Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation

PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2023

(In thousands of U.S. dollars, as applicable)

				Initial Cost to Prologis				Costs Capitalized			Gross Amounts at Which Carried at December 31, 2023
Description	No. of Bldgs.		Encum- brances	Land		Building & Improvements		Subsequent to Acquisition			Land		Building & Improvements		Total (a,b)		Accumulated Depreciation (c)			Date of Construction/ Acquisition
Operating Properties
U.S. Markets
Atlanta		182			850,745		2,426,596		598,417			876,090		2,999,668		3,875,758		(471,928	)	1994-2023
Austin		10			12,783		52,335		10,452			12,837		62,733		75,570		(31,432	)	1994-2015
Baltimore/Washington		105			628,758		1,160,132		354,221			643,418		1,499,693		2,143,111		(247,868	)	1995-2023
Central PA		35			297,201		1,043,676		204,550			314,948		1,230,479		1,545,427		(284,679	)	2002-2023
Central Valley		41			262,046		555,484		1,006,298			283,094		1,540,734		1,823,828		(316,805	)	1999-2023
Charlotte		46			121,073		346,000		127,508			134,927		459,654		594,581		(101,927	)	1994-2023
Chicago		244			1,184,242		3,195,498		813,725			1,213,147		3,980,318		5,193,465		(934,824	)	1995-2023
Cincinnati		61			157,634		849,859		156,602			166,697		997,398		1,164,095		(133,429	)	1996-2022
Columbus		33			65,940		369,748		84,684			69,190		451,182		520,372		(121,534	)	1996-2022
Dallas/Ft. Worth		195			750,113		2,423,634		642,756			773,387		3,043,116		3,816,503		(648,818	)	1994-2023
Denver		38			115,979		295,412		186,770			116,519		481,642		598,161		(171,941	)	1993-2022
Houston		197			529,247		2,222,141		525,642			574,826		2,702,204		3,277,030		(448,806	)	1993-2023
Indianapolis		37			91,337		600,850		91,311			93,209		690,289		783,498		(100,522	)	1995-2022
Jacksonville		1			-		2,892		273			-		3,165		3,165		(3,121	)	2011
Las Vegas		62			249,046		422,687		380,768			233,797		818,704		1,052,501		(155,619	)	1996-2023
Lehigh Valley		67			1,260,436		2,371,123		433,921			1,339,839		2,725,641		4,065,480		(372,761	)	2004-2023
Louisville		12			48,140		188,696		96,719			50,392		283,163		333,555		(91,452	)	2005-2022
Nashville		48			237,160		595,896		283,868			241,928		874,996		1,116,924		(107,919	)	1995-2023
New Jersey/New York City		163	(d)		3,025,911		4,127,158		863,541			3,080,038		4,936,572		8,016,610		(949,899	)	1996-2023
Orlando		103	(d)		316,275		880,549		279,489			320,513		1,155,800		1,476,313		(198,544	)	1994-2023
Phoenix		63			266,247		723,625		394,059			296,453		1,087,478		1,383,931		(158,332	)	1992-2023
Portland		43	(e)		142,421		318,783		226,785			196,774		491,215		687,989		(94,675	)	2006-2023
Raleigh Durham		37			107,899		407,505		30,696			112,638		433,462		546,100		(32,146	)	2020-2022
Reno		18			29,960		142,279		173,748			34,171		311,816		345,987		(106,166	)	1994-2022
San Antonio		20	(d)		25,735		95,828		51,234			25,957		146,840		172,797		(75,563	)	1994-2016
San Francisco Bay Area		238	(d)		1,192,748		1,737,610		662,201			1,204,501		2,388,058		3,592,559		(963,576	)	1993-2023
Savannah		27			225,576		522,311		40,112			227,477		560,522		787,999		(28,093	)	2022-2023
Seattle		110			882,017		1,434,654		431,654			911,689		1,836,636		2,748,325		(371,501	)	2008-2023
South Florida		178	(d)		1,394,537		2,166,816		421,403			1,415,287		2,567,469		3,982,756		(422,333	)	1994-2023
Southern California		434	(e)		6,864,553		8,381,266		2,155,067			7,124,304		10,276,582		17,400,886		(2,168,514	)	2005-2023
Tampa		26			92,357		244,738		28,744			99,091		266,748		365,839		(22,666	)	2020-2022
Subtotal U.S. Markets:		2,874			21,428,116		40,305,781		11,757,218			22,187,138		51,303,977		73,491,115		(10,337,393	)
Other Americas Markets
Brazil		5			-		57,419		142			-		57,561		57,561		(2,753	)	2022
Canada		35	(d)		261,666		381,323		263,622			273,648		632,963		906,611		(185,312	)	2008-2023
Mexico		1			730		2,287		3,226			735		5,508		6,243		(1,908	)	2011
Subtotal Other Americas Markets:		41			262,396		441,029		266,990			274,383		696,032		970,415		(189,973	)
Europe Markets
Belgium		3			16,587		4,948		(52	)		16,587		4,896		21,483		(573	)	2022
Czech Republic		2			20,740		-		4,091			9,305		15,526		24,831		(548	)	2022
France		1			2,916		-		19,590			2,340		20,166		22,506		(65	)	2023
Germany		5			57,443		7,323		54,778			62,598		56,946		119,544		(9,274	)	2011-2022
Hungary		2			4,487		-		14,420			4,487		14,420		18,907		(325	)	2022
Italy		4			22,112		5,728		64,454			24,629		67,665		92,294		(1,777	)	2022-2023
Netherlands		3			24,081		3,655		-			24,081		3,655		27,736		(75	)	2023
Poland		1			8,905		-		3,022			2,013		9,914		11,927		(309	)	2022
Slovakia		2			3,032		-		11,998			2,229		12,801		15,030		(724	)	2021
Spain		6			23,967		35,746		36,715			22,880		73,548		96,428		(20,919	)	2011-2023
United Kingdom		6			143,309		11,543		49,382			163,306		40,928		204,234		(5,261	)	2019-2023
Subtotal Europe Markets:		35			327,579		68,943		258,398			334,455		320,465		654,920		(39,850	)
Asia Markets
Japan		5			13,330		142,030		18,462			13,330		160,492		173,822		(4,387	)	2019-2022
Singapore		5			-		139,702		5,523			-		145,225		145,225		(82,687	)	2011
Subtotal Asia Markets:		10			13,330		281,732		23,985			13,330		305,717		319,047		(87,074	)
Total Operating Properties		2,960			22,031,421		41,097,485		12,306,591			22,809,306		52,626,191		75,435,497		(10,654,290	)

PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2023

(In thousands of U.S. dollars, as applicable)

				Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2023									Date of
Description	No. of Bldgs.		Encum- brances	Land		Building & Improvements		Subsequent to Acquisition		Land		Building & Improvements		Total (a,b)		Accumulated Depreciation (c)			Construction/ Acquisition (f)
Development Portfolio
U.S. Markets
Atlanta		2			8,606		-		22,099		8,606		22,099		30,705				2023
Austin		5			43,899		-		152,216		43,899		152,216		196,115
Baltimore/Washington D.C.		1			12,328		-		1,622		12,328		1,622		13,950
Central Valley		1			5,420		-		12,339		5,420		12,339		17,759
Chicago		5			46,751		967		107,133		46,751		108,100		154,851				2023
Cincinnati		1			2,541		-		14,020		2,541		14,020		16,561				2023
Dallas/Ft. Worth		10			81,066		-		125,283		81,066		125,283		206,349				2023
Indianapolis		2			11,474		17,058		56,862		11,474		73,920		85,394				2023
Las Vegas		3			16,773		-		97,244		16,773		97,244		114,017
Lehigh Valley		2			48,910		-		98,383		48,910		98,383		147,293				2023
Nashville		4			36,835		-		23,340		36,835		23,340		60,175				2023
New Jersey/New York City		4			76,712		-		86,553		76,712		86,553		163,265
Portland		1			1,040		-		1,368		1,040		1,368		2,408
Phoenix		6			45,602		-		132,298		45,602		132,298		177,900
Reno		2			15,364		-		63,903		15,364		63,903		79,267
San Francisco Bay Area		6			109,015		2,527		191,569		109,015		194,096		303,111				2023
Seattle		3			61,784		-		64,340		61,784		64,340		126,124				2023
South Florida		6			66,132		-		86,568		66,132		86,568		152,700				2023
Southern California		9			434,433		56,638		372,670		434,433		429,308		863,741				2023
Subtotal U.S. Markets:		73			1,124,685		77,190		1,709,810		1,124,685		1,787,000		2,911,685
Other Americas Markets
Canada		6			102,325		-		110,156		102,325		110,156		212,481
Mexico		9			55,798		-		63,033		55,798		63,033		118,831				2023
Subtotal Other Americas Markets:		15			158,123		-		173,189		158,123		173,189		331,312
Europe Markets
Belgium		1			9,522		-		34,059		9,522		34,059		43,581
Czech Republic		3			5,524		-		32,524		5,524		32,524		38,048				2023
Germany		3			34,062		-		3,130		34,062		3,130		37,192
Hungary		1			3,338		-		13,738		3,338		13,738		17,076				2023
Italy		2			18,656		-		5,599		18,656		5,599		24,255
Netherlands		1			16,514		-		20,185		16,514		20,185		36,699
Poland		2			8,571		-		31,432		8,571		31,432		40,003				2023
Slovakia		1			2,758		-		5,918		2,758		5,918		8,676
Spain		2			14,458		-		31,014		14,458		31,014		45,472				2023
Sweden		3			47,555		-		43,465		47,555		43,465		91,020				2023
U.K.		14			73,309		-		283,017		73,309		283,017		356,326				2023
Subtotal Europe Markets:		33			234,267		-		504,081		234,267		504,081		738,348
Asia Markets
Japan		9			106,137		-		279,973		106,137		279,973		386,110				2023
Subtotal Asia Markets:		9			106,137		-		279,973		106,137		279,973		386,110
Total Development Portfolio		130			1,623,212		77,190		2,667,053		1,623,212		2,744,243		4,367,455
GRAND TOTAL		3,090			23,654,633		41,174,675		14,973,644		24,432,518		55,370,434		79,802,952		(10,654,290	)

Schedule III – Footnotes

(a)The following table reconciles real estate assets per Schedule III to the Consolidated Balance Sheets in Item 8. Financial Statements and Supplementary Data at December 31, 2023 (in thousands):

Total operating properties and development portfolio per Schedule III	$	79,802,952	(g)
Land		3,775,553
Other real estate investments (i)		5,088,070
Total per Consolidated Balance Sheets	$	88,666,575

(i)Included in other real estate investments were: (i) land parcels we own and lease to third parties; (ii) non-strategic real estate assets, primarily acquired from the Duke Transaction, that we do not intend to operate long-term; (iii) non-industrial real estate assets that we intend to redevelop as industrial properties or other higher use assets; and (iv) energy assets.

(b)The aggregate cost for federal tax purposes at December 31, 2023, of our real estate assets was approximately $65 billion (unaudited).

(c)Real estate assets (excluding land balances) are depreciated over their estimated useful lives. These useful lives are generally 5 to 7 years for capital improvements, 10 years for standard tenant improvements, 15 to 25 years for depreciable land

improvements, 25 to 40 years for operating properties acquired based on the age of the building and 40 years for operating properties we develop.

The following table reconciles accumulated depreciation per Schedule III to the Consolidated Balance Sheets in Item 8. Financial Statements and Supplementary Data at December 31, 2023 (in thousands):

Total accumulated depreciation per Schedule III	$	10,654,290	(g)
Accumulated depreciation on other real estate investments (i)		277,195
Total per Consolidated Balance Sheets	$	10,931,485

(i)Accumulated depreciation in other real estate investments includes energy assets.

(d)Properties with an aggregate undepreciated cost of $634.4 million secure $243.6 million of mortgage notes. See Note 8 to the Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data for more information related to our secured mortgage debt.

(e)Assessment bonds of $8.2 million are secured by assessments (similar to property taxes) on various underlying real estate properties with an aggregate undepreciated cost of $586.8 million. The assessment bonds are included in term loans and unsecured other debt in Note 8 to the Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data.

(f)Date of construction is provided for properties in the development portfolio that were completed but not yet stabilized.

(g)The following table summarizes our real estate assets and accumulated depreciation per Schedule III for the years ended December 31 (in thousands):

	2023			2022			2021
Real estate assets:
Balance at beginning of year	$	73,250,949		$	47,183,100		$	45,390,230
Acquisitions of and improvements to operating properties, development      activity and net effect of changes in foreign exchange rates and other		7,138,283			25,281,173			3,351,730
Basis of operating properties disposed of		(404,914	)		(445,558	)		(1,589,527	)
Change in the development portfolio balance, including the acquisition of      properties		155,301			1,482,814			846,729
Assets transferred to held for sale and contribution		(336,667	)		(250,580	)		(816,062	)
Balance at end year	$	79,802,952		$	73,250,949		$	47,183,100
Accumulated depreciation:
Balance at beginning of year	$	8,815,724		$	7,451,382		$	6,370,341
Depreciation expense		1,837,145			1,357,180			1,143,758
Balances retired upon disposition of operating properties and net effect of      changes in foreign exchange rates and other		7,697			9,090			(42,483	)
Assets transferred to held for sale and contribution		(6,276	)		(1,928	)		(20,234	)
Balance at end of year	$	10,654,290		$	8,815,724		$	7,451,382