48,481) | 70,267 |
Losses on early extinguishment of debt, net | (98,266) | (13,585) | (164,606) | (16,086) |
Total other income (expense) | (211,845) | 32,619 | (238,363) | 38,708 |
Earnings before income taxes | 344,675 | 504,099 | 1,398,201 | 1,328,834 |
Total income tax expense | 12,154 | 13,086 | 89,578 | 53,230 |
Consolidated net earnings | 332,521 | 491,013 | 1,308,623 | 1,275,604 |
Less net earnings attributable to noncontrolling interests | 21,453 | 25,509 | 74,709 | 54,018 |
Net earnings attributable to controlling interests | 311,068 | 465,504 | 1,233,914 | 1,221,586 |
Less preferred stock/unit dividends/distributions | 1,652 | 1,507 | 4,921 | 4,498 |
Loss on preferred stock repurchase | 2,347 | 0 | 2,347 | 0 |
Net earnings attributable to common stockholders/unitholders | $ 307,069 | $ 463,997 | $ 1,226,646 | $ 1,217,088 |
Weighted average common shares/units outstanding - Basic | 750,971 | 641,229 | 737,489 | 641,077 |
Weighted average common shares/units outstanding - Diluted | 764,619 | 655,259 | 750,971 | 654,818 |
Net earnings per share/unit attributable to common stockholders/unitholders - Basic | $ 0.40 | $ 0.71 | $ 1.65 | $ 1.87 |
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | $ 0.40 | $ 0.71 | $ 1.63 | $ 1.86 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Consolidated net earnings | $ 332,521 | $ 491,013 | $ 1,308,623 | $ 1,275,604 |
Other comprehensive income (loss): | ||||
Foreign currency translation gains (losses), net | (45,576) | 30,053 | (180,162) | 42,471 |
Unrealized gains (losses) on derivative contracts, net | 2,379 | (616) | (19,696) | (6,974) |
Comprehensive income | 289,324 | 520,450 | 1,108,765 | 1,311,101 |
Net earnings attributable to noncontrolling interests | (29,827) | (38,867) | (108,703) | (89,636) |
Other comprehensive loss (income) attributable to noncontrolling interests | 861 | (574) | 5,791 | (1,072) |
Comprehensive income attributable to common stockholders/unitholders | 260,358 | 481,009 | 1,005,853 | 1,220,393 |
Prologis, L.P. [Member] | ||||
Consolidated net earnings | 332,521 | 491,013 | 1,308,623 | 1,275,604 |
Other comprehensive income (loss): | ||||
Foreign currency translation gains (losses), net | (45,576) | 30,053 | (180,162) | 42,471 |
Unrealized gains (losses) on derivative contracts, net | 2,379 | (616) | (19,696) | (6,974) |
Comprehensive income | 289,324 | 520,450 | 1,108,765 | 1,311,101 |
Net earnings attributable to noncontrolling interests | (21,453) | (25,509) | (74,709) | (54,018) |
Other comprehensive loss (income) attributable to noncontrolling interests | (217) | 245 | 405 | (88) |
Comprehensive income attributable to common stockholders/unitholders | $ 267,654 | $ 495,186 | $ 1,034,461 | $ 1,256,995 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions in Excess of Net Earnings [Member] | Noncontrolling Interests [Member] |
Balance at Dec. 31, 2018 | $ 25,800,888 | $ 68,948 | $ 6,296 | $ 25,685,987 | $ (1,084,671) | $ (2,378,467) | $ 3,502,795 |
Balance, shares at Dec. 31, 2018 | 629,616 | ||||||
Consolidated net earnings | 1,275,604 | 1,185,968 | 89,636 | ||||
Effect of equity compensation plans | 74,072 | $ 10 | 22,480 | 51,582 | |||
Effect of equity compensation plans, shares | 942 | ||||||
Capital contributions | 9,076 | 9,076 | |||||
Purchase of noncontrolling interests | (1,375) | 2,557 | (3,932) | ||||
Redemption of noncontrolling interests | (105,491) | $ 11 | 31,630 | (137,132) | |||
Redemption of noncontrolling interests, shares | 1,185 | ||||||
Contribution to Brazil venture | (12,630) | (12,630) | |||||
Foreign currency translation gains (losses), net | 42,471 | 41,206 | 1,265 | ||||
Unrealized gains (losses) on derivative contracts, net | (6,974) | (6,781) | (193) | ||||
Reallocation of equity | (48,985) | 48,985 | |||||
Dividends and other distributions | (1,140,064) | (17) | (1,008,962) | (131,085) | |||
Balance at Sep. 30, 2019 | 25,935,577 | 68,948 | $ 6,317 | 25,693,652 | (1,050,246) | (2,201,461) | 3,418,367 |
Balance, shares at Sep. 30, 2019 | 631,743 | ||||||
Balance at Jun. 30, 2019 | 25,777,433 | 68,948 | $ 6,311 | 25,651,666 | (1,079,109) | (2,317,008) | 3,446,625 |
Balance, shares at Jun. 30, 2019 | 631,054 | ||||||
Consolidated net earnings | 491,013 | 452,146 | 38,867 | ||||
Effect of equity compensation plans | 26,200 | $ 1 | 11,938 | 14,261 | |||
Effect of equity compensation plans, shares | 51 | ||||||
Capital contributions | 5 | 5 | |||||
Purchase of noncontrolling interests | (1,375) | 2,557 | (3,932) | ||||
Redemption of noncontrolling interests | (9,607) | $ 5 | 22,158 | (31,770) | |||
Redemption of noncontrolling interests, shares | 638 | ||||||
Foreign currency translation gains (losses), net | 30,053 | 29,469 | 584 | ||||
Unrealized gains (losses) on derivative contracts, net | (616) | (606) | (10) | ||||
Reallocation of equity | 5,333 | (5,333) | |||||
Dividends and other distributions | (377,529) | (336,599) | (40,930) | ||||
Balance at Sep. 30, 2019 | 25,935,577 | 68,948 | $ 6,317 | 25,693,652 | (1,050,246) | (2,201,461) | 3,418,367 |
Balance, shares at Sep. 30, 2019 | 631,743 | ||||||
Balance at Dec. 31, 2019 | $ 26,071,784 | $ 68,948 | $ 6,318 | 25,719,427 | (990,398) | (2,151,168) | 3,418,657 |
Balance, shares at Dec. 31, 2019 | 631,797 | 631,797 | |||||
Consolidated net earnings | $ 1,308,623 | 1,199,920 | 108,703 | ||||
Effect of equity compensation plans | 85,008 | $ 7 | 21,096 | 63,905 | |||
Effect of equity compensation plans, shares | 655 | ||||||
Liberty Transaction, net of issuance costs | 10,013,526 | $ 1,067 | 9,801,373 | 211,086 | |||
Liberty Transaction, net of issuance costs, shares | 106,723 | ||||||
Issuance of units related to acquisitions | 48,533 | 48,533 | |||||
Repurchase of common shares | (34,829) | $ (5) | (34,824) | ||||
Repurchase of common shares, shares | (539) | ||||||
Repurchase of preferred stock | (7,200) | 147 | (2,347) | ||||
Repurchase of preferred stock, shares | (5,000) | ||||||
Capital contributions | 916,974 | 916,974 | |||||
Redemption of noncontrolling interests | (111,777) | $ 3 | 14,249 | (126,029) | |||
Redemption of noncontrolling interests, shares | 329 | ||||||
Foreign currency translation gains (losses), net | (180,162) | (174,903) | (5,259) | ||||
Unrealized gains (losses) on derivative contracts, net | (19,696) | (19,164) | (532) | ||||
Reallocation of equity | (64,752) | 64,752 | |||||
Dividends and other distributions | (1,601,477) | (493) | (1,292,326) | (308,658) | |||
Balance at Sep. 30, 2020 | $ 36,489,307 | $ 63,948 | $ 7,390 | 35,456,223 | (1,184,465) | (2,245,921) | 4,392,132 |
Balance, shares at Sep. 30, 2020 | 738,965 | 738,965 | |||||
Balance at Jun. 30, 2020 | $ 36,746,209 | $ 68,948 | $ 7,387 | 35,424,401 | (1,142,129) | (2,115,679) | 4,503,281 |
Balance, shares at Jun. 30, 2020 | 738,732 | ||||||
Consolidated net earnings | 332,521 | 302,694 | 29,827 | ||||
Effect of equity compensation plans | 35,180 | $ 1 | 14,274 | 20,905 | |||
Effect of equity compensation plans, shares | 9 | ||||||
Issuance of units related to acquisitions | 48,533 | 48,533 | |||||
Repurchase of preferred stock | (7,200) | 147 | (2,347) | ||||
Repurchase of preferred stock, shares | (5,000) | ||||||
Redemption of noncontrolling interests | (69,034) | $ 2 | 9,698 | (78,734) | |||
Redemption of noncontrolling interests, shares | 224 | ||||||
Foreign currency translation gains (losses), net | (45,576) | (44,637) | (939) | ||||
Unrealized gains (losses) on derivative contracts, net | 2,379 | 2,301 | 78 | ||||
Reallocation of equity | 7,707 | (7,707) | |||||
Dividends and other distributions | (553,705) | (4) | (430,589) | (123,112) | |||
Balance at Sep. 30, 2020 | $ 36,489,307 | $ 63,948 | $ 7,390 | $ 35,456,223 | $ (1,184,465) | $ (2,245,921) | $ 4,392,132 |
Balance, shares at Sep. 30, 2020 | 738,965 | 738,965 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||||
Dividends per common share | $ 0.58 | $ 0.53 | $ 1.74 | $ 1.59 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating activities: | ||
Consolidated net earnings | $ 1,308,623 | $ 1,275,604 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Straight-lined rents and amortization of above and below market leases | (88,637) | (77,157) |
Equity-based compensation awards | 86,360 | 72,467 |
Depreciation and amortization | 1,144,903 | 850,639 |
Earnings from unconsolidated entities, net | (216,844) | (151,524) |
Operating distributions from unconsolidated entities | 355,395 | 269,992 |
Decrease (increase) in operating receivables from unconsolidated entities | 71,979 | (99,762) |
Amortization of debt discounts and debt issuance costs, net | 5,568 | 12,642 |
Gains on dispositions of development properties and land, net | (383,373) | (303,317) |
Gains on other dispositions of investments in real estate, net | (184,357) | (232,400) |
Unrealized foreign currency and derivative losses (gains), net | 58,645 | (51,373) |
Losses on early extinguishment of debt, net | 164,606 | 16,086 |
Deferred income tax expense (benefit) | (6,564) | 9,769 |
Increase in accounts receivable, lease right-of-use assets and other assets | (33,189) | (25,849) |
Increase in accounts payable and accrued expenses, lease liabilities and other liabilities | 50,220 | 81,843 |
Net cash provided by operating activities | 2,333,335 | 1,647,660 |
Investing activities: | ||
Real estate development | (1,501,089) | (1,271,656) |
Real estate acquisitions | (700,793) | (660,836) |
Tenant improvements and lease commissions on previously leased space | (142,168) | (128,413) |
Property improvements | (91,355) | (89,132) |
Proceeds from dispositions and contributions of real estate properties | 1,684,633 | 1,769,296 |
Investments in and advances to unconsolidated entities | (345,310) | (256,727) |
Return of investment from unconsolidated entities | 206,741 | 360,106 |
Proceeds from repayment of notes receivable backed by real estate | 4,312 | 0 |
Proceeds from the settlement of net investment hedges | 2,352 | 23,640 |
Payments on the settlement of net investment hedges | (7,236) | (28,524) |
Net cash used in investing activities | (2,579,822) | (282,246) |
Financing activities: | ||
Proceeds from issuance of common stock/units | 1,869 | 5,899 |
Repurchase and retirement of common stock | (34,829) | 0 |
Repurchase of preferred stock | (7,200) | 0 |
Dividends/distributions paid on common and preferred stock/units | (1,292,326) | (1,008,962) |
Noncontrolling interests contributions | 916,974 | 9,076 |
Noncontrolling interests distributions | (308,658) | (131,085) |
Settlement of noncontrolling interests | (111,777) | (106,866) |
Tax paid with shares withheld | (23,227) | (21,933) |
Debt and equity issuance costs paid | (51,723) | (15,011) |
Net proceeds from (payments on) credit facilities | (142,498) | (56,452) |
Repurchase of and payments on debt | (6,156,328) | (3,279,771) |
Proceeds from the issuance of debt | 7,303,761 | 3,921,728 |
Net cash provided by (used in) financing activities | 94,038 | (683,377) |
Effect of foreign currency exchange rate changes on cash | 3,787 | (899) |
Net increase (decrease) in cash and cash equivalents | (148,662) | 681,138 |
Cash and cash equivalents, beginning of period | 1,088,855 | 343,856 |
Cash and cash equivalents, end of period | 940,193 | 1,024,994 |
Prologis, L.P. [Member] | ||
Operating activities: | ||
Consolidated net earnings | 1,308,623 | 1,275,604 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Straight-lined rents and amortization of above and below market leases | (88,637) | (77,157) |
Equity-based compensation awards | 86,360 | 72,467 |
Depreciation and amortization | 1,144,903 | 850,639 |
Earnings from unconsolidated entities, net | (216,844) | (151,524) |
Operating distributions from unconsolidated entities | 355,395 | 269,992 |
Decrease (increase) in operating receivables from unconsolidated entities | 71,979 | (99,762) |
Amortization of debt discounts and debt issuance costs, net | 5,568 | 12,642 |
Gains on dispositions of development properties and land, net | (383,373) | (303,317) |
Gains on other dispositions of investments in real estate, net | (184,357) | (232,400) |
Unrealized foreign currency and derivative losses (gains), net | 58,645 | (51,373) |
Losses on early extinguishment of debt, net | 164,606 | 16,086 |
Deferred income tax expense (benefit) | (6,564) | 9,769 |
Increase in accounts receivable, lease right-of-use assets and other assets | (33,189) | (25,849) |
Increase in accounts payable and accrued expenses, lease liabilities and other liabilities | 50,220 | 81,843 |
Net cash provided by operating activities | 2,333,335 | 1,647,660 |
Investing activities: | ||
Real estate development | (1,501,089) | (1,271,656) |
Real estate acquisitions | (700,793) | (660,836) |
Tenant improvements and lease commissions on previously leased space | (142,168) | (128,413) |
Property improvements | (91,355) | (89,132) |
Proceeds from dispositions and contributions of real estate properties | 1,684,633 | 1,769,296 |
Investments in and advances to unconsolidated entities | (345,310) | (256,727) |
Return of investment from unconsolidated entities | 206,741 | 360,106 |
Proceeds from repayment of notes receivable backed by real estate | 4,312 | 0 |
Proceeds from the settlement of net investment hedges | 2,352 | 23,640 |
Payments on the settlement of net investment hedges | (7,236) | (28,524) |
Net cash used in investing activities | (2,579,822) | (282,246) |
Financing activities: | ||
Proceeds from issuance of common stock/units | 1,869 | 5,899 |
Repurchase and retirement of common stock | (34,829) | 0 |
Repurchase of preferred stock | (7,200) | 0 |
Dividends/distributions paid on common and preferred stock/units | (1,336,412) | (1,047,030) |
Noncontrolling interests contributions | 916,974 | 9,076 |
Noncontrolling interests distributions | (264,572) | (93,017) |
Settlement of noncontrolling interests | 0 | (22,468) |
Redemption of common limited partnership units | (111,777) | (84,398) |
Tax paid for shares of the Parent withheld | (23,227) | (21,933) |
Debt and equity issuance costs paid | (51,723) | (15,011) |
Net proceeds from (payments on) credit facilities | (142,498) | (56,452) |
Repurchase of and payments on debt | (6,156,328) | (3,279,771) |
Proceeds from the issuance of debt | 7,303,761 | 3,921,728 |
Net cash provided by (used in) financing activities | 94,038 | (683,377) |
Effect of foreign currency exchange rate changes on cash | 3,787 | (899) |
Net increase (decrease) in cash and cash equivalents | (148,662) | 681,138 |
Cash and cash equivalents, beginning of period | 1,088,855 | 343,856 |
Cash and cash equivalents, end of period | 940,193 | 1,024,994 |
Liberty Transaction [Member] | ||
Investing activities: | ||
Transaction, net of cash acquired | (24,550) | 0 |
Liberty Transaction [Member] | Prologis, L.P. [Member] | ||
Investing activities: | ||
Transaction, net of cash acquired | (24,550) | 0 |
IPT Transaction [Member] | ||
Investing activities: | ||
Transaction, net of cash acquired | (1,665,359) | 0 |
IPT Transaction [Member] | Prologis, L.P. [Member] | ||
Investing activities: | ||
Transaction, net of cash acquired | $ (1,665,359) | $ 0 |
Consolidated Statements of Capi
Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Consolidated net earnings | $ 332,521 | $ 491,013 | $ 1,308,623 | $ 1,275,604 |
Effect of equity compensation plans | 35,180 | 26,200 | 85,008 | 74,072 |
Issuance of units related to acquisitions | 48,533 | 48,533 | ||
Repurchase of preferred units | (7,200) | (7,200) | ||
Capital contributions | 5 | 916,974 | 9,076 | |
Purchase of noncontrolling interests | (1,375) | (1,375) | ||
Redemption of noncontrolling interests | (69,034) | (9,607) | (111,777) | (105,491) |
Contribution to Brazil venture | (12,630) | |||
Unrealized gains (losses) on derivative contracts, net | 2,379 | (616) | (19,696) | (6,974) |
Noncontrolling Interests [Member] | ||||
Consolidated net earnings | 29,827 | 38,867 | 108,703 | 89,636 |
Effect of equity compensation plans | 20,905 | 14,261 | 63,905 | 51,582 |
Issuance of units related to acquisitions | 48,533 | 48,533 | ||
Capital contributions | 5 | 916,974 | 9,076 | |
Purchase of noncontrolling interests | (3,932) | (3,932) | ||
Redemption of noncontrolling interests | (78,734) | (31,770) | (126,029) | (137,132) |
Contribution to Brazil venture | (12,630) | |||
Unrealized gains (losses) on derivative contracts, net | 78 | (10) | $ (532) | (193) |
Class A Common [Member] | ||||
Beginning balance, units | 8,600 | |||
Prologis, L.P. [Member] | ||||
Beginning balance | 36,746,209 | 25,777,433 | $ 26,071,784 | 25,800,888 |
Consolidated net earnings | 332,521 | 491,013 | 1,308,623 | 1,275,604 |
Effect of equity compensation plans | 35,180 | 26,200 | 85,008 | 74,072 |
Liberty Transaction, net of issuance costs | 10,013,526 | |||
Issuance of units related to acquisitions | 48,533 | 48,533 | ||
Repurchases of common units | (34,829) | |||
Repurchase of preferred units | (7,200) | (7,200) | ||
Capital contributions | 5 | 916,974 | 9,076 | |
Purchase of noncontrolling interests | (1,375) | (1,375) | ||
Redemption of noncontrolling interests | (21,093) | |||
Redemption of limited partners units | (69,034) | (9,607) | (111,777) | (84,398) |
Contribution to Brazil venture | (12,630) | |||
Foreign currency translation gains (losses), net | (45,576) | 30,053 | (180,162) | 42,471 |
Unrealized gains (losses) on derivative contracts, net | 2,379 | (616) | (19,696) | (6,974) |
Distributions ($0.58 and $1.74 per common unit for three and nine months ended September 30, 2020 and $0.53 and $1.59 for three and nine months ended September 30, 2019) and other | (553,705) | (377,529) | (1,601,477) | (1,140,064) |
Ending balance | 36,489,307 | 25,935,577 | 36,489,307 | 25,935,577 |
Prologis, L.P. [Member] | Noncontrolling Interests [Member] | ||||
Beginning balance | 3,589,800 | 2,786,183 | 2,775,394 | 2,836,469 |
Consolidated net earnings | 21,453 | 25,509 | 74,709 | 54,018 |
Liberty Transaction, net of issuance costs | 896 | |||
Capital contributions | 5 | 916,974 | 9,076 | |
Purchase of noncontrolling interests | (3,932) | (3,932) | ||
Redemption of noncontrolling interests | (1,790) | (13,048) | ||
Contribution to Brazil venture | (12,630) | |||
Foreign currency translation gains (losses), net | 217 | (245) | (405) | 88 |
Distributions ($0.58 and $1.74 per common unit for three and nine months ended September 30, 2020 and $0.53 and $1.59 for three and nine months ended September 30, 2019) and other | (108,474) | (28,706) | (264,572) | (93,017) |
Ending balance | 3,502,996 | 2,777,024 | 3,502,996 | 2,777,024 |
Prologis, L.P. [Member] | Preferred [Member] | General Partner | ||||
Beginning balance | $ 68,948 | $ 68,948 | $ 68,948 | $ 68,948 |
Beginning balance, units | 1,379 | 1,379 | 1,379 | 1,379 |
Repurchase of preferred units | $ (5,000) | $ (5,000) | ||
Redemption of preferred units, units | (100) | (100) | ||
Ending balance | $ 63,948 | $ 68,948 | $ 63,948 | $ 68,948 |
Ending balance, units | 1,279 | 1,379 | 1,279 | 1,379 |
Prologis, L.P. [Member] | Common [Member] | General Partner | ||||
Beginning balance | $ 32,173,980 | $ 22,261,860 | $ 22,584,179 | $ 22,229,145 |
Beginning balance, units | 738,732 | 631,054 | 631,797 | 629,616 |
Consolidated net earnings | $ 302,694 | $ 452,146 | $ 1,199,920 | $ 1,185,968 |
Effect of equity compensation plans | $ 14,275 | $ 11,939 | $ 21,103 | $ 22,490 |
Effect of equity compensation plans, units | 9 | 51 | 655 | 942 |
Liberty Transaction, net of issuance costs | $ 9,802,440 | |||
Liberty Transaction, net of issuance costs, units | 106,723 | |||
Repurchases of common units | $ (34,829) | |||
Repurchases of common units, units | (539) | |||
Repurchase of preferred units | $ (2,200) | $ (2,200) | ||
Purchase of noncontrolling interests | $ 2,557 | $ 2,557 | ||
Redemption of noncontrolling interests | 1,790 | (8,045) | ||
Redemption of limited partners units | $ 9,700 | $ 20,373 | $ 14,252 | $ 39,686 |
Redemption of limited partners units, units | 224 | 638 | 329 | 1,185 |
Foreign currency translation gains (losses), net | $ (44,637) | $ 29,469 | $ (174,903) | $ 41,206 |
Unrealized gains (losses) on derivative contracts, net | 2,301 | (606) | (19,164) | (6,781) |
Reallocation of capital | 7,707 | 5,333 | (64,752) | (48,985) |
Distributions ($0.58 and $1.74 per common unit for three and nine months ended September 30, 2020 and $0.53 and $1.59 for three and nine months ended September 30, 2019) and other | (430,593) | (336,599) | (1,292,819) | (1,008,979) |
Ending balance | $ 32,033,227 | $ 22,448,262 | $ 32,033,227 | $ 22,448,262 |
Ending balance, units | 738,965 | 631,743 | 738,965 | 631,743 |
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member] | ||||
Beginning balance | $ 563,403 | $ 366,960 | $ 355,076 | $ 371,281 |
Beginning balance, units | 12,914 | 10,402 | 9,933 | 10,516 |
Consolidated net earnings | $ 5,158 | $ 7,518 | $ 20,752 | $ 20,095 |
Effect of equity compensation plans | $ 20,905 | $ 14,261 | $ 63,905 | $ 51,582 |
Effect of equity compensation plans, units | 22 | 35 | 1,279 | 1,493 |
Liberty Transaction, net of issuance costs | $ 210,190 | |||
Liberty Transaction, net of issuance costs, units | 2,288 | |||
Issuance of units related to acquisitions | $ 48,533 | $ 48,533 | ||
Issuance of units related to acquisitions, shares | 461 | 461 | ||
Redemption of limited partners units | $ (78,215) | $ (22,092) | $ (125,307) | $ (116,196) |
Redemption of limited partners units, units | (903) | (468) | (1,467) | (2,040) |
Foreign currency translation gains (losses), net | $ (676) | $ 457 | $ (2,957) | $ 650 |
Unrealized gains (losses) on derivative contracts, net | 52 | (5) | (324) | (106) |
Reallocation of capital | (8,454) | (6,199) | (851) | 47,993 |
Distributions ($0.58 and $1.74 per common unit for three and nine months ended September 30, 2020 and $0.53 and $1.59 for three and nine months ended September 30, 2019) and other | (9,080) | (6,654) | (27,391) | (21,053) |
Ending balance | $ 541,626 | $ 354,246 | $ 541,626 | $ 354,246 |
Ending balance, units | 12,494 | 9,969 | 12,494 | 9,969 |
Prologis, L.P. [Member] | Class A Common [Member] | Limited Partners [Member] | ||||
Beginning balance | $ 350,078 | $ 293,482 | $ 288,187 | $ 295,045 |
Beginning balance, units | 8,608 | 8,849 | 8,613 | 8,849 |
Consolidated net earnings | $ 3,216 | $ 5,840 | $ 13,242 | $ 15,523 |
Redemption of limited partners units | $ (519) | $ (7,888) | $ (722) | $ (7,888) |
Redemption of limited partners units, units | (13) | (236) | (18) | (236) |
Foreign currency translation gains (losses), net | $ (480) | $ 372 | $ (1,897) | $ 527 |
Unrealized gains (losses) on derivative contracts, net | 26 | (5) | (208) | (87) |
Reallocation of capital | 747 | 866 | 65,603 | 992 |
Distributions ($0.58 and $1.74 per common unit for three and nine months ended September 30, 2020 and $0.53 and $1.59 for three and nine months ended September 30, 2019) and other | (5,558) | (5,570) | (16,695) | (17,015) |
Ending balance | $ 347,510 | $ 287,097 | $ 347,510 | $ 287,097 |
Ending balance, units | 8,595 | 8,613 | 8,595 | 8,613 |
Consolidated Statements of Ca_2
Consolidated Statements of Capital (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Partners Capital [Abstract] | ||||
Distributions per common unit | $ 0.58 | $ 0.53 | $ 1.74 | $ 1.59 |
General
General | 9 Months Ended |
Sep. 30, 2020 | |
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 key markets in 19 countries on four continents. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors. We maintain a significant level of ownership in these co-investment ventures, which may be consolidated or unconsolidated based on our level of control of the entity. Our current business strategy consists of two operating business segments: Real Estate 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 and other ventures. See Note 12 for further discussion of our business segments. Unless otherwise indicated, the Notes to the Consolidated Financial Statements apply to both the Parent and the 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 September 30, 2020, the Parent owned a 97.30% common general partnership interest in the OP and 100% of the preferred units in the OP. The remaining 2.70% common limited partnership interests, which include Class A common limited partnership units (“Class A Units”) in the OP, are owned by unaffiliated investors and certain current and former directors and officers of the Parent. Each partner’s percentage interest in the OP is determined based on the number of OP units held, including the number of OP units into which Class A Units are convertible, compared to total OP units outstanding at each period end and is used as the basis for the allocation of net income or loss to each partner. At the end of each reporting period, a capital adjustment is made in the OP to reflect the appropriate ownership interest for each of the common unitholders. These adjustments are reflected in the line items Reallocation of Equity 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, 2019, as filed with the SEC, and other public information. New Accounting Pronouncements. Accounting for Lease Concessions Related to the Effects of the Coronavirus (“COVID-19”) Pandemic . In April 2020, the Financial Accounting Standards Board (“FASB”) issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under the new lease standard, which we adopted on January 1, 2019. For rent deferrals granted during the nine months ended September 30, 2020, we are allowing customers to defer rental payments until a later date, generally later in 2020 or early 2021, in exchange for a note receivable, and we are continuing to recognize rental revenue during the period. In accordance with the Q&A, we are electing to not apply the lease modification guidance to concessions that result in deferred rent as the total cash flows required by the modified lease agreements are materially the same as the cash flows required under the original lease and there are no substantive changes to the consideration. As of October 19, 2020, we have granted deferral requests of $21.0 million related to consolidated properties during 2020. If we grant concessions to a customer that modify the terms and significantly change the underlying cash flows of the original lease for the remaining term, we will account for these changes as a lease modification in accordance with U.S. GAAP. Reference Rate Reform . In March 2020, the FASB issued an Accounting Standard Update (“ASU”) that provided practical expedients to address existing guidance on contract modifications and hedge accounting due to the expected market transition from the London Inter - bank Offered Rate (“LIBOR”) and other interbank offered rates (together “IBORs”) to alternative reference rates, such as the Secured Overnight Financing Rate . In July 2017, the Financial Conduct Authority announced it intended to stop compelling banks to submit rates for the calculation of LIBOR after 2021. We refer to this transition as “reference rate reform.” The first practical expedient allows companies to elect to not apply certain modification accounting requirements to debt, derivative and lease contracts affected by reference rate reform if certain criteria are met. These criteria include the following: (i) the contract referenced an IBOR rate that is expected to be discontinued; (ii) the modified terms directly replace or have the potential to replace the IBOR rate that is expected to be discontinued; and (iii) any contemporaneous changes to other terms that change or have the potential to change the amount and timing of contractual cash flows must be related to the replacement of the IBOR rate. If the contract meets all three criteria, there is no requirement for remeasurement of the contract at the modification date or reassessment of the previous accounting determination. The second practical expedient allows companies to change the reference rate and other critical terms related to the reference rate reform in derivative hedge documentation without having to dedesignate the hedging relationship. This allows for companies to continue applying hedge accounting to existing cash flow and net investment hedges. The ASU was effective upon issuance on a prospective basis beginning January 1, 2020 and may be elected over time as reference rate reform activities occur. We have not modified any contracts to date, however, we will evaluate any debt, derivative and lease contracts that are modified in the future to ensure they are eligible for modification relief and apply the practical expedients as needed. |
Liberty Transaction
Liberty Transaction | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Liberty Transaction | NOTE 2. LIBERTY TRANSACTION On February 4, 2020, we acquired Liberty Property Trust and Liberty Property Limited Partnership (collectively “Liberty” or the “Liberty Transaction”). The Liberty Transaction was completed for $13.0 billion through the issuance of equity based on the value of the Prologis common stock and units issued of $10.0 billion, the assumption of debt of $2.8 billion and transaction costs. In connection with the transaction, each issued and outstanding share or unit held by a Liberty stockholder or unitholder was converted automatically into 0.675 shares of Prologis common stock or common units of Prologis, L.P., respectively, including shares and units under Liberty’s equity incentive plan that became fully vested at closing. Through the Liberty Transaction, we acquired a portfolio primarily comprised of logistics real estate assets, including 519 industrial operating properties, aggregating 99.6 million square feet, which are highly complementary to our U.S. portfolio in terms of product quality, location and growth potential in our key markets here was approximately 34 million square feet of non-strategic industrial properties acquired in the Liberty Transaction that we do not intend to operate long-term. Depending on the expected hold period, these assets are either classified as Assets Held for Sale or Contribution or other real estate investments within Investments in Real Estate Properties in the Consolidated Balance Sheets. In addition, we acquired an ownership interest in eight ventures that own industrial and office properties. The aggregate equity consideration is calculated below (in millions, except price per share): Number of Prologis shares and units issued upon conversion of Liberty shares and units at February 4, 2020 109.01 Multiplied by closing price of Prologis' common stock on February 3, 2020 $ 91.87 Fair value of Prologis shares and units issued $ 10,015 We accounted for the Liberty Transaction as an asset acquisition and as a result, the transaction costs of $115.8 million were capitalized to the basis of the acquired properties. Transaction costs included investment banker advisory fees, legal fees and other costs Under acquisition accounting, the total purchase price was allocated as follows to the Liberty real estate properties and related lease intangibles on a relative fair value basis and all other assets and liabilities assumed at fair value (in millions): Net investments in real estate $ 12,631 Intangible assets, net of intangible liabilities (1) 491 Cash and other assets 240 Debt (2,845 ) Accounts payable, accrued expenses and other liabilities (385 ) Noncontrolling interests (1 ) Total purchase price, including transaction costs $ 10,131 (1) Intangible assets of $640.5 million and intangible liabilities of $149.9 million were included within Other Assets and Other Liabilities , respectively, on the Consolidated Balance Sheets. The acquired lease intangibles from the Liberty Transaction will be amortized over the terms of the respective leases with a weighted average remaining lease term of 66 months. |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2020 | |
Real Estate [Abstract] | |
Real Estate | NOTE 3. REAL ESTATE Investments in real estate properties consisted of the following (dollars and square feet in thousands): Square Feet Number of Buildings Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, 2020 (1) 2019 2020 (1) 2019 2020 (1) 2019 Operating properties: Buildings and improvements 437,501 354,297 2,249 1,876 $ 30,931,497 $ 23,067,625 Improved land 11,692,392 8,220,208 Development portfolio, including land costs: Prestabilized 8,165 9,133 28 28 739,773 784,584 Properties under development 19,195 26,893 52 77 1,292,465 1,084,683 Land (2) 1,754,583 1,101,646 Other real estate investments (3) 2,695,649 965,668 Total investments in real estate properties 49,106,359 35,224,414 Less accumulated depreciation 6,229,744 5,437,662 Net investments in real estate properties $ 42,876,615 $ 29,786,752 ( 1 ) Includes the acquired real estate properties from the Liberty Transaction at September 30, 2020. See Note 2 for more information. (2) At September 30, 2020 and December 31, 2019, our land is comprised of 5,743 and 4,411 acres, respectively. ( 3 ) Included in other real estate investments were: (i) non-strategic real estate assets, including industrial and office, acquired in the Liberty Transaction t hat we do not intend to operate long-term Acquisitions The following table summarizes our real estate acquisition activity, excluding the Liberty Transaction as discussed in Note 2 (dollars and square feet in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 (1) 2019 Number of operating properties 2 2 140 15 Square feet 194 80 20,470 1,083 Acres of land 156 186 611 651 Acquisition cost of net investments in real estate $ 188,717 $ 184,077 $ 2,730,377 $ 701,264 (1) On January 8, 2020, our two U.S. co-investment ventures, Prologis Targeted U.S. Logistics Fund, L.P. (“USLF”) and Prologis U.S. Logistics Venture, LLC (“USLV”), acquired the wholly-owned real estate assets of Industrial Property Trust Inc. (“IPT”) for $2.0 billion each in a cash transaction, including transaction costs and the assumption and repayment of debt (the “IPT Transaction”). As USLV is a consolidated co-investment venture, the number of operating properties, square feet and acquisition cost are included in the consolidated acquisition activity. For further discussion on the acquisition by USLF, see Note 4, and by USLV, see Notes 6 and 8. Dispositions The following table summarizes our dispositions of net investments in real estate (dollars and square feet in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Dispositions of development properties and land, net (1) Number of properties 12 5 32 17 Square feet 3,150 1,741 11,776 7,346 Net proceeds $ 410,398 $ 212,398 $ 1,384,227 $ 1,067,808 Gains on contributions and dispositions, net $ 134,207 $ 63,935 $ 383,373 $ 303,317 Total gains on dispositions of development properties and land, net $ 134,207 $ 63,935 $ 383,373 $ 303,317 Other dispositions of investments in real estate, net (2) Number of properties 15 29 38 46 Square feet 2,558 4,130 6,635 11,517 Net proceeds $ 409,303 $ 351,264 $ 763,615 $ 1,037,103 Gains on contributions and dispositions, net $ 108,927 $ 59,379 $ 184,357 $ 97,378 Gains on partial redemption of investment in an unconsolidated co-investment venture (3) $ - $ - $ - $ 135,022 Total gains on other dispositions of investments in real estate, net $ 108,927 $ 59,379 $ 184,357 $ 232,400 (1) The gains we recognize in Gains on the Dispositions of Development Properties and Land, Net are primarily driven by the contribution of newly developed properties to our unconsolidated co-investment ventures. ( 2 ) In January 2019, we formed Prologis Brazil Logistics Venture (“PBLV”), a Brazilian unconsolidated co-investment venture, with one partner. We contributed an initial portfolio of real estate properties to PBLV consisting of 14 operating properties totaling 6.9 million square feet and 371 acres of land. We received cash proceeds and units for our 20.0% equity interest. ( 3 ) In February 2019, we redeemed a portion of our investment in a European unconsolidated co-investment venture. |
Unconsolidated Entities
Unconsolidated Entities | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Unconsolidated Entities | NOTE 4. UNCONSOLIDATED ENTITIES Summary of Investments We have investments in entities through a variety of ventures. We co-invest in entities that own multiple properties with partners and investors and we provide asset and property management services to these entities, which we refer to as co-investment ventures. These entities may be consolidated or unconsolidated, depending on the structure, our partner’s participation and other rights and our level of control of the entity. This note details our investments in unconsolidated co-investment ventures, which are related parties and are accounted for using the equity method of accounting. See Note 8 for more detail regarding our consolidated investments that are not wholly owned. We also have investments in 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 both unconsolidated co-investment ventures and other ventures, collectively, as unconsolidated entities. The following table summarizes our investments in and advances to our unconsolidated entities (in thousands): September 30, December 31, 2020 2019 Unconsolidated co-investment ventures $ 6,393,888 $ 5,873,784 Other ventures (1) 917,072 363,587 Total $ 7,310,960 $ 6,237,371 (1) In February 2020, we completed the Liberty Transaction and acquired an equity method investment in eight ventures. Unconsolidated Co-Investment Ventures The following table summarizes the Strategic Capital Revenues Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Recurring fees $ 80,403 $ 67,888 $ 231,263 $ 195,542 Transactional fees 15,827 14,094 47,879 41,272 Promote revenue (1) - 148,191 228,421 155,474 Total strategic capital revenues from unconsolidated co-investment ventures (2) $ 96,230 $ 230,173 $ 507,563 $ 392,288 (1) Includes promote revenue earned from our unconsolidated co-investment venture in the U.S. in June 2020 and in Europe in September 2019. (2) These amounts exclude strategic capital revenues from other ventures. The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to these ventures (dollars and square feet in millions): U.S. Other Americas (2) Europe Asia Total As of: Sep 30, 2020 (1) Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Key property information: Ventures 1 1 2 2 3 3 3 3 9 9 Operating properties 699 605 225 214 769 731 165 144 1,858 1,694 Square feet 116 99 49 44 185 176 67 59 417 378 Financial position: Total assets ($) 10,755 8,408 2,862 2,707 15,940 14,677 9,729 8,758 39,286 34,550 Third-party debt ($) 3,344 2,130 776 769 3,772 3,213 3,708 3,296 11,600 9,408 Total liabilities ($) 3,939 2,514 811 801 5,251 4,575 4,183 3,751 14,184 11,641 Our investment balance ($) (3) 1,889 1,728 794 658 2,935 2,800 776 688 6,394 5,874 Our weighted average ownership (4) 26.3 % 27.3 % 41.1 % 39.1 % 30.0 % 30.2 % 15.2 % 15.1 % 26.3 % 27.1 % U.S. Other Americas (2) Europe Asia Total Operating Information: Sep 30, 2020 (1) Sep 30, 2019 Sep 30, 2020 Sep 30, 2019 Sep 30, 2020 Sep 30, 2019 Sep 30, 2020 Sep 30, 2019 Sep 30, 2020 Sep 30, 2019 For the three months ended: Total revenues ($) 237 187 70 66 303 276 148 134 758 663 Net earnings ($) 29 38 23 18 80 70 152 27 284 153 Our earnings from unconsolidated co-investment ventures, net ($) 9 11 8 6 27 22 23 4 67 43 For the nine months ended: Total revenues ($) 702 546 204 200 874 815 429 378 2,209 1,939 Net earnings ($) 103 90 69 73 230 225 210 89 612 477 Our earnings from unconsolidated co-investment ventures, net ($) 28 27 26 27 75 74 32 14 161 142 (1) In January 2020, USLF acquired a portfolio of 108 operating properties, aggregating 18.3 million square feet, in the IPT Transaction for cash consideration of $2.0 billion, including transaction costs and the assumption and repayment of debt. ( 2 ) PBLV and our other Brazilian joint ventures are combined as one venture for the purpose of this table. (3) 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 September 30, 2020 and December 31, 2019, results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes ($100.2 million and $152.0 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. ( 4 ) Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities. Equity Commitments Related to Certain Unconsolidated Co-Investment Ventures At September 30, 2020, our remaining equity commitments were $336.6 million, primarily for Prologis China Logistics Venture. Our equity commitments expire from 2021 to 2028. |
Assets Held for Sale or Contrib
Assets Held for Sale or Contribution | 9 Months Ended |
Sep. 30, 2020 | |
Real Estate Assets Held For Development And Sale [Abstract] | |
Assets Held for Sale or Contribution | NOTE 5. 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 September 30, 2020 and December 31, 2019. At the time of classification, these properties were expected to be sold to third parties or were recently stabilized and expected to be contributed to unconsolidated co-investment ventures within twelve months. The amounts included in Assets Held for Sale or Contribution Assets held for sale or contribution, including certain properties acquired through the Liberty Transaction and the IPT Transaction, consisted of the following (dollars and square feet in thousands): September 30, December 31, 2020 2019 Number of operating properties 141 28 Square feet 22,247 9,371 Total assets held for sale or contribution $ 1,757,187 $ 720,685 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 35,473 $ 41,994 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 6. DEBT All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt (dollars in thousands): September 30, 2020 December 31, 2019 Weighted Average Interest Rate (1) Amount Outstanding (2) Weighted Average Interest Rate (1) Amount Outstanding (2) Credit facilities 0.4 % $ 39,733 0.4 % $ 184,255 Senior notes (3) 2.1 % 14,108,021 2.4 % 9,660,570 Term loans and unsecured other (3) 0.8 % 1,723,473 0.9 % 1,441,882 Secured mortgage (3)(4) 3.6 % 646,899 3.4 % 619,170 Total 2.0 % $ 16,518,126 2.2 % $ 11,905,877 (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 designated interest rate swaps, which effectively fix the interest rate on certain variable rate debt. (2) We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies: September 30, 2020 December 31, 2019 Amount Outstanding % of Total Amount Outstanding % of Total British pound sterling $ 1,126,684 6.8 % $ 656,549 5.5 % Canadian dollar 271,752 1.6 % 279,730 2.3 % Euro 6,297,942 38.2 % 6,128,986 51.5 % Japanese yen 2,695,105 16.3 % 2,329,381 19.6 % U.S. dollar 6,126,643 37.1 % 2,511,231 21.1 % Total $ 16,518,126 $ 11,905,877 (3) Through the Liberty Transaction, we assumed $2.5 billion of senior notes, $246.9 million of secured mortgage debt and a $100.1 million term loan with a weighted average stated interest rate of 3.8%. We subsequently paid down $1.8 billion of the assumed debt with senior notes we issued at lower rates in February 2020. See below for additional activity on debt assumed in the Liberty Transaction and the extinguishment of a significant portion of the debt subsequent to acquisition. (4) Through the IPT Transaction, USLV assumed $ million of secured mortgage debt, all of which was paid down at closing. See below for the early extinguishment of debt in the IPT Transaction. 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, Mexican pesos 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 January 2023; 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 have the ability to increase the Global Facility to $4.5 billion, subject to currency fluctuations and obtaining additional lender commitments. We also have a Japanese yen revolver (the “Revolver”) that we upsized in July 2020 with total commitments of ¥55.0 billion ($520.3 million at September 30, 2020). We have the ability to increase the borrowing capacity of the Revolver to ¥75.0 billion ($709.5 million at September 30, 2020), subject to obtaining additional lender commitments. Pricing under the Revolver, including the spread over Yen LIBOR, facility fees and letter of credit fees, varies based on the public debt ratings of the OP. At September 30, 2020, the Revolver was scheduled to mature in July 2024; 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.” Senior Notes The following table summarizes the issuances and redemptions of senior notes during the nine months ended September 30, 2020 (principal in thousands): Aggregate Principal Initial Borrowing Date Borrowing Currency USD (1) Weighted Average Stated Interest Rate at the Issuance Date Maturity Dates February (2)(3) € 1,350,000 $ 1,485,405 0.6% February 2022 – 2035 February (2) $ 2,200,000 $ 2,200,000 2.4% April 2027 – 2050 February £ 250,000 $ 322,490 1.9% February 2035 June (3)(4) ¥ 41,200,000 $ 386,314 1.0% June 2027 – 2050 August (3)(5) $ 1,250,000 $ 1,250,000 1.6% October 2030 – 2050 September ¥ 19,700,000 $ 186,835 1.0% September 2032 – 2040 Aggregate Principal Redemption Date Borrowing Currency USD (1) Stated Interest Rate at the Redemption Date Maturity Dates January € 400,000 $ 445,880 0.0% January 2020 March (2) € 700,000 $ 783,090 1.4% May 2021 June (4) € 212,598 $ 238,067 3.0% January 2022 June (4) € 100,486 $ 112,524 3.4% February 2024 September (5) $ 850,000 $ 850,000 4.3% August 2023 (1) The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date. (2) We utilized the proceeds from these issuances to redeem $1.8 billion of debt assumed in the Liberty Transaction, primarily senior notes as discussed above, and our €700.0 million ($783.1 million) (3) Approximately $1.5 billion of the proceeds from the issuance of these notes are to fund sustainable and environmentally beneficial projects and buildings in accordance with our green bond framework. (4) We utilized the proceeds from the issuance of the Japanese yen senior notes to redeem €212.6 million ($238.1 million) and €100.5 million ($112.5 million) (5) We utilized the proceeds from this issuance to redeem $850.0 In February 2020, we completed an exchange offer for two series of Liberty’s senior notes for an aggregate amount of $750.0 million, with $689.8 million, or 92.0%, of the aggregate principal amount being validly tendered for exchange. These senior notes are in the aggregate principal amounts of $400.0 million due in October 2026 with an interest rate of 3.3% and $350.0 million due in February 2029 with an interest rate of 4.4%. The senior notes were exchanged for notes issued by a wholly owned subsidiary and guaranteed by the OP. As a result of the exchange offer, we have no separate remaining financial reporting obligations or financial covenants associated with the senior notes assumed in the Liberty Transaction. All other terms of the exchanged Liberty senior notes remained substantially the same. Term Loans During the nine months ended September 30, 2020, we extended the maturity of the multi-currency term loan (“2017 Term Loan”) by one year until May 2021. We may extend the maturity for one additional year, subject to the satisfaction of certain conditions and the payment of an extension fee. During the nine months ended September 30, 2020 and 2019, we borrowed a net $250.0 million and paid down a net $496.5 million on the 2017 Term Loan, respectively. Liquidity The following table summarizes information about our available liquidity at September 30, 2020 (in millions): Aggregate lender commitments Credit Facilities $ 4,052 Available term loans 250 Less: Borrowings outstanding 40 Outstanding letters of credit 29 Current availability 4,233 Cash and cash equivalents 940 Total liquidity $ 5,173 Long-Term Debt Maturities Scheduled principal payments due on our debt for the remainder of 2020 and for each year through the period ended December 31, 2024, and thereafter were as follows at September 30, 2020 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgage Total 2020 (1) $ - $ - $ - $ 2,115 $ 2,115 2021 (1)(2) - - 260,467 28,531 288,998 2022 - 743,535 - 11,919 755,454 2023 - - 127,347 33,894 161,241 2024 (3) 39,733 701,911 - 265,753 1,007,397 Thereafter - 12,721,675 1,343,354 304,100 14,369,129 Subtotal 39,733 14,167,121 1,731,168 646,312 16,584,334 Unamortized net premiums - 11,935 - 2,645 14,580 Unamortized debt issuance costs - (71,035 ) (7,695 ) (2,058 ) (80,788 ) Total $ 39,733 $ 14,108,021 $ 1,723,473 $ 646,899 $ 16,518,126 (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 2021 maturities is the 2017 Term Loan that can be extended until 2022. ( 3 ) Included in the 2024 maturities is the Revolver that can be extended until 2025. Early Extinguishment of Debt During the nine months ended September 30, 2020, we recognized $164.6 million of losses upon the redemption of higher interest rate euro and U.S. dollar senior notes prior to maturity as described above, and the extinguishment of debt assumed in the Liberty Transaction and the IPT Transaction, which represented the excess of the prepayment penalties over the premium recorded upon assumption of the debt. During the nine months ended September 30, 2019, we recognized $16.1 million in losses on early extinguishment of debt, primarily from the redemption of euro senior notes. Financial Debt Covenants We have $14.1 billion of senior notes and $1.7 billion of term loans outstanding at September 30, 2020 that were subject to certain financial covenants under their related indentures. We are also subject to financial covenants under our Credit Facilities and certain secured mortgage debt. At September 30, 2020, we were in compliance with all of our financial debt covenants. Guarantee of Finance Subsidiary Debt We have finance subsidiaries as part of our operations in Europe (Prologis Euro Finance LLC), Japan (Prologis Yen Finance LLC) and the U.K. (Prologis Sterling Finance LLC) in order to mitigate our foreign currency risk by borrowing in the currencies in which we invest. These entities are 100% indirectly owned by the OP and all unsecured debt issued or to be issued by each entity is or will be fully and unconditionally guaranteed by the OP. There are no restrictions or limits on the OP’s ability to obtain funds from its subsidiaries by dividend or loan. In reliance on Rule 3-10 of Regulation S-X, the separate financial statements of Prologis Euro Finance LLC, Prologis Yen Finance LLC and Prologis Sterling Finance LLC are not provided. |
Stockholders' Equity of Prologi
Stockholders' Equity of Prologis, Inc. | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Equity of Prologis, Inc. | NOTE 7. STOCKHOLDER’S EQUITY OF PROLOGIS, INC. Share Purchase Program In March 2020, the Board of Directors authorized a new share purchase program for the repurchase of outstanding shares of our common stock on the open market or in privately negotiated transactions for an aggregate purchase price of up to $1.0 billion. In March 2020, we repurchased and retired 0.5 million shares of common stock for an aggregate price of $34.8 million at a weighted average price of $64.66 per share on the open market. Shares Authorized In April 2020, our stockholders approved an amendment to our Articles of Incorporation that increased the number of authorized shares from 1.0 billion to 2.0 billion shares of common stock. Common Stock In May 2020, we entered into a new at-the-market program that allows us to sell up to $1.5 billion in aggregate gross sales proceeds of shares of common stock through twenty designated agents. These agents earn a fee of up to 2% of the gross sales price per share of common stock as agreed to on a transaction-by-transaction basis. We have not issued any shares of common stock under this new program. Preferred Stock In August 2020, we repurchased 0.1 million shares of Series Q preferred stock and recognized a loss of $2.3 million, which primarily represented the difference between the repurchase price and the carrying value of the preferred stock, net of the original issuance costs. |
Noncontrolling Interests
Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | NOTE 8. NONCONTROLLING INTERESTS Prologis, L.P. We report noncontrolling interests related to several entities we consolidate but of which we do not own 100% of the equity. These entities include two real estate partnerships that have issued limited partnership units to third parties. Depending on the specific partnership agreements, these limited partnership units are redeemable for cash or, at our option, into shares of the Parent’s common stock, generally at a rate of one share of common stock to one limited partnership unit. We also consolidate certain entities in which we do not own 100% of the equity, but the equity of these entities is not exchangeable into our common stock. Prologis, Inc. The noncontrolling interests of the Parent include the noncontrolling interests described above for the OP, as well as the limited partnership units in the OP that are not owned by the Parent. The outstanding limited partnership units receive quarterly cash distributions equal to the quarterly dividends paid on our common stock pursuant to the terms of the applicable partnership agreements. The following table summarizes our ownership percentages and noncontrolling interests and the consolidated entities’ total assets and liabilities (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Prologis U.S. Logistics Venture (1) 55.0 % 55.0 % $ 3,405,276 $ 2,677,846 $ 7,707,131 $ 6,077,016 $ 147,625 $ 99,397 Other consolidated entities (2) various various 97,720 97,548 1,031,980 849,620 72,555 85,186 Prologis, L.P. 3,502,996 2,775,394 8,739,111 6,926,636 220,180 184,583 Limited partners in Prologis, L.P. (3)(4) 889,136 643,263 - - - - Prologis, Inc. $ 4,392,132 $ 3,418,657 $ 8,739,111 $ 6,926,636 $ 220,180 $ 184,583 (1) As discussed in Note 3, in January 2020, USLV acquired a portfolio of 127 operating properties, aggregating 19.0 million square feet, in the IPT Transaction for $2.0 billion, including transaction costs and the assumption and repayment of debt . Our partner contributed their share of the purchase price to fund the acquisition. ( 2) 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 September 30, 2020 and December 31, 2019 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. ( 3 ) We had 8.6 million Class A Units that were convertible into 8.0 million and 8.1 million limited partnership units of the OP at September 30, 2020 and December 31, 2019, respectively. ( 4 ) At September 30, 2020 and December 31, 2019, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 8.6 million and 6.2 million shares of the Parent’s common stock, respectively. |
Long-Term Compensation
Long-Term Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Long-Term Compensation | NOTE 9. LONG-TERM COMPENSATION Equity-Based Compensation Plans and Programs 2020 Long-Term Incentive Plan In April 2020, our stockholders approved the 2020 Long-Term Incentive Plan (“2020 LTIP”), which replaced the 2012 Long-Term Incentive Plan (“2012 LTIP”). After approval of the 2020 LTIP, no further awards could be made under the 2012 LTIP and outstanding awards previously granted under the 2012 LTIP will remain outstanding in accordance with the awards’ terms. The 2020 LTIP provides for grants of awards to officers, directors, employees and consultants of the Parent or its subsidiaries. Awards can be in the form of: full value awards, stock appreciation rights, and stock options (non-qualified options and incentive stock options). Full value awards generally consist of: (i) common stock; (ii) restricted stock units (“RSUs”); (iii) OP LTIP units (“LTIP Units”) and (iv) Prologis Outperformance Plan (“POP”) OP LTIP units (“POP LTIP Units”). The equity-based compensation plans and programs under which awards can be made were not changed under the 2020 LTIP. See the discussion below regarding these programs. Awards may be made under the 2020 LTIP until it is terminated by the Board or until the ten-year anniversary of the effective date of the plan. Prologis Outperformance Plan (“POP”) We allocate participation points or a percentage of the compensation pool to participants under our POP corresponding to three-year -year compound annualized TSR for the Morgan Stanley Capital International (“MSCI”) US REIT Index for the same period plus 100 basis points. If the Outperformance Hurdle is met, a compensation pool will be formed equal to 3% of the excess value created, subject to a maximum as defined for each performance period. Generally, POP awards cannot be paid at a time when our absolute TSR is negative in accordance with the terms of POP. Therefore, if after seven years our TSR has not been positive, the awards will be forfeited. We granted participation points for the 2020 – 2022 performance period in January 2020, with a fair value of $28.8 million using a Monte Carlo valuation model that assumed a risk-free interest rate of 1.7% and an expected volatility of 16.0%. The 2020 – 2022 performance period has an absolute maximum cap of $100 million. If an award is earned at the end of the initial three-year performance period, then 20% of the POP award is paid and the remaining 80% is subject to additional seven-year three-year three-year The Outperformance Hurdle was met for the 2017 – 2019 performance period, which resulted in awards being earned at December 31, 2019. Initial awards of $75.0 million in aggregate were awarded in January 2020 in the form of 0.3 million shares of common stock and 0.5 million POP LTIP Units and LTIP Units. Participants are not able to sell or transfer equity awards received until three years after the end of the initial period. One-third of the remaining compensation pool in excess of the $75 million aggregate initial award amounts can be earned at the end of each of the three years following the end of the initial three-year three-year 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 RSUs of the Parent or LTIP Units of the OP at the eligible participant’s election. RSUs and LTIP Units are valued based on the market price of the Parent’s common stock on the date the award is granted and the grant date value is charged to compensation expense over the service period. Summary of Award Activity RSUs The following table summarizes the activity for RSUs for the nine months ended September 30, 2020 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2020 1,165 $ 68.44 Granted 482 94.76 Vested and distributed (510 ) 62.99 Forfeited (63 ) 77.80 Balance at September 30, 2020 1,074 $ 80.52 LTIP Units The following table summarizes the activity for LTIP Units for the nine months ended September 30, 2020 (units in thousands): Vested Unvested Unvested Weighted Average LTIP Units LTIP Units Grant Date Fair Value Balance at January 1, 2020 3,714 2,678 $ 60.06 Granted - 1,087 96.59 Vested LTIP Units 976 (976 ) 63.47 Vested POP LTIP Units (1) 303 - N/A Unvested POP LTIP Units (1) - 345 19.03 Conversion to common limited partnership units (1,110 ) - N/A Balance at September 30, 2020 3,883 3,134 $ 67.09 (1) Vested and unvested units were based on the POP performance criteria being met for the 2017 – 2019 performance period and represented the earned award amounts. Vested and unvested units are included in the award discussion above. These amounts also include awards earned for prior performance periods related to the compensation pool in excess of the initial award. |
Earnings Per Common Share or Un
Earnings Per Common Share or Unit | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share or Unit | NOTE 10. EARNINGS PER COMMON SHARE OR UNIT We determine basic earnings per share or unit based on the weighted average number of shares of common stock or units outstanding during the period. We compute diluted earnings per share or unit based on the weighted average number of shares or units outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments. The computation of our basic and diluted earnings per share and unit was as follows (in thousands, except per share and unit amounts): Three Months Ended Nine Months Ended September 30, September 30, Prologis, Inc. 2020 2019 2020 2019 Net earnings attributable to common stockholders – Basic $ 298,695 $ 450,639 $ 1,192,652 $ 1,181,470 Net earnings attributable to exchangeable limited partnership units (1) 8,440 13,422 34,252 35,838 Adjusted net earnings attributable to common stockholders – Diluted $ 307,135 $ 464,061 $ 1,226,904 $ 1,217,308 Weighted average common shares outstanding – Basic 738,194 630,929 724,876 630,356 Incremental weighted average effect on exchange of limited partnership units (1) 21,110 18,760 20,960 19,403 Incremental weighted average effect of equity awards 5,315 5,570 5,135 5,059 Weighted average common shares outstanding – Diluted (2) 764,619 655,259 750,971 654,818 Net earnings per share attributable to common stockholders: Basic $ 0.40 $ 0.71 $ 1.65 $ 1.87 Diluted $ 0.40 $ 0.71 $ 1.63 $ 1.86 Three Months Ended Nine Months Ended September 30, September 30, Prologis, L.P. 2020 2019 2020 2019 Net earnings attributable to common unitholders $ 307,069 $ 463,997 $ 1,226,646 $ 1,217,088 Net earnings attributable to Class A Units (3,216 ) (5,840 ) (13,242 ) (15,523 ) Net earnings attributable to common unitholders – Basic 303,853 458,157 1,213,404 1,201,565 Net earnings attributable to Class A Units 3,216 5,840 13,242 15,523 Net earnings attributable to exchangeable other limited partnership units 66 64 258 220 Adjusted net earnings attributable to common unitholders – Diluted $ 307,135 $ 464,061 $ 1,226,904 $ 1,217,308 Weighted average common partnership units outstanding – Basic 750,971 641,229 737,489 641,077 Incremental weighted average effect on exchange of Class A Units 8,034 8,154 8,048 8,282 Incremental weighted average effect on exchange of other limited partnership units 299 306 299 400 Incremental weighted average effect of equity awards of Prologis, Inc. 5,315 5,570 5,135 5,059 Weighted average common units outstanding – Diluted (2) 764,619 655,259 750,971 654,818 Net earnings per unit attributable to common unitholders: Basic $ 0.40 $ 0.71 $ 1.65 $ 1.87 Diluted $ 0.40 $ 0.71 $ 1.63 $ 1.86 (1) The exchangeable limited partnership units include the units as discussed in Note 8. 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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Class A Units 8,034 8,154 8,048 8,282 Other limited partnership units 299 306 299 400 Equity awards 7,643 8,141 7,749 8,154 Prologis, L.P. 15,976 16,601 16,096 16,836 Common limited partnership units 12,777 10,300 12,613 10,721 Prologis, Inc. 28,753 26,901 28,709 27,557 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Fair Value Measurements | NOTE 11. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Derivative Financial Instruments In the normal course of business, our operations are exposed to market risks, including the effect of changes in foreign currency exchange rates and interest rates. We may enter into derivative financial instruments to offset these underlying market risks. There have been no significant changes in our policy or strategy from what was disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019. The following table presents the fair value of our derivative financial instruments recognized within Other Assets Other Liabilities September 30, 2020 December 31, 2019 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ 1,717 $ - $ 181 $ 49 British pound sterling 3,156 457 731 3,823 Canadian dollar 842 1,121 523 1,855 Chinese renminbi - 317 - 81 Euro 769 6,828 7,135 2,034 Japanese yen 3,623 135 3,889 97 Swedish krona 31 1,824 - 797 Designated derivatives Foreign currency contracts Net investment hedges British pound sterling 5,433 - 807 13,189 Canadian dollar 3,432 - - 1,926 Interest rate swaps Cash flow hedges Euro 11 - - - U.S. dollar - 233 - - Total fair value of derivatives $ 19,014 $ 10,915 $ 13,266 $ 23,851 Undesignated Derivative Financial Instruments Foreign Currency Contracts The following table summarizes the activity of our undesignated foreign currency contracts for the nine months ended September 30 (in millions, except for weighted average forward rates and number of active contracts): 2020 2019 CAD EUR GBP JPY SEK Other Total BRL CAD EUR GBP JPY MXN SEK Total Notional amounts at January 1 ($) 120 581 178 182 31 15 1,107 5 55 314 118 177 - - 669 New contracts ($) 29 845 294 82 10 32 1,292 493 150 470 1,045 54 9 26 2,247 Matured, expired or settled contracts ($) (32 ) (1,099 ) (311 ) (66 ) (9 ) (31 ) (1,548 ) (496 ) (126 ) (228 ) (1,031 ) (60 ) (9 ) - (1,950 ) Notional amounts at September 30 ($) 117 327 161 198 32 16 851 2 79 556 132 171 - 26 966 Weighted average forward rate at September 30 1.34 1.17 1.31 102.80 9.35 3.82 1.31 1.15 1.32 103.80 - 9.39 Active contracts at September 30 48 55 47 48 31 1 29 46 38 38 - 12 The following table summarizes the undesignated derivative financial instruments exercised and associated realized and unrealized gains (losses) in Foreign Currency and Derivative Gains (Losses), Net Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Exercised contracts 28 34 101 82 Realized gains on the matured, expired or settled contracts $ 1 $ 11 $ 11 $ 18 Unrealized gains (losses) on the change in fair value of outstanding contracts $ (27 ) $ 9 $ 7 $ 13 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 nine months ended September 30 2020 2019 CAD GBP Total BRL CAD EUR GBP Total Notional amounts at January 1 ($) 97 387 484 460 100 - 127 687 New contracts ($) 298 324 622 489 97 420 515 1,521 Matured, expired or settled contracts ($) (48 ) (576 ) (624 ) (949 ) (100 ) (420 ) (259 ) (1,728 ) Notional amounts at September 30 ($) 347 135 482 - 97 - 383 480 Weighted average forward rate at September 30 1.32 1.35 - 1.32 - 1.28 Active contracts at September 30 6 1 - 2 - 6 Interest Rate Swaps The following table summarizes the activity of our interest rate swaps designated as cash flow hedges for the nine months ended September 30 (in millions): 2020 2019 EUR USD EUR Notional amounts at January 1 ($) - - 500 New contracts ($) (1)(2)(3)(4) 165 1,500 - Matured, expired or settled contracts ($) (2)(4) - (1,250 ) - Notional amounts at September 30 ($) 165 250 500 (1) During the first quarter of 2020, we entered into one interest rate swap contract with an aggregate notional amount of €150.0 million ($165.0 million) to effectively fix the interest rate on our euro senior notes bearing a floating rate of Euribor plus 0.3% issued in February 2020. (2) During the first quarter of 2020, we entered into four treasury lock contracts with an aggregate notional amount of $750.0 million to effectively fix the interest rate on the forecasted issuance of U.S. dollar senior notes, which were then issued in February 2020. Subsequent to issuance, we recorded a loss of $16.8 million associated with these derivatives that will be amortized out of Accumulated Other Comprehensive Income/Loss Interest Expense (3) During the second quarter of 2020, we entered into two interest rate swap contracts with an aggregate notional amount of $250.0 million to effectively fix the interest rate on the outstanding balance of our 2017 Term Loan bearing a floating rate of 1-month USD LIBOR plus 0.9%. (4) During the third quarter of 2020, we entered into two treasury lock contracts with an aggregate notional amount of $500.0 million to effectively fix the interest rate on the forecasted issuance of U.S. dollar senior notes, which were then issued in August 2020. The loss associated with the settlement of the derivatives upon issuance of the senior notes was not significant. Designated Nonderivative Financial Instruments The following table summarizes our debt and accrued interest, designated as a hedge of our net investment in international subsidiaries (in millions): September 30, 2020 December 31, 2019 British pound sterling $ 1,002 $ 329 Euro $ - $ 850 The following table summarizes the recognized unrealized gains (losses) in Foreign Currency and Derivative Gains (Losses), Net Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Unrealized gains (losses) on the unhedged portion $ (77 ) $ 40 $ (51 ) $ 41 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Derivative net investment hedges $ (4,234 ) $ 15,642 $ 18,290 $ 4,654 Debt designated as nonderivative net investment hedges (46,570 ) 154,948 2,439 187,572 Cumulative translation adjustment 5,228 (140,537 ) (200,891 ) (149,755 ) Total foreign currency translation gains (losses), net $ (45,576 ) $ 30,053 $ (180,162 ) $ 42,471 Cash flow hedges (1)(2) $ 1,581 $ 1,206 $ (12,857 ) $ 3,464 Our share of derivatives from unconsolidated co-investment ventures 798 (1,822 ) (6,839 ) (10,438 ) Total unrealized gains (losses) on derivative contracts, net $ 2,379 $ (616 ) $ (19,696 ) $ (6,974 ) Total change in other comprehensive income (loss) $ (43,197 ) $ 29,437 $ (199,858 ) $ 35,497 (1) We estimate an additional expense of $5.1 million will be reclassified to Interest Expense (2) Included in the nine months ended September 30, 2020 was $16.8 million in losses associated with the termination of the four treasury lock contracts. 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, 2019. Fair Value Measurements on a Recurring Basis At September 30, 2020 and December 31, 2019, 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 September 30, 2020 and December 31, 2019, were classified as Level 2 of the fair value hierarchy. Fair Value Measurements on Nonrecurring Basis Acquired properties and assets we expect to sell or contribute are significant nonfinancial assets that met the criteria to be measured at fair value on a nonrecurring basis. At September 30, 2020 and December 31, 2019, we estimated the fair value of our properties using Level 2 or Level 3 inputs from the fair value hierarchy. See more information on our acquired properties in Notes 2 and 3 and assets held for sale or contribution in Note 5. Fair Value of Financial Instruments At September 30, 2020 and December 31, 2019, 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 September 30, 2020 and December 31, 2019, as compared with those in effect when the debt was issued or assumed, including low borrowing spreads due to our credit ratings. The senior notes and many of the issuances of secured mortgage debt contain prepayment penalties or yield maintenance provisions that could make the cost of refinancing the debt at lower rates exceed the benefit that would be derived from doing so. The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): September 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Credit Facilities $ 39,733 $ 39,733 $ 184,255 $ 184,255 Senior notes 14,108,021 15,053,871 9,660,570 10,228,715 Term loans and unsecured other 1,723,473 1,744,580 1,441,882 1,463,841 Secured mortgage 646,899 687,135 619,170 651,047 Total $ 16,518,126 $ 17,525,319 $ 11,905,877 $ 12,527,858 The fair value of the senior notes increased during the nine months ended September 30, 2020 due to the decrease in bond yields in the market as compared to the higher weighted average interest rates on our senior notes. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 12. BUSINESS SEGMENTS Our current business strategy includes two operating segments: Real Estate Operations and Strategic Capital. We generate revenues, earnings, net operating income and cash flows through our segments, as follows: • Real Estate Operations. This operating segment represents the ownership and development of operating properties and is the largest component of our revenue and earnings. We collect rent from our customers through operating leases, including reimbursements for the majority of our property operating costs. Each operating property is considered to be an individual operating segment with similar economic characteristics; these properties are combined within the reportable business segment based on geographic location. 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, along with land and buildings we lease, 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 management 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 The following reconciliations are presented in thousands: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenues: Real estate operations segment: U.S. $ 933,916 $ 667,889 $ 2,660,178 $ 1,969,191 Other Americas 21,132 22,723 66,947 70,435 Europe 19,558 9,517 53,048 30,337 Asia 9,174 11,585 30,723 41,226 Total real estate operations segment 983,780 711,714 2,810,896 2,111,189 Strategic capital segment: U.S. 29,322 21,537 320,181 62,341 Other Americas 8,851 8,276 27,558 29,800 Europe 36,959 180,365 101,081 242,742 Asia 23,861 20,289 67,422 58,533 Total strategic capital segment 98,993 230,467 516,242 393,416 Total revenues 1,082,773 942,181 3,327,138 2,504,605 Segment net operating income: Real estate operations segment: U.S. (1) 699,255 497,686 1,976,985 1,450,393 Other Americas 15,288 16,698 48,561 51,616 Europe 14,207 5,597 33,017 18,029 Asia 6,520 8,575 21,543 31,438 Total real estate operations segment 735,270 528,556 2,080,106 1,551,476 Strategic capital segment: U.S. (1) 5,184 (10,129 ) 222,390 992 Other Americas 6,276 4,402 17,803 19,179 Europe 26,775 162,646 66,483 205,020 Asia 14,967 10,144 35,656 29,557 Total strategic capital segment 53,202 167,063 342,332 254,748 Total segment net operating income 788,472 695,619 2,422,438 1,806,224 Reconciling items: General and administrative expenses (74,348 ) (65,199 ) (208,701 ) (201,176 ) Depreciation and amortization expenses (400,738 ) (282,254 ) (1,144,903 ) (850,639 ) Gains on dispositions of development properties and land, net 134,207 63,935 383,373 303,317 Gains on other dispositions of investments in real estate, net 108,927 59,379 184,357 232,400 Operating income 556,520 471,480 1,636,564 1,290,126 Earnings from unconsolidated entities, net 73,972 46,302 216,844 151,524 Interest expense (80,711 ) (60,244 ) (237,651 ) (179,873 ) Interest and other income (expense), net (5,866 ) 654 (4,469 ) 12,876 Foreign currency and derivative gains (losses), net (100,974 ) 59,492 (48,481 ) 70,267 Losses on early extinguishment of debt, net (98,266 ) (13,585 ) (164,606 ) (16,086 ) Earnings before income taxes $ 344,675 $ 504,099 $ 1,398,201 $ 1,328,834 September 30, 2020 December 31, 2019 Segment assets: Real estate operations segment: U.S. $ 41,605,862 $ 27,999,868 Other Americas 1,074,504 1,332,237 Europe 1,615,194 1,379,579 Asia 1,052,497 879,072 Total real estate operations segment 45,348,057 31,590,756 Strategic capital segment: (2) U.S. 13,575 14,529 Europe 25,280 25,280 Asia 351 359 Total strategic capital segment 39,206 40,168 Total segment assets 45,387,263 31,630,924 Reconciling items: Investments in and advances to unconsolidated entities 7,310,960 6,237,371 Assets held for sale or contribution 1,757,187 720,685 Lease right-of-use assets 112,319 111,439 Cash and cash equivalents 940,193 1,088,855 Other assets 251,676 242,576 Total reconciling items 10,372,335 8,400,926 Total assets $ 55,759,598 $ 40,031,850 (1) This includes compensation, personnel costs and PPP awards for employees who were located in the U.S. but also support other geographies. (2) Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital segment. Goodwill was $25.3 million at September 30, 2020 and December 31, 2019. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | NOTE 13. SUPPLEMENTAL CASH FLOW INFORMATION Our significant noncash investing and financing activities for the nine months ended September 30, 2020 and 2019 included the following: • We completed the Liberty Transaction on February 4, 2020 for $13.0 billion through the issuance of equity and the assumption of debt. See Note 2 for more information on this transaction. Additionally, our two U.S. co-investment ventures, USLF and USLV completed the IPT Transaction on January 8, 2020 for $2.0 billion each in a cash transaction, including the assumption and repayment of debt. See Note 6 for more information on the assumption of debt. • W e recognized Lease Right-of-Use Assets and Lease Liabilities on the Consolidated Balance Sheets, including any new leases, renewals and modifications after January 1, 2020 of $6.6 million each, and $483.9 million and $475.1 million, respectively, after January 1, 2019, related to leases in which we are the lessee. Amounts in 2019 are primarily due to our adoption of the new lease standard on January 1, 2019. • We capitalized $18.0 million and $16.6 million in 2020 and 2019, respectively, of equity-based compensation expense. • We received $399.2 million and $294.7 million in 2020 and 2019, 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 4. Included in 2019 was our initial 20.0% investment in PBLV in exchange for our contribution of the initial portfolio of properties to PBLV upon formation. • An unconsolidated co-investment venture in the U.S. declared a distribution of $45.6 million, which we subsequently reinvested and increased our ownership in 2020. • We received $23.7 million of equity interests in PCCLF for the contribution of real estate properties from Prologis China Logistics Venture II, LP in 2020. • We issued 0.3 million and 1.2 million shares in 2020 and 2019, respectively, of the Parent’s common stock upon redemption of an equal number of common limited partnership units in the OP. • We issued 0.5 million common limited partnership units for $ 48.5 million as partial consideration for the acquisition of properties in 2020 . See Note 8 for more information. We paid $230.9 million and $201.6 million for interest, net of amounts capitalized, for the nine months ended September 30, 2020 and 2019, respectively. We paid $82.3 million and $53.4 million for income taxes, net of refunds, for the nine months ended September 30, 2020 and 2019, respectively. |
General (Policies)
General (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Business | Business . Prologis, Inc. (or the “Parent”) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and believes the current organization and method of operation will enable it to maintain its status as a REIT. The Parent is the general partner of Prologis, L.P. (or the “Operating Partnership” or “OP”). Through the OP, we are engaged in the ownership, acquisition, development and management of logistics facilities with a focus on key markets in 19 countries on four continents. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors. We maintain a significant level of ownership in these co-investment ventures, which may be consolidated or unconsolidated based on our level of control of the entity. Our current business strategy consists of two operating business segments: Real Estate 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 and other ventures. See Note 12 for further discussion of our business segments. Unless otherwise indicated, the Notes to the Consolidated Financial Statements apply to both the Parent and the 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 September 30, 2020, the Parent owned a 97.30% common general partnership interest in the OP and 100% of the preferred units in the OP. The remaining 2.70% common limited partnership interests, which include Class A common limited partnership units (“Class A Units”) in the OP, are owned by unaffiliated investors and certain current and former directors and officers of the Parent. Each partner’s percentage interest in the OP is determined based on the number of OP units held, including the number of OP units into which Class A Units are convertible, compared to total OP units outstanding at each period end and is used as the basis for the allocation of net income or loss to each partner. At the end of each reporting period, a capital adjustment is made in the OP to reflect the appropriate ownership interest for each of the common unitholders. These adjustments are reflected in the line items Reallocation of Equity 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 | 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, 2019, as filed with the SEC, and other public information. |
New Accounting Pronouncements | New Accounting Pronouncements. Accounting for Lease Concessions Related to the Effects of the Coronavirus (“COVID-19”) Pandemic . In April 2020, the Financial Accounting Standards Board (“FASB”) issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under the new lease standard, which we adopted on January 1, 2019. For rent deferrals granted during the nine months ended September 30, 2020, we are allowing customers to defer rental payments until a later date, generally later in 2020 or early 2021, in exchange for a note receivable, and we are continuing to recognize rental revenue during the period. In accordance with the Q&A, we are electing to not apply the lease modification guidance to concessions that result in deferred rent as the total cash flows required by the modified lease agreements are materially the same as the cash flows required under the original lease and there are no substantive changes to the consideration. As of October 19, 2020, we have granted deferral requests of $21.0 million related to consolidated properties during 2020. If we grant concessions to a customer that modify the terms and significantly change the underlying cash flows of the original lease for the remaining term, we will account for these changes as a lease modification in accordance with U.S. GAAP. Reference Rate Reform . In March 2020, the FASB issued an Accounting Standard Update (“ASU”) that provided practical expedients to address existing guidance on contract modifications and hedge accounting due to the expected market transition from the London Inter - bank Offered Rate (“LIBOR”) and other interbank offered rates (together “IBORs”) to alternative reference rates, such as the Secured Overnight Financing Rate . In July 2017, the Financial Conduct Authority announced it intended to stop compelling banks to submit rates for the calculation of LIBOR after 2021. We refer to this transition as “reference rate reform.” The first practical expedient allows companies to elect to not apply certain modification accounting requirements to debt, derivative and lease contracts affected by reference rate reform if certain criteria are met. These criteria include the following: (i) the contract referenced an IBOR rate that is expected to be discontinued; (ii) the modified terms directly replace or have the potential to replace the IBOR rate that is expected to be discontinued; and (iii) any contemporaneous changes to other terms that change or have the potential to change the amount and timing of contractual cash flows must be related to the replacement of the IBOR rate. If the contract meets all three criteria, there is no requirement for remeasurement of the contract at the modification date or reassessment of the previous accounting determination. The second practical expedient allows companies to change the reference rate and other critical terms related to the reference rate reform in derivative hedge documentation without having to dedesignate the hedging relationship. This allows for companies to continue applying hedge accounting to existing cash flow and net investment hedges. The ASU was effective upon issuance on a prospective basis beginning January 1, 2020 and may be elected over time as reference rate reform activities occur. We have not modified any contracts to date, however, we will evaluate any debt, derivative and lease contracts that are modified in the future to ensure they are eligible for modification relief and apply the practical expedients as needed. |
Liberty Transaction (Tables)
Liberty Transaction (Tables) - Liberty Transaction [Member] | 9 Months Ended |
Sep. 30, 2020 | |
Schedule of Aggregate Equity Consideration | The aggregate equity consideration is calculated below (in millions, except price per share): Number of Prologis shares and units issued upon conversion of Liberty shares and units at February 4, 2020 109.01 Multiplied by closing price of Prologis' common stock on February 3, 2020 $ 91.87 Fair value of Prologis shares and units issued $ 10,015 |
Schedule of Purchase Price Allocated to Liberty Real Estate Properties and Related Lease Intangibles | Under acquisition accounting, the total purchase price was allocated as follows to the Liberty real estate properties and related lease intangibles on a relative fair value basis and all other assets and liabilities assumed at fair value (in millions): Net investments in real estate $ 12,631 Intangible assets, net of intangible liabilities (1) 491 Cash and other assets 240 Debt (2,845 ) Accounts payable, accrued expenses and other liabilities (385 ) Noncontrolling interests (1 ) Total purchase price, including transaction costs $ 10,131 (1) Intangible assets of $640.5 million and intangible liabilities of $149.9 million were included within Other Assets and Other Liabilities , respectively, on the Consolidated Balance Sheets. The acquired lease intangibles from the Liberty Transaction will be amortized over the terms of the respective leases with a weighted average remaining lease term of 66 months. |
Real Estate (Tables)
Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 Sep 30, Dec 31, Sep 30, Dec 31, Sep 30, Dec 31, 2020 (1) 2019 2020 (1) 2019 2020 (1) 2019 Operating properties: Buildings and improvements 437,501 354,297 2,249 1,876 $ 30,931,497 $ 23,067,625 Improved land 11,692,392 8,220,208 Development portfolio, including land costs: Prestabilized 8,165 9,133 28 28 739,773 784,584 Properties under development 19,195 26,893 52 77 1,292,465 1,084,683 Land (2) 1,754,583 1,101,646 Other real estate investments (3) 2,695,649 965,668 Total investments in real estate properties 49,106,359 35,224,414 Less accumulated depreciation 6,229,744 5,437,662 Net investments in real estate properties $ 42,876,615 $ 29,786,752 ( 1 ) Includes the acquired real estate properties from the Liberty Transaction at September 30, 2020. See Note 2 for more information. (2) At September 30, 2020 and December 31, 2019, our land is comprised of 5,743 and 4,411 acres, respectively. ( 3 ) Included in other real estate investments were: (i) non-strategic real estate assets, including industrial and office, acquired in the Liberty Transaction t hat we do not intend to operate long-term |
Summary of Properties Acquired | The following table summarizes our real estate acquisition activity, excluding the Liberty Transaction as discussed in Note 2 (dollars and square feet in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 (1) 2019 Number of operating properties 2 2 140 15 Square feet 194 80 20,470 1,083 Acres of land 156 186 611 651 Acquisition cost of net investments in real estate $ 188,717 $ 184,077 $ 2,730,377 $ 701,264 (1) On January 8, 2020, our two U.S. co-investment ventures, Prologis Targeted U.S. Logistics Fund, L.P. (“USLF”) and Prologis U.S. Logistics Venture, LLC (“USLV”), acquired the wholly-owned real estate assets of Industrial Property Trust Inc. (“IPT”) for $2.0 billion each in a cash transaction, including transaction costs and the assumption and repayment of debt (the “IPT Transaction”). As USLV is a consolidated co-investment venture, the number of operating properties, square feet and acquisition cost are included in the consolidated acquisition activity. For further discussion on the acquisition by USLF, see Note 4, and by USLV, see Notes 6 and 8. |
Summary of Dispositions of Net Investments in Real Estate | The following table summarizes our dispositions of net investments in real estate (dollars and square feet in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Dispositions of development properties and land, net (1) Number of properties 12 5 32 17 Square feet 3,150 1,741 11,776 7,346 Net proceeds $ 410,398 $ 212,398 $ 1,384,227 $ 1,067,808 Gains on contributions and dispositions, net $ 134,207 $ 63,935 $ 383,373 $ 303,317 Total gains on dispositions of development properties and land, net $ 134,207 $ 63,935 $ 383,373 $ 303,317 Other dispositions of investments in real estate, net (2) Number of properties 15 29 38 46 Square feet 2,558 4,130 6,635 11,517 Net proceeds $ 409,303 $ 351,264 $ 763,615 $ 1,037,103 Gains on contributions and dispositions, net $ 108,927 $ 59,379 $ 184,357 $ 97,378 Gains on partial redemption of investment in an unconsolidated co-investment venture (3) $ - $ - $ - $ 135,022 Total gains on other dispositions of investments in real estate, net $ 108,927 $ 59,379 $ 184,357 $ 232,400 (1) The gains we recognize in Gains on the Dispositions of Development Properties and Land, Net are primarily driven by the contribution of newly developed properties to our unconsolidated co-investment ventures. ( 2 ) In January 2019, we formed Prologis Brazil Logistics Venture (“PBLV”), a Brazilian unconsolidated co-investment venture, with one partner. We contributed an initial portfolio of real estate properties to PBLV consisting of 14 operating properties totaling 6.9 million square feet and 371 acres of land. We received cash proceeds and units for our 20.0% equity interest. ( 3 ) In February 2019, we redeemed a portion of our investment in a European unconsolidated co-investment venture. |
Unconsolidated Entities (Tables
Unconsolidated Entities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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): September 30, December 31, 2020 2019 Unconsolidated co-investment ventures $ 6,393,888 $ 5,873,784 Other ventures (1) 917,072 363,587 Total $ 7,310,960 $ 6,237,371 (1) In February 2020, we completed the Liberty Transaction and acquired an equity method investment in eight ventures. |
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 these ventures (dollars and square feet in millions): U.S. Other Americas (2) Europe Asia Total As of: Sep 30, 2020 (1) Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Key property information: Ventures 1 1 2 2 3 3 3 3 9 9 Operating properties 699 605 225 214 769 731 165 144 1,858 1,694 Square feet 116 99 49 44 185 176 67 59 417 378 Financial position: Total assets ($) 10,755 8,408 2,862 2,707 15,940 14,677 9,729 8,758 39,286 34,550 Third-party debt ($) 3,344 2,130 776 769 3,772 3,213 3,708 3,296 11,600 9,408 Total liabilities ($) 3,939 2,514 811 801 5,251 4,575 4,183 3,751 14,184 11,641 Our investment balance ($) (3) 1,889 1,728 794 658 2,935 2,800 776 688 6,394 5,874 Our weighted average ownership (4) 26.3 % 27.3 % 41.1 % 39.1 % 30.0 % 30.2 % 15.2 % 15.1 % 26.3 % 27.1 % U.S. Other Americas (2) Europe Asia Total Operating Information: Sep 30, 2020 (1) Sep 30, 2019 Sep 30, 2020 Sep 30, 2019 Sep 30, 2020 Sep 30, 2019 Sep 30, 2020 Sep 30, 2019 Sep 30, 2020 Sep 30, 2019 For the three months ended: Total revenues ($) 237 187 70 66 303 276 148 134 758 663 Net earnings ($) 29 38 23 18 80 70 152 27 284 153 Our earnings from unconsolidated co-investment ventures, net ($) 9 11 8 6 27 22 23 4 67 43 For the nine months ended: Total revenues ($) 702 546 204 200 874 815 429 378 2,209 1,939 Net earnings ($) 103 90 69 73 230 225 210 89 612 477 Our earnings from unconsolidated co-investment ventures, net ($) 28 27 26 27 75 74 32 14 161 142 (1) In January 2020, USLF acquired a portfolio of 108 operating properties, aggregating 18.3 million square feet, in the IPT Transaction for cash consideration of $2.0 billion, including transaction costs and the assumption and repayment of debt. ( 2 ) PBLV and our other Brazilian joint ventures are combined as one venture for the purpose of this table. (3) 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 September 30, 2020 and December 31, 2019, results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes ($100.2 million and $152.0 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. ( 4 ) Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities. |
Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to Co-Investment Ventures | The following table summarizes the Strategic Capital Revenues Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Recurring fees $ 80,403 $ 67,888 $ 231,263 $ 195,542 Transactional fees 15,827 14,094 47,879 41,272 Promote revenue (1) - 148,191 228,421 155,474 Total strategic capital revenues from unconsolidated co-investment ventures (2) $ 96,230 $ 230,173 $ 507,563 $ 392,288 (1) Includes promote revenue earned from our unconsolidated co-investment venture in the U.S. in June 2020 and in Europe in September 2019. (2) These amounts exclude strategic capital revenues from other ventures. |
Assets Held for Sale or Contr_2
Assets Held for Sale or Contribution (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Real Estate Assets Held For Development And Sale [Abstract] | |
Summary of Assets Held for Sale or Contribution | Assets held for sale or contribution, including certain properties acquired through the Liberty Transaction and the IPT Transaction, consisted of the following (dollars and square feet in thousands): September 30, December 31, 2020 2019 Number of operating properties 141 28 Square feet 22,247 9,371 Total assets held for sale or contribution $ 1,757,187 $ 720,685 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 35,473 $ 41,994 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt Summary | The following table summarizes our debt (dollars in thousands): September 30, 2020 December 31, 2019 Weighted Average Interest Rate (1) Amount Outstanding (2) Weighted Average Interest Rate (1) Amount Outstanding (2) Credit facilities 0.4 % $ 39,733 0.4 % $ 184,255 Senior notes (3) 2.1 % 14,108,021 2.4 % 9,660,570 Term loans and unsecured other (3) 0.8 % 1,723,473 0.9 % 1,441,882 Secured mortgage (3)(4) 3.6 % 646,899 3.4 % 619,170 Total 2.0 % $ 16,518,126 2.2 % $ 11,905,877 (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 designated interest rate swaps, which effectively fix the interest rate on certain variable rate debt. (2) We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies: September 30, 2020 December 31, 2019 Amount Outstanding % of Total Amount Outstanding % of Total British pound sterling $ 1,126,684 6.8 % $ 656,549 5.5 % Canadian dollar 271,752 1.6 % 279,730 2.3 % Euro 6,297,942 38.2 % 6,128,986 51.5 % Japanese yen 2,695,105 16.3 % 2,329,381 19.6 % U.S. dollar 6,126,643 37.1 % 2,511,231 21.1 % Total $ 16,518,126 $ 11,905,877 (3) Through the Liberty Transaction, we assumed $2.5 billion of senior notes, $246.9 million of secured mortgage debt and a $100.1 million term loan with a weighted average stated interest rate of 3.8%. We subsequently paid down $1.8 billion of the assumed debt with senior notes we issued at lower rates in February 2020. See below for additional activity on debt assumed in the Liberty Transaction and the extinguishment of a significant portion of the debt subsequent to acquisition. (4) Through the IPT Transaction, USLV assumed $ million of secured mortgage debt, all of which was paid down at closing. See below for the early extinguishment of debt in the IPT Transaction. |
Summary of Issuances and Redemptions of Senior Notes | The following table summarizes the issuances and redemptions of senior notes during the nine months ended September 30, 2020 (principal in thousands): Aggregate Principal Initial Borrowing Date Borrowing Currency USD (1) Weighted Average Stated Interest Rate at the Issuance Date Maturity Dates February (2)(3) € 1,350,000 $ 1,485,405 0.6% February 2022 – 2035 February (2) $ 2,200,000 $ 2,200,000 2.4% April 2027 – 2050 February £ 250,000 $ 322,490 1.9% February 2035 June (3)(4) ¥ 41,200,000 $ 386,314 1.0% June 2027 – 2050 August (3)(5) $ 1,250,000 $ 1,250,000 1.6% October 2030 – 2050 September ¥ 19,700,000 $ 186,835 1.0% September 2032 – 2040 Aggregate Principal Redemption Date Borrowing Currency USD (1) Stated Interest Rate at the Redemption Date Maturity Dates January € 400,000 $ 445,880 0.0% January 2020 March (2) € 700,000 $ 783,090 1.4% May 2021 June (4) € 212,598 $ 238,067 3.0% January 2022 June (4) € 100,486 $ 112,524 3.4% February 2024 September (5) $ 850,000 $ 850,000 4.3% August 2023 (1) The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date. (2) We utilized the proceeds from these issuances to redeem $1.8 billion of debt assumed in the Liberty Transaction, primarily senior notes as discussed above, and our €700.0 million ($783.1 million) (3) Approximately $1.5 billion of the proceeds from the issuance of these notes are to fund sustainable and environmentally beneficial projects and buildings in accordance with our green bond framework. (4) We utilized the proceeds from the issuance of the Japanese yen senior notes to redeem €212.6 million ($238.1 million) and €100.5 million ($112.5 million) (5) We utilized the proceeds from this issuance to redeem $850.0 |
Schedule of Current Availability on Debt and Cash Text Block | The following table summarizes information about our available liquidity at September 30, 2020 (in millions): Aggregate lender commitments Credit Facilities $ 4,052 Available term loans 250 Less: Borrowings outstanding 40 Outstanding letters of credit 29 Current availability 4,233 Cash and cash equivalents 940 Total liquidity $ 5,173 |
Long-Term Debt Maturities | Scheduled principal payments due on our debt for the remainder of 2020 and for each year through the period ended December 31, 2024, and thereafter were as follows at September 30, 2020 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgage Total 2020 (1) $ - $ - $ - $ 2,115 $ 2,115 2021 (1)(2) - - 260,467 28,531 288,998 2022 - 743,535 - 11,919 755,454 2023 - - 127,347 33,894 161,241 2024 (3) 39,733 701,911 - 265,753 1,007,397 Thereafter - 12,721,675 1,343,354 304,100 14,369,129 Subtotal 39,733 14,167,121 1,731,168 646,312 16,584,334 Unamortized net premiums - 11,935 - 2,645 14,580 Unamortized debt issuance costs - (71,035 ) (7,695 ) (2,058 ) (80,788 ) Total $ 39,733 $ 14,108,021 $ 1,723,473 $ 646,899 $ 16,518,126 (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 2021 maturities is the 2017 Term Loan that can be extended until 2022. ( 3 ) Included in the 2024 maturities is the Revolver that can be extended until 2025. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Noncontrolling Interest [Abstract] | |
Summary of Ownership Percentages and Noncontrolling Interests | The following table summarizes our ownership percentages and noncontrolling interests and the consolidated entities’ total assets and liabilities (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Sep 30, 2020 Dec 31, 2019 Prologis U.S. Logistics Venture (1) 55.0 % 55.0 % $ 3,405,276 $ 2,677,846 $ 7,707,131 $ 6,077,016 $ 147,625 $ 99,397 Other consolidated entities (2) various various 97,720 97,548 1,031,980 849,620 72,555 85,186 Prologis, L.P. 3,502,996 2,775,394 8,739,111 6,926,636 220,180 184,583 Limited partners in Prologis, L.P. (3)(4) 889,136 643,263 - - - - Prologis, Inc. $ 4,392,132 $ 3,418,657 $ 8,739,111 $ 6,926,636 $ 220,180 $ 184,583 (1) As discussed in Note 3, in January 2020, USLV acquired a portfolio of 127 operating properties, aggregating 19.0 million square feet, in the IPT Transaction for $2.0 billion, including transaction costs and the assumption and repayment of debt . Our partner contributed their share of the purchase price to fund the acquisition. ( 2) 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 September 30, 2020 and December 31, 2019 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. ( 3 ) We had 8.6 million Class A Units that were convertible into 8.0 million and 8.1 million limited partnership units of the OP at September 30, 2020 and December 31, 2019, respectively. ( 4 ) At September 30, 2020 and December 31, 2019, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 8.6 million and 6.2 million shares of the Parent’s common stock, respectively. |
Long-Term Compensation (Tables)
Long-Term Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 nine months ended September 30, 2020 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2020 1,165 $ 68.44 Granted 482 94.76 Vested and distributed (510 ) 62.99 Forfeited (63 ) 77.80 Balance at September 30, 2020 1,074 $ 80.52 |
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 nine months ended September 30, 2020 (units in thousands): Vested Unvested Unvested Weighted Average LTIP Units LTIP Units Grant Date Fair Value Balance at January 1, 2020 3,714 2,678 $ 60.06 Granted - 1,087 96.59 Vested LTIP Units 976 (976 ) 63.47 Vested POP LTIP Units (1) 303 - N/A Unvested POP LTIP Units (1) - 345 19.03 Conversion to common limited partnership units (1,110 ) - N/A Balance at September 30, 2020 3,883 3,134 $ 67.09 (1) Vested and unvested units were based on the POP performance criteria being met for the 2017 – 2019 performance period and represented the earned award amounts. Vested and unvested units are included in the award discussion above. These amounts also include awards earned for prior performance periods related to the compensation pool in excess of the initial award. |
Earnings Per Common Share or _2
Earnings Per Common Share or Unit (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 Nine Months Ended September 30, September 30, Prologis, Inc. 2020 2019 2020 2019 Net earnings attributable to common stockholders – Basic $ 298,695 $ 450,639 $ 1,192,652 $ 1,181,470 Net earnings attributable to exchangeable limited partnership units (1) 8,440 13,422 34,252 35,838 Adjusted net earnings attributable to common stockholders – Diluted $ 307,135 $ 464,061 $ 1,226,904 $ 1,217,308 Weighted average common shares outstanding – Basic 738,194 630,929 724,876 630,356 Incremental weighted average effect on exchange of limited partnership units (1) 21,110 18,760 20,960 19,403 Incremental weighted average effect of equity awards 5,315 5,570 5,135 5,059 Weighted average common shares outstanding – Diluted (2) 764,619 655,259 750,971 654,818 Net earnings per share attributable to common stockholders: Basic $ 0.40 $ 0.71 $ 1.65 $ 1.87 Diluted $ 0.40 $ 0.71 $ 1.63 $ 1.86 Three Months Ended Nine Months Ended September 30, September 30, Prologis, L.P. 2020 2019 2020 2019 Net earnings attributable to common unitholders $ 307,069 $ 463,997 $ 1,226,646 $ 1,217,088 Net earnings attributable to Class A Units (3,216 ) (5,840 ) (13,242 ) (15,523 ) Net earnings attributable to common unitholders – Basic 303,853 458,157 1,213,404 1,201,565 Net earnings attributable to Class A Units 3,216 5,840 13,242 15,523 Net earnings attributable to exchangeable other limited partnership units 66 64 258 220 Adjusted net earnings attributable to common unitholders – Diluted $ 307,135 $ 464,061 $ 1,226,904 $ 1,217,308 Weighted average common partnership units outstanding – Basic 750,971 641,229 737,489 641,077 Incremental weighted average effect on exchange of Class A Units 8,034 8,154 8,048 8,282 Incremental weighted average effect on exchange of other limited partnership units 299 306 299 400 Incremental weighted average effect of equity awards of Prologis, Inc. 5,315 5,570 5,135 5,059 Weighted average common units outstanding – Diluted (2) 764,619 655,259 750,971 654,818 Net earnings per unit attributable to common unitholders: Basic $ 0.40 $ 0.71 $ 1.65 $ 1.87 Diluted $ 0.40 $ 0.71 $ 1.63 $ 1.86 (1) The exchangeable limited partnership units include the units as discussed in Note 8. 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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Class A Units 8,034 8,154 8,048 8,282 Other limited partnership units 299 306 299 400 Equity awards 7,643 8,141 7,749 8,154 Prologis, L.P. 15,976 16,601 16,096 16,836 Common limited partnership units 12,777 10,300 12,613 10,721 Prologis, Inc. 28,753 26,901 28,709 27,557 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Schedule of Fair Value of Derivative Financial Instruments | The following table presents the fair value of our derivative financial instruments recognized within Other Assets Other Liabilities September 30, 2020 December 31, 2019 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ 1,717 $ - $ 181 $ 49 British pound sterling 3,156 457 731 3,823 Canadian dollar 842 1,121 523 1,855 Chinese renminbi - 317 - 81 Euro 769 6,828 7,135 2,034 Japanese yen 3,623 135 3,889 97 Swedish krona 31 1,824 - 797 Designated derivatives Foreign currency contracts Net investment hedges British pound sterling 5,433 - 807 13,189 Canadian dollar 3,432 - - 1,926 Interest rate swaps Cash flow hedges Euro 11 - - - U.S. dollar - 233 - - Total fair value of derivatives $ 19,014 $ 10,915 $ 13,266 $ 23,851 |
Summary of Undesignated Financial Instruments Exercised and Realized and Unrealized Gains (Losses) in Foreign Currency and Derivative Gains (Losses) Net | The following table summarizes the undesignated derivative financial instruments exercised and associated realized and unrealized gains (losses) in Foreign Currency and Derivative Gains (Losses), Net Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Exercised contracts 28 34 101 82 Realized gains on the matured, expired or settled contracts $ 1 $ 11 $ 11 $ 18 Unrealized gains (losses) on the change in fair value of outstanding contracts $ (27 ) $ 9 $ 7 $ 13 |
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 nine months ended September 30 (in millions): 2020 2019 EUR USD EUR Notional amounts at January 1 ($) - - 500 New contracts ($) (1)(2)(3)(4) 165 1,500 - Matured, expired or settled contracts ($) (2)(4) - (1,250 ) - Notional amounts at September 30 ($) 165 250 500 (1) During the first quarter of 2020, we entered into one interest rate swap contract with an aggregate notional amount of €150.0 million ($165.0 million) to effectively fix the interest rate on our euro senior notes bearing a floating rate of Euribor plus 0.3% issued in February 2020. (2) During the first quarter of 2020, we entered into four treasury lock contracts with an aggregate notional amount of $750.0 million to effectively fix the interest rate on the forecasted issuance of U.S. dollar senior notes, which were then issued in February 2020. Subsequent to issuance, we recorded a loss of $16.8 million associated with these derivatives that will be amortized out of Accumulated Other Comprehensive Income/Loss Interest Expense (3) During the second quarter of 2020, we entered into two interest rate swap contracts with an aggregate notional amount of $250.0 million to effectively fix the interest rate on the outstanding balance of our 2017 Term Loan bearing a floating rate of 1-month USD LIBOR plus 0.9%. (4) During the third quarter of 2020, we entered into two treasury lock contracts with an aggregate notional amount of $500.0 million to effectively fix the interest rate on the forecasted issuance of U.S. dollar senior notes, which were then issued in August 2020. The loss associated with the settlement of the derivatives upon issuance of the senior notes was not significant. |
Summary of Debt and Accrued Interest, Designated as Nonderivative Financial Instrument | The following table summarizes our debt and accrued interest, designated as a hedge of our net investment in international subsidiaries (in millions): September 30, 2020 December 31, 2019 British pound sterling $ 1,002 $ 329 Euro $ - $ 850 |
Summary of Recognized Unrealized Gains (Losses) in Foreign Currency and Derivative Gains (Losses) Net on Remeasurement of Unhedged Portion of Debt and Accrued Interest | The following table summarizes the recognized unrealized gains (losses) in Foreign Currency and Derivative Gains (Losses), Net Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Unrealized gains (losses) on the unhedged portion $ (77 ) $ 40 $ (51 ) $ 41 |
Summary of Changes in Other Comprehensive Income (Loss) | The following table presents these changes in Other Comprehensive Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Derivative net investment hedges $ (4,234 ) $ 15,642 $ 18,290 $ 4,654 Debt designated as nonderivative net investment hedges (46,570 ) 154,948 2,439 187,572 Cumulative translation adjustment 5,228 (140,537 ) (200,891 ) (149,755 ) Total foreign currency translation gains (losses), net $ (45,576 ) $ 30,053 $ (180,162 ) $ 42,471 Cash flow hedges (1)(2) $ 1,581 $ 1,206 $ (12,857 ) $ 3,464 Our share of derivatives from unconsolidated co-investment ventures 798 (1,822 ) (6,839 ) (10,438 ) Total unrealized gains (losses) on derivative contracts, net $ 2,379 $ (616 ) $ (19,696 ) $ (6,974 ) Total change in other comprehensive income (loss) $ (43,197 ) $ 29,437 $ (199,858 ) $ 35,497 (1) We estimate an additional expense of $5.1 million will be reclassified to Interest Expense (2) Included in the nine months ended September 30, 2020 was $16.8 million in losses associated with the termination of the four treasury lock contracts. |
Carrying Amounts and Estimated Fair Values of Debt | The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): September 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Credit Facilities $ 39,733 $ 39,733 $ 184,255 $ 184,255 Senior notes 14,108,021 15,053,871 9,660,570 10,228,715 Term loans and unsecured other 1,723,473 1,744,580 1,441,882 1,463,841 Secured mortgage 646,899 687,135 619,170 651,047 Total $ 16,518,126 $ 17,525,319 $ 11,905,877 $ 12,527,858 |
Undesignated Derivatives [Member] | |
Foreign Currency Contracts Activity | The following table summarizes the activity of our undesignated foreign currency contracts for the nine months ended September 30 (in millions, except for weighted average forward rates and number of active contracts): 2020 2019 CAD EUR GBP JPY SEK Other Total BRL CAD EUR GBP JPY MXN SEK Total Notional amounts at January 1 ($) 120 581 178 182 31 15 1,107 5 55 314 118 177 - - 669 New contracts ($) 29 845 294 82 10 32 1,292 493 150 470 1,045 54 9 26 2,247 Matured, expired or settled contracts ($) (32 ) (1,099 ) (311 ) (66 ) (9 ) (31 ) (1,548 ) (496 ) (126 ) (228 ) (1,031 ) (60 ) (9 ) - (1,950 ) Notional amounts at September 30 ($) 117 327 161 198 32 16 851 2 79 556 132 171 - 26 966 Weighted average forward rate at September 30 1.34 1.17 1.31 102.80 9.35 3.82 1.31 1.15 1.32 103.80 - 9.39 Active contracts at September 30 48 55 47 48 31 1 29 46 38 38 - 12 |
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 nine months ended September 30 2020 2019 CAD GBP Total BRL CAD EUR GBP Total Notional amounts at January 1 ($) 97 387 484 460 100 - 127 687 New contracts ($) 298 324 622 489 97 420 515 1,521 Matured, expired or settled contracts ($) (48 ) (576 ) (624 ) (949 ) (100 ) (420 ) (259 ) (1,728 ) Notional amounts at September 30 ($) 347 135 482 - 97 - 383 480 Weighted average forward rate at September 30 1.32 1.35 - 1.32 - 1.28 Active contracts at September 30 6 1 - 2 - 6 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting, Reconciliation of Revenues, Operating Income and Assets | The following reconciliations are presented in thousands: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenues: Real estate operations segment: U.S. $ 933,916 $ 667,889 $ 2,660,178 $ 1,969,191 Other Americas 21,132 22,723 66,947 70,435 Europe 19,558 9,517 53,048 30,337 Asia 9,174 11,585 30,723 41,226 Total real estate operations segment 983,780 711,714 2,810,896 2,111,189 Strategic capital segment: U.S. 29,322 21,537 320,181 62,341 Other Americas 8,851 8,276 27,558 29,800 Europe 36,959 180,365 101,081 242,742 Asia 23,861 20,289 67,422 58,533 Total strategic capital segment 98,993 230,467 516,242 393,416 Total revenues 1,082,773 942,181 3,327,138 2,504,605 Segment net operating income: Real estate operations segment: U.S. (1) 699,255 497,686 1,976,985 1,450,393 Other Americas 15,288 16,698 48,561 51,616 Europe 14,207 5,597 33,017 18,029 Asia 6,520 8,575 21,543 31,438 Total real estate operations segment 735,270 528,556 2,080,106 1,551,476 Strategic capital segment: U.S. (1) 5,184 (10,129 ) 222,390 992 Other Americas 6,276 4,402 17,803 19,179 Europe 26,775 162,646 66,483 205,020 Asia 14,967 10,144 35,656 29,557 Total strategic capital segment 53,202 167,063 342,332 254,748 Total segment net operating income 788,472 695,619 2,422,438 1,806,224 Reconciling items: General and administrative expenses (74,348 ) (65,199 ) (208,701 ) (201,176 ) Depreciation and amortization expenses (400,738 ) (282,254 ) (1,144,903 ) (850,639 ) Gains on dispositions of development properties and land, net 134,207 63,935 383,373 303,317 Gains on other dispositions of investments in real estate, net 108,927 59,379 184,357 232,400 Operating income 556,520 471,480 1,636,564 1,290,126 Earnings from unconsolidated entities, net 73,972 46,302 216,844 151,524 Interest expense (80,711 ) (60,244 ) (237,651 ) (179,873 ) Interest and other income (expense), net (5,866 ) 654 (4,469 ) 12,876 Foreign currency and derivative gains (losses), net (100,974 ) 59,492 (48,481 ) 70,267 Losses on early extinguishment of debt, net (98,266 ) (13,585 ) (164,606 ) (16,086 ) Earnings before income taxes $ 344,675 $ 504,099 $ 1,398,201 $ 1,328,834 September 30, 2020 December 31, 2019 Segment assets: Real estate operations segment: U.S. $ 41,605,862 $ 27,999,868 Other Americas 1,074,504 1,332,237 Europe 1,615,194 1,379,579 Asia 1,052,497 879,072 Total real estate operations segment 45,348,057 31,590,756 Strategic capital segment: (2) U.S. 13,575 14,529 Europe 25,280 25,280 Asia 351 359 Total strategic capital segment 39,206 40,168 Total segment assets 45,387,263 31,630,924 Reconciling items: Investments in and advances to unconsolidated entities 7,310,960 6,237,371 Assets held for sale or contribution 1,757,187 720,685 Lease right-of-use assets 112,319 111,439 Cash and cash equivalents 940,193 1,088,855 Other assets 251,676 242,576 Total reconciling items 10,372,335 8,400,926 Total assets $ 55,759,598 $ 40,031,850 (1) This includes compensation, personnel costs and PPP awards for employees who were located in the U.S. but also support other geographies. (2) Represents management contracts and goodwill recorded in connection with business combinations associated with the Strategic Capital segment. Goodwill was $25.3 million at September 30, 2020 and December 31, 2019. |
General - Additional Informatio
General - Additional Information (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2020Segment | Oct. 19, 2020USD ($) | |
General [Line Items] | ||
Number of reportable segments | Segment | 2 | |
Subsequent Event [Member] | ||
General [Line Items] | ||
Rent deferrals granted | $ | $ 21 | |
Unaffiliated Investors and Certain Current and Former Directors and Officers [Member] | ||
General [Line Items] | ||
Percentage of common limited partnership interest | 2.70% | |
General Partner | Prologis Limited Partnership [Member] | ||
General [Line Items] | ||
Percentage of ownership in operating partnership | 97.30% | |
Preferred [Member] | Prologis Limited Partnership [Member] | ||
General [Line Items] | ||
Percentage of ownership in operating partnership | 100.00% |
Liberty Transaction - Additiona
Liberty Transaction - Additional Information (Detail) - Liberty Transaction [Member] ft² in Millions, $ in Millions | Feb. 04, 2020USD ($)ft²PropertyVenture |
Business Acquisition [Line Items] | |
Business acquisition, date of acquisition agreement | Feb. 4, 2020 |
Business acquisition consideration transferred | $ 13,000 |
Fair value of Prologis shares and units issued | 10,015 |
Business acquisition, assumption of debt | $ 2,800 |
Business acquisition stock conversion ratio | 0.675 |
Number of operating properties acquired | Property | 519 |
Square feet of properties | ft² | 99.6 |
Non-Strategic Industrial Properties [Member] | |
Business Acquisition [Line Items] | |
Square feet of properties | ft² | 34 |
Other Ventures [Member] | |
Business Acquisition [Line Items] | |
Number of ventures that own industrial and office properties in which ownership interest is acquired | Venture | 8 |
Transaction costs | $ 115.8 |
Liberty Transaction - Schedule
Liberty Transaction - Schedule of Aggregate Equity Consideration (Detail) - Liberty Transaction [Member] $ / shares in Units, shares in Thousands, $ in Millions | Feb. 04, 2020USD ($)$ / sharesshares |
Business Acquisition [Line Items] | |
Number of Prologis shares and units issued upon conversion of Liberty shares and units at February 4, 2020 | shares | 109,010 |
Multiplied by closing price of Prologis' common stock on February 3, 2020 | $ / shares | $ 91.87 |
Fair value of Prologis shares and units issued | $ | $ 10,015 |
Liberty Transaction - Schedul_2
Liberty Transaction - Schedule of Purchase Price Allocated to Liberty Real Estate Properties and Related Lease Intangibles (Detail) - Liberty Transaction [Member] $ in Millions | Feb. 04, 2020USD ($) | |
Business Acquisition [Line Items] | ||
Net investments in real estate | $ 12,631 | |
Intangible assets, net of intangible liabilities | 491 | [1] |
Cash and other assets | 240 | |
Debt | (2,845) | |
Accounts payable, accrued expenses and other liabilities | (385) | |
Noncontrolling interests | (1) | |
Total purchase price, including transaction costs | $ 10,131 | |
[1] | Intangible assets of $640.5 million and intangible liabilities of $149.9 million were included within Other Assets and Other Liabilities , respectively, on the Consolidated Balance Sheets. The acquired lease intangibles from the Liberty Transaction will be amortized over the terms of the respective leases with a weighted average remaining lease term of 66 months. |
Liberty Transaction - Schedul_3
Liberty Transaction - Schedule of Purchase Price Allocated to Liberty Real Estate Properties and Related Lease Intangibles (Detail) (Parenthetical) - Liberty Transaction [Member] $ in Millions | Feb. 04, 2020USD ($) |
Business Acquisition [Line Items] | |
Operating Lease, Weighted Average Remaining Lease Term | 66 months |
Intangible assets | $ 640.5 |
Intangible liabilities | $ 149.9 |
Real Estate - Investments in Re
Real Estate - Investments in Real Estate Properties (Detail) ft² in Thousands, $ in Thousands | Sep. 30, 2020USD ($)ft²aBuilding | Dec. 31, 2019USD ($)ft²aBuilding |
Real Estate Properties [Line Items] | ||
Total investments in real estate properties | $ 49,106,359 | $ 35,224,414 |
Less accumulated depreciation | 6,229,744 | 5,437,662 |
Net investments in real estate properties | 42,876,615 | 29,786,752 |
Improved Land [Member] | ||
Real Estate Properties [Line Items] | ||
Total investments in real estate properties | $ 11,692,392 | $ 8,220,208 |
Building and Improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Square feet of properties | ft² | 437,501 | 354,297 |
Number of buildings | Building | 2,249 | 1,876 |
Total investments in real estate properties | $ 30,931,497 | $ 23,067,625 |
Development Portfolio, Including Cost of Land: Pre-stabilized [Member] | ||
Real Estate Properties [Line Items] | ||
Square feet of properties | ft² | 8,165 | 9,133 |
Number of buildings | Building | 28 | 28 |
Total investments in real estate properties | $ 739,773 | $ 784,584 |
Properties Under Development [Member] | ||
Real Estate Properties [Line Items] | ||
Square feet of properties | ft² | 19,195 | 26,893 |
Number of buildings | Building | 52 | 77 |
Total investments in real estate properties | $ 1,292,465 | $ 1,084,683 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Square feet of properties | a | 5,743 | 4,411 |
Total investments in real estate properties | $ 1,754,583 | $ 1,101,646 |
Other Real Estate Investments [Member] | ||
Real Estate Properties [Line Items] | ||
Total investments in real estate properties | $ 2,695,649 | $ 965,668 |
Real Estate - Investments in _2
Real Estate - Investments in Real Estate Properties (Parenthetical) (Detail) - a | Sep. 30, 2020 | Dec. 31, 2019 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Square feet of properties | 5,743 | 4,411 |
Real Estate - Summary of Acquis
Real Estate - Summary of Acquisition (Detail) ft² in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)ft²aProperty | Sep. 30, 2019USD ($)ft²aProperty | Sep. 30, 2020USD ($)ft²aProperty | Sep. 30, 2019USD ($)ft²aProperty | |
Business Acquisition [Line Items] | ||||
Number of operating properties | Property | 2 | 2 | 140 | 15 |
Square feet | ft² | 194 | 80 | 20,470 | 1,083 |
Acquisition cost of net investments in real estate | $ | $ 188,717 | $ 184,077 | $ 2,730,377 | $ 701,264 |
Acquisitions of Properties from Third Parties [Member] | Land [Member] | ||||
Business Acquisition [Line Items] | ||||
Acres of land | a | 156 | 186 | 611 | 651 |
Real Estate - Summary of Acqu_2
Real Estate - Summary of Acquisition (Parenthetical) (Detail) - USD ($) $ in Thousands | Jan. 08, 2020 | Sep. 30, 2020 | Sep. 30, 2019 |
Business Acquisition [Line Items] | |||
Real estate acquisitions | $ 700,793 | $ 660,836 | |
Industrial Property Trust, Inc. [Member] | Prologis Targeted U.S. Logistics Fund, L.P. ("USLF") and Prologis U.S. Logistics Venture ("USLV") [Member] | |||
Business Acquisition [Line Items] | |||
Real estate acquisitions | $ 2,000,000 |
Real Estate - Summary of Dispos
Real Estate - Summary of Dispositions of Net Investments in Real Estate (Detail) ft² in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)ft²Property | Sep. 30, 2019USD ($)ft²Property | Sep. 30, 2020USD ($)ft²Property | Sep. 30, 2019USD ($)ft²Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total gains on other dispositions of investments in real estate, net | $ 108,927 | $ 59,379 | $ 184,357 | $ 232,400 |
Discontinuing Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of buildings | Property | 12 | 5 | 32 | 17 |
Square feet | ft² | 3,150 | 1,741 | 11,776 | 7,346 |
Net proceeds | $ 410,398 | $ 212,398 | $ 1,384,227 | $ 1,067,808 |
Gains on contributions and dispositions, net | 134,207 | 63,935 | 383,373 | 303,317 |
Total gains on dispositions of development properties and land, net | $ 134,207 | $ 63,935 | $ 383,373 | $ 303,317 |
Continuing Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of buildings | Property | 15 | 29 | 38 | 46 |
Square feet | ft² | 2,558 | 4,130 | 6,635 | 11,517 |
Net proceeds | $ 409,303 | $ 351,264 | $ 763,615 | $ 1,037,103 |
Gains on contributions and dispositions, net | $ 108,927 | $ 59,379 | $ 184,357 | 97,378 |
Continuing Operations [Member] | Partial redemptions of investments in co-investment ventures [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gains on contributions and dispositions, net | $ 135,022 |
Real Estate - Summary of Disp_2
Real Estate - Summary of Dispositions of Net Investments in Real Estate (Parenthetical) (Detail) - Unconsolidated Co-Investment Ventures [Member] ft² in Millions | 1 Months Ended | ||
Jan. 31, 2019ft²aProperty | Sep. 30, 2020Property | Dec. 31, 2019Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of operating properties contributed | 1,858 | 1,694 | |
Prologis Brazil Logistics Venture [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of operating properties contributed | 14 | ||
Square feet | ft² | 6.9 | ||
Ownership percentage in property fund | 20.00% | 20.00% | |
Prologis Brazil Logistics Venture [Member] | Land [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Square feet | a | 371 |
Unconsolidated Entities - Summa
Unconsolidated Entities - Summary of Investments in and Advances to our Unconsolidated Entities (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Schedule Of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated entities | $ 7,310,960 | $ 6,237,371 | |
Unconsolidated Co-Investment Ventures [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated entities | 6,393,888 | 5,873,784 | |
Other Ventures [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Investments in and advances to unconsolidated entities | [1] | $ 917,072 | $ 363,587 |
[1] | In February 2020, we completed the Liberty Transaction and acquired an equity method investment in eight ventures |
Unconsolidated Entities - Sum_2
Unconsolidated Entities - Summary of Investments in and Advances to our Unconsolidated Entities (Parenthetical) (Detail) | Feb. 04, 2020Venture |
Other Ventures [Member] | Liberty Transaction [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Ventures | 8 |
Unconsolidated Entities - Sum_3
Unconsolidated Entities - Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to Co-Investment Ventures (Detail) - Unconsolidated Co-Investment Ventures [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Schedule Of Equity Method Investments [Line Items] | |||||
Recurring fees | $ 80,403 | $ 67,888 | $ 231,263 | $ 195,542 | |
Transactional fees | 15,827 | 14,094 | 47,879 | 41,272 | |
Promote revenue | [1] | 0 | 148,191 | 228,421 | 155,474 |
Total strategic capital revenues from unconsolidated co-investment ventures | [2] | $ 96,230 | $ 230,173 | $ 507,563 | $ 392,288 |
[1] | Includes promote revenue earned from our unconsolidated co-investment venture in the U.S. in June 2020 and in Europe in September 2019 | ||||
[2] | These amounts exclude strategic capital revenues from other ventures. |
Unconsolidated Entities - Sum_4
Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Detail) $ in Thousands, ft² in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020USD ($)ft²PropertyVenture | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)ft²PropertyVenture | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)ft²PropertyVenture | ||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Total assets | $ 55,759,598 | $ 55,759,598 | $ 40,031,850 | |||||
Total liabilities | 19,270,291 | 19,270,291 | $ 13,960,066 | |||||
Total revenues | 1,082,773 | $ 942,181 | 3,327,138 | $ 2,504,605 | ||||
Net earnings | 332,521 | 491,013 | 1,308,623 | 1,275,604 | ||||
Our earnings from unconsolidated co-investment ventures, net | $ 73,972 | 46,302 | $ 216,844 | 151,524 | ||||
Unconsolidated Co-Investment Ventures [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Ventures | Venture | 9 | 9 | 9 | |||||
Number of buildings | Property | 1,858 | 1,858 | 1,694 | |||||
Square feet | ft² | 417 | 417 | 378 | |||||
Third-party debt | $ 11,600,000 | $ 11,600,000 | $ 9,408,000 | |||||
Our investment balance | [1] | 6,394,000 | 6,394,000 | 5,874,000 | ||||
Our earnings from unconsolidated co-investment ventures, net | 67,000 | 43,000 | 161,000 | 142,000 | ||||
Unconsolidated Co-Investment Ventures [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Total assets | 39,286,000 | 39,286,000 | 34,550,000 | |||||
Total liabilities | 14,184,000 | 14,184,000 | $ 11,641,000 | |||||
Total revenues | 758,000 | 663,000 | 2,209,000 | 1,939,000 | ||||
Net earnings | $ 284,000 | 153,000 | $ 612,000 | 477,000 | ||||
Unconsolidated Co-Investment Ventures [Member] | U.S. [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Ventures | Venture | 1 | [2] | 1 | [2] | 1 | |||
Number of buildings | Property | 699 | [2] | 699 | [2] | 605 | |||
Square feet | ft² | 116 | [2] | 116 | [2] | 99 | |||
Third-party debt | $ 3,344,000 | [2] | $ 3,344,000 | [2] | $ 2,130,000 | |||
Our investment balance | [1] | 1,889,000 | [2] | 1,889,000 | [2] | 1,728,000 | ||
Our earnings from unconsolidated co-investment ventures, net | 9,000 | [2] | 11,000 | 28,000 | [2] | 27,000 | ||
Unconsolidated Co-Investment Ventures [Member] | U.S. [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Total assets | 10,755,000 | [2] | 10,755,000 | [2] | 8,408,000 | |||
Total liabilities | 3,939,000 | [2] | 3,939,000 | [2] | $ 2,514,000 | |||
Total revenues | 237,000 | [2] | 187,000 | 702,000 | [2] | 546,000 | ||
Net earnings | $ 29,000 | [2] | 38,000 | $ 103,000 | [2] | 90,000 | ||
Unconsolidated Co-Investment Ventures [Member] | Other Americas | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Ventures | Venture | 2 | [3] | 2 | [3] | 2 | |||
Number of buildings | Property | 225 | [3] | 225 | [3] | 214 | |||
Square feet | ft² | 49 | [3] | 49 | [3] | 44 | |||
Third-party debt | $ 776,000 | [3] | $ 776,000 | [3] | $ 769,000 | |||
Our investment balance | [1] | 794,000 | [3] | 794,000 | [3] | 658,000 | ||
Our earnings from unconsolidated co-investment ventures, net | 8,000 | [3] | 6,000 | 26,000 | [3] | 27,000 | ||
Unconsolidated Co-Investment Ventures [Member] | Other Americas | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Total assets | 2,862,000 | [3] | 2,862,000 | [3] | 2,707,000 | |||
Total liabilities | 811,000 | [3] | 811,000 | [3] | $ 801,000 | |||
Total revenues | 70,000 | [3] | 66,000 | 204,000 | [3] | 200,000 | ||
Net earnings | $ 23,000 | [3] | 18,000 | $ 69,000 | [3] | 73,000 | ||
Unconsolidated Co-Investment Ventures [Member] | Europe [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Ventures | Venture | 3 | 3 | 3 | |||||
Number of buildings | Property | 769 | 769 | 731 | |||||
Square feet | ft² | 185 | 185 | 176 | |||||
Third-party debt | $ 3,772,000 | $ 3,772,000 | $ 3,213,000 | |||||
Our investment balance | [1] | 2,935,000 | 2,935,000 | 2,800,000 | ||||
Our earnings from unconsolidated co-investment ventures, net | 27,000 | 22,000 | 75,000 | 74,000 | ||||
Unconsolidated Co-Investment Ventures [Member] | Europe [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Total assets | 15,940,000 | 15,940,000 | 14,677,000 | |||||
Total liabilities | 5,251,000 | 5,251,000 | $ 4,575,000 | |||||
Total revenues | 303,000 | 276,000 | 874,000 | 815,000 | ||||
Net earnings | $ 80,000 | 70,000 | $ 230,000 | 225,000 | ||||
Unconsolidated Co-Investment Ventures [Member] | Asia [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Ventures | Venture | 3 | 3 | 3 | |||||
Number of buildings | Property | 165 | 165 | 144 | |||||
Square feet | ft² | 67 | 67 | 59 | |||||
Third-party debt | $ 3,708,000 | $ 3,708,000 | $ 3,296,000 | |||||
Our investment balance | [1] | 776,000 | 776,000 | 688,000 | ||||
Our earnings from unconsolidated co-investment ventures, net | 23,000 | 4,000 | 32,000 | 14,000 | ||||
Unconsolidated Co-Investment Ventures [Member] | Asia [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Total assets | 9,729,000 | 9,729,000 | 8,758,000 | |||||
Total liabilities | 4,183,000 | 4,183,000 | $ 3,751,000 | |||||
Total revenues | 148,000 | 134,000 | 429,000 | 378,000 | ||||
Net earnings | $ 152,000 | $ 27,000 | $ 210,000 | $ 89,000 | ||||
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Our weighted average ownership | [4] | 26.30% | 26.30% | 27.10% | ||||
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | U.S. [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Our weighted average ownership | [4] | 26.30% | [2] | 26.30% | [2] | 27.30% | ||
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Other Americas | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Our weighted average ownership | [4] | 41.10% | [3] | 41.10% | [3] | 39.10% | ||
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Europe [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Our weighted average ownership | [4] | 30.00% | 30.00% | 30.20% | ||||
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Asia [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Our weighted average ownership | [4] | 15.20% | 15.20% | 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 September 30, 2020 and December 31, 2019, results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes ($100.2 million and $152.0 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. | |||||||
[2] | In January 2020, USLF acquired a portfolio of 108 operating properties, aggregating 18.3 million square feet, in the IPT Transaction for cash consideration of $2.0 billion, including transaction costs and the assumption and repayment of debt. | |||||||
[3] | PBLV and our other Brazilian joint ventures are combined as one venture for the purpose of this table. | |||||||
[4] | Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities. |
Unconsolidated Entities - Sum_5
Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Parenthetical) (Detail) $ in Thousands, ft² in Millions | 1 Months Ended | 9 Months Ended | ||
Jan. 31, 2020USD ($)ft²Property | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||||
Real estate acquisitions | $ 700,793 | $ 660,836 | ||
Receivables from unconsolidated co-investment ventures | $ 100,200 | $ 152,000 | ||
Industrial Property Trust, Inc. [Member] | Prologis Targeted U.S. Logistics Fund [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Number of operating properties acquired | Property | 108 | |||
Square feet of properties | ft² | 18.3 | |||
Real estate acquisitions | $ 2,000,000 |
Unconsolidated Entities - Addit
Unconsolidated Entities - Additional Information (Detail) - Prologis, Inc. [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Schedule Of Equity Method Investments [Line Items] | |
Remaining equity commitments | $ 336.6 |
Expiration date for remaining commitments range start | 2021 |
Expiration date for remaining commitments range end | 2028 |
Assets Held for Sale or Contr_3
Assets Held for Sale or Contribution - Summary of Assets Held for Sale or Contribution (Detail) ft² in Thousands, $ in Thousands | Sep. 30, 2020USD ($)ft²Property | Dec. 31, 2019USD ($)ft²Property |
Long Lived Assets Held For Sale [Line Items] | ||
Total assets held for sale or contribution | $ 1,757,187 | $ 720,685 |
Total liabilities associated with assets held for sale or contribution – included in Other Liabilities | $ 35,473 | $ 41,994 |
Disposal Group Held for Sale Not Discontinued Operations [Member] | ||
Long Lived Assets Held For Sale [Line Items] | ||
Number of operating properties | Property | 141 | 28 |
Square feet | ft² | 22,247 | 9,371 |
Debt - Debt Summary (Detail)
Debt - Debt Summary (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.00% | 2.20% |
Debt | $ 16,518,126 | $ 11,905,877 |
Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 0.40% | 0.40% |
Debt | $ 39,733 | $ 184,255 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.10% | 2.40% |
Debt | $ 14,108,021 | $ 9,660,570 |
Term Loans and Unsecured Other [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 0.80% | 0.90% |
Debt | $ 1,723,473 | $ 1,441,882 |
Secured Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.60% | 3.40% |
Debt | $ 646,899 | $ 619,170 |
Debt - Debt Summary (Parentheti
Debt - Debt Summary (Parenthetical) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Debt | $ 16,518,126 | $ 11,905,877 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 14,108,021 | 9,660,570 |
Secured Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 646,899 | 619,170 |
Liberty Transaction [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of debt | $ 1,800,000 | |
Liberty Transaction [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.80% | |
Liberty Transaction [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 2,500,000 | |
Liberty Transaction [Member] | Secured Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 246,900 | |
Liberty Transaction [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 100,100 | |
Industrial Property Trust Inc Transaction [Member] | Secured Mortgage [Member] | Prologis U S Logistics Venture | ||
Debt Instrument [Line Items] | ||
Debt | 341,800 | |
GBP | ||
Debt Instrument [Line Items] | ||
Debt | $ 1,126,684 | $ 656,549 |
Percentage of outstanding debt | 6.80% | 5.50% |
CAD | ||
Debt Instrument [Line Items] | ||
Debt | $ 271,752 | $ 279,730 |
Percentage of outstanding debt | 1.60% | 2.30% |
EUR | ||
Debt Instrument [Line Items] | ||
Debt | $ 6,297,942 | $ 6,128,986 |
Percentage of outstanding debt | 38.20% | 51.50% |
JPY | ||
Debt Instrument [Line Items] | ||
Debt | $ 2,695,105 | $ 2,329,381 |
Percentage of outstanding debt | 16.30% | 19.60% |
USD | ||
Debt Instrument [Line Items] | ||
Debt | $ 6,126,643 | $ 2,511,231 |
Percentage of outstanding debt | 37.10% | 21.10% |
Debt - Additional Information (
Debt - Additional Information (Detail) $ in Thousands, ¥ in Billions | Feb. 29, 2020USD ($)Integer | Oct. 31, 2018 | Aug. 31, 2018 | Jul. 31, 2018 | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Jul. 31, 2020JPY (¥) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||||||||||
Credit facility maximum borrowing capacity | $ 4,052,000 | $ 4,052,000 | ||||||||
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments | 250,000 | 250,000 | ||||||||
Losses on early extinguishment of debt, net | 98,266 | $ 13,585 | 164,606 | $ 16,086 | ||||||
Debt | 16,518,126 | $ 16,518,126 | $ 11,905,877 | |||||||
Prologis Euro Finance L L C [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of ownership in operating partnership | 100.00% | |||||||||
Prologis Yen Finance LLC [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of ownership in operating partnership | 100.00% | |||||||||
Prologis Sterling Finance LLC [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of ownership in operating partnership | 100.00% | |||||||||
2017 Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument maturity date | 2021-05 | |||||||||
Debt borrowed, net | $ 250,000 | |||||||||
Repayment of debt | $ 496,500 | |||||||||
Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt | 14,108,021 | 14,108,021 | 9,660,570 | |||||||
Term Loans and Unsecured Other [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt | 1,723,473 | 1,723,473 | $ 1,441,882 | |||||||
Liberty Transaction [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of series of Senior Notes exchanged | Integer | 2 | |||||||||
Debt instrument, face amount | $ 750,000 | |||||||||
Debt instrument, validly rendered for exchange amount | $ 689,800 | |||||||||
Percentage of aggregate principal amount | 92.00% | |||||||||
Liberty Transaction [Member] | October 2026 Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument maturity date | 2026-10 | |||||||||
Debt instrument, face amount | $ 400,000 | |||||||||
Stated interest rate | 3.30% | |||||||||
Liberty Transaction [Member] | February 2029 Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument maturity date | 2029-02 | |||||||||
Debt instrument, face amount | $ 350,000 | |||||||||
Stated interest rate | 4.40% | |||||||||
Liberty Transaction [Member] | Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt | 2,500,000 | 2,500,000 | ||||||||
Global Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility maximum borrowing capacity | 3,500,000 | 3,500,000 | ||||||||
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments | 4,500,000 | $ 4,500,000 | ||||||||
Debt Instrument maturity date | 2023-01 | |||||||||
Revolver [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility maximum borrowing capacity | 709,500 | $ 709,500 | ¥ 75 | |||||||
Debt Instrument maturity date | 2024-07 | |||||||||
Credit facility current borrowing capacity | $ 520,300 | $ 520,300 | ¥ 55 |
Debt - Summary of Issuances and
Debt - Summary of Issuances and Redemptions of Senior Notes (Detail) € in Thousands, ¥ in Thousands, £ in Thousands, $ in Thousands | 1 Months Ended | 9 Months Ended | ||||
Jan. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2020JPY (¥) | Sep. 30, 2020EUR (€) | Sep. 30, 2020GBP (£) | Jan. 31, 2020EUR (€) | |
February 2022 – 2035 Senior Notes [Member] | EUR | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate Principal | $ 1,485,405 | € 1,350,000 | ||||
Maturity Dates | 2022-02 | |||||
Maturity Dates | 2035-02 | |||||
February 2022 – 2035 Senior Notes [Member] | EUR | Weighted Average [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 0.60% | 0.60% | 0.60% | 0.60% | ||
April 2027 – 2050 Senior Notes [Member] | USD | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate Principal | $ 2,200,000 | |||||
Maturity Dates | 2027-04 | |||||
Maturity Dates | 2050-04 | |||||
April 2027 – 2050 Senior Notes [Member] | USD | Weighted Average [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 2.40% | 2.40% | 2.40% | 2.40% | ||
February 2035 Senior Notes [Member] | GBP | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate Principal | $ 322,490 | £ 250,000 | ||||
Maturity Dates | 2035-02 | |||||
February 2035 Senior Notes [Member] | GBP | Weighted Average [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 1.90% | 1.90% | 1.90% | 1.90% | ||
June 2027 – 2050 Senior Notes [Member] | JPY | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate Principal | $ 386,314 | £ 41,200,000 | ||||
Maturity Dates | 2027-06 | |||||
Maturity Dates | 2050-06 | |||||
June 2027 – 2050 Senior Notes [Member] | JPY | Weighted Average [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 1.00% | 1.00% | 1.00% | 1.00% | ||
October 2030 – 2050 Senior Notes [Member] | USD | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate Principal | $ 1,250,000 | |||||
Maturity Dates | 2030-10 | |||||
Maturity Dates | 2050-10 | |||||
October 2030 – 2050 Senior Notes [Member] | USD | Weighted Average [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 1.60% | 1.60% | 1.60% | 1.60% | ||
September 2032 – 2040 Senior Notes [Member] | JPY | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate Principal | $ 186,835 | ¥ 19,700,000 | ||||
Maturity Dates | 2032-09 | |||||
Maturity Dates | 2040-09 | |||||
September 2032 – 2040 Senior Notes [Member] | JPY | Weighted Average [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 1.00% | 1.00% | 1.00% | 1.00% | ||
January 2020 Senior Notes [Member] | EUR | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate Principal | $ 445,880 | € 400,000 | ||||
Maturity Dates | 2020-01 | |||||
January 2020 Senior Notes [Member] | EUR | Euribor [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 0.00% | 0.00% | ||||
May 2021 Senior Notes [Member] | EUR | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 1.40% | 1.40% | 1.40% | 1.40% | ||
Aggregate Principal | $ 783,090 | € 700,000 | ||||
Maturity Dates | 2021-05 | |||||
January 2022 Senior Notes [Member] | EUR | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 3.00% | 3.00% | 3.00% | 3.00% | ||
Aggregate Principal | $ 238,067 | € 212,598 | ||||
Maturity Dates | 2022-01 | |||||
January 2022 Senior Notes [Member] | JPY | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Dates | 2022-01 | |||||
February 2024 Senior Notes [Member] | EUR | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 3.40% | 3.40% | 3.40% | 3.40% | ||
Aggregate Principal | $ 112,524 | € 100,486 | ||||
Maturity Dates | 2024-02 | |||||
August 2023 Senior Notes [Member] | EUR | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Dates | 2023-08 | |||||
August 2023 Senior Notes [Member] | USD | ||||||
Debt Instrument [Line Items] | ||||||
Stated Interest Rate | 4.30% | 4.30% | 4.30% | 4.30% | ||
Aggregate Principal | $ 850,000 | |||||
Maturity Dates | 2023-08 |
Debt - Summary of Issuances a_2
Debt - Summary of Issuances and Redemptions of Senior Notes (Parenthetical) (Detail) € in Millions, $ in Millions | 9 Months Ended | |
Sep. 30, 2020USD ($) | Sep. 30, 2020EUR (€) | |
Debt Instrument [Line Items] | ||
Amount of funds invested in sustainable and environmentally beneficial projects | $ 1,500 | |
May 2021 Senior Notes [Member] | EUR | ||
Debt Instrument [Line Items] | ||
Repayments of Senior Debt | $ 783.1 | € 700 |
Debt Instrument maturity date | 2021-05 | 2021-05 |
January 2022 Senior Notes [Member] | EUR | ||
Debt Instrument [Line Items] | ||
Debt Instrument maturity date | 2022-01 | 2022-01 |
January 2022 Senior Notes [Member] | JPY | ||
Debt Instrument [Line Items] | ||
Repayments of Senior Debt | $ 238.1 | € 212.6 |
Debt Instrument maturity date | 2022-01 | 2022-01 |
February 2024 Senior Notes [Member] | EUR | ||
Debt Instrument [Line Items] | ||
Repayments of Senior Debt | $ 112.5 | € 100.5 |
Debt Instrument maturity date | 2024-02 | 2024-02 |
August 2023 Senior Notes [Member] | EUR | ||
Debt Instrument [Line Items] | ||
Debt Instrument maturity date | 2023-08 | 2023-08 |
August 2023 Senior Notes [Member] | USD | ||
Debt Instrument [Line Items] | ||
Repayments of Senior Debt | $ 850 | |
Debt Instrument maturity date | 2023-08 | 2023-08 |
Liberty Transaction [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of assumed debt | $ 1,800 |
Debt - Schedule of Current Avai
Debt - Schedule of Current Availability on Debt and Cash (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||||
Credit facility maximum borrowing capacity | $ 4,052,000 | |||
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments | 250,000 | |||
Borrowings outstanding | 40,000 | |||
Outstanding letters of credit | 29,000 | |||
Current availability | 4,233,000 | |||
Cash and cash equivalents | 940,193 | $ 1,088,855 | $ 1,024,994 | $ 343,856 |
Total liquidity | $ 5,173,000 |
Debt - Long-Term Debt Maturitie
Debt - Long-Term Debt Maturities (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
2020 | $ 2,115 | |
2021 | 288,998 | |
2022 | 755,454 | |
2023 | 161,241 | |
2024 | 1,007,397 | |
Thereafter | 14,369,129 | |
Subtotal | 16,584,334 | |
Unamortized net premiums | 14,580 | |
Unamortized debt issuance costs | (80,788) | |
Total | 16,518,126 | $ 11,905,877 |
Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
2020 | 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 39,733 | |
Thereafter | 0 | |
Subtotal | 39,733 | |
Unamortized net premiums | 0 | |
Unamortized debt issuance costs | 0 | |
Total | 39,733 | 184,255 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
2020 | 0 | |
2021 | 0 | |
2022 | 743,535 | |
2023 | 0 | |
2024 | 701,911 | |
Thereafter | 12,721,675 | |
Subtotal | 14,167,121 | |
Unamortized net premiums | 11,935 | |
Unamortized debt issuance costs | (71,035) | |
Total | 14,108,021 | 9,660,570 |
Term Loans And Other Debt [Member] | ||
Debt Instrument [Line Items] | ||
2020 | 0 | |
2021 | 260,467 | |
2022 | 0 | |
2023 | 127,347 | |
2024 | 0 | |
Thereafter | 1,343,354 | |
Subtotal | 1,731,168 | |
Unamortized net premiums | 0 | |
Unamortized debt issuance costs | (7,695) | |
Total | 1,723,473 | 1,441,882 |
Secured Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
2020 | 2,115 | |
2021 | 28,531 | |
2022 | 11,919 | |
2023 | 33,894 | |
2024 | 265,753 | |
Thereafter | 304,100 | |
Subtotal | 646,312 | |
Unamortized net premiums | 2,645 | |
Unamortized debt issuance costs | (2,058) | |
Total | $ 646,899 | $ 619,170 |
Stockholders' Equity of Prolo_2
Stockholders' Equity of Prologis Inc. - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | |||
Aug. 31, 2020USD ($)shares | May 31, 2020USD ($)Agentshares | Sep. 30, 2020USD ($)$ / sharesshares | Apr. 30, 2020shares | Mar. 31, 2020shares | |
Shareholders Equity [Line Items] | |||||
Aggregate price of shares repurchased and retired | $ | $ 34,829 | ||||
Series Q Preferred Stock [Member] | |||||
Shareholders Equity [Line Items] | |||||
Repurchased shares | 100,000 | ||||
Recognized loss | $ | $ 2,300 | ||||
At the Market Offering [Member] | |||||
Shareholders Equity [Line Items] | |||||
Maximum proceeds from sale of stock | $ | $ 1,500,000 | ||||
Number of designated agents | Agent | 20 | ||||
Agents fee percentage | 2.00% | ||||
Equity issued | 0 | ||||
Common Stock [Member] | |||||
Shareholders Equity [Line Items] | |||||
Repurchase and retire of common stock shares | 539,000 | ||||
Aggregate price of shares repurchased and retired | $ | $ 5 | ||||
Weighted average purchase price | $ / shares | $ 64.66 | ||||
Common Stock [Member] | Maximum [Member] | |||||
Shareholders Equity [Line Items] | |||||
Aggregate purchase price of common stock | 1,000,000,000 | ||||
Common stock, shares authorized | 2,000,000,000 | ||||
Common Stock [Member] | Minimum [Member] | |||||
Shareholders Equity [Line Items] | |||||
Common stock, shares authorized | 1,000,000,000 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2020 | |
Prologis, L.P. [Member] | |
Noncontrolling Interest [Line Items] | |
Description of conversion rate | one share of common stock to one limited partnership unit |
Noncontrolling Interests - Nonc
Noncontrolling Interests - Noncontrolling Interest Summary (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | ||
Noncontrolling Interest [Line Items] | |||
Operating Partnership noncontrolling interest | $ 3,502,996 | $ 2,775,394 | |
Noncontrolling interests | 4,392,132 | 3,418,657 | |
Total Assets | 55,759,598 | 40,031,850 | |
Total liabilities | 19,270,291 | 13,960,066 | |
Total Liabilities | 19,270,291 | 13,960,066 | |
Non-controlling Interests [Member] | |||
Noncontrolling Interest [Line Items] | |||
Total Assets | 8,739,111 | 6,926,636 | |
Total liabilities | 220,180 | 184,583 | |
Total Liabilities | $ 220,180 | $ 184,583 | |
Prologis U S Logistics Venture | |||
Noncontrolling Interest [Line Items] | |||
Parent Company's Ownership Percentage | [1] | 55.00% | 55.00% |
Operating Partnership noncontrolling interest | [1] | $ 3,405,276 | $ 2,677,846 |
Total Assets | [1] | 7,707,131 | 6,077,016 |
Total liabilities | [1] | 147,625 | 99,397 |
Total Liabilities | [1] | $ 147,625 | $ 99,397 |
Other Consolidated Entities [Member] | |||
Noncontrolling Interest [Line Items] | |||
Parent Company's Ownership | [2] | various | various |
Operating Partnership noncontrolling interest | [2] | $ 97,720 | $ 97,548 |
Total Assets | [2] | 1,031,980 | 849,620 |
Total liabilities | [2] | 72,555 | 85,186 |
Total Liabilities | [2] | 72,555 | 85,186 |
Prologis, L.P. [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests | 3,502,996 | 2,775,394 | |
Total Assets | 55,759,598 | 40,031,850 | |
Total liabilities | 19,270,291 | 13,960,066 | |
Total Liabilities | 19,270,291 | 13,960,066 | |
Prologis, L.P. [Member] | Non-controlling Interests [Member] | |||
Noncontrolling Interest [Line Items] | |||
Limited partners in Prologis, L.P. | [3],[4] | 889,136 | 643,263 |
Total Assets | [3],[4] | 0 | 0 |
Total liabilities | [3],[4] | 0 | 0 |
Total Liabilities | [3],[4] | 0 | 0 |
Prologis, Inc. [Member] | |||
Noncontrolling Interest [Line Items] | |||
Total Assets | 8,739,111 | 6,926,636 | |
Total liabilities | 220,180 | 184,583 | |
Total Liabilities | 220,180 | 184,583 | |
Prologis, Inc. [Member] | Non-controlling Interests [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests | $ 4,392,132 | $ 3,418,657 | |
[1] | As discussed in Note 3, in January 2020, USLV acquired a portfolio of 127 operating properties, aggregating 19.0 million square feet, in the IPT Transaction for $2.0 billion, including transaction costs and the assumption and repayment of debt . Our partner contributed their share of the purchase price to fund the acquisition. | ||
[2] | 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 September 30, 2020 and December 31, 2019 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. | ||
[3] | We had 8.6 million Class A Units that were convertible into 8.0 million and 8.1 million limited partnership units of the OP at September 30, 2020 and December 31, 2019, respectively. | ||
[4] | At September 30, 2020 and December 31, 2019, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 8.6 million and 6.2 million shares of the Parent’s common stock, respectively. |
Noncontrolling Interests - No_2
Noncontrolling Interests - Noncontrolling Interest Summary (Parenthetical) (Detail) shares in Thousands, ft² in Millions, $ in Billions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jan. 31, 2020USD ($)ft²Property | Sep. 30, 2020shares | Sep. 30, 2020shares | Dec. 31, 2019shares | Jun. 30, 2020shares | Sep. 30, 2019shares | Jun. 30, 2019shares | Dec. 31, 2018shares | |
Industrial Property Trust, Inc. [Member] | Prologis U S Logistics Venture | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Number of operating properties acquired | Property | 127 | |||||||
Square feet of properties | ft² | 19 | |||||||
Business acquisition consideration transferred | $ | $ 2 | |||||||
Class A Common [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Outstanding limited partnership units, exchanged | 8,000 | 8,100 | ||||||
Units outstanding | 8,600 | |||||||
Common Unit [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Outstanding limited partnership units, exchanged | 8,600 | 6,200 | ||||||
Common Stock [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Liberty Transaction, net of issuance costs, shares | 106,723 | |||||||
Other Consolidated Entities [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Outstanding limited partnership units, exchanged | 300 | 300 | ||||||
Other Consolidated Entities [Member] | Common Stock [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Outstanding limited partnership units | 300 | 300 | 300 | |||||
Prologis, L.P. [Member] | Class A Common [Member] | Limited Partners [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Units outstanding | 8,595 | 8,595 | 8,613 | 8,608 | 8,613 | 8,849 | 8,849 | |
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Units outstanding | 12,494 | 12,494 | 9,933 | 12,914 | 9,969 | 10,402 | 10,516 | |
Liberty Transaction, net of issuance costs, shares | 461 | 461 | ||||||
Partial consideration for the acquisition of other properties | 500 | |||||||
Prologis, L.P. [Member] | Common [Member] | Liberty Transaction [Member] | Limited Partners [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Liberty Transaction, net of issuance costs, shares | 2,300 |
Long-Term Compensation - Additi
Long-Term Compensation - Additional Information (Detail) - Prologis Out-Performance Plan [Member] - USD ($) shares in Millions | 1 Months Ended | 9 Months Ended |
Jan. 31, 2020 | Sep. 30, 2020 | |
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% | |
Performance pool as percentage of excess value, if outperformance hurdle is met | 3.00% | |
Forfeited awards after seven years | 7 years | |
2020 - 2022 Performance Period [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Performance Period | 3 years | |
Cash incentive award maximum | $ 100,000,000 | |
Holding period | 3 years | |
Aggregate fair value | $ 28,800,000 | |
Assumed risk free interest rate | 1.70% | |
Expected volatility rate | 16.00% | |
2020 - 2022 Performance Period [Member] | Tranche 1 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting rights, percentage | 20.00% | |
2020 - 2022 Performance Period [Member] | Tranche 2 (After Seven Year Cliff) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 7 years | |
Vesting rights, percentage | 80.00% | |
2017 - 2019 Performance Period [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Cash incentive award maximum | $ 75,000,000 | |
Holding period | 3 years | |
Aggregate of performance pool award | $ 75,000,000 | |
Common stock | 0.3 | |
POP LTIP Units and LTIP Units | 0.5 | |
Initial performance period | 3 years | |
2017 - 2019 Performance Period [Member] | Tranche 1 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting rights, percentage | 20.00% | |
2017 - 2019 Performance Period [Member] | Tranche 2 (After Seven Year Cliff) [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 7 years | |
Vesting rights, percentage | 80.00% | |
Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 10 years |
Long-Term Compensation - RSU Aw
Long-Term Compensation - RSU Awards (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Unvested Awards, Beginning Balance | shares | 1,165 |
Granted | shares | 482 |
Vested and distributed | shares | (510) |
Forfeited | shares | (63) |
Number of Unvested Awards, Ending Balance | shares | 1,074 |
Weighted Average Grant Date Fair Value | $ / shares | $ 68.44 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 94.76 |
Weighted Average Grant Date Fair Value, Vested and distributed | $ / shares | 62.99 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 77.80 |
Weighted Average Grant Date Fair Value | $ / shares | $ 80.52 |
Long-Term Compensation - LTIP U
Long-Term Compensation - LTIP Units Awards (Detail) - Long Term Incentive Plan Units [Member] shares in Thousands | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Beginning Balance | 3,714 |
Vested LTIP Units | 976 |
Vested POP LTIP Units | 303 |
Unvested POP LTIP Units | 0 |
Conversion to common limited partnership units | (1,110) |
Number of Shares, Ending Balance | 3,883 |
Number of Unvested Awards, Beginning Balance | 2,678 |
Granted | 1,087 |
Vested LTIP Units | (976) |
Vested POP LTIP Units | 0 |
Unvested POP LTIP Units | 345 |
Number of Unvested Awards, Ending Balance | 3,134 |
Weighted Average Grant Date Fair Value | $ / shares | $ 60.06 |
Unvested Weighted Average, Granted | $ / shares | 96.59 |
Unvested Weighted Average, Vested LTIP Units | $ / shares | 63.47 |
Unvested Weighted Average Grant Date Fair Value, Unvested LTIP Units - POP | $ / shares | 19.03 |
Weighted Average Grant Date Fair Value | $ / shares | $ 67.09 |
Earnings Per Common Share or _3
Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share or Unit (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Net earnings attributable to common stockholders/unit holders - Basic | $ 298,695 | $ 450,639 | $ 1,192,652 | $ 1,181,470 |
Net earnings attributable to exchangeable limited partnership units | 8,440 | 13,422 | 34,252 | 35,838 |
Adjusted net earnings attributable to common stockholders – Diluted | $ 307,135 | $ 464,061 | $ 1,226,904 | $ 1,217,308 |
Weighted average common shares/units outstanding - Basic | 738,194 | 630,929 | 724,876 | 630,356 |
Incremental weighted average effect on exchange of limited partnership units | 21,110 | 18,760 | 20,960 | 19,403 |
Incremental weighted average effect of equity awards | 5,315 | 5,570 | 5,135 | 5,059 |
Weighted average common shares/partnership units outstanding - Diluted | 764,619 | 655,259 | 750,971 | 654,818 |
Net earnings per share/unit attributable to common stockholders/unitholders - | ||||
Basic | $ 0.40 | $ 0.71 | $ 1.65 | $ 1.87 |
Diluted | $ 0.40 | $ 0.71 | $ 1.63 | $ 1.86 |
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 | $ 307,069 | $ 463,997 | $ 1,226,646 | $ 1,217,088 |
Net earnings attributable to exchangeable limited partnership units | 66 | 64 | 258 | 220 |
Adjusted net earnings attributable to common stockholders – Diluted | $ 307,135 | $ 464,061 | $ 1,226,904 | $ 1,217,308 |
Weighted average common shares/units outstanding - Basic | 750,971 | 641,229 | 737,489 | 641,077 |
Incremental weighted average effect on exchange of Class A convertible units | 8,034 | 8,154 | 8,048 | 8,282 |
Incremental weighted average effect on exchange of limited partnership units | 299 | 306 | 299 | 400 |
Incremental weighted average effect of equity awards | 5,315 | 5,570 | 5,135 | 5,059 |
Weighted average common shares/partnership units outstanding - Diluted | 764,619 | 655,259 | 750,971 | 654,818 |
Net earnings per share/unit attributable to common stockholders/unitholders - | ||||
Basic | $ 0.40 | $ 0.71 | $ 1.65 | $ 1.87 |
Diluted | $ 0.40 | $ 0.71 | $ 1.63 | $ 1.86 |
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 | $ (3,216) | $ (5,840) | $ (13,242) | $ (15,523) |
Adjusted net earnings attributable to common stockholders – Diluted | 3,216 | 5,840 | 13,242 | 15,523 |
Prologis, L.P. [Member] | Common Units [Member] | ||||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Net earnings attributable to common stockholders/unit holders - Basic | $ 303,853 | $ 458,157 | $ 1,213,404 | $ 1,201,565 |
Earnings Per Common Share or _4
Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share or Unit (Parenthetical) (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Total weighted average potential dilutive shares and units outstanding | 28,753 | 26,901 | 28,709 | 27,557 |
Prologis, L.P. [Member] | ||||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||||
Total weighted average potentially dilutive Class A Units | 8,034 | 8,154 | 8,048 | 8,282 |
Total weighted average potentially dilutive other limited partnership units | 299 | 306 | 299 | 400 |
Total weighted average potentially dilutive equity awards | 7,643 | 8,141 | 7,749 | 8,154 |
Total weighted average potential dilutive shares and units outstanding | 15,976 | 16,601 | 16,096 | 16,836 |
Total weighted average potential dilutive common limited partnership units | 12,777 | 10,300 | 12,613 | 10,721 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Schedule of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivatives Fair Value [Line Items] | ||
Asset | $ 19,014 | $ 13,266 |
Liability | 10,915 | 23,851 |
Undesignated Derivatives [Member] | Forwards [Member] | BRL | ||
Derivatives Fair Value [Line Items] | ||
Asset | 1,717 | 181 |
Liability | 0 | 49 |
Undesignated Derivatives [Member] | Forwards [Member] | GBP | ||
Derivatives Fair Value [Line Items] | ||
Asset | 3,156 | 731 |
Liability | 457 | 3,823 |
Undesignated Derivatives [Member] | Forwards [Member] | CAD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 842 | 523 |
Liability | 1,121 | 1,855 |
Undesignated Derivatives [Member] | Forwards [Member] | CNY | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 0 |
Liability | 317 | 81 |
Undesignated Derivatives [Member] | Forwards [Member] | EUR | ||
Derivatives Fair Value [Line Items] | ||
Asset | 769 | 7,135 |
Liability | 6,828 | 2,034 |
Undesignated Derivatives [Member] | Forwards [Member] | JPY | ||
Derivatives Fair Value [Line Items] | ||
Asset | 3,623 | 3,889 |
Liability | 135 | 97 |
Undesignated Derivatives [Member] | Forwards [Member] | SEK | ||
Derivatives Fair Value [Line Items] | ||
Asset | 31 | 0 |
Liability | 1,824 | 797 |
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | GBP | ||
Derivatives Fair Value [Line Items] | ||
Asset | 5,433 | 807 |
Liability | 0 | 13,189 |
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | CAD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 3,432 | 0 |
Liability | 0 | 1,926 |
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | EUR | ||
Derivatives Fair Value [Line Items] | ||
Asset | 11 | 0 |
Liability | 0 | 0 |
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | USD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 0 |
Liability | $ 233 | $ 0 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Summary of Undesignated Foreign Currency Forwards Activity (Detail) - Forwards [Member] - Undesignated Derivatives [Member] | 9 Months Ended | |
Sep. 30, 2020USD ($)Derivative | Sep. 30, 2019USD ($)Derivative | |
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 1,107,000,000 | $ 669,000,000 |
New contracts | 1,292,000,000 | 2,247,000,000 |
Matured, expired or settled contracts | (1,548,000,000) | (1,950,000,000) |
Notional amounts at September 30 | 851,000,000 | 966,000,000 |
CAD | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | 120,000,000 | 55,000,000 |
New contracts | 29,000,000 | 150,000,000 |
Matured, expired or settled contracts | (32,000,000) | (126,000,000) |
Notional amounts at September 30 | $ 117,000,000 | $ 79,000,000 |
Weighted average forward rate at September 30 | 1.34 | 1.31 |
Active contracts at September 30 | Derivative | 48 | 29 |
EUR | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 581,000,000 | $ 314,000,000 |
New contracts | 845,000,000 | 470,000,000 |
Matured, expired or settled contracts | (1,099,000,000) | (228,000,000) |
Notional amounts at September 30 | $ 327,000,000 | $ 556,000,000 |
Weighted average forward rate at September 30 | 1.17 | 1.15 |
Active contracts at September 30 | Derivative | 55 | 46 |
GBP | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 178,000,000 | $ 118,000,000 |
New contracts | 294,000,000 | 1,045,000,000 |
Matured, expired or settled contracts | (311,000,000) | (1,031,000,000) |
Notional amounts at September 30 | $ 161,000,000 | $ 132,000,000 |
Weighted average forward rate at September 30 | 1.31 | 1.32 |
Active contracts at September 30 | Derivative | 47 | 38 |
JPY | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 182,000,000 | $ 177,000,000 |
New contracts | 82,000,000 | 54,000,000 |
Matured, expired or settled contracts | (66,000,000) | (60,000,000) |
Notional amounts at September 30 | $ 198,000,000 | $ 171,000,000 |
Weighted average forward rate at September 30 | 102.80 | 103.80 |
Active contracts at September 30 | Derivative | 48 | 38 |
SEK | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 31,000,000 | $ 0 |
New contracts | 10,000,000 | 26,000,000 |
Matured, expired or settled contracts | (9,000,000) | 0 |
Notional amounts at September 30 | $ 32,000,000 | $ 26,000,000 |
Weighted average forward rate at September 30 | 9.35 | 9.39 |
Active contracts at September 30 | Derivative | 31 | 12 |
Other | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 15,000,000 | |
New contracts | 32,000,000 | |
Matured, expired or settled contracts | (31,000,000) | |
Notional amounts at September 30 | $ 16,000,000 | |
BRL | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 5,000,000 | |
New contracts | 493,000,000 | |
Matured, expired or settled contracts | (496,000,000) | |
Notional amounts at September 30 | $ 2,000,000 | |
Weighted average forward rate at September 30 | 3.82 | |
Active contracts at September 30 | Derivative | 1 | |
MXN | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 0 | |
New contracts | 9,000,000 | |
Matured, expired or settled contracts | (9,000,000) | |
Notional amounts at September 30 | $ 0 | |
Active contracts at September 30 | Derivative | 0 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Summary of Undesignated Financial Instruments Exercised and Realized and Unrealized Gains (Losses) in Foreign Currency and Derivative Gains (Losses) Net (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($)Contract | Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($)Contract | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||||
Exercised contracts | Contract | 28 | 34 | 101 | 82 |
Realized gains on the matured, expired or settled contracts | $ 1 | $ 11 | $ 11 | $ 18 |
Unrealized gains (losses) on the change in fair value of outstanding contracts | $ (27) | $ 9 | $ 7 | $ 13 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements - Foreign Currency Contracts Activity (Detail) - Forwards [Member] - Net Investment Hedges [Member] - Designated As Hedging Instrument [Member] | 9 Months Ended | |
Sep. 30, 2020USD ($)Derivative | Sep. 30, 2019USD ($)Derivative | |
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 484,000,000 | $ 687,000,000 |
New contracts | 622,000,000 | 1,521,000,000 |
Matured, expired or settled contracts | (624,000,000) | (1,728,000,000) |
Notional amounts at September 30 | 482,000,000 | 480,000,000 |
CAD | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | 97,000,000 | 100,000,000 |
New contracts | 298,000,000 | 97,000,000 |
Matured, expired or settled contracts | (48,000,000) | (100,000,000) |
Notional amounts at September 30 | $ 347,000,000 | $ 97,000,000 |
Weighted average forward rate at September 30 | 1.32 | 1.32 |
Active contracts at September 30 | Derivative | 6 | 2 |
BRL | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 460,000,000 | |
New contracts | 489,000,000 | |
Matured, expired or settled contracts | (949,000,000) | |
Notional amounts at September 30 | $ 0 | |
Active contracts at September 30 | Derivative | 0 | |
GBP | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 387,000,000 | $ 127,000,000 |
New contracts | 324,000,000 | 515,000,000 |
Matured, expired or settled contracts | (576,000,000) | (259,000,000) |
Notional amounts at September 30 | $ 135,000,000 | $ 383,000,000 |
Weighted average forward rate at September 30 | 1.35 | 1.28 |
Active contracts at September 30 | Derivative | 1 | 6 |
EUR | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 0 | |
New contracts | 420,000,000 | |
Matured, expired or settled contracts | (420,000,000) | |
Notional amounts at September 30 | $ 0 | |
Active contracts at September 30 | Derivative | 0 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements - Summary of Activity in Interest Rate Swaps (Detail) - Interest Rate Swaps [Member] - Cash Flow Hedges [Member] - Designated As Hedging Instrument [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
EUR | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 0 | $ 500,000,000 |
New contracts | 165,000,000 | 0 |
Matured, expired or settled contracts | 0 | 0 |
Notional amounts at September 30 | 165,000,000 | $ 500,000,000 |
USD | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | 0 | |
New contracts | 1,500,000,000 | |
Matured, expired or settled contracts | (1,250,000,000) | |
Notional amounts at September 30 | $ 250,000,000 |
Financial Instruments and Fai_8
Financial Instruments and Fair Value Measurements - Summary of Activity in Interest Rate Swaps (Parenthetical) (Detail) $ in Thousands, € in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020USD ($)Contract | Mar. 31, 2020USD ($)Contract | Sep. 30, 2019USD ($) | Jun. 30, 2020USD ($)Contract | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2020EUR (€) | |
Derivative [Line Items] | |||||||
Loss on derivatives | $ (2,379) | $ 616 | $ 19,696 | $ 6,974 | |||
Interest Rate Swaps [Member] | Senior Notes [Member] | EUR | |||||||
Derivative [Line Items] | |||||||
Number of Contracts | Contract | 1 | 2 | |||||
Notional value of derivative | $ 165,000 | $ 250,000 | € 150 | ||||
Interest rate description | Euribor plus 0.3% | USD LIBOR plus 0.9% | |||||
Interest rate | 0.30% | 0.90% | |||||
Treasury Lock Contracts [Member] | Senior Notes [Member] | USD | |||||||
Derivative [Line Items] | |||||||
Number of Contracts | Contract | 2 | 4 | |||||
Notional value of derivative | $ 500,000 | $ 750,000 | 500,000 | ||||
Loss on derivatives | $ 16,800 | $ 16,800 |
Financial Instruments and Fai_9
Financial Instruments and Fair Value Measurements - Summary of Debt and Accrued Interest, Designated as Hedge (Detail) - Designated As Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
British Pound Sterling Senior Notes [Member] | ||
Derivatives Fair Value [Line Items] | ||
Senior Notes Outstanding | $ 1,002 | $ 329 |
Euro Senior Notes [Member] | ||
Derivatives Fair Value [Line Items] | ||
Senior Notes Outstanding | $ 0 | $ 850 |
Financial Instruments and Fa_10
Financial Instruments and Fair Value Measurements - Summary of Recognized Unrealized Gains (Losses) in Foreign Currency and Derivative Gains (Losses) Net on Remeasurement of Unhedged Portion of Debt and Accrued Interest (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivatives Fair Value [Line Items] | ||||
Foreign currency translation gains (losses), net | $ (45,576) | $ 30,053 | $ (180,162) | $ 42,471 |
Forward Contracts [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Foreign currency translation gains (losses), net | $ (77,000) | $ 40,000 | $ (51,000) | $ 41,000 |
Financial Instruments and Fa_11
Financial Instruments and Fair Value Measurements - Summary of Changes in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative translation adjustment | $ 5,228 | $ (140,537) | $ (200,891) | $ (149,755) |
Total foreign currency translation gains (losses), net | (45,576) | 30,053 | (180,162) | 42,471 |
Total unrealized gains (losses) on derivative contracts, net | 2,379 | (616) | (19,696) | (6,974) |
Total change in other comprehensive income (loss) | (43,197) | 29,437 | (199,858) | 35,497 |
Designated As Hedging Instrument [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total derivative hedging instruments | (4,234) | 15,642 | 18,290 | 4,654 |
Designated As Hedging Instrument [Member] | Non derivative Net Investment Hedge [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Debt designated as nonderivative net investment hedges | (46,570) | 154,948 | 2,439 | 187,572 |
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total derivative hedging instruments | 1,581 | 1,206 | (12,857) | 3,464 |
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 | $ 798 | $ (1,822) | $ (6,839) | $ (10,438) |
Financial Instruments and Fa_12
Financial Instruments and Fair Value Measurements - Summary of Changes in Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments Gain Loss [Line Items] | |||||
Loss on derivatives | $ (2,379) | $ 616 | $ 19,696 | $ 6,974 | |
Treasury Lock Contracts [Member] | Senior Notes [Member] | USD | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Loss on derivatives | $ 16,800 | 16,800 | |||
Accumulated Gain (Loss) Net Cash Flow Hedge Parent [Member] | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount to be reclassified to interest expense, next 12 months | $ 5,100 | $ 5,100 |
Financial Instruments and Fa_13
Financial Instruments and Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | $ 16,518,126 | $ 11,905,877 |
Fair Value of Debt | 17,525,319 | 12,527,858 |
Credit Facilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 39,733 | 184,255 |
Fair Value of Debt | 39,733 | 184,255 |
Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 14,108,021 | 9,660,570 |
Fair Value of Debt | 15,053,871 | 10,228,715 |
Term Loans and Unsecured Other [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 1,723,473 | 1,441,882 |
Fair Value of Debt | 1,744,580 | 1,463,841 |
Secured Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 646,899 | 619,170 |
Fair Value of Debt | $ 687,135 | $ 651,047 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2020Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Business Segments - Segment Rep
Business Segments - Segment Reporting, Reconciliation of Revenues, Operating Income and Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||||||
Total revenues | $ 1,082,773 | $ 942,181 | $ 3,327,138 | $ 2,504,605 | ||
Operating income | 556,520 | 471,480 | 1,636,564 | 1,290,126 | ||
General and administrative expenses | 74,348 | 65,199 | 208,701 | 201,176 | ||
Depreciation and amortization expenses | 400,738 | 282,254 | 1,144,903 | 850,639 | ||
Gains on dispositions of development properties and land, net | 134,207 | 63,935 | 383,373 | 303,317 | ||
Gains on other dispositions of investments in real estate, net | 108,927 | 59,379 | 184,357 | 232,400 | ||
Earnings from unconsolidated entities, net | 73,972 | 46,302 | 216,844 | 151,524 | ||
Interest expense | (80,711) | (60,244) | (237,651) | (179,873) | ||
Interest and other income (expense), net | (5,866) | 654 | (4,469) | 12,876 | ||
Foreign currency and derivative gains (losses), net | (100,974) | 59,492 | (48,481) | 70,267 | ||
Losses on early extinguishment of debt, net | (98,266) | (13,585) | (164,606) | (16,086) | ||
Earnings before income taxes | 344,675 | 504,099 | 1,398,201 | 1,328,834 | ||
Total assets | 55,759,598 | 55,759,598 | $ 40,031,850 | |||
Investments in and advances to unconsolidated entities | 7,310,960 | 7,310,960 | 6,237,371 | |||
Assets held for sale or contribution | 1,757,187 | 1,757,187 | 720,685 | |||
Lease right-of-use assets | 455,704 | 455,704 | 486,330 | |||
Cash and cash equivalents | 940,193 | 1,024,994 | 940,193 | 1,024,994 | 1,088,855 | $ 343,856 |
Other assets | 2,418,939 | 2,418,939 | 1,711,857 | |||
Real Estate Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 45,348,057 | 45,348,057 | 31,590,756 | |||
Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating income | 788,472 | 695,619 | 2,422,438 | 1,806,224 | ||
Total assets | 45,387,263 | 45,387,263 | 31,630,924 | |||
Operating Segments [Member] | Real Estate Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 983,780 | 711,714 | 2,810,896 | 2,111,189 | ||
Operating income | 735,270 | 528,556 | 2,080,106 | 1,551,476 | ||
Operating Segments [Member] | Strategic Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 98,993 | 230,467 | 516,242 | 393,416 | ||
Operating income | 53,202 | 167,063 | 342,332 | 254,748 | ||
Total assets | 39,206 | 39,206 | 40,168 | |||
Operating Segments [Member] | U.S. [Member] | Real Estate Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 933,916 | 667,889 | 2,660,178 | 1,969,191 | ||
Operating income | 699,255 | 497,686 | 1,976,985 | 1,450,393 | ||
Total assets | 41,605,862 | 41,605,862 | 27,999,868 | |||
Operating Segments [Member] | U.S. [Member] | Strategic Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 29,322 | 21,537 | 320,181 | 62,341 | ||
Operating income | 5,184 | (10,129) | 222,390 | 992 | ||
Total assets | 13,575 | 13,575 | 14,529 | |||
Operating Segments [Member] | Other Americas | Real Estate Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 21,132 | 22,723 | 66,947 | 70,435 | ||
Operating income | 15,288 | 16,698 | 48,561 | 51,616 | ||
Total assets | 1,074,504 | 1,074,504 | 1,332,237 | |||
Operating Segments [Member] | Other Americas | Strategic Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 8,851 | 8,276 | 27,558 | 29,800 | ||
Operating income | 6,276 | 4,402 | 17,803 | 19,179 | ||
Operating Segments [Member] | Europe [Member] | Real Estate Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 19,558 | 9,517 | 53,048 | 30,337 | ||
Operating income | 14,207 | 5,597 | 33,017 | 18,029 | ||
Total assets | 1,615,194 | 1,615,194 | 1,379,579 | |||
Operating Segments [Member] | Europe [Member] | Strategic Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 36,959 | 180,365 | 101,081 | 242,742 | ||
Operating income | 26,775 | 162,646 | 66,483 | 205,020 | ||
Total assets | 25,280 | 25,280 | 25,280 | |||
Operating Segments [Member] | Asia [Member] | Real Estate Operations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 9,174 | 11,585 | 30,723 | 41,226 | ||
Operating income | 6,520 | 8,575 | 21,543 | 31,438 | ||
Total assets | 1,052,497 | 1,052,497 | 879,072 | |||
Operating Segments [Member] | Asia [Member] | Strategic Capital [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 23,861 | 20,289 | 67,422 | 58,533 | ||
Operating income | 14,967 | 10,144 | 35,656 | 29,557 | ||
Total assets | 351 | 351 | 359 | |||
Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating income | 556,520 | 471,480 | 1,636,564 | 1,290,126 | ||
General and administrative expenses | (74,348) | (65,199) | (208,701) | (201,176) | ||
Depreciation and amortization expenses | (400,738) | (282,254) | (1,144,903) | (850,639) | ||
Gains on dispositions of development properties and land, net | 134,207 | 63,935 | 383,373 | 303,317 | ||
Gains on other dispositions of investments in real estate, net | 108,927 | 59,379 | 184,357 | 232,400 | ||
Earnings from unconsolidated entities, net | 73,972 | 46,302 | 216,844 | 151,524 | ||
Interest expense | (80,711) | (60,244) | (237,651) | (179,873) | ||
Interest and other income (expense), net | (5,866) | 654 | (4,469) | 12,876 | ||
Foreign currency and derivative gains (losses), net | (100,974) | 59,492 | (48,481) | 70,267 | ||
Losses on early extinguishment of debt, net | (98,266) | $ (13,585) | (164,606) | $ (16,086) | ||
Total assets | 10,372,335 | 10,372,335 | 8,400,926 | |||
Investments in and advances to unconsolidated entities | 7,310,960 | 7,310,960 | 6,237,371 | |||
Assets held for sale or contribution | 1,757,187 | 1,757,187 | 720,685 | |||
Lease right-of-use assets | 112,319 | 112,319 | 111,439 | |||
Cash and cash equivalents | 940,193 | 940,193 | 1,088,855 | |||
Other assets | $ 251,676 | $ 251,676 | $ 242,576 |
Business Segments - Segment R_2
Business Segments - Segment Reporting, Reconciliation of Revenues, Operating Income and Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Strategic Capital [Member] | Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $ 25.3 | $ 25.3 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | Feb. 04, 2020 | Jan. 08, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Jan. 31, 2019 |
Supplemental Cash Flow Information [Line Items] | |||||
Lease Right-of-Use assets | $ 6,600 | $ 483,900 | |||
Lease liabilities | 6,600 | 475,100 | |||
Capitalization for equity based compensation expense | 18,000 | 16,600 | |||
Distribution declared | 45,600 | ||||
Interest paid, net of amounts capitalized | 230,900 | 201,600 | |||
Cash paid for income taxes, net of refunds | $ 82,300 | $ 53,400 | |||
Common Unit [Member] | |||||
Supplemental Cash Flow Information [Line Items] | |||||
Liberty Transaction, net of issuance costs, units | 500 | ||||
Liberty Transaction, net of issuance costs | $ 48,500 | ||||
Prologis, L.P. [Member] | |||||
Supplemental Cash Flow Information [Line Items] | |||||
Liberty Transaction, net of issuance costs | $ 10,013,526 | ||||
Limited Partners [Member] | Prologis, L.P. [Member] | Common [Member] | |||||
Supplemental Cash Flow Information [Line Items] | |||||
PLD units redeemed for common shares | 300 | 1,200 | |||
Liberty Transaction, net of issuance costs, units | 2,288 | ||||
Liberty Transaction, net of issuance costs | $ 210,190 | ||||
Prologis Targeted U.S. Logistics Fund [Member] | |||||
Supplemental Cash Flow Information [Line Items] | |||||
Business acquisition consideration transferred | $ 2,000,000 | ||||
Prologis U S Logistics Venture | |||||
Supplemental Cash Flow Information [Line Items] | |||||
Business acquisition consideration transferred | $ 2,000,000 | ||||
Unconsolidated Entities [Member] | |||||
Supplemental Cash Flow Information [Line Items] | |||||
Equity ownership interest received | $ 399,200 | $ 294,700 | |||
Prologis Brazil Logistics Venture [Member] | Unconsolidated Co-Investment Ventures [Member] | |||||
Supplemental Cash Flow Information [Line Items] | |||||
Ownership percentage in property fund | 20.00% | 20.00% | |||
Liberty Transaction [Member] | |||||
Supplemental Cash Flow Information [Line Items] | |||||
Business acquisition consideration transferred | $ 13,000,000 |