Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 23, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Prologis, Inc. | |
Entity Central Index Key | 0001045609 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 739,773,000 | |
Entity Shell Company | false | |
Entity File Number | 001-13545 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 94-3281941 | |
Entity Address, Address Line One | Pier 1, Bay 1 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94111 | |
City Area Code | 415 | |
Local Phone Number | 394-9000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | PLD | |
Security Exchange Name | NYSE | |
Prologis LP [Member] | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Prologis, L.P. | |
Entity Central Index Key | 0001045610 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-14245 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3285362 | |
Entity Address, Address Line One | Pier 1, Bay 1 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94111 | |
City Area Code | 415 | |
Local Phone Number | 394-9000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Prologis LP [Member] | Notes 3. 000 Percent Due 2026 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 3.000% Notes due 2026 | |
Trading Symbol | PLD/26 | |
Security Exchange Name | NYSE | |
Prologis LP [Member] | Notes 2. 250 Percent Due 2029 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 2.250% Notes due 2029 | |
Trading Symbol | PLD/29 | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Investments in real estate properties | $ 50,459,365 | $ 50,384,328 |
Less accumulated depreciation | 6,823,824 | 6,539,156 |
Net investments in real estate properties | 43,635,541 | 43,845,172 |
Investments in and advances to unconsolidated entities | 7,514,840 | 7,602,014 |
Assets held for sale or contribution | 1,055,751 | 1,070,724 |
Net investments in real estate | 52,206,132 | 52,517,910 |
Cash and cash equivalents | 676,074 | 598,086 |
Other assets | 2,850,603 | 2,949,009 |
Total assets | 55,732,809 | 56,065,005 |
Liabilities: | ||
Debt | 16,503,458 | 16,849,076 |
Accounts payable and accrued expenses | 1,138,924 | 1,143,372 |
Other liabilities | 1,705,224 | 1,747,977 |
Total liabilities | 19,347,606 | 19,740,425 |
Prologis, Inc. stockholders’ equity: | ||
Series Q preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 1,279 shares issued and outstanding and 100,000 preferred shares authorized at March 31, 2021 and December 31, 2020 | 63,948 | 63,948 |
Common stock; $0.01 par value; 739,746 shares and 739,381 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 7,397 | 7,394 |
Additional paid-in capital | 35,454,066 | 35,488,634 |
Accumulated other comprehensive loss | (1,021,551) | (1,193,739) |
Distributions in excess of net earnings | (2,495,343) | (2,394,690) |
Total Prologis, Inc. stockholders’ equity | 32,008,517 | 31,971,547 |
Noncontrolling interests | 4,376,686 | 4,353,033 |
Total equity | 36,385,203 | 36,324,580 |
Total liabilities and equity | 55,732,809 | 56,065,005 |
Partners’ capital: | ||
Noncontrolling interests | 4,376,686 | 4,353,033 |
Total equity | 36,385,203 | 36,324,580 |
Prologis, L.P. [Member] | ||
ASSETS | ||
Investments in real estate properties | 50,459,365 | 50,384,328 |
Less accumulated depreciation | 6,823,824 | 6,539,156 |
Net investments in real estate properties | 43,635,541 | 43,845,172 |
Investments in and advances to unconsolidated entities | 7,514,840 | 7,602,014 |
Assets held for sale or contribution | 1,055,751 | 1,070,724 |
Net investments in real estate | 52,206,132 | 52,517,910 |
Cash and cash equivalents | 676,074 | 598,086 |
Other assets | 2,850,603 | 2,949,009 |
Total assets | 55,732,809 | 56,065,005 |
Liabilities: | ||
Debt | 16,503,458 | 16,849,076 |
Accounts payable and accrued expenses | 1,138,924 | 1,143,372 |
Other liabilities | 1,705,224 | 1,747,977 |
Total liabilities | 19,347,606 | 19,740,425 |
Prologis, Inc. stockholders’ equity: | ||
Noncontrolling interests | 3,473,462 | 3,483,526 |
Total liabilities and equity | 55,732,809 | 56,065,005 |
Partners’ capital: | ||
Total partners’ capital | 32,911,741 | 32,841,054 |
Noncontrolling interests | 3,473,462 | 3,483,526 |
Total capital | 36,385,203 | 36,324,580 |
Prologis, L.P. [Member] | Preferred [Member] | ||
Partners’ capital: | ||
General partner | 63,948 | 63,948 |
Prologis, L.P. [Member] | Common [Member] | ||
Partners’ capital: | ||
General partner | 31,944,569 | 31,907,599 |
Limited partners | 555,176 | 523,954 |
Prologis, L.P. [Member] | Class A Common [Member] | ||
Partners’ capital: | ||
Limited partners | $ 348,048 | $ 345,553 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, liquidation preference per share | $ 50 | $ 50 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 1,279,000 | 1,279,000 |
Preferred stock, shares outstanding | 1,279,000 | 1,279,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 739,746,000 | 739,381,000 |
Common stock, shares outstanding | 739,746,000 | 739,381,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Revenues: | |||
Rental | $ 1,021,656 | $ 878,807 | |
Strategic capital | 119,961 | 96,591 | |
Development management and other | 6,699 | 2,843 | |
Total revenues | 1,148,316 | 978,241 | |
Expenses: | |||
Rental | 277,884 | 227,618 | |
Strategic capital | 49,450 | 46,574 | |
General and administrative | 78,032 | 69,689 | |
Depreciation and amortization | 397,575 | 345,970 | |
Other | 3,444 | 14,574 | |
Total expenses | 806,385 | 704,425 | |
Operating income before gains on real estate transactions, net | 341,931 | 273,816 | |
Gains on dispositions of development properties and land, net | 173,643 | 162,750 | |
Gains on other dispositions of investments in real estate, net | 16,623 | 31,491 | |
Operating income | 532,197 | 468,057 | |
Other income (expense): | |||
Earnings from unconsolidated entities, net | 67,049 | 88,730 | |
Interest expense | (71,281) | (75,642) | |
Interest and other income, net | 4,746 | 370 | |
Foreign currency and derivative gains, net | 80,152 | 113,329 | |
Losses on early extinguishment of debt, net | (187,453) | (42,767) | |
Total other income (expense) | (106,787) | 84,020 | |
Total other income (expense) | (106,787) | 84,020 | |
Earnings before income taxes | 425,410 | 552,077 | |
Total income tax expense | 25,717 | 30,913 | |
Consolidated net earnings | 399,693 | 521,164 | |
Less net earnings attributable to noncontrolling interests | 32,346 | 30,111 | |
Net earnings attributable to controlling interests | 367,347 | 491,053 | |
Less preferred stock/unit dividends/distributions | 1,532 | 1,635 | |
Net earnings attributable to common stockholders/unitholders | $ 365,815 | $ 489,418 | |
Weighted average common shares/units outstanding - Basic | 738,998 | 698,272 | |
Weighted average common shares/units outstanding - Diluted | 764,958 | 723,983 | |
Net earnings per share/unit attributable to common stockholders/unitholders - Basic | $ 0.50 | $ 0.70 | |
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | $ 0.49 | $ 0.70 | |
Prologis, L.P. [Member] | |||
Revenues: | |||
Rental | $ 1,021,656 | $ 878,807 | |
Strategic capital | 119,961 | 96,591 | |
Development management and other | 6,699 | 2,843 | |
Total revenues | 1,148,316 | 978,241 | |
Expenses: | |||
Rental | 277,884 | 227,618 | |
Strategic capital | 49,450 | 46,574 | |
General and administrative | 78,032 | 69,689 | |
Depreciation and amortization | 397,575 | 345,970 | |
Other | 3,444 | 14,574 | |
Total expenses | 806,385 | 704,425 | |
Operating income before gains on real estate transactions, net | 341,931 | 273,816 | |
Gains on dispositions of development properties and land, net | 173,643 | 162,750 | |
Gains on other dispositions of investments in real estate, net | 16,623 | 31,491 | |
Operating income | 532,197 | 468,057 | |
Other income (expense): | |||
Earnings from unconsolidated entities, net | 67,049 | 88,730 | |
Interest expense | (71,281) | (75,642) | |
Interest and other income, net | 4,746 | 370 | |
Foreign currency and derivative gains, net | 80,152 | 113,329 | |
Losses on early extinguishment of debt, net | (187,453) | (42,767) | |
Total other income (expense) | (106,787) | 84,020 | |
Total other income (expense) | (106,787) | 84,020 | |
Earnings before income taxes | 425,410 | 552,077 | |
Total income tax expense | 25,717 | 30,913 | |
Consolidated net earnings | 399,693 | 521,164 | |
Less net earnings attributable to noncontrolling interests | 22,078 | 16,141 | |
Net earnings attributable to controlling interests | 377,615 | 505,023 | |
Less preferred stock/unit dividends/distributions | 1,532 | 1,635 | |
Net earnings attributable to common stockholders/unitholders | $ 376,083 | $ 503,388 | |
Weighted average common shares/units outstanding - Basic | 751,679 | 710,141 | |
Weighted average common shares/units outstanding - Diluted | [1] | 764,958 | 723,983 |
Net earnings per share/unit attributable to common stockholders/unitholders - Basic | $ 0.50 | $ 0.70 | |
Net earnings per share/unit attributable to common stockholders/unitholders - Diluted | $ 0.49 | $ 0.70 | |
[1] | Our total weighted average potentially dilutive shares and units outstanding consisted of the following |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Consolidated net earnings | $ 399,693 | $ 521,164 |
Other comprehensive income (loss): | ||
Foreign currency translation gains (losses), net | 171,759 | (133,533) |
Unrealized gains (losses) on derivative contracts, net | 4,821 | (23,448) |
Comprehensive income | 576,273 | 364,183 |
Net earnings attributable to noncontrolling interests | (32,346) | (30,111) |
Other comprehensive loss (income) attributable to noncontrolling interests | (4,392) | 5,027 |
Comprehensive income attributable to common stockholders/unitholders | 539,535 | 339,099 |
Prologis, L.P. [Member] | ||
Consolidated net earnings | 399,693 | 521,164 |
Other comprehensive income (loss): | ||
Foreign currency translation gains (losses), net | 171,759 | (133,533) |
Unrealized gains (losses) on derivative contracts, net | 4,821 | (23,448) |
Comprehensive income | 576,273 | 364,183 |
Net earnings attributable to noncontrolling interests | (22,078) | (16,141) |
Other comprehensive loss (income) attributable to noncontrolling interests | (476) | (663) |
Comprehensive income attributable to common stockholders/unitholders | $ 554,671 | $ 348,705 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ 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, 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 | 631,797,000 | ||||||
Consolidated net earnings | 521,164 | 491,053 | 30,111 | ||||
Effect of equity compensation plans | 23,323 | $ 5 | (3,121) | 26,439 | |||
Effect of equity compensation plans, shares | 518,000 | ||||||
Liberty Transaction, net of issuance costs | 10,014,046 | $ 1,067 | 9,801,412 | 211,567 | |||
Liberty Transaction, net of issuance costs, shares | 106,723,000 | ||||||
Repurchase of common shares | (34,829) | $ (5) | (34,824) | ||||
Repurchase of common shares, shares | (539,000) | ||||||
Capital contributions | 916,974 | 916,974 | |||||
Redemption of noncontrolling interests | (16,811) | $ 1 | 2,783 | (19,595) | |||
Redemption of noncontrolling interests, shares | 64,000 | ||||||
Foreign currency translation gains (losses), net | (133,533) | (129,161) | (4,372) | ||||
Unrealized gains (losses) on derivative contracts, net | (23,448) | (22,793) | (655) | ||||
Reallocation of equity | (69,327) | 69,327 | |||||
Dividends ($0.63 per common share for three months ended March 31, 2021 and $0.58 for three months ended March 31, 2020) and other distributions | (562,800) | (9) | (430,766) | (132,025) | |||
Balance at Mar. 31, 2020 | 36,775,870 | 68,948 | $ 7,386 | 35,416,341 | (1,142,352) | (2,090,881) | 4,516,428 |
Balance, shares at Mar. 31, 2020 | 738,563,000 | ||||||
Balance at Dec. 31, 2020 | $ 36,324,580 | 63,948 | $ 7,394 | 35,488,634 | (1,193,739) | (2,394,690) | 4,353,033 |
Balance, shares at Dec. 31, 2020 | 739,381,000 | 739,381,000 | |||||
Consolidated net earnings | $ 399,693 | 367,347 | 32,346 | ||||
Effect of equity compensation plans | 31,340 | $ 3 | 4,039 | 27,298 | |||
Effect of equity compensation plans, shares | 360,000 | ||||||
Capital contributions | 120 | 120 | |||||
Redemption of noncontrolling interests | (31,372) | 233 | (31,605) | ||||
Redemption of noncontrolling interests, shares | 5,000 | ||||||
Foreign currency translation gains (losses), net | 171,759 | 167,499 | 4,260 | ||||
Unrealized gains (losses) on derivative contracts, net | 4,821 | 4,689 | 132 | ||||
Reallocation of equity | (38,816) | 38,816 | |||||
Dividends ($0.63 per common share for three months ended March 31, 2021 and $0.58 for three months ended March 31, 2020) and other distributions | (515,738) | (24) | (468,000) | (47,714) | |||
Balance at Mar. 31, 2021 | $ 36,385,203 | $ 63,948 | $ 7,397 | $ 35,454,066 | $ (1,021,551) | $ (2,495,343) | $ 4,376,686 |
Balance, shares at Mar. 31, 2021 | 739,746,000 | 739,746,000 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends per common share | $ 0.63 | $ 0.58 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities: | ||
Consolidated net earnings | $ 399,693 | $ 521,164 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Straight-lined rents and amortization of above and below market leases | (36,658) | (23,738) |
Equity-based compensation awards | 34,575 | 31,808 |
Depreciation and amortization | 397,575 | 345,970 |
Earnings from unconsolidated entities, net | (67,049) | (88,730) |
Operating distributions from unconsolidated entities | 115,957 | 106,732 |
Decrease in operating receivables from unconsolidated entities | 4,284 | 60,739 |
Amortization of debt discounts and debt issuance costs, net | 2,091 | 1,175 |
Gains on dispositions of development properties and land, net | (173,643) | (162,750) |
Gains on other dispositions of investments in real estate, net | (16,623) | (31,491) |
Unrealized foreign currency and derivative gains, net | (81,726) | (109,726) |
Losses on early extinguishment of debt, net | 187,453 | 42,767 |
Deferred income tax expense | 1,162 | 2,993 |
Decrease in accounts receivable and other assets | 68,398 | 105,648 |
Decrease in accounts payable and accrued expenses and other liabilities | (18,795) | (123,468) |
Decrease in operating receivables from unconsolidated entities | (4,284) | (60,739) |
Decrease in accounts receivable and other assets | (68,398) | (105,648) |
Net cash provided by operating activities | 816,694 | 679,093 |
Investing activities: | ||
Real estate development | (422,399) | (443,044) |
Real estate acquisitions | (226,450) | (439,059) |
Tenant improvements and lease commissions on previously leased space | (71,140) | (39,396) |
Property improvements | (8,071) | (13,639) |
Proceeds from dispositions and contributions of real estate properties | 727,609 | 723,887 |
Investments in and advances to unconsolidated entities | (141,764) | (251,673) |
Return of investment from unconsolidated entities | 37,632 | 139,900 |
Proceeds from repayment of notes receivable backed by real estate | 0 | 4,312 |
Proceeds from the settlement of net investment hedges | 0 | 2,352 |
Payments on the settlement of net investment hedges | (2,511) | (5,599) |
Net cash used in investing activities | (107,094) | (2,009,173) |
Financing activities: | ||
Proceeds from issuance of common stock/units | 709 | 850 |
Repurchase and retirement of common stock | 0 | (34,829) |
Dividends/distributions paid on common and preferred stock/units | (468,000) | (430,766) |
Noncontrolling interests contributions | 120 | 916,974 |
Noncontrolling interests distributions | (47,714) | (132,025) |
Settlement of noncontrolling interests | (31,372) | (16,811) |
Tax paid with shares withheld | (16,955) | (22,736) |
Debt and equity issuance costs paid | (11,661) | (31,118) |
Net payments on credit facilities | (115,274) | (125,166) |
Repurchase of and payments on debt | (1,931,983) | (4,065,075) |
Proceeds from the issuance of debt | 2,029,817 | 4,991,113 |
Net cash provided by (used in) financing activities | (592,313) | 1,050,411 |
Effect of foreign currency exchange rate changes on cash | (39,299) | (1,315) |
Net increase (decrease) in cash and cash equivalents | 77,988 | (280,984) |
Cash and cash equivalents, beginning of period | 598,086 | 1,088,855 |
Cash and cash equivalents, end of period | 676,074 | 807,871 |
Net payments on credit facilities | 115,274 | 125,166 |
Net cash provided by (used in) financing activities | (592,313) | 1,050,411 |
Prologis, L.P. [Member] | ||
Operating activities: | ||
Consolidated net earnings | 399,693 | 521,164 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Straight-lined rents and amortization of above and below market leases | (36,658) | (23,738) |
Equity-based compensation awards | 34,575 | 31,808 |
Depreciation and amortization | 397,575 | 345,970 |
Earnings from unconsolidated entities, net | (67,049) | (88,730) |
Operating distributions from unconsolidated entities | 115,957 | 106,732 |
Decrease in operating receivables from unconsolidated entities | 4,284 | 60,739 |
Amortization of debt discounts and debt issuance costs, net | 2,091 | 1,175 |
Gains on dispositions of development properties and land, net | (173,643) | (162,750) |
Gains on other dispositions of investments in real estate, net | (16,623) | (31,491) |
Unrealized foreign currency and derivative gains, net | (81,726) | (109,726) |
Losses on early extinguishment of debt, net | 187,453 | 42,767 |
Deferred income tax expense | 1,162 | 2,993 |
Decrease in accounts receivable and other assets | 68,398 | 105,648 |
Decrease in accounts payable and accrued expenses and other liabilities | (18,795) | (123,468) |
Decrease in operating receivables from unconsolidated entities | (4,284) | (60,739) |
Decrease in accounts receivable and other assets | (68,398) | (105,648) |
Net cash provided by operating activities | 816,694 | 679,093 |
Investing activities: | ||
Real estate development | (422,399) | (443,044) |
Real estate acquisitions | (226,450) | (439,059) |
Tenant improvements and lease commissions on previously leased space | (71,140) | (39,396) |
Property improvements | (8,071) | (13,639) |
Proceeds from dispositions and contributions of real estate properties | 727,609 | 723,887 |
Investments in and advances to unconsolidated entities | (141,764) | (251,673) |
Return of investment from unconsolidated entities | 37,632 | 139,900 |
Proceeds from repayment of notes receivable backed by real estate | 0 | 4,312 |
Proceeds from the settlement of net investment hedges | 0 | 2,352 |
Payments on the settlement of net investment hedges | (2,511) | (5,599) |
Net cash used in investing activities | (107,094) | (2,009,173) |
Financing activities: | ||
Proceeds from issuance of common stock/units | 709 | 850 |
Repurchase and retirement of common stock | 0 | (34,829) |
Dividends/distributions paid on common and preferred stock/units | (483,928) | (445,554) |
Noncontrolling interests contributions | 120 | 916,974 |
Noncontrolling interests distributions | (31,786) | (117,237) |
Redemption of common limited partnership units | 31,372 | 16,811 |
Tax paid for shares of the Parent withheld | 16,955 | 22,736 |
Debt and equity issuance costs paid | (11,661) | (31,118) |
Net payments on credit facilities | 115,274 | 125,166 |
Repurchase of and payments on debt | (1,931,983) | (4,065,075) |
Proceeds from the issuance of debt | 2,029,817 | 4,991,113 |
Net cash provided by (used in) financing activities | (592,313) | 1,050,411 |
Redemption of common limited partnership units | (31,372) | (16,811) |
Effect of foreign currency exchange rate changes on cash | (39,299) | (1,315) |
Net increase (decrease) in cash and cash equivalents | 77,988 | (280,984) |
Cash and cash equivalents, beginning of period | 598,086 | 1,088,855 |
Cash and cash equivalents, end of period | 676,074 | 807,871 |
Tax paid for shares of the Parent withheld | 16,955 | 22,736 |
Net payments on credit facilities | (115,274) | (125,166) |
Net cash provided by (used in) financing activities | (592,313) | 1,050,411 |
Liberty Transaction [Member] | ||
Investing activities: | ||
Transaction, net of cash acquired | 0 | (22,659) |
Liberty Transaction [Member] | Prologis, L.P. [Member] | ||
Investing activities: | ||
Transaction, net of cash acquired | 0 | (22,659) |
IPT Transaction [Member] | ||
Investing activities: | ||
Transaction, net of cash acquired | 0 | (1,664,555) |
IPT Transaction [Member] | Prologis, L.P. [Member] | ||
Investing activities: | ||
Transaction, net of cash acquired | $ 0 | $ (1,664,555) |
Consolidated Statements of Capi
Consolidated Statements of Capital - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Consolidated net earnings | $ 399,693 | $ 521,164 |
Effect of equity compensation plans | 31,340 | 23,323 |
Capital contributions | 120 | 916,974 |
Unrealized gains (losses) on derivative contracts, net | 4,821 | (23,448) |
Noncontrolling Interests [Member] | ||
Consolidated net earnings | 32,346 | 30,111 |
Effect of equity compensation plans | 27,298 | 26,439 |
Capital contributions | 120 | 916,974 |
Unrealized gains (losses) on derivative contracts, net | $ 132 | (655) |
Class A Common [Member] | ||
Beginning balance, Units | 8,600 | |
Ending balance, Units | 8,600 | |
Prologis, L.P. [Member] | ||
Beginning balance | $ 36,324,580 | 26,071,784 |
Consolidated net earnings | 399,693 | 521,164 |
Effect of equity compensation plans | 31,340 | 23,323 |
Repurchases of common units | (34,829) | |
Capital contributions | 120 | 916,974 |
Redemption of limited partners units | (31,372) | (16,811) |
Foreign currency translation gains (losses), net | 171,759 | (133,533) |
Unrealized gains (losses) on derivative contracts, net | 4,821 | (23,448) |
Distributions ($0.63 per common unit for three months ended March 31, 2021 and $0.58 for three months ended March 31, 2020) and other | (515,738) | (562,800) |
Ending balance | 36,385,203 | 36,775,870 |
Prologis, L.P. [Member] | Liberty Transaction [Member] | ||
Liberty Transaction, net of issuance costs | 10,014,046 | |
Prologis, L.P. [Member] | Noncontrolling Interests [Member] | ||
Beginning balance | 3,483,526 | 2,775,394 |
Consolidated net earnings | 22,078 | 16,141 |
Capital contributions | 120 | 916,974 |
Foreign currency translation gains (losses), net | (476) | (663) |
Distributions ($0.63 per common unit for three months ended March 31, 2021 and $0.58 for three months ended March 31, 2020) and other | (31,786) | (117,237) |
Ending balance | 3,473,462 | 3,591,986 |
Prologis, L.P. [Member] | Noncontrolling Interests [Member] | Liberty Transaction [Member] | ||
Liberty Transaction, net of issuance costs | 1,377 | |
Prologis, L.P. [Member] | Preferred [Member] | General Partner | ||
Beginning balance | $ 63,948 | $ 68,948 |
Beginning balance, Units | 1,279 | 1,379 |
Ending balance | $ 63,948 | $ 68,948 |
Ending balance, Units | 1,279 | 1,379 |
Prologis, L.P. [Member] | Common [Member] | General Partner | ||
Beginning balance | $ 31,907,599 | $ 22,584,179 |
Beginning balance, Units | 739,381 | 631,797 |
Consolidated net earnings | $ 367,347 | $ 491,053 |
Effect of equity compensation plans | $ 4,042 | $ (3,116) |
Effect of equity compensation plans, units | 360 | 518 |
Repurchases of common units | $ (34,829) | |
Repurchase of common shares, shares | (539) | |
Redemption of limited partners units | $ 233 | $ 2,784 |
Redemption of limited partners units, units | 5 | 64 |
Foreign currency translation gains (losses), net | $ 167,499 | $ (129,161) |
Unrealized gains (losses) on derivative contracts, net | 4,689 | (22,793) |
Reallocation of capital | (38,816) | (69,327) |
Distributions ($0.63 per common unit for three months ended March 31, 2021 and $0.58 for three months ended March 31, 2020) and other | (468,024) | (430,775) |
Ending balance | $ 31,944,569 | $ 32,190,494 |
Ending balance, Units | 739,746 | 738,563 |
Prologis, L.P. [Member] | Common [Member] | General Partner | Liberty Transaction [Member] | ||
Liberty Transaction, net of issuance costs | $ 9,802,479 | |
Liberty Transaction, net of issuance costs, units | 106,723 | |
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member] | ||
Beginning balance | $ 523,954 | $ 355,076 |
Beginning balance, Units | 12,142 | 9,933 |
Consolidated net earnings | $ 6,277 | $ 8,319 |
Effect of equity compensation plans | $ 27,298 | $ 26,439 |
Effect of equity compensation plans, units | 1,055 | 1,191 |
Redemption of limited partners units | $ (31,605) | $ (19,595) |
Redemption of limited partners units, units | (341) | (254) |
Foreign currency translation gains (losses), net | $ 2,911 | $ (2,301) |
Unrealized gains (losses) on derivative contracts, net | 81 | (406) |
Reallocation of capital | 36,630 | 4,977 |
Distributions ($0.63 per common unit for three months ended March 31, 2021 and $0.58 for three months ended March 31, 2020) and other | (10,370) | (9,218) |
Ending balance | $ 555,176 | $ 573,481 |
Ending balance, Units | 12,856 | 13,158 |
Prologis, L.P. [Member] | Common [Member] | Limited Partners [Member] | Liberty Transaction [Member] | ||
Liberty Transaction, net of issuance costs | $ 210,190 | |
Liberty Transaction, net of issuance costs, units | 2,288 | |
Prologis, L.P. [Member] | Class A Common [Member] | Limited Partners [Member] | ||
Beginning balance | $ 345,553 | $ 288,187 |
Beginning balance, Units | 8,595 | 8,613 |
Consolidated net earnings | $ 3,991 | $ 5,651 |
Foreign currency translation gains (losses), net | 1,825 | (1,408) |
Unrealized gains (losses) on derivative contracts, net | 51 | (249) |
Reallocation of capital | 2,186 | 64,350 |
Distributions ($0.63 per common unit for three months ended March 31, 2021 and $0.58 for three months ended March 31, 2020) and other | (5,558) | (5,570) |
Ending balance | $ 348,048 | $ 350,961 |
Ending balance, Units | 8,595 | 8,613 |
Consolidated Statements of Ca_2
Consolidated Statements of Capital (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Partners Capital [Abstract] | ||
Distributions per common unit | $ 0.63 | $ 0.58 |
General
General | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
General | NOTE 1. GENERAL Business . Prologis, Inc. (or the “Parent”) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”), and believes the current organization and method of operation will enable it to maintain its status as a REIT. The Parent is the general partner of Prologis, L.P. (or the “Operating Partnership” or “OP”). Through the OP, we are engaged in the ownership, acquisition, development and management of logistics facilities with a focus on key markets in 19 countries on four continents. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors. We maintain a significant level of ownership in these co-investment ventures, which may be consolidated or unconsolidated based on our level of control of the entity. Our current business strategy consists of two operating business segments: Real Estate 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 11 for further discussion of our business segments. Unless otherwise indicated, the Notes to the Consolidated Financial Statements apply to both the Parent and the OP. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and OP collectively For each share of preferred or common stock the Parent issues, the OP issues a corresponding preferred or common partnership unit, as applicable, to the Parent in exchange for the contribution of the proceeds from the stock issuance. At March 31, 2021, the Parent owned a 97.25% common general partnership interest in the OP and 100% of the preferred units in the OP. The remaining 2.75% 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. 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, 2020, as filed with the SEC, and other public information. Reclassifications. Lease right-of-use assets and lease liabilities have been reclassified in the Consolidated Financial Statements for 2020 to Other Assets and Other Liabilities , respectively, in order to conform to the 2021 financial statement presentation. |
Liberty Transaction
Liberty Transaction | 3 Months Ended |
Mar. 31, 2021 | |
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 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 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 to the Liberty real estate properties and related lease intangibles on a relative fair value basis. All other assets acquired and liabilities assumed, including debt, and real estate assets that we do not intend to operate long-term are recorded at fair value as follows (in millions): Net investments in real estate $ 12,636 Intangible assets, net of intangible liabilities 491 Cash and other assets 233 Debt (2,845 ) Accounts payable, accrued expenses and other liabilities (383 ) Noncontrolling interests (1 ) Total purchase price, including transaction costs $ 10,131 |
Real Estate
Real Estate | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate | NOTE 3. REAL ESTATE Investments in real estate properties consisted of the following (dollars and square feet in thousands): Square Feet Number of Buildings Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, 2021 2020 2021 2020 2021 2020 Operating properties: Buildings and improvements 441,737 441,336 2,265 2,261 $ 31,520,177 $ 31,489,943 Improved land 12,025,439 12,017,676 Development portfolio, including land costs: Prestabilized 5,572 6,076 18 24 480,918 553,266 Properties under development 22,990 22,004 62 61 1,550,798 1,329,345 Land (1) 1,699,738 1,606,358 Other real estate investments (2) 3,182,295 3,387,740 Total investments in real estate properties 50,459,365 50,384,328 Less accumulated depreciation 6,823,824 6,539,156 Net investments in real estate properties $ 43,635,541 $ 43,845,172 (1) At March 31, 2021 and December 31, 2020, our land was comprised of 5,113 and 5,304 acres, respectively. (2) Included in other real estate investments were: (i) non-strategic real estate assets acquired in the Liberty Transaction that we do not intend to operate long-term; (ii) land parcels we own and lease to third parties; (iii) real estate assets that we intend to redevelop into industrial properties; and (iv) costs associated with potential acquisitions and future development projects, including purchase options on land. Acquisitions The following table summarizes our real estate acquisition activity, excluding the Liberty Transaction as discussed in Note 2 (dollars and square feet in thousands): Three Months Ended March 31, 2021 2020 (1) Number of operating properties 1 137 Square feet 25 20,256 Acres of land 261 267 Acquisition cost of net investments in real estate $ 229,050 $ 2,393,767 (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 $ 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. Dispositions The following table summarizes our dispositions of net investments in real estate which include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands): Three Months Ended March 31, 2021 2020 Dispositions of development properties and land, net (1) Number of properties 8 11 Square feet 4,287 4,636 Net proceeds $ 769,813 $ 633,563 Gains on dispositions of development properties and land, net $ 173,643 $ 162,750 Other dispositions of investments in real estate, net Number of properties 1 18 Square feet 476 2,305 Net proceeds $ 23,342 $ 160,557 Gains on other dispositions of investments in real estate, net $ 16,623 $ 31,491 (1) The gains we recognize in Gains on Dispositions of Development Properties and Land, Net are primarily driven by the contribution of newly developed properties to our unconsolidated co-investment ventures. Leases We recognized lease right-of-use assets of $462.8 million and $492.8 million within Other Assets and lease liabilities of $458.7 million and $487.0 million within Other Liabilities, for land and office space leases in which we are the lessee, on the Consolidated Balance Sheets at March 31, 2021 and December 31, 2020, respectively. |
Unconsolidated Entities
Unconsolidated Entities | 3 Months Ended |
Mar. 31, 2021 | |
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 accounted for using the equity method of accounting. See Note 7 for more detail regarding our consolidated investments that are not wholly owned. We also have investments in other ventures, generally with one partner, which we account for using the equity method. We refer to our investments in both unconsolidated co-investment ventures and other ventures, collectively, as unconsolidated entities. The following table summarizes our investments in and advances to unconsolidated entities (in thousands): March 31, December 31, 2021 2020 Unconsolidated co-investment ventures $ 6,594,263 $ 6,685,567 Other ventures 920,577 916,447 Total $ 7,514,840 $ 7,602,014 Unconsolidated Co-Investment Ventures The following table summarizes the Strategic Capital Revenues Three Months Ended March 31, 2021 2020 Recurring fees $ 91,037 $ 74,687 Transactional fees 20,878 19,960 Promote revenue 1,615 591 Total strategic capital revenues from unconsolidated co-investment ventures (1) $ 113,530 $ 95,238 (1) These amounts exclude strategic capital revenues from other ventures. The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to these ventures (dollars and square feet in millions): U.S. Other Americas (1) Europe Asia Total As of: Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Key property information: Ventures 1 1 2 2 3 3 3 3 9 9 Operating properties 710 706 230 229 778 768 179 167 1,897 1,870 Square feet 118 117 51 51 187 185 72 67 428 420 Financial position: Total assets ($) 10,937 10,840 2,987 3,023 17,106 16,918 10,222 10,209 41,252 40,990 Third-party debt ($) 3,169 3,129 824 854 4,110 4,002 3,920 3,831 12,023 11,816 Total liabilities ($) 3,760 3,722 864 898 5,768 5,607 4,428 4,389 14,820 14,616 Our investment balance ($) (2) 1,892 1,886 810 811 3,065 3,152 827 837 6,594 6,686 Our weighted average ownership (3) 25.4 % 25.6 % 40.8 % 40.8 % 29.4 % 30.0 % 15.2 % 15.2 % 25.8 % 26.1 % U.S. Other Americas (1) Europe Asia Total Operating Information: Mar 31, 2021 Mar 31, 2020 Mar 31, 2021 Mar 31, 2020 Mar 31, 2021 Mar 31, 2020 Mar 31, 2021 Mar 31, 2020 Mar 31, 2021 Mar 31, 2020 For the three months ended: Total revenues ($) 254 233 75 68 338 290 159 138 826 729 Net earnings ($) 49 34 30 23 87 78 35 26 201 161 Our earnings from unconsolidated co-investment ventures, net ($) 13 9 12 9 28 25 6 4 59 47 ( 1 ) PBLV and our other Brazilian joint ventures are combined as one venture for the purpose of this table. ( 2 ) Prologis’ investment balance is presented at our adjusted basis derived from the ventures’ U.S. GAAP information. The difference between our ownership interest of a venture’s equity and our investment balance at March 31, 2021 and December 31, 2020, resulted 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 ($143.7 million and $165.6 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. ( 3 ) Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities. Equity Commitments Related to Certain Unconsolidated Co-Investment Ventures At March 31, 2021, our outstanding equity commitments were $341.2 million, principally for Prologis China Logistics Venture. The equity commitments expire from 2021 to 2028 if they have not been previously called. |
Assets Held for Sale or Contrib
Assets Held for Sale or Contribution | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate Assets Held For Development And Sale [Abstract] | |
Assets Held for Sale or Contribution | NOTE 5. ASSETS HELD FOR SALE OR CONTRIBUTION We had investments in certain real estate properties that met the criteria to be classified as held for sale or contribution at March 31, 2021 and December 31, 2020. 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): March 31, December 31, 2021 2020 Number of operating properties 80 66 Square feet 13,756 12,923 Total assets held for sale or contribution $ 1,055,751 $ 1,070,724 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 21,828 $ 16,214 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 6. DEBT All debt is incurred by the OP or its consolidated subsidiaries. The following table summarizes our debt (dollars in thousands): March 31, 2021 December 31, 2020 Weighted Average Amount Weighted Average Amount Interest Rate (1) Term (2) Outstanding (3) Interest Rate (1) Term (2) Outstanding (3) Credit facilities 0.4% 3.3 $ 53,250 0.8% 2.0 $ 171,794 Senior notes 1.7% 12.1 14,433,868 2.0% 11.2 14,275,870 Term loans and unsecured other 0.9% 5.3 1,670,556 0.9% 5.6 1,764,311 Secured mortgage 5.4% 3.7 345,784 3.1% 3.0 637,101 Total 1.7% 11.2 $ 16,503,458 1.9% 10.2 $ 16,849,076 (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) The weighted average term represents the remaining maturity in years on the debt outstanding at period end. (3) We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies: March 31, 2021 December 31, 2020 Weighted Average Interest Rate Amount Outstanding % of Total Weighted Average Interest Rate Amount Outstanding % of Total British pound sterling 2.2 % $ 1,027,910 6.2 % 2.2 % $ 1,019,480 6.1 % Canadian dollar 2.7 % 288,045 1.7 % 2.7 % 285,708 1.7 % Euro 1.1 % 6,963,034 42.2 % 1.4 % 6,549,676 38.8 % Japanese yen 0.8 % 2,460,056 14.9 % 0.8 % 2,877,247 17.1 % U.S. dollar 2.6 % 5,764,413 35.0 % 2.8 % 6,116,965 36.3 % Total 1.7 % $ 16,503,458 1.9 % $ 16,849,076 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 and U.S. dollars on a revolving basis up to $3.5 billion (subject to currency fluctuations). 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 i s scheduled to mature in January 2023 ; howe ver, we may extend the maturit y 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”) with total commitments of ¥55.0 billion ($496.4 million at March 31, 2021). We have the ability to increase the borrowing capacity of the Revolver to ¥75.0 billion ($676.9 million at March 31, 2021), subject to obtaining additional lender commitments. Pricing under the Revolver, including the spread over LIBOR, facility fees and letter of credit fees, varies based on the public debt ratings of the OP. At March 31, 2021, 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.” In April 2021, we entered into a second global senior credit facility under which we may draw in various currencies on a revolving basis in an aggregate amount up to $1.0 billion (subject to currency fluctuations). The second global senior credit facility is scheduled to mature in April 2024, subject to extension options. Liquidity The following table summarizes information about our available liquidity at March 31, 2021 (in millions): Aggregate lender commitments Credit Facilities $ 4,019 Less: Borrowings outstanding 53 Outstanding letters of credit 19 Current availability $ 3,947 Available term loans 250 Cash and cash equivalents 676 Total liquidity $ 4,873 Senior Notes The following table summarizes the issuances and redemptions of senior notes during the three months ended March 31, 2021 (principal in thousands): Aggregate Principal Issuance Date Weighted Average Initial Borrowing Date Borrowing Currency USD (1) Interest Rate (2) Term (3) Maturity Dates February € 1,350,000 $ 1,639,305 0.7% 14.3 February 2032 – 2041 February $ 400,000 $ 400,000 1.6% 10.1 March 2031 Aggregate Principal Redemption Date Weighted Average Redemption Date Borrowing Currency USD (1) Interest Rate (2) Term (3) Maturity Dates March € 599,514 $ 715,700 3.4% 3.0 February 2024 March $ 750,000 $ 750,000 3.8% 4.7 November 2025 (1) The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date. (2) The interest rate represents the fixed or variable interest rate at the issuance or redemption date of the related debt. (3) The issuance date and redemption date weighted average term represent the remaining maturity in years on the related debt at the issuance or redemption date, respectively. During the three months ended March 31, 2021, we used the net proceeds from the issuance of the senior notes to fund the senior note redemptions and for general corporate purposes. Early Extinguishment of Debt During the three months ended March 31, 2021 and 2020, we recognized $187.5 million and $42.8 million of losses on the early extinguishment of debt, respectively. The losses during both periods were driven by the redemption of certain high interest rate senior notes before their stated maturity. We redeemed $1.5 billion of senior notes with stated maturities of 2024 and 2025, and $783.1 million of senior notes with a stated maturity of 2021, during the three months ended March 31, 2021 and 2020, respectively. The losses in 2020 included 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. Term Loans We did not borrow or pay down on the multi-currency term loan (“2017 Term Loan”) during the three months ended March 31, 2021. During the three months ended March 31, 2020, we borrowed a net $500.0 million. Long-Term Debt Maturities Scheduled principal payments due on our debt for the remainder of 2021 and for each year through the period ended December 31, 2025, and thereafter were as follows at March 31, 2021 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgage Total 2021 (1)(2) $ - $ - $ 260,135 $ 21,355 $ 281,490 2022 (1) - 527,625 - 12,098 539,723 2023 - - 135,244 34,072 169,316 2024 (3) 53,250 - - 133,488 186,738 2025 - 45,127 - 143,766 188,893 Thereafter - 13,931,343 1,281,618 2,468 15,215,429 Subtotal 53,250 14,504,095 1,676,997 347,247 16,581,589 Premiums (discounts), net - 6,070 - 224 6,294 Debt issuance costs, net - (76,297 ) (6,441 ) (1,687 ) (84,425 ) Total $ 53,250 $ 14,433,868 $ 1,670,556 $ 345,784 $ 16,503,458 (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. In April 2021, the 2017 Term Loan was terminated and the interest rate swap contracts associated with the outstanding balance of $250.3 million were settled. (3) Included in the 2024 maturities is the Revolver that can be extended until 2025. Financial Debt Covenants We had $14.4 billion of senior notes and $1.7 billion of term loans outstanding at March 31, 2021 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 March 31, 2021, we were in compliance with all of our financial debt covenants. Guarantee of Finance Subsidiary Debt We have finance subsidiaries as part of our operations in Europe (Prologis Euro Finance LLC), Japan (Prologis Yen Finance LLC) and the U.K. (Prologis Sterling Finance LLC) in order to mitigate our foreign currency risk by borrowing in the currencies in which we invest. These entities are 100% indirectly owned by the OP and all unsecured debt issued or to be issued by each entity is or will be fully and unconditionally guaranteed by the OP. There are no restrictions or limits on the OP’s ability to obtain funds from its subsidiaries by dividend or loan. In reliance on Rule 13-01 of Regulation S-X, the separate financial statements of Prologis Euro Finance LLC, Prologis Yen Finance LLC and Prologis Sterling Finance LLC are not provided. |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | NOTE 7. NONCONTROLLING INTERESTS Prologis, L.P. We report noncontrolling interests related to several entities we consolidate but of which we do not own 100% of the equity. These entities include two real estate partnerships that have issued limited partnership units to third parties. Depending on the specific partnership agreements, these limited partnership units are redeemable for cash or, at our option, shares of the Parent’s common stock, generally at a rate of one share of common stock to one limited partnership unit. We also consolidate certain entities in which we do not own 100% of the equity but the equity of these entities is not exchangeable into our common stock. Prologis, Inc. The noncontrolling interests of the Parent include the noncontrolling interests described above for the OP, as well as the limited partnership units in the OP that are not owned by the Parent. The outstanding limited partnership units receive quarterly cash distributions equal to the quarterly dividends paid on our common stock pursuant to the terms of the applicable partnership agreements. The following table summarizes these entities (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 3,375,502 $ 3,385,110 $ 7,625,390 $ 7,663,800 $ 134,457 $ 145,131 Other consolidated entities (1) various various 97,960 98,416 1,055,677 1,066,129 72,204 73,987 Prologis, L.P. 3,473,462 3,483,526 8,681,067 8,729,929 206,661 219,118 Limited partners in Prologis, L.P. (2)(3) 903,224 869,507 - - - - Prologis, Inc. $ 4,376,686 $ 4,353,033 $ 8,681,067 $ 8,729,929 $ 206,661 $ 219,118 (1) 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 March 31, 2021 and December 31, 2020 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. (2) We had 8.6 million Class A Units that were convertible into (3) At March 31, 2021 and December 31, 2020, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 8.2 million shares of the Parent’s common stock. |
Long-Term Compensation
Long-Term Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Long-Term Compensation | NOTE 8. LONG-TERM COMPENSATION Equity-Based Compensation Plans and Programs Prologis Outperformance Plan (“POP”) We 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 by each performance period. POP awards cannot be paid at a time when we meet the outperformance hurdle yet our absolute TSR is negative. If after seven years our absolute TSR has not been positive, the awards will be forfeited. We granted participation points for the 2021 – 2023 performance period in January 2021, with a fair value of $30.3 million using a Monte Carlo valuation model that assumed a risk-free interest rate of 0.2% and an expected volatility of 30.5%. The 2021 – 2023 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 at the end of the initial performance period and the remaining 80% is subject to additional seven-year three-year three-year The Outperformance Hurdle was met for the 2018 – 2020 performance period, which resulted in awards being earned at December 31, 2020. Additionally, awards were earned at December 31, 2020 for prior performance periods related to the compensation pool in excess of the initial award based on the terms of the POP awards granted prior to 2018. Awards of $100.0 million for the 2018 – 2020 performance period and $35.7 million in the aggregate for the 2016 – 2018 and 2017 – 2019 performance periods were awarded in January 2021 in the form of common stock, restricted stock units, POP LTIP Units and LTIP Units. POP award activity is included in Summary of Award Activity below. Other Equity-Based Compensation Plans and Programs Our other equity-based compensation plans and programs include (i) the Prologis Promote Plan (“PPP”); (ii) the annual long-term incentive (“LTI”) equity award program (“Annual LTI Award”); and (iii) the annual bonus exchange program. Awards under these plans and programs may be issued in the form of restricted stock units (“RSUs”) or LTIP Units at the participant’s election. RSUs and LTIP Units are valued based on the market price of the Parent’s common stock on the date the award is granted and the grant date value is charged to compensation expense over the service period. Summary of Award Activity RSUs The following table summarizes the activity for RSUs for the three months ended March 31, 2021 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2021 986 $ 80.32 Granted (1) 611 73.46 Vested and distributed (337 ) 75.98 Forfeited (90 ) 71.70 Balance at March 31, 2021 1,170 $ 78.65 (1) Included in granted are unvested units based on the POP performance criteria being met for the 2018 – 2020 performance period and represented the earned award amounts. 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. LTIP Units The following table summarizes the activity for LTIP Units for the three months ended March 31, 2021 (units in thousands): Unvested Unvested Weighted Average LTIP Units Grant Date Fair Value Balance at January 1, 2021 3,052 $ 66.50 Granted ( 1 ) 1,253 58.63 Forfeited (23 ) 31.80 Vested LTIP Units ( 2 ) (791 ) 76.98 Balance at March 31, 2021 3,491 $ 61.53 (1) Included in granted are unvested units based on the POP performance criteria being met for the 2018 – 2020 performance period and represented the earned award amounts. 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. (2) Vested LTIP Units include vested POP LTIP Units from prior performance periods. |
Earnings Per Common Share or Un
Earnings Per Common Share or Unit | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share or Unit | NOTE 9. EARNINGS PER COMMON SHARE OR UNIT We determine basic earnings per share or unit based on the weighted average number of shares of common stock or units outstanding during the period. We compute diluted earnings per share or unit based on the weighted average number of shares or units outstanding combined with the incremental weighted average effect from all outstanding potentially dilutive instruments. The computation of our basic and diluted earnings per share and unit was as follows (in thousands, except per share and unit amounts): Three Months Ended March 31, Prologis, Inc. 2021 2020 Net earnings attributable to common stockholders – Basic $ 365,815 $ 489,418 Net earnings attributable to exchangeable limited partnership units (1) 10,320 14,049 Adjusted net earnings attributable to common stockholders – Diluted $ 376,135 $ 503,467 Weighted average common shares outstanding – Basic 738,998 698,272 Incremental weighted average effect on exchange of limited partnership units (1) 21,042 20,230 Incremental weighted average effect of equity awards 4,918 5,481 Weighted average common shares outstanding – Diluted (2) 764,958 723,983 Net earnings per share attributable to common stockholders: Basic $ 0.50 $ 0.70 Diluted $ 0.49 $ 0.70 Three Months Ended March 31, Prologis, L.P. 2021 2020 Net earnings attributable to common unitholders $ 376,083 $ 503,388 Net earnings attributable to Class A Units (3,991 ) (5,651 ) Net earnings attributable to common unitholders – Basic 372,092 497,737 Net earnings attributable to Class A Units 3,991 5,651 Net earnings attributable to exchangeable other limited partnership units 52 79 Adjusted net earnings attributable to common unitholders – Diluted $ 376,135 $ 503,467 Weighted average common partnership units outstanding – Basic 751,679 710,141 Incremental weighted average effect on exchange of Class A Units 8,062 8,062 Incremental weighted average effect on exchange of other limited partnership units 299 299 Incremental weighted average effect of equity awards of Prologis, Inc. 4,918 5,481 Weighted average common units outstanding – Diluted (2) 764,958 723,983 Net earnings per unit attributable to common unitholders: Basic $ 0.50 $ 0.70 Diluted $ 0.49 $ 0.70 (1) The exchangeable limited partnership units include the units as discussed in Note 7. Earnings allocated to the exchangeable OP units not held by the Parent have been included in the numerator and exchangeable common units have been included in the denominator for the purpose of computing diluted earnings per share for all periods as the per share and unit amount is the same. (2) Our total weighted average potentially dilutive shares and units outstanding consisted of the following: Three Months Ended March 31, 2021 2020 Class A Units 8,062 8,062 Other limited partnership units 299 299 Equity awards 7,179 7,709 Prologis, L.P. 15,540 16,070 Common limited partnership units 12,681 11,869 Prologis, Inc. 28,221 27,939 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Fair Value Measurements | NOTE 10. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Derivative Financial Instruments In the normal course of business, our operations are exposed to market risks, including the effect of changes in foreign currency exchange rates and interest rates. We may enter into derivative financial instruments to offset these underlying market risks. There have been no significant changes in our policy or strategy from what was disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020. The following table presents the fair value of our derivative financial instruments recognized within Other Assets Other Liabilities March 31, 2021 December 31, 2020 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ 826 $ - $ 620 $ 66 British pound sterling 71 8,735 174 7,589 Canadian dollar - 8,016 80 5,827 Chinese renminbi 34 499 - 717 Euro 16,096 287 73 6,247 Japanese yen 16,096 - 720 1,604 Swedish krona 1,214 868 - 2,355 Designated derivatives Foreign currency contracts Net investment hedges British pound sterling 3,251 3,125 - 2,081 Canadian dollar - 14,799 - 9,847 Interest rate swaps Cash flow hedges Euro - 14 - 9 U.S. dollar - 28 - 140 Total fair value of derivatives $ 37,588 $ 36,371 $ 1,667 $ 36,482 Undesignated Derivative Financial Instruments Foreign Currency Contracts The following table summarizes the activity of our undesignated foreign currency contracts for the three months ended March 31 (in millions, except for weighted average forward rates and number of active contracts): 2021 2020 CAD EUR GBP JPY SEK Other Total CAD EUR GBP JPY SEK Other Total Notional amounts at January 1 ($) 163 474 207 252 38 28 1,162 120 581 178 182 31 15 1,107 New contracts ($) 3 83 11 25 5 - 127 - 809 294 60 9 19 1,191 Matured, expired or settled contracts ($) (11 ) (36 ) (16 ) (20 ) (4 ) (4 ) (91 ) (11 ) (1,003 ) (267 ) (15 ) (3 ) (23 ) (1,322 ) Notional amounts at March 31 ($) 155 521 202 257 39 24 1,198 109 387 205 227 37 11 976 Weighted average forward rate at March 31 1.32 1.23 1.33 102.66 8.59 1.32 1.16 1.77 103.08 9.41 Active contracts at March 31 58 74 53 68 51 35 61 64 53 32 The following table summarizes the undesignated derivative financial instruments exercised and associated realized and unrealized gains (losses) in Foreign Currency and Derivative Gains, Net Three Months Ended March 31, 2021 2020 Exercised contracts 25 33 Realized gains (losses) on the matured, expired or settled contracts $ (1 ) $ 4 Unrealized gains on the change in fair value of outstanding contracts $ 38 $ 47 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 three months ended March 31 2021 2020 CAD GBP Total CAD GBP Total Notional amounts at January 1 ($) 377 135 512 97 387 484 New contracts ($) 250 300 550 - 324 324 Matured, expired or settled contracts ($) (63 ) - (63 ) - (576 ) (576 ) Notional amounts at March 31 ($) 564 435 999 97 135 232 Weighted average forward rate at March 31 1.29 1.38 1.32 1.35 Active contracts at March 31 7 4 2 1 Interest Rate Swaps The following table summarizes the activity of our interest rate swaps designated as cash flow hedges for the three months ended March 31 (in millions): 2021 2020 EUR (1) USD (1) Total EUR USD Total Notional amounts at January 1 ($) 165 250 415 - - - New contracts ($) - - - 165 750 915 Matured, expired or settled contracts ($) - - - - (750 ) (750 ) Notional amounts at March 31 ($) 165 250 415 165 - 165 (1) During the year ended December 31, 2020, we entered into interest rate swap contracts to effectively fix the interest rate on our euro senior notes issued in February 2020 and the U.S. dollar outstanding balance on our 2017 Term Loan. In April 2021, the 2017 Term Loan was terminated and the interest rate swap contracts associated with the outstanding balance were settled. Designated Nonderivative Financial Instruments The following table summarizes our debt and accrued interest, designated as a hedge of our net investment in international subsidiaries as of the quarter ended (in millions): March 31, 2021 December 31, 2020 British pound sterling $ 956 $ 842 The following table summarizes the unrealized gains in Foreign Currency and Derivative Gains, Net Three Months Ended March 31, 2021 2020 Unrealized gains on the unhedged portion $ 46 $ 82 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 March 31, 2021 2020 Derivative net investment hedges $ (5,266 ) $ 25,359 Debt designated as nonderivative net investment hedges (6,402 ) 32,750 Cumulative translation adjustment 183,427 (191,642 ) Total foreign currency translation gains (losses), net $ 171,759 $ (133,533 ) Cash flow hedges (1) (2) $ 1,371 $ (15,525 ) Our share of derivatives from unconsolidated co-investment ventures 3,450 (7,923 ) Total unrealized gains (losses) on derivative contracts, net $ 4,821 $ (23,448 ) Total change in other comprehensive income (loss) $ 176,580 $ (156,981 ) (1) We estimate an additional expense of $4.4 million will be reclassified to Interest Expense (2) Included in the three months ended March 31, 2020 was $16.8 million in losses associated with the termination of four U.S. dollar treasury lock contracts with an aggregate notional amount of $750.0 million that fixed the interest rate on the forecasted issuance of U.S. dollar senior notes issued in February 2020. 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, 2020. Fair Value Measurements on a Recurring Basis At March 31, 2021 and December 31, 2020, other than the derivatives discussed previously, we had no significant financial assets or financial liabilities that were measured at fair value on a recurring basis in the Consolidated Financial Statements. All of our derivatives held at March 31, 2021 and December 31, 2020, were classified as Level 2 of the fair value hierarchy. Fair Value Measurements on Nonrecurring Basis Acquired properties and assets we expect to sell or contribute are significant nonfinancial assets that met the criteria to be measured at fair value on a nonrecurring basis. At March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020, the carrying amounts of certain financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts payable and accrued expenses were representative of their fair values. The differences in the fair value of our debt from the carrying value in the table below were the result of differences in interest rates or borrowing spreads that were available to us at March 31, 2021 and December 31, 2020, as compared with those in effect when the debt was issued or assumed, including reduced borrowing spreads due to our improved credit ratings. The fair value of the senior notes decreased during the three months ended March 31, 2021 due to the increase in bond yields in the market as compared to the weighted average interest rates on our senior notes. The senior notes and many of the issuances of secured mortgage debt contain prepayment penalties or yield maintenance provisions that could make the cost of refinancing the debt at lower rates exceed the benefit that would be derived from doing so. We evaluate this on an on-going basis and have taken the opportunity to refinance some of our debt at lower rates and longer maturities as discussed in Note 6. The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): March 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Credit Facilities $ 53,250 $ 53,250 $ 171,794 $ 171,794 Senior notes 14,433,868 14,598,729 14,275,870 15,452,381 Term loans and unsecured other 1,670,556 1,687,135 1,764,311 1,785,706 Secured mortgage 345,784 374,402 637,101 673,549 Total $ 16,503,458 $ 16,713,516 $ 16,849,076 $ 18,083,430 |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | NOTE 11. 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, and other real estate investments. 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 land 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 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 March 31, 2021 2020 Revenues: Real estate operations segment: U.S. $ 975,083 $ 829,383 Other Americas 23,893 26,079 Europe 18,856 15,502 Asia 10,523 10,686 Total real estate operations segment 1,028,355 881,650 Strategic capital segment: U.S. 33,983 34,342 Other Americas 10,663 9,111 Europe 43,429 32,590 Asia 31,886 20,548 Total strategic capital segment 119,961 96,591 Total revenues 1,148,316 978,241 Segment net operating income: Real estate operations segment: U.S. (1) 709,303 602,604 Other Americas 17,595 19,456 Europe 13,191 10,155 Asia 6,938 7,243 Total real estate operations segment 747,027 639,458 Strategic capital segment: U.S. (1) 8,302 13,624 Other Americas 7,906 5,179 Europe 32,171 20,594 Asia 22,132 10,620 Total strategic capital segment 70,511 50,017 Total segment net operating income 817,538 689,475 Reconciling items: General and administrative expenses (78,032 ) (69,689 ) Depreciation and amortization expenses (397,575 ) (345,970 ) Gains on dispositions of development properties and land, net 173,643 162,750 Gains on other dispositions of investments in real estate, net 16,623 31,491 Operating income 532,197 468,057 Earnings from unconsolidated entities, net 67,049 88,730 Interest expense (71,281 ) (75,642 ) Interest and other income, net 4,746 370 Foreign currency and derivative gains, net 80,152 113,329 Losses on early extinguishment of debt, net (187,453 ) (42,767 ) Earnings before income taxes $ 425,410 $ 552,077 March 31, 2021 December 31, 2020 Segment assets: Real estate operations segment: U.S. $ 42,337,749 $ 42,559,023 Other Americas 1,168,322 1,145,699 Europe 1,634,170 1,604,393 Asia 905,369 1,081,876 Total real estate operations segment 46,045,610 46,390,991 Strategic capital segment: (2) U.S. 12,939 13,257 Europe 25,280 25,280 Asia 324 354 Total strategic capital segment 38,543 38,891 Total segment assets 46,084,153 46,429,882 Reconciling items: Investments in and advances to unconsolidated entities 7,514,840 7,602,014 Assets held for sale or contribution 1,055,751 1,070,724 Cash and cash equivalents 676,074 598,086 Other assets 401,991 364,299 Total reconciling items 9,648,656 9,635,123 Total assets $ 55,732,809 $ 56,065,005 (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 March 31, 2021 and December 31, 2020. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | NOTE 12. SUPPLEMENTAL CASH FLOW INFORMATION Our significant noncash investing and financing activities for the three months ended March 31, 2021 and 2020 included the following: • W e recognized lease right-of-use assets and lease liabilities related to leases in which we are the lessee within Other Assets and Other Liabilities on the Consolidated Balance Sheets, including any new leases, renewals and modifications of $4.6 million in 2021 and $3.8 million in 2020 for both assets and liabilities. • We capitalized $8.5 million and $8.3 million in 2021 and 2020, respectively, of equity-based compensation expense. • We received $39.1 million and $57.1 million in 2021 and 2020, 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. • We issued less than 0.1 million shares in 2021 and 0.1 million shares in 2020 of the Parent’s common stock upon redemption of an equal number of common limited partnership units in the OP. • 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. We paid $89.5 million and $110.5 million for interest, net of amounts capitalized, for the three months ended March 31, 2021 and 2020, respectively. We paid $35.8 million and $21.7 million for income taxes, net of refunds, for the three months ended March 31, 2021 and 2020, respectively. |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Business | Business . Prologis, Inc. (or the “Parent”) commenced operations as a fully integrated real estate company in 1997, elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or “IRC”), and believes the current organization and method of operation will enable it to maintain its status as a REIT. The Parent is the general partner of Prologis, L.P. (or the “Operating Partnership” or “OP”). Through the OP, we are engaged in the ownership, acquisition, development and management of logistics facilities with a focus on key markets in 19 countries on four continents. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors. We maintain a significant level of ownership in these co-investment ventures, which may be consolidated or unconsolidated based on our level of control of the entity. Our current business strategy consists of two operating business segments: Real Estate 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 11 for further discussion of our business segments. Unless otherwise indicated, the Notes to the Consolidated Financial Statements apply to both the Parent and the OP. The terms “the Company,” “Prologis,” “we,” “our” or “us” means the Parent and OP collectively For each share of preferred or common stock the Parent issues, the OP issues a corresponding preferred or common partnership unit, as applicable, to the Parent in exchange for the contribution of the proceeds from the stock issuance. At March 31, 2021, the Parent owned a 97.25% common general partnership interest in the OP and 100% of the preferred units in the OP. The remaining 2.75% 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. 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, 2020, as filed with the SEC, and other public information. |
Reclassifications | Reclassifications. Lease right-of-use assets and lease liabilities have been reclassified in the Consolidated Financial Statements for 2020 to Other Assets and Other Liabilities , respectively, in order to conform to the 2021 financial statement presentation. |
Liberty Transaction (Tables)
Liberty Transaction (Tables) - Liberty Transaction [Member] | 3 Months Ended |
Mar. 31, 2021 | |
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 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 to the Liberty real estate properties and related lease intangibles on a relative fair value basis. All other assets acquired and liabilities assumed, including debt, and real estate assets that we do not intend to operate long-term are recorded at fair value as follows (in millions): Net investments in real estate $ 12,636 Intangible assets, net of intangible liabilities 491 Cash and other assets 233 Debt (2,845 ) Accounts payable, accrued expenses and other liabilities (383 ) Noncontrolling interests (1 ) Total purchase price, including transaction costs $ 10,131 |
Real Estate (Tables)
Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Investments in Real Estate Properties | Investments in real estate properties consisted of the following (dollars and square feet in thousands): Square Feet Number of Buildings Mar 31, Dec 31, Mar 31, Dec 31, Mar 31, Dec 31, 2021 2020 2021 2020 2021 2020 Operating properties: Buildings and improvements 441,737 441,336 2,265 2,261 $ 31,520,177 $ 31,489,943 Improved land 12,025,439 12,017,676 Development portfolio, including land costs: Prestabilized 5,572 6,076 18 24 480,918 553,266 Properties under development 22,990 22,004 62 61 1,550,798 1,329,345 Land (1) 1,699,738 1,606,358 Other real estate investments (2) 3,182,295 3,387,740 Total investments in real estate properties 50,459,365 50,384,328 Less accumulated depreciation 6,823,824 6,539,156 Net investments in real estate properties $ 43,635,541 $ 43,845,172 (1) At March 31, 2021 and December 31, 2020, our land was comprised of 5,113 and 5,304 acres, respectively. (2) Included in other real estate investments were: (i) non-strategic real estate assets acquired in the Liberty Transaction that we do not intend to operate long-term; (ii) land parcels we own and lease to third parties; (iii) real estate assets that we intend to redevelop into industrial properties; and (iv) costs associated with potential acquisitions and future development projects, including purchase options on land. |
Schedule of Acquisitions of Properties | The following table summarizes our real estate acquisition activity, excluding the Liberty Transaction as discussed in Note 2 (dollars and square feet in thousands): Three Months Ended March 31, 2021 2020 (1) Number of operating properties 1 137 Square feet 25 20,256 Acres of land 261 267 Acquisition cost of net investments in real estate $ 229,050 $ 2,393,767 (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 $ 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. |
Number Of Properties Disposed Including Minor Adjustments | The following table summarizes our dispositions of net investments in real estate which include contributions to unconsolidated co-investment ventures and dispositions to third parties (dollars and square feet in thousands): Three Months Ended March 31, 2021 2020 Dispositions of development properties and land, net (1) Number of properties 8 11 Square feet 4,287 4,636 Net proceeds $ 769,813 $ 633,563 Gains on dispositions of development properties and land, net $ 173,643 $ 162,750 Other dispositions of investments in real estate, net Number of properties 1 18 Square feet 476 2,305 Net proceeds $ 23,342 $ 160,557 Gains on other dispositions of investments in real estate, net $ 16,623 $ 31,491 (1) The gains we recognize in Gains on Dispositions of Development Properties and Land, Net are primarily driven by the contribution of newly developed properties to our unconsolidated co-investment ventures. |
Unconsolidated Entities (Tables
Unconsolidated Entities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Schedule Of Equity Method Investments [Line Items] | |
Summary of Investments in and Advances to our Unconsolidated Entities | The following table summarizes our investments in and advances to unconsolidated entities (in thousands): March 31, December 31, 2021 2020 Unconsolidated co-investment ventures $ 6,594,263 $ 6,685,567 Other ventures 920,577 916,447 Total $ 7,514,840 $ 7,602,014 |
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 (1) Europe Asia Total As of: Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Key property information: Ventures 1 1 2 2 3 3 3 3 9 9 Operating properties 710 706 230 229 778 768 179 167 1,897 1,870 Square feet 118 117 51 51 187 185 72 67 428 420 Financial position: Total assets ($) 10,937 10,840 2,987 3,023 17,106 16,918 10,222 10,209 41,252 40,990 Third-party debt ($) 3,169 3,129 824 854 4,110 4,002 3,920 3,831 12,023 11,816 Total liabilities ($) 3,760 3,722 864 898 5,768 5,607 4,428 4,389 14,820 14,616 Our investment balance ($) (2) 1,892 1,886 810 811 3,065 3,152 827 837 6,594 6,686 Our weighted average ownership (3) 25.4 % 25.6 % 40.8 % 40.8 % 29.4 % 30.0 % 15.2 % 15.2 % 25.8 % 26.1 % U.S. Other Americas (1) Europe Asia Total Operating Information: Mar 31, 2021 Mar 31, 2020 Mar 31, 2021 Mar 31, 2020 Mar 31, 2021 Mar 31, 2020 Mar 31, 2021 Mar 31, 2020 Mar 31, 2021 Mar 31, 2020 For the three months ended: Total revenues ($) 254 233 75 68 338 290 159 138 826 729 Net earnings ($) 49 34 30 23 87 78 35 26 201 161 Our earnings from unconsolidated co-investment ventures, net ($) 13 9 12 9 28 25 6 4 59 47 ( 1 ) PBLV and our other Brazilian joint ventures are combined as one venture for the purpose of this table. ( 2 ) Prologis’ investment balance is presented at our adjusted basis derived from the ventures’ U.S. GAAP information. The difference between our ownership interest of a venture’s equity and our investment balance at March 31, 2021 and December 31, 2020, resulted 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 ($143.7 million and $165.6 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. ( 3 ) Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities. |
Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to Co-Investment Ventures | The following table summarizes the Strategic Capital Revenues Three Months Ended March 31, 2021 2020 Recurring fees $ 91,037 $ 74,687 Transactional fees 20,878 19,960 Promote revenue 1,615 591 Total strategic capital revenues from unconsolidated co-investment ventures (1) $ 113,530 $ 95,238 (1) These amounts exclude strategic capital revenues from other ventures. |
Assets Held for Sale or Contr_2
Assets Held for Sale or Contribution (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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): March 31, December 31, 2021 2020 Number of operating properties 80 66 Square feet 13,756 12,923 Total assets held for sale or contribution $ 1,055,751 $ 1,070,724 Total liabilities associated with assets held for sale or contribution – included in Other Liabilities $ 21,828 $ 16,214 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt Summary | The following table summarizes our debt (dollars in thousands): March 31, 2021 December 31, 2020 Weighted Average Amount Weighted Average Amount Interest Rate (1) Term (2) Outstanding (3) Interest Rate (1) Term (2) Outstanding (3) Credit facilities 0.4% 3.3 $ 53,250 0.8% 2.0 $ 171,794 Senior notes 1.7% 12.1 14,433,868 2.0% 11.2 14,275,870 Term loans and unsecured other 0.9% 5.3 1,670,556 0.9% 5.6 1,764,311 Secured mortgage 5.4% 3.7 345,784 3.1% 3.0 637,101 Total 1.7% 11.2 $ 16,503,458 1.9% 10.2 $ 16,849,076 (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) The weighted average term represents the remaining maturity in years on the debt outstanding at period end. (3) We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies: March 31, 2021 December 31, 2020 Weighted Average Interest Rate Amount Outstanding % of Total Weighted Average Interest Rate Amount Outstanding % of Total British pound sterling 2.2 % $ 1,027,910 6.2 % 2.2 % $ 1,019,480 6.1 % Canadian dollar 2.7 % 288,045 1.7 % 2.7 % 285,708 1.7 % Euro 1.1 % 6,963,034 42.2 % 1.4 % 6,549,676 38.8 % Japanese yen 0.8 % 2,460,056 14.9 % 0.8 % 2,877,247 17.1 % U.S. dollar 2.6 % 5,764,413 35.0 % 2.8 % 6,116,965 36.3 % Total 1.7 % $ 16,503,458 1.9 % $ 16,849,076 |
Credit Facilities | The following table summarizes information about our available liquidity at March 31, 2021 (in millions): Aggregate lender commitments Credit Facilities $ 4,019 Less: Borrowings outstanding 53 Outstanding letters of credit 19 Current availability $ 3,947 Available term loans 250 Cash and cash equivalents 676 Total liquidity $ 4,873 |
Summary of Issuances and Redemptions of Senior Notes | The following table summarizes the issuances and redemptions of senior notes during the three months ended March 31, 2021 (principal in thousands): Aggregate Principal Issuance Date Weighted Average Initial Borrowing Date Borrowing Currency USD (1) Interest Rate (2) Term (3) Maturity Dates February € 1,350,000 $ 1,639,305 0.7% 14.3 February 2032 – 2041 February $ 400,000 $ 400,000 1.6% 10.1 March 2031 Aggregate Principal Redemption Date Weighted Average Redemption Date Borrowing Currency USD (1) Interest Rate (2) Term (3) Maturity Dates March € 599,514 $ 715,700 3.4% 3.0 February 2024 March $ 750,000 $ 750,000 3.8% 4.7 November 2025 (1) The exchange rate used to calculate into U.S. dollars was the spot rate at the settlement date. (2) The interest rate represents the fixed or variable interest rate at the issuance or redemption date of the related debt. (3) The issuance date and redemption date weighted average term represent the remaining maturity in years on the related debt at the issuance or redemption date, respectively. During the three months ended March 31, 2021, we used the net proceeds from the issuance of the senior notes to fund the senior note redemptions and for general corporate purposes. |
Long-Term Debt Maturities | Scheduled principal payments due on our debt for the remainder of 2021 and for each year through the period ended December 31, 2025, and thereafter were as follows at March 31, 2021 (in thousands): Unsecured Credit Senior Term Loans Secured Maturity Facilities Notes and Other Mortgage Total 2021 (1)(2) $ - $ - $ 260,135 $ 21,355 $ 281,490 2022 (1) - 527,625 - 12,098 539,723 2023 - - 135,244 34,072 169,316 2024 (3) 53,250 - - 133,488 186,738 2025 - 45,127 - 143,766 188,893 Thereafter - 13,931,343 1,281,618 2,468 15,215,429 Subtotal 53,250 14,504,095 1,676,997 347,247 16,581,589 Premiums (discounts), net - 6,070 - 224 6,294 Debt issuance costs, net - (76,297 ) (6,441 ) (1,687 ) (84,425 ) Total $ 53,250 $ 14,433,868 $ 1,670,556 $ 345,784 $ 16,503,458 (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. In April 2021, the 2017 Term Loan was terminated and the interest rate swap contracts associated with the outstanding balance of $250.3 million were settled. (3) Included in the 2024 maturities is the Revolver that can be extended until 2025. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
Summary of Ownership Percentages and Noncontrolling Interests | The following table summarizes these entities (dollars in thousands): Our Ownership Percentage Noncontrolling Interests Total Assets Total Liabilities Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Mar 31, 2021 Dec 31, 2020 Prologis U.S. Logistics Venture 55.0 % 55.0 % $ 3,375,502 $ 3,385,110 $ 7,625,390 $ 7,663,800 $ 134,457 $ 145,131 Other consolidated entities (1) various various 97,960 98,416 1,055,677 1,066,129 72,204 73,987 Prologis, L.P. 3,473,462 3,483,526 8,681,067 8,729,929 206,661 219,118 Limited partners in Prologis, L.P. (2)(3) 903,224 869,507 - - - - Prologis, Inc. $ 4,376,686 $ 4,353,033 $ 8,681,067 $ 8,729,929 $ 206,661 $ 219,118 (1) 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 March 31, 2021 and December 31, 2020 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. (2) We had 8.6 million Class A Units that were convertible into (3) At March 31, 2021 and December 31, 2020, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 8.2 million shares of the Parent’s common stock. |
Long-Term Compensation (Tables)
Long-Term Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Options, RSU and Performance Share Awards | The following table summarizes the activity for RSUs for the three months ended March 31, 2021 (units in thousands): Weighted Average Unvested RSUs Grant Date Fair Value Balance at January 1, 2021 986 $ 80.32 Granted (1) 611 73.46 Vested and distributed (337 ) 75.98 Forfeited (90 ) 71.70 Balance at March 31, 2021 1,170 $ 78.65 (1) Included in granted are unvested units based on the POP performance criteria being met for the 2018 – 2020 performance period and represented the earned award amounts. 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. |
Long Term Incentive Plan Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Options, RSU and Performance Share Awards | The following table summarizes the activity for LTIP Units for the three months ended March 31, 2021 (units in thousands): Unvested Unvested Weighted Average LTIP Units Grant Date Fair Value Balance at January 1, 2021 3,052 $ 66.50 Granted ( 1 ) 1,253 58.63 Forfeited (23 ) 31.80 Vested LTIP Units ( 2 ) (791 ) 76.98 Balance at March 31, 2021 3,491 $ 61.53 (1) Included in granted are unvested units based on the POP performance criteria being met for the 2018 – 2020 performance period and represented the earned award amounts. 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. (2) Vested LTIP Units include vested POP LTIP Units from prior performance periods. |
Earnings Per Common Share or _2
Earnings Per Common Share or Unit (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share Unit | The computation of our basic and diluted earnings per share and unit was as follows (in thousands, except per share and unit amounts): Three Months Ended March 31, Prologis, Inc. 2021 2020 Net earnings attributable to common stockholders – Basic $ 365,815 $ 489,418 Net earnings attributable to exchangeable limited partnership units (1) 10,320 14,049 Adjusted net earnings attributable to common stockholders – Diluted $ 376,135 $ 503,467 Weighted average common shares outstanding – Basic 738,998 698,272 Incremental weighted average effect on exchange of limited partnership units (1) 21,042 20,230 Incremental weighted average effect of equity awards 4,918 5,481 Weighted average common shares outstanding – Diluted (2) 764,958 723,983 Net earnings per share attributable to common stockholders: Basic $ 0.50 $ 0.70 Diluted $ 0.49 $ 0.70 Three Months Ended March 31, Prologis, L.P. 2021 2020 Net earnings attributable to common unitholders $ 376,083 $ 503,388 Net earnings attributable to Class A Units (3,991 ) (5,651 ) Net earnings attributable to common unitholders – Basic 372,092 497,737 Net earnings attributable to Class A Units 3,991 5,651 Net earnings attributable to exchangeable other limited partnership units 52 79 Adjusted net earnings attributable to common unitholders – Diluted $ 376,135 $ 503,467 Weighted average common partnership units outstanding – Basic 751,679 710,141 Incremental weighted average effect on exchange of Class A Units 8,062 8,062 Incremental weighted average effect on exchange of other limited partnership units 299 299 Incremental weighted average effect of equity awards of Prologis, Inc. 4,918 5,481 Weighted average common units outstanding – Diluted (2) 764,958 723,983 Net earnings per unit attributable to common unitholders: Basic $ 0.50 $ 0.70 Diluted $ 0.49 $ 0.70 (1) The exchangeable limited partnership units include the units as discussed in Note 7. Earnings allocated to the exchangeable OP units not held by the Parent have been included in the numerator and exchangeable common units have been included in the denominator for the purpose of computing diluted earnings per share for all periods as the per share and unit amount is the same. (2) Our total weighted average potentially dilutive shares and units outstanding consisted of the following: Three Months Ended March 31, 2021 2020 Class A Units 8,062 8,062 Other limited partnership units 299 299 Equity awards 7,179 7,709 Prologis, L.P. 15,540 16,070 Common limited partnership units 12,681 11,869 Prologis, Inc. 28,221 27,939 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 December 31, 2020 Asset Liability Asset Liability Undesignated derivatives Foreign currency contracts Forwards Brazilian real $ 826 $ - $ 620 $ 66 British pound sterling 71 8,735 174 7,589 Canadian dollar - 8,016 80 5,827 Chinese renminbi 34 499 - 717 Euro 16,096 287 73 6,247 Japanese yen 16,096 - 720 1,604 Swedish krona 1,214 868 - 2,355 Designated derivatives Foreign currency contracts Net investment hedges British pound sterling 3,251 3,125 - 2,081 Canadian dollar - 14,799 - 9,847 Interest rate swaps Cash flow hedges Euro - 14 - 9 U.S. dollar - 28 - 140 Total fair value of derivatives $ 37,588 $ 36,371 $ 1,667 $ 36,482 |
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, Net Three Months Ended March 31, 2021 2020 Exercised contracts 25 33 Realized gains (losses) on the matured, expired or settled contracts $ (1 ) $ 4 Unrealized gains on the change in fair value of outstanding contracts $ 38 $ 47 |
Summary of Activity in Interest Rate Swaps | The following table summarizes the activity of our interest rate swaps designated as cash flow hedges for the three months ended March 31 (in millions): 2021 2020 EUR (1) USD (1) Total EUR USD Total Notional amounts at January 1 ($) 165 250 415 - - - New contracts ($) - - - 165 750 915 Matured, expired or settled contracts ($) - - - - (750 ) (750 ) Notional amounts at March 31 ($) 165 250 415 165 - 165 (1) During the year ended December 31, 2020, we entered into interest rate swap contracts to effectively fix the interest rate on our euro senior notes issued in February 2020 and the U.S. dollar outstanding balance on our 2017 Term Loan. In April 2021, the 2017 Term Loan was terminated and the interest rate swap contracts associated with the outstanding balance were settled. |
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 as of the quarter ended (in millions): March 31, 2021 December 31, 2020 British pound sterling $ 956 $ 842 |
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 unrealized gains in Foreign Currency and Derivative Gains, Net Three Months Ended March 31, 2021 2020 Unrealized gains on the unhedged portion $ 46 $ 82 |
Summary of Changes in Other Comprehensive Income (Loss) | The following table presents these changes in Other Comprehensive Income (Loss) Three Months Ended March 31, 2021 2020 Derivative net investment hedges $ (5,266 ) $ 25,359 Debt designated as nonderivative net investment hedges (6,402 ) 32,750 Cumulative translation adjustment 183,427 (191,642 ) Total foreign currency translation gains (losses), net $ 171,759 $ (133,533 ) Cash flow hedges (1) (2) $ 1,371 $ (15,525 ) Our share of derivatives from unconsolidated co-investment ventures 3,450 (7,923 ) Total unrealized gains (losses) on derivative contracts, net $ 4,821 $ (23,448 ) Total change in other comprehensive income (loss) $ 176,580 $ (156,981 ) (1) We estimate an additional expense of $4.4 million will be reclassified to Interest Expense (2) Included in the three months ended March 31, 2020 was $16.8 million in losses associated with the termination of four U.S. dollar treasury lock contracts with an aggregate notional amount of $750.0 million that fixed the interest rate on the forecasted issuance of U.S. dollar senior notes issued in February 2020. |
Carrying Amounts and Estimated Fair Values of Debt | The following table reflects the carrying amounts and estimated fair values of our debt (in thousands): March 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Credit Facilities $ 53,250 $ 53,250 $ 171,794 $ 171,794 Senior notes 14,433,868 14,598,729 14,275,870 15,452,381 Term loans and unsecured other 1,670,556 1,687,135 1,764,311 1,785,706 Secured mortgage 345,784 374,402 637,101 673,549 Total $ 16,503,458 $ 16,713,516 $ 16,849,076 $ 18,083,430 |
Undesignated Derivatives [Member] | |
Foreign Currency Contracts Activity | The following table summarizes the activity of our undesignated foreign currency contracts for the three months ended March 31 (in millions, except for weighted average forward rates and number of active contracts): 2021 2020 CAD EUR GBP JPY SEK Other Total CAD EUR GBP JPY SEK Other Total Notional amounts at January 1 ($) 163 474 207 252 38 28 1,162 120 581 178 182 31 15 1,107 New contracts ($) 3 83 11 25 5 - 127 - 809 294 60 9 19 1,191 Matured, expired or settled contracts ($) (11 ) (36 ) (16 ) (20 ) (4 ) (4 ) (91 ) (11 ) (1,003 ) (267 ) (15 ) (3 ) (23 ) (1,322 ) Notional amounts at March 31 ($) 155 521 202 257 39 24 1,198 109 387 205 227 37 11 976 Weighted average forward rate at March 31 1.32 1.23 1.33 102.66 8.59 1.32 1.16 1.77 103.08 9.41 Active contracts at March 31 58 74 53 68 51 35 61 64 53 32 |
Designated As Hedging Instrument [Member] | |
Foreign Currency Contracts Activity | The following table summarizes the activity of our foreign currency contracts designated as net investment hedges for the three months ended March 31 2021 2020 CAD GBP Total CAD GBP Total Notional amounts at January 1 ($) 377 135 512 97 387 484 New contracts ($) 250 300 550 - 324 324 Matured, expired or settled contracts ($) (63 ) - (63 ) - (576 ) (576 ) Notional amounts at March 31 ($) 564 435 999 97 135 232 Weighted average forward rate at March 31 1.29 1.38 1.32 1.35 Active contracts at March 31 7 4 2 1 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting, Reconciliation of Revenues, Operating Income and Assets | The following reconciliations are presented in thousands: Three Months Ended March 31, 2021 2020 Revenues: Real estate operations segment: U.S. $ 975,083 $ 829,383 Other Americas 23,893 26,079 Europe 18,856 15,502 Asia 10,523 10,686 Total real estate operations segment 1,028,355 881,650 Strategic capital segment: U.S. 33,983 34,342 Other Americas 10,663 9,111 Europe 43,429 32,590 Asia 31,886 20,548 Total strategic capital segment 119,961 96,591 Total revenues 1,148,316 978,241 Segment net operating income: Real estate operations segment: U.S. (1) 709,303 602,604 Other Americas 17,595 19,456 Europe 13,191 10,155 Asia 6,938 7,243 Total real estate operations segment 747,027 639,458 Strategic capital segment: U.S. (1) 8,302 13,624 Other Americas 7,906 5,179 Europe 32,171 20,594 Asia 22,132 10,620 Total strategic capital segment 70,511 50,017 Total segment net operating income 817,538 689,475 Reconciling items: General and administrative expenses (78,032 ) (69,689 ) Depreciation and amortization expenses (397,575 ) (345,970 ) Gains on dispositions of development properties and land, net 173,643 162,750 Gains on other dispositions of investments in real estate, net 16,623 31,491 Operating income 532,197 468,057 Earnings from unconsolidated entities, net 67,049 88,730 Interest expense (71,281 ) (75,642 ) Interest and other income, net 4,746 370 Foreign currency and derivative gains, net 80,152 113,329 Losses on early extinguishment of debt, net (187,453 ) (42,767 ) Earnings before income taxes $ 425,410 $ 552,077 March 31, 2021 December 31, 2020 Segment assets: Real estate operations segment: U.S. $ 42,337,749 $ 42,559,023 Other Americas 1,168,322 1,145,699 Europe 1,634,170 1,604,393 Asia 905,369 1,081,876 Total real estate operations segment 46,045,610 46,390,991 Strategic capital segment: (2) U.S. 12,939 13,257 Europe 25,280 25,280 Asia 324 354 Total strategic capital segment 38,543 38,891 Total segment assets 46,084,153 46,429,882 Reconciling items: Investments in and advances to unconsolidated entities 7,514,840 7,602,014 Assets held for sale or contribution 1,055,751 1,070,724 Cash and cash equivalents 676,074 598,086 Other assets 401,991 364,299 Total reconciling items 9,648,656 9,635,123 Total assets $ 55,732,809 $ 56,065,005 (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 March 31, 2021 and December 31, 2020. |
General - Additional Informatio
General - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021Segment | |
General [Line Items] | |
Number of reportable segments | 2 |
Unaffiliated Investors and Certain Current and Former Directors and Officers [Member] | |
General [Line Items] | |
Percentage of common limited partnership interest | 2.75% |
General Partner | Prologis Limited Partnership [Member] | |
General [Line Items] | |
Percentage of ownership in operating partnership | 97.25% |
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 ($)ft²Property |
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 | 0.00675 |
Number of operating properties acquired | Property | 519 |
Square feet of properties | ft² | 99.6 |
Liberty Transaction [Member] | |
Business Acquisition [Line Items] | |
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 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 | $ 12,636 |
Intangible assets, net of intangible liabilities | 491 |
Cash and other assets | 233 |
Debt | (2,845) |
Accounts payable, accrued expenses and other liabilities | (383) |
Noncontrolling interests | (1) |
Total purchase price, including transaction costs | $ 10,131 |
Real Estate - Investments in Re
Real Estate - Investments in Real Estate Properties (Detail) ft² in Thousands, $ in Thousands | Mar. 31, 2021USD ($)ft²aBuilding | Dec. 31, 2020USD ($)ft²aBuilding |
Real Estate Properties [Line Items] | ||
Total investments in real estate properties | $ 50,459,365 | $ 50,384,328 |
Less accumulated depreciation | 6,823,824 | 6,539,156 |
Net investments in real estate properties | 43,635,541 | 43,845,172 |
Improved Land [Member] | ||
Real Estate Properties [Line Items] | ||
Total investments in real estate properties | $ 12,025,439 | $ 12,017,676 |
Building and Improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Square feet of properties | ft² | 441,737 | 441,336 |
Number of buildings | Building | 2,265 | 2,261 |
Total investments in real estate properties | $ 31,520,177 | $ 31,489,943 |
Development Portfolio, Including Cost of Land: Pre-stabilized [Member] | ||
Real Estate Properties [Line Items] | ||
Square feet of properties | ft² | 5,572 | 6,076 |
Number of buildings | Building | 18 | 24 |
Total investments in real estate properties | $ 480,918 | $ 553,266 |
Properties Under Development [Member] | ||
Real Estate Properties [Line Items] | ||
Square feet of properties | ft² | 22,990 | 22,004 |
Number of buildings | Building | 62 | 61 |
Total investments in real estate properties | $ 1,550,798 | $ 1,329,345 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Square feet of properties | a | 5,113 | 5,304 |
Total investments in real estate properties | $ 1,699,738 | $ 1,606,358 |
Other Real Estate Investments [Member] | ||
Real Estate Properties [Line Items] | ||
Total investments in real estate properties | $ 3,182,295 | $ 3,387,740 |
Real Estate - Investments in _2
Real Estate - Investments in Real Estate Properties (Parenthetical) (Detail) - a | Mar. 31, 2021 | Dec. 31, 2020 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Square feet of properties | 5,113 | 5,304 |
Real Estate - Summary of Acquis
Real Estate - Summary of Acquisition (Detail) ft² in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)ft²aProperty | Mar. 31, 2020USD ($)ft²aProperty | |
Business Acquisition [Line Items] | ||
Number of operating properties | Property | 1 | 137 |
Square feet | ft² | 25 | 20,256 |
Acquisition cost of net investments in real estate | $ | $ 229,050 | $ 2,393,767 |
Acquisitions of Properties from Third Parties [Member] | Land [Member] | ||
Business Acquisition [Line Items] | ||
Acres of land | a | 261 | 267 |
Real Estate - Summary of Acqu_2
Real Estate - Summary of Acquisition (Parenthetical) (Detail) - USD ($) $ in Thousands | Jan. 08, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Business Acquisition [Line Items] | |||
Real estate acquisitions | $ 226,450 | $ 439,059 | |
Prologis Targeted U.S. Logistics Fund, L.P. [Member] | |||
Business Acquisition [Line Items] | |||
Real estate acquisitions | $ 2,000,000 | ||
Prologis U.S. Logistics Venture, LLC [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 | |
Mar. 31, 2021USD ($)ft²Property | Mar. 31, 2020USD ($)ft²Property | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gains on dispositions of development properties and land, net | $ 173,643 | $ 162,750 |
Gains on other dispositions of investments in real estate, net | $ 16,623 | $ 31,491 |
Discontinuing Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of buildings | Property | 8 | 11 |
Square feet | ft² | 4,287 | 4,636 |
Net proceeds | $ 769,813 | $ 633,563 |
Continuing Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of buildings | Property | 1 | 18 |
Square feet | ft² | 476 | 2,305 |
Net proceeds | $ 23,342 | $ 160,557 |
Real Estate - Additional Inform
Real Estate - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Real Estate [Abstract] | ||
Operating lease right-of-use assets | $ 462.8 | $ 492.8 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Lease liabilities | $ 458.7 | $ 487 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Unconsolidated Entities - Summa
Unconsolidated Entities - Summary of Investments in and Advances to our Unconsolidated Entities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated entities | $ 7,514,840 | $ 7,602,014 |
Unconsolidated Co-Investment Ventures [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated entities | 6,594,263 | 6,685,567 |
Other Ventures [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Investments in and advances to unconsolidated entities | $ 920,577 | $ 916,447 |
Unconsolidated Entities - Sum_2
Unconsolidated Entities - Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to Co-Investment Ventures (Detail) - Unconsolidated Co-Investment Ventures [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Schedule Of Equity Method Investments [Line Items] | |||
Recurring fees | $ 91,037 | $ 74,687 | |
Transactional fees | 20,878 | 19,960 | |
Promote revenue | 1,615 | 591 | |
Total strategic capital revenues from unconsolidated co-investment ventures | [1] | $ 113,530 | $ 95,238 |
[1] | These amounts exclude strategic capital revenues from other ventures |
Unconsolidated Entities - Sum_3
Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Detail) $ in Thousands, ft² in Millions | 3 Months Ended | ||||||
Mar. 31, 2021USD ($)ft²PropertyVenture | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)ft²PropertyVenture | ||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Total assets | $ 55,732,809 | $ 56,065,005 | |||||
Total liabilities | 19,347,606 | $ 19,740,425 | |||||
Total revenues | 1,148,316 | $ 978,241 | |||||
Consolidated net earnings | 399,693 | 521,164 | |||||
Our earnings from unconsolidated co-investment ventures, net | $ 67,049 | 88,730 | |||||
Unconsolidated Co-Investment Ventures [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Ventures | Venture | 9 | 9 | |||||
Number of buildings | Property | 1,897 | 1,870 | |||||
Square feet | ft² | 428 | 420 | |||||
Total assets | $ 41,252,000 | $ 40,990,000 | |||||
Third-party debt | 12,023,000 | 11,816,000 | |||||
Total liabilities | 14,820,000 | 14,616,000 | |||||
Our investment balance | [1] | $ 6,594,000 | $ 6,686,000 | ||||
Total revenues | 826,000 | $ 729,000 | |||||
Consolidated net earnings | 201,000 | 161,000 | |||||
Our earnings from unconsolidated co-investment ventures, net | 59,000 | 47,000 | |||||
Unconsolidated Co-Investment Ventures [Member] | U.S. [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Ventures | Venture | 1 | 1 | |||||
Number of buildings | Property | 710 | 706 | |||||
Square feet | ft² | 118 | 117 | |||||
Total assets | $ 10,937,000 | $ 10,840,000 | |||||
Third-party debt | 3,169,000 | 3,129,000 | |||||
Total liabilities | 3,760,000 | 3,722,000 | |||||
Our investment balance | [1] | $ 1,892,000 | $ 1,886,000 | ||||
Total revenues | 254,000 | 233,000 | |||||
Consolidated net earnings | 49,000 | 34,000 | |||||
Our earnings from unconsolidated co-investment ventures, net | 13,000 | 9,000 | |||||
Unconsolidated Co-Investment Ventures [Member] | Other Americas [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Ventures | Venture | 2 | [2] | 2 | ||||
Number of buildings | Property | 230 | [2] | 229 | ||||
Square feet | ft² | 51 | [2] | 51 | ||||
Total assets | $ 2,987,000 | [2] | $ 3,023,000 | ||||
Third-party debt | 824,000 | [2] | 854,000 | ||||
Total liabilities | 864,000 | [2] | 898,000 | ||||
Our investment balance | [1] | $ 810,000 | [2] | $ 811,000 | |||
Total revenues | 75,000 | [2] | 68,000 | ||||
Consolidated net earnings | 30,000 | [2] | 23,000 | ||||
Our earnings from unconsolidated co-investment ventures, net | 12,000 | [2] | 9,000 | ||||
Unconsolidated Co-Investment Ventures [Member] | Europe [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Ventures | Venture | 3 | 3 | |||||
Number of buildings | Property | 778 | 768 | |||||
Square feet | ft² | 187 | 185 | |||||
Total assets | $ 17,106,000 | $ 16,918,000 | |||||
Third-party debt | 4,110,000 | 4,002,000 | |||||
Total liabilities | 5,768,000 | 5,607,000 | |||||
Our investment balance | [1] | $ 3,065,000 | $ 3,152,000 | ||||
Total revenues | 338,000 | 290,000 | |||||
Consolidated net earnings | 87,000 | 78,000 | |||||
Our earnings from unconsolidated co-investment ventures, net | 28,000 | 25,000 | |||||
Unconsolidated Co-Investment Ventures [Member] | Asia [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Ventures | Venture | 3 | 3 | |||||
Number of buildings | Property | 179 | 167 | |||||
Square feet | ft² | 72 | 67 | |||||
Total assets | $ 10,222,000 | $ 10,209,000 | |||||
Third-party debt | 3,920,000 | 3,831,000 | |||||
Total liabilities | 4,428,000 | 4,389,000 | |||||
Our investment balance | [1] | $ 827,000 | $ 837,000 | ||||
Total revenues | 159,000 | 138,000 | |||||
Consolidated net earnings | 35,000 | 26,000 | |||||
Our earnings from unconsolidated co-investment ventures, net | $ 6,000 | $ 4,000 | |||||
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Our weighted average ownership | [3] | 25.80% | 26.10% | ||||
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | U.S. [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Our weighted average ownership | [3] | 25.40% | 25.60% | ||||
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Other Americas [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Our weighted average ownership | [3] | 40.80% | [2] | 40.80% | |||
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Europe [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Our weighted average ownership | [3] | 29.40% | 30.00% | ||||
Unconsolidated Co-Investment Ventures [Member] | Weighted Average [Member] | Asia [Member] | |||||||
Schedule Of Equity Method Investments [Line Items] | |||||||
Our weighted average ownership | [3] | 15.20% | 15.20% | ||||
[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 March 31, 2021 and December 31, 2020, resulted 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 ($143.7 million and $165.6 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. | ||||||
[2] | PBLV and our other Brazilian joint ventures are combined as one venture for the purpose of this table. | ||||||
[3] | Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities. |
Unconsolidated Entities - Sum_4
Unconsolidated Entities - Summary of Operating Information and Financial Position of Unconsolidated Co-investment Ventures (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Equity Method Investments And Joint Ventures [Abstract] | ||
Receivables from unconsolidated co-investment ventures | $ 143.7 | $ 165.6 |
Unconsolidated Entities - Addit
Unconsolidated Entities - Additional Information (Detail) - Prologis, Inc. [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Schedule Of Equity Method Investments [Line Items] | |
Remaining equity commitments | $ 341.2 |
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 | Mar. 31, 2021USD ($)ft²Property | Dec. 31, 2020USD ($)ft²Property |
Long Lived Assets Held For Sale [Line Items] | ||
Total assets held for sale or contribution | $ 1,055,751 | $ 1,070,724 |
Total liabilities associated with assets held for sale or contribution – included in Other Liabilities | $ 21,828 | $ 16,214 |
Disposal Group Held for Sale Not Discontinued Operations [Member] | ||
Long Lived Assets Held For Sale [Line Items] | ||
Number of operating properties | Property | 80 | 66 |
Square feet | ft² | 13,756 | 12,923 |
Debt - Debt Summary (Detail)
Debt - Debt Summary (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.70% | 1.90% |
Weighted Average Term | 11 years 8 months 12 days | 10 years 2 months 12 days |
Debt | $ 16,503,458 | $ 16,849,076 |
Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 0.40% | 0.80% |
Weighted Average Term | 3 years 3 months 18 days | 2 years |
Debt | $ 53,250 | $ 171,794 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.70% | 2.00% |
Weighted Average Term | 12 years 1 month 6 days | 11 years 2 months 12 days |
Debt | $ 14,433,868 | $ 14,275,870 |
Term Loans and Unsecured Other [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 0.90% | 0.90% |
Weighted Average Term | 5 years 3 months 18 days | 5 years 7 months 6 days |
Debt | $ 1,670,556 | $ 1,764,311 |
Secured Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 5.40% | 3.10% |
Weighted Average Term | 3 years 8 months 12 days | 3 years |
Debt | $ 345,784 | $ 637,101 |
Debt - Debt Summary (Parentheti
Debt - Debt Summary (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.70% | 1.90% |
Debt | $ 16,503,458 | $ 16,849,076 |
Percentage of outstanding debt | 0.00% | |
GBP | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.20% | 2.20% |
Debt | $ 1,027,910 | $ 1,019,480 |
Percentage of outstanding debt | 6.20% | 6.10% |
CAD | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.70% | 2.70% |
Debt | $ 288,045 | $ 285,708 |
Percentage of outstanding debt | 1.70% | 1.70% |
EUR | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.10% | 1.40% |
Debt | $ 6,963,034 | $ 6,549,676 |
Percentage of outstanding debt | 42.20% | 38.80% |
JPY | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 0.80% | 0.80% |
Debt | $ 2,460,056 | $ 2,877,247 |
Percentage of outstanding debt | 14.90% | 17.10% |
USD | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.60% | 2.80% |
Debt | $ 5,764,413 | $ 6,116,965 |
Percentage of outstanding debt | 35.00% | 36.30% |
Debt - Additional Information (
Debt - Additional Information (Detail) ¥ in Billions | 1 Months Ended | 3 Months Ended | |||||||
Mar. 31, 2020USD ($) | Oct. 31, 2018 | Aug. 31, 2018 | Jul. 31, 2018 | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Apr. 23, 2021USD ($) | Mar. 31, 2021JPY (¥) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||||||||
Credit facility maximum borrowing capacity | $ 4,019,000,000 | ||||||||
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments | 250,000,000 | ||||||||
Losses on early extinguishment of debt, net | 187,453,000 | $ 42,767,000 | |||||||
Debt | 16,503,458,000 | $ 16,849,076,000 | |||||||
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 borrowed, net | 0 | 500,000,000 | |||||||
Repayment of debt | 0 | ||||||||
Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | 14,433,868,000 | 14,275,870,000 | |||||||
Term Loans and Unsecured Other [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | 1,670,556,000 | 1,764,311,000 | |||||||
EUR | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | 6,963,034,000 | $ 6,549,676,000 | |||||||
EUR | May 2024 and 2025 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption of senior notes | $ 1,500,000,000 | ||||||||
EUR | May 2021 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption of senior notes | $ 783,100,000,000 | ||||||||
Global Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility maximum borrowing capacity | 3,500,000,000 | $ 1,000,000,000 | |||||||
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments | $ 4,500,000,000 | ||||||||
Debt Instrument maturity date | 2024-04 | 2023-01 | |||||||
Debt Instrument maturity month | 2024-04 | 2023-01 | |||||||
Revolver [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility maximum borrowing capacity | $ 676,900,000 | ¥ 75 | |||||||
Debt Instrument maturity date | 2024-07 | ||||||||
Credit facility current borrowing capacity | $ 496,400,000 | ¥ 55 | |||||||
Debt Instrument maturity month | 2024-07 |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||||
Credit facility maximum borrowing capacity | $ 4,019,000 | |||
Borrowings outstanding | 53,000 | |||
Outstanding letters of credit | 19,000 | |||
Current availability | 3,947,000 | |||
Ability to increase borrowing capacity subject to currency fluctuations and obtaining additional lender commitments | 250,000 | |||
Cash and cash equivalents | 676,074 | $ 598,086 | $ 807,871 | $ 1,088,855 |
Total liquidity | $ 4,873,000 |
Debt - Summary of Issuances and
Debt - Summary of Issuances and Redemptions of Senior Notes (Detail) € in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2021EUR (€) | |
February 2032 Senior Notes [Member] | EUR | ||
Debt Instrument [Line Items] | ||
Aggregate Principal | $ 1,639,305 | € 1,350,000 |
Interest Rate | 0.40% | 0.40% |
Debt Instrument maturity month | 2032-02 | |
February 2032 Senior Notes [Member] | EUR | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.70% | 0.70% |
February Two Thousand Forty One Senior Notes | EUR | ||
Debt Instrument [Line Items] | ||
Debt Instrument maturity month | 2041-02 | |
February Two Thousand Forty One Senior Notes | EUR | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.80% | 0.80% |
February 2041 Senior Notes [Member] | USD | ||
Debt Instrument [Line Items] | ||
Aggregate Principal | $ 400,000 | € 400,000 |
Interest Rate | 2.10% | 2.10% |
Debt Instrument maturity month | 2031-03 | |
February 2041 Senior Notes [Member] | USD | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.60% | 1.60% |
February 2024 Senior Notes [Member] | EUR | ||
Debt Instrument [Line Items] | ||
Aggregate Principal | $ 715,700 | € 599,514 |
Interest Rate | 3.00% | 3.00% |
Debt Instrument maturity month | 2024-02 | |
February 2024 Senior Notes [Member] | EUR | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.40% | 3.40% |
November 2025 Senior Notes [Member] | USD | ||
Debt Instrument [Line Items] | ||
Aggregate Principal | $ 750,000 | |
Interest Rate | 4.70% | 4.70% |
Debt Instrument maturity month | 2025-11 | |
November 2025 Senior Notes [Member] | USD | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.80% | 3.80% |
Debt - Long-Term Debt Maturitie
Debt - Long-Term Debt Maturities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
2021 | $ 281,490 | |
2022 | 539,723 | |
2023 | 169,316 | |
2024 | 186,738 | |
2025 | 188,893 | |
Thereafter | 15,215,429 | |
Subtotal | 16,581,589 | |
Premiums (discounts), net | 6,294 | |
Debt issuance costs, net | (84,425) | |
Total | 16,503,458 | $ 16,849,076 |
Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 53,250 | |
2025 | 0 | |
Thereafter | 0 | |
Subtotal | 53,250 | |
Premiums (discounts), net | 0 | |
Debt issuance costs, net | 0 | |
Total | 53,250 | 171,794 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 0 | |
2022 | 527,625 | |
2023 | 0 | |
2024 | 0 | |
2025 | 45,127 | |
Thereafter | 13,931,343 | |
Subtotal | 14,504,095 | |
Premiums (discounts), net | 6,070 | |
Debt issuance costs, net | (76,297) | |
Total | 14,433,868 | 14,275,870 |
Term Loans and Unsecured Other [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 260,135 | |
2022 | 0 | |
2023 | 135,244 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 1,281,618 | |
Subtotal | 1,676,997 | |
Premiums (discounts), net | 0 | |
Debt issuance costs, net | (6,441) | |
Total | 1,670,556 | 1,764,311 |
Secured Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
2021 | 21,355 | |
2022 | 12,098 | |
2023 | 34,072 | |
2024 | 133,488 | |
2025 | 143,766 | |
Thereafter | 2,468 | |
Subtotal | 347,247 | |
Premiums (discounts), net | 224 | |
Debt issuance costs, net | (1,687) | |
Total | $ 345,784 | $ 637,101 |
Debt - Long-Term Debt Maturit_2
Debt - Long-Term Debt Maturities (Parenthetical) (Detail) - USD ($) $ in Millions | Apr. 23, 2021 | Mar. 31, 2020 |
Debt Instrument [Line Items] | ||
Derivative Notional Amount | $ 750 | |
Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Notional Amount | $ 250.3 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021 | |
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 | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | ||
Noncontrolling Interest [Line Items] | |||
Operating Partnership noncontrolling interest | $ 3,473,462 | $ 3,483,526 | |
Noncontrolling interests | 4,376,686 | 4,353,033 | |
Total Assets | 55,732,809 | 56,065,005 | |
Total liabilities | 19,347,606 | 19,740,425 | |
Non-controlling Interests [Member] | |||
Noncontrolling Interest [Line Items] | |||
Total Assets | 8,681,067 | 8,729,929 | |
Total liabilities | $ 206,661 | $ 219,118 | |
Prologis U S Logistics Venture [Member] | |||
Noncontrolling Interest [Line Items] | |||
Parent Company's Ownership Percentage | 55.00% | 55.00% | |
Operating Partnership noncontrolling interest | $ 3,375,502 | $ 3,385,110 | |
Total Assets | 7,625,390 | 7,663,800 | |
Total liabilities | $ 134,457 | $ 145,131 | |
Other Consolidated Entities [Member] | |||
Noncontrolling Interest [Line Items] | |||
Parent Company's Ownership | [1] | various | various |
Operating Partnership noncontrolling interest | [1] | $ 97,960 | $ 98,416 |
Total Assets | [1] | 1,055,677 | 1,066,129 |
Total liabilities | [1] | 72,204 | 73,987 |
Prologis, L.P. [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests | 3,473,462 | 3,483,526 | |
Total Assets | 55,732,809 | 56,065,005 | |
Total liabilities | 19,347,606 | 19,740,425 | |
Prologis, L.P. [Member] | Non-controlling Interests [Member] | |||
Noncontrolling Interest [Line Items] | |||
Limited partners in Prologis, L.P. | [2],[3] | 903,224 | 869,507 |
Total Assets | [2],[3] | 0 | 0 |
Total liabilities | [2],[3] | 0 | 0 |
Prologis, Inc. [Member] | |||
Noncontrolling Interest [Line Items] | |||
Total Assets | 8,681,067 | 8,729,929 | |
Total liabilities | 206,661 | 219,118 | |
Prologis, Inc. [Member] | Non-controlling Interests [Member] | |||
Noncontrolling Interest [Line Items] | |||
Noncontrolling interests | $ 4,376,686 | $ 4,353,033 | |
[1] | 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 March 31, 2021 and December 31, 2020 were exchangeable into cash or, at our option, 0.3 million shares of the Parent’s common stock. | ||
[2] | At March 31, 2021 and December 31, 2020, excluding the Class A Units, there were limited partnership units in the OP that were exchangeable into cash or, at our option, 8.2 million shares of the Parent’s common stock. | ||
[3] | We had 8.6 million Class A Units that were convertible into |
Noncontrolling Interests - No_2
Noncontrolling Interests - Noncontrolling Interest Summary (Parenthetical) (Detail) - shares shares in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Long Term Incentive Plan Units [Member] | ||
Noncontrolling Interest [Line Items] | ||
Vested LTIP Units | 4.7 | 3.9 |
Class A Common [Member] | ||
Noncontrolling Interest [Line Items] | ||
Outstanding limited partnership units, exchanged | 8 | 8 |
Units outstanding | 8.6 | 8.6 |
Common Unit [Member] | ||
Noncontrolling Interest [Line Items] | ||
Outstanding limited partnership units, exchanged | 8.2 | 8.2 |
Other Consolidated Entities [Member] | ||
Noncontrolling Interest [Line Items] | ||
Outstanding limited partnership units, exchanged | 0.3 | 0.3 |
Other Consolidated Entities [Member] | Common Stock [Member] | ||
Noncontrolling Interest [Line Items] | ||
Outstanding limited partnership units | 0.3 | 0.3 |
Long-Term Compensation - Additi
Long-Term Compensation - Additional Information (Detail) - Prologis Out-Performance Plan [Member] - USD ($) | 1 Months Ended | 3 Months Ended |
Jan. 31, 2021 | Mar. 31, 2021 | |
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 | |
2021 - 2023 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 | $ 30,300,000 | |
Assumed risk free interest rate | 0.20% | |
Expected volatility rate | 30.50% | |
2021 - 2023 Performance Period [Member] | Tranche 1 [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting rights, percentage | 20.00% | |
2021 - 2023 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% | |
2018 - 2020 Performance Period [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Cash incentive award maximum | $ 100,000,000 | |
2016 - 2018 Performance Period [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Cash incentive award maximum | $ 35,700,000 | |
2017 - 2019 Performance Period [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Cash incentive award maximum | $ 35,700,000 | |
Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period | 10 years |
Long-Term Compensation - RSU Aw
Long-Term Compensation - RSU Awards (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Unvested Awards, Beginning Balance | shares | 986 |
Granted | shares | 611 |
Vested and distributed | shares | (337) |
Forfeited | shares | (90) |
Number of Unvested Awards, Ending Balance | shares | 1,170 |
Weighted Average Grant Date Fair Value | $ / shares | $ 80.32 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 73.46 |
Weighted Average Grant Date Fair Value, Vested and distributed | $ / shares | 75.98 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 71.70 |
Weighted Average Grant Date Fair Value | $ / shares | $ 78.65 |
Long-Term Compensation - LTIP U
Long-Term Compensation - LTIP Units Awards (Detail) - Long Term Incentive Plan Units [Member] - $ / shares shares in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vested LTIP Units | 4,700 | 3,900 |
Number of Unvested Awards, Beginning Balance | 3,052 | |
Granted | 1,253 | |
Forfeited | (23) | |
Vested LTIP Units | (791) | |
Number of Unvested Awards, Ending Balance | 3,491 | 3,052 |
Weighted Average Grant Date Fair Value | $ 66.50 | |
Unvested Weighted Average, Granted | 58.63 | |
Weighted Average Grant Date Fair Value, Forfeited | 31.80 | |
Unvested Weighted Average, Vested LTIP Units | 76.98 | |
Weighted Average Grant Date Fair Value | $ 61.53 | $ 66.50 |
Earnings Per Common Share or _3
Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share or Unit (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | |||
Net earnings attributable to common stockholders/unit holders - Basic | $ 365,815 | $ 489,418 | |
Net earnings attributable to exchangeable limited partnership units | [1] | 10,320 | 14,049 |
Adjusted net earnings attributable to common stockholders – Diluted | $ 376,135 | $ 503,467 | |
Weighted average common shares/units outstanding - Basic | 738,998 | 698,272 | |
Incremental weighted average effect on exchange of limited partnership units | [1] | 21,042 | 20,230 |
Incremental weighted average effect of equity awards | 4,918 | 5,481 | |
Weighted average common shares/partnership units outstanding - Diluted | 764,958 | 723,983 | |
Net earnings per share/unit attributable to common stockholders/unitholders - | |||
Basic | $ 0.50 | $ 0.70 | |
Diluted | $ 0.49 | $ 0.70 | |
Net earnings attributable to exchangeable other limited partnership units | [1] | $ (10,320) | $ (14,049) |
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 | 376,083 | 503,388 | |
Net earnings attributable to exchangeable limited partnership units | (52) | (79) | |
Adjusted net earnings attributable to common stockholders – Diluted | $ 376,135 | $ 503,467 | |
Weighted average common shares/units outstanding - Basic | 751,679 | 710,141 | |
Incremental weighted average effect on exchange of Class A convertible units | 8,062 | 8,062 | |
Incremental weighted average effect on exchange of limited partnership units | 299 | 299 | |
Incremental weighted average effect of equity awards | 4,918 | 5,481 | |
Weighted average common shares/partnership units outstanding - Diluted | [2] | 764,958 | 723,983 |
Net earnings per share/unit attributable to common stockholders/unitholders - | |||
Basic | $ 0.50 | $ 0.70 | |
Diluted | $ 0.49 | $ 0.70 | |
Net earnings attributable to exchangeable other limited partnership units | $ 52 | $ 79 | |
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 | (3,991) | (5,651) | |
Adjusted net earnings attributable to common stockholders – Diluted | 3,991 | 5,651 | |
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 | $ 372,092 | $ 497,737 | |
[1] | The exchangeable limited partnership units include the units as discussed in Note 7. 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 |
Earnings Per Common Share or _4
Earnings Per Common Share or Unit - Computation of Basic and Diluted Earnings Per Share or Unit (Parenthetical) (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||
Total weighted average potential dilutive shares and units outstanding | 28,221 | 27,939 |
Prologis, L.P. [Member] | ||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | ||
Total weighted average potentially dilutive Class A Units | 8,062 | 8,062 |
Total weighted average potentially dilutive other limited partnership units | 299 | 299 |
Total weighted average potentially dilutive equity awards | 7,179 | 7,709 |
Total weighted average potential dilutive shares and units outstanding | 15,540 | 16,070 |
Total weighted average potential dilutive common limited partnership units | 12,681 | 11,869 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Schedule of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives Fair Value [Line Items] | ||
Asset | $ 37,588 | $ 1,667 |
Liability | 36,371 | 36,482 |
Undesignated Derivatives [Member] | Forwards [Member] | BRL | ||
Derivatives Fair Value [Line Items] | ||
Asset | 826 | 620 |
Liability | 0 | 66 |
Undesignated Derivatives [Member] | Forwards [Member] | GBP | ||
Derivatives Fair Value [Line Items] | ||
Asset | 71 | 174 |
Liability | 8,735 | 7,589 |
Undesignated Derivatives [Member] | Forwards [Member] | CAD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 80 |
Liability | 8,016 | 5,827 |
Undesignated Derivatives [Member] | Forwards [Member] | CNY | ||
Derivatives Fair Value [Line Items] | ||
Asset | 34 | 0 |
Liability | 499 | 717 |
Undesignated Derivatives [Member] | Forwards [Member] | EUR | ||
Derivatives Fair Value [Line Items] | ||
Asset | 16,096 | 73 |
Liability | 287 | 6,247 |
Undesignated Derivatives [Member] | Forwards [Member] | JPY | ||
Derivatives Fair Value [Line Items] | ||
Asset | 16,096 | 720 |
Liability | 0 | 1,604 |
Undesignated Derivatives [Member] | Forwards [Member] | SEK | ||
Derivatives Fair Value [Line Items] | ||
Asset | 1,214 | 0 |
Liability | 868 | 2,355 |
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | GBP | ||
Derivatives Fair Value [Line Items] | ||
Asset | 3,251 | 0 |
Liability | 3,125 | 2,081 |
Designated As Hedging Instrument [Member] | Net Investment Hedges [Member] | CAD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 0 |
Liability | 14,799 | 9,847 |
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | EUR | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 0 |
Liability | 14 | 9 |
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | USD | ||
Derivatives Fair Value [Line Items] | ||
Asset | 0 | 0 |
Liability | $ 28 | $ 140 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Summary of Undesignated Foreign Currency Forwards Activity (Detail) | 3 Months Ended | |
Mar. 31, 2021USD ($)Derivative | Mar. 31, 2020USD ($)Derivative | |
Derivative [Line Items] | ||
Notional amounts at March 31 | $ 750,000,000 | |
Forwards [Member] | Undesignated Derivatives [Member] | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 1,162,000,000 | 1,107,000,000 |
New contracts | 127,000,000 | 1,191,000,000 |
Matured, expired or settled contracts | (91,000,000) | (1,322,000,000) |
Notional amounts at March 31 | 1,198,000,000 | $ 976,000,000 |
Weighted average forward rate at March 31 | 0 | |
Active contracts at March 31 | Derivative | 0 | |
Forwards [Member] | Undesignated Derivatives [Member] | CAD | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | 163,000,000 | $ 120,000,000 |
New contracts | 3,000,000 | 0 |
Matured, expired or settled contracts | (11,000,000) | (11,000,000) |
Notional amounts at March 31 | $ 155,000,000 | $ 109,000,000 |
Weighted average forward rate at March 31 | 1.32 | 1.32 |
Active contracts at March 31 | Derivative | 58 | 35 |
Forwards [Member] | Undesignated Derivatives [Member] | EUR | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 474,000,000 | $ 581,000,000 |
New contracts | 83,000,000 | 809,000,000 |
Matured, expired or settled contracts | (36,000,000) | (1,003,000,000) |
Notional amounts at March 31 | $ 521,000,000 | $ 387,000,000 |
Weighted average forward rate at March 31 | 1.23 | 1.16 |
Active contracts at March 31 | Derivative | 74 | 61 |
Forwards [Member] | Undesignated Derivatives [Member] | GBP | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 207,000,000 | $ 178,000,000 |
New contracts | 11,000,000 | 294,000,000 |
Matured, expired or settled contracts | (16,000,000) | (267,000,000) |
Notional amounts at March 31 | $ 202,000,000 | $ 205,000,000 |
Weighted average forward rate at March 31 | 1.33 | 1.77 |
Active contracts at March 31 | Derivative | 53 | 64 |
Forwards [Member] | Undesignated Derivatives [Member] | JPY | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 252,000,000 | $ 182,000,000 |
New contracts | 25,000,000 | 60,000,000 |
Matured, expired or settled contracts | (20,000,000) | (15,000,000) |
Notional amounts at March 31 | $ 257,000,000 | $ 227,000,000 |
Weighted average forward rate at March 31 | 102.66 | 103.08 |
Active contracts at March 31 | Derivative | 68 | 53 |
Forwards [Member] | Undesignated Derivatives [Member] | SEK | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 38,000,000 | $ 31,000,000 |
New contracts | 5,000,000 | 9,000,000 |
Matured, expired or settled contracts | (4,000,000) | (3,000,000) |
Notional amounts at March 31 | $ 39,000,000 | $ 37,000,000 |
Weighted average forward rate at March 31 | 8.59 | 9.41 |
Active contracts at March 31 | Derivative | 51 | 32 |
Forwards [Member] | Undesignated Derivatives [Member] | Other | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 28,000,000 | $ 15,000,000 |
New contracts | 0 | 19,000,000 |
Matured, expired or settled contracts | (4,000,000) | (23,000,000) |
Notional amounts at March 31 | $ 24,000,000 | $ 11,000,000 |
Weighted average forward rate at March 31 | 0 | |
Active contracts at March 31 | 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 | |
Mar. 31, 2021USD ($)Contract | Mar. 31, 2020USD ($)Contract | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Exercised contracts | Contract | 25 | 33 |
Realized gains (losses) on the matured, expired or settled contracts | $ (1) | $ 4 |
Unrealized gains on the change in fair value of outstanding contracts | $ 38 | $ 47 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements - Foreign Currency Contracts Activity (Detail) | 3 Months Ended | |
Mar. 31, 2021USD ($)Derivative | Mar. 31, 2020USD ($)Derivative | |
Derivative [Line Items] | ||
Notional amounts at March 31 | $ 750,000,000 | |
Forwards [Member] | Net Investment Hedges [Member] | Designated As Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 512,000,000 | 484,000,000 |
New contracts | 550,000,000 | 324,000,000 |
Matured, expired or settled contracts | (63,000,000) | (576,000,000) |
Notional amounts at March 31 | 999,000,000 | 232,000,000 |
Forwards [Member] | CAD | Net Investment Hedges [Member] | Designated As Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | 377,000,000 | 97,000,000 |
New contracts | 250,000,000 | 0 |
Matured, expired or settled contracts | (63,000,000) | 0 |
Notional amounts at March 31 | $ 564,000,000 | $ 97,000,000 |
Weighted average forward rate at March 31 | 1.29 | 1.32 |
Active contracts at March 31 | Derivative | 7 | 2 |
Forwards [Member] | GBP | Net Investment Hedges [Member] | Designated As Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Notional amounts at January 1 | $ 135,000,000 | $ 387,000,000 |
New contracts | 300,000,000 | 324,000,000 |
Matured, expired or settled contracts | 0 | (576,000,000) |
Notional amounts at March 31 | $ 435,000,000 | $ 135,000,000 |
Weighted average forward rate at March 31 | 1.38 | 1.35 |
Active contracts at March 31 | Derivative | 4 | 1 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements - Summary of Activity in Interest Rate Swaps (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Derivative [Line Items] | |||
Notional amounts at March 31 | $ 750,000,000 | ||
Interest Rate Swap [Member] | Cash Flow Hedges [Member] | Designated As Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amounts at January 1 | $ 415,000 | 0 | |
New contracts | 0 | 915,000 | |
Matured, expired or settled contracts | 0 | (750,000) | |
Notional amounts at March 31 | 415,000 | 165,000 | |
Interest Rate Swap [Member] | EUR | Cash Flow Hedges [Member] | Designated As Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amounts at January 1 | 165,000 | [1] | 0 |
New contracts | 0 | [1] | 165,000 |
Matured, expired or settled contracts | 0 | [1] | 0 |
Notional amounts at March 31 | 165,000 | [1] | 165,000 |
Interest Rate Swap [Member] | USD | Cash Flow Hedges [Member] | Designated As Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amounts at January 1 | 250,000 | [1] | 0 |
New contracts | 0 | [1] | 750,000 |
Matured, expired or settled contracts | 0 | [1] | (750,000) |
Notional amounts at March 31 | $ 250,000 | [1] | $ 0 |
[1] | During the year ended December 31, 2020, we entered into interest rate swap contracts to effectively fix the interest rate on our euro senior notes issued in February 2020 and the U.S. dollar outstanding balance on our 2017 Term Loan. In April 2021, the 2017 Term Loan was terminated and the interest rate swap contracts associated with the outstanding balance were settled. |
Financial Instruments and Fai_8
Financial Instruments and Fair Value Measurements - Summary of Debt and Accrued Interest, Designated as Hedge (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Designated As Hedging Instrument [Member] | British Pound Sterling Senior Notes [Member] | ||
Derivatives Fair Value [Line Items] | ||
Senior Notes Outstanding | $ 956 | $ 842 |
Financial Instruments and Fai_9
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivatives Fair Value [Line Items] | ||
Foreign currency translation gains (losses), net | $ 171,759 | $ (133,533) |
Forward Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Foreign currency translation gains (losses), net | $ 46,000 | $ 82,000 |
Financial Instruments and Fa_10
Financial Instruments and Fair Value Measurements - Summary of Changes in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Cumulative translation adjustment | $ 183,427 | $ (191,642) |
Total foreign currency translation gains (losses), net | 171,759 | (133,533) |
Total unrealized gains (losses) on derivative contracts, net | 4,821 | (23,448) |
Total change in other comprehensive income (loss) | 176,580 | (156,981) |
Designated As Hedging Instrument [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total derivative hedging instruments | (5,266) | 25,359 |
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 | (6,402) | 32,750 |
Designated As Hedging Instrument [Member] | Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total derivative hedging instruments | 1,371 | (15,525) |
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 | $ 3,450 | $ (7,923) |
Financial Instruments and Fa_11
Financial Instruments and Fair Value Measurements - Summary of Changes in Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments Gain Loss [Line Items] | ||
Loss on derivatives | $ (4,821) | $ 23,448 |
Derivative Notional Amount | 750,000 | |
Treasury Lock Contracts [Member] | Senior Notes [Member] | USD | ||
Derivative Instruments Gain Loss [Line Items] | ||
Loss on derivatives | $ 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 | $ 4,400 |
Financial Instruments and Fa_12
Financial Instruments and Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | $ 16,503,458 | $ 16,849,076 |
Fair Value of Debt | 16,713,516 | 18,083,430 |
Credit Facilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 53,250 | 171,794 |
Fair Value of Debt | 53,250 | 171,794 |
Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 14,433,868 | 14,275,870 |
Fair Value of Debt | 14,598,729 | 15,452,381 |
Term Loans and Unsecured Other [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 1,670,556 | 1,764,311 |
Fair Value of Debt | 1,687,135 | 1,785,706 |
Secured Mortgage [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value of Debt | 345,784 | 637,101 |
Fair Value of Debt | $ 374,402 | $ 673,549 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Business Segments - Segment Rep
Business Segments - Segment Reporting, Reconciliation of Revenues, Operating Income and Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 1,148,316 | $ 978,241 | ||
Operating income | 532,197 | 468,057 | ||
General and administrative expenses | 78,032 | 69,689 | ||
Depreciation and amortization expenses | 397,575 | 345,970 | ||
Gains on dispositions of development properties and land, net | 173,643 | 162,750 | ||
Gains on other dispositions of investments in real estate, net | 16,623 | 31,491 | ||
Earnings from unconsolidated entities, net | 67,049 | 88,730 | ||
Interest expense | (71,281) | (75,642) | ||
Interest and other income, net | 4,746 | 370 | ||
Foreign currency and derivative gains, net | 80,152 | 113,329 | ||
Losses on early extinguishment of debt, net | (187,453) | (42,767) | ||
Earnings before income taxes | 425,410 | 552,077 | ||
Total assets | 55,732,809 | $ 56,065,005 | ||
Investments in and advances to unconsolidated entities | 7,514,840 | 7,602,014 | ||
Assets held for sale or contribution | 1,055,751 | 1,070,724 | ||
Cash and cash equivalents | 676,074 | 807,871 | 598,086 | $ 1,088,855 |
Other assets | 2,850,603 | 2,949,009 | ||
Real Estate Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 46,045,610 | 46,390,991 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 817,538 | 689,475 | ||
Total assets | 46,084,153 | 46,429,882 | ||
Operating Segments [Member] | Real Estate Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,028,355 | 881,650 | ||
Operating income | 747,027 | 639,458 | ||
Operating Segments [Member] | Strategic Capital [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 119,961 | 96,591 | ||
Operating income | 70,511 | 50,017 | ||
Total assets | 38,543 | 38,891 | ||
Operating Segments [Member] | U.S. [Member] | Real Estate Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 975,083 | 829,383 | ||
Operating income | 709,303 | 602,604 | ||
Total assets | 42,337,749 | 42,559,023 | ||
Operating Segments [Member] | U.S. [Member] | Strategic Capital [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 33,983 | 34,342 | ||
Operating income | 8,302 | 13,624 | ||
Total assets | 12,939 | 13,257 | ||
Operating Segments [Member] | Other Americas [Member] | Real Estate Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 23,893 | 26,079 | ||
Operating income | 17,595 | 19,456 | ||
Total assets | 1,168,322 | 1,145,699 | ||
Operating Segments [Member] | Other Americas [Member] | Strategic Capital [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 10,663 | 9,111 | ||
Operating income | 7,906 | 5,179 | ||
Operating Segments [Member] | Europe [Member] | Real Estate Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 18,856 | 15,502 | ||
Operating income | 13,191 | 10,155 | ||
Total assets | 1,634,170 | 1,604,393 | ||
Operating Segments [Member] | Europe [Member] | Strategic Capital [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 43,429 | 32,590 | ||
Operating income | 32,171 | 20,594 | ||
Total assets | 25,280 | 25,280 | ||
Operating Segments [Member] | Asia [Member] | Real Estate Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 10,523 | 10,686 | ||
Operating income | 6,938 | 7,243 | ||
Total assets | 905,369 | 1,081,876 | ||
Operating Segments [Member] | Asia [Member] | Strategic Capital [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 31,886 | 20,548 | ||
Operating income | 22,132 | 10,620 | ||
Total assets | 324 | 354 | ||
Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | 532,197 | 468,057 | ||
General and administrative expenses | (78,032) | (69,689) | ||
Depreciation and amortization expenses | (397,575) | (345,970) | ||
Gains on dispositions of development properties and land, net | 173,643 | 162,750 | ||
Gains on other dispositions of investments in real estate, net | 16,623 | 31,491 | ||
Earnings from unconsolidated entities, net | 67,049 | 88,730 | ||
Interest expense | (71,281) | (75,642) | ||
Losses on early extinguishment of debt, net | (187,453) | $ (42,767) | ||
Total assets | 9,648,656 | 9,635,123 | ||
Investments in and advances to unconsolidated entities | 7,514,840 | 7,602,014 | ||
Assets held for sale or contribution | 1,055,751 | 1,070,724 | ||
Cash and cash equivalents | 676,074 | 598,086 | ||
Other assets | $ 401,991 | $ 364,299 |
Business Segments - Segment R_2
Business Segments - Segment Reporting, Reconciliation of Revenues, Operating Income and Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Strategic Capital [Member] | Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $ 25.3 | $ 25.3 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | Feb. 04, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Supplemental Cash Flow Information [Line Items] | |||
Lease Right-of-Use assets | $ 4.6 | $ 3.8 | |
Lease liabilities | 4.6 | 3.8 | |
Capitalization for equity based compensation expense | 8.5 | 8.3 | |
Interest paid, net of amounts capitalized | 89.5 | 110.5 | |
Cash paid for income taxes, net of refunds | $ 35.8 | $ 21.7 | |
Liberty Transaction [Member] | |||
Supplemental Cash Flow Information [Line Items] | |||
Business acquisition consideration transferred | $ 13,000 | ||
Limited Partners [Member] | Prologis, L.P. [Member] | Common [Member] | |||
Supplemental Cash Flow Information [Line Items] | |||
PLD units redeemed for common shares | 0.1 | ||
Limited Partners [Member] | Maximum [Member] | Prologis, L.P. [Member] | Common [Member] | |||
Supplemental Cash Flow Information [Line Items] | |||
PLD units redeemed for common shares | 0.1 | ||
Unconsolidated Entities [Member] | |||
Supplemental Cash Flow Information [Line Items] | |||
Equity ownership interest received | $ 39.1 | $ 57.1 |