Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2023

Schedule Of Equity Method Investments [Line Items]

Summary of Investments in and Advances to our Unconsolidated Entities

The following table summarizes our investments in and advances to unconsolidated entities at December 31 (in thousands):

	2023		2022
Unconsolidated co-investment ventures	$	8,379,265	$	8,073,927
Other ventures		1,164,705		1,624,971
Total	$	9,543,970	$	9,698,898

Unconsolidated Co-Investment Ventures [Member]

Schedule Of Equity Method Investments [Line Items]

Summary of Investments in and Advances to our Unconsolidated Entities

The following table summarizes the key property information, financial position and operating information of our unconsolidated co-investment ventures on a U.S. GAAP basis (not our proportionate share) and the amounts we recognized in the Consolidated Financial Statements related to these ventures at December 31 and for the years ended December 31 (dollars and square feet in millions):

	U.S.						Other Americas (1)						Europe (2)						Asia						Total
At:	2023			2022			2023			2022			2023			2022			2023			2022			2023			2022
Key property information:
Ventures		1			1			2			2			2			2			4			3			9			8
Operating properties		745			739			275			260			1,007			989			228			217			2,255			2,205
Square feet		126			123			65			60			223			219			94			89			508			491
Financial position:
Total assets ($)		11,884			12,617			4,106			3,744			23,504			22,502			10,226			9,964			49,720			48,827
Third-party debt ($)		4,185			3,468			915			919			5,804			5,315			3,983			3,811			14,887			13,513
Total liabilities ($)		4,930			4,143			997			1,011			7,849			7,292			4,429			4,279			18,205			16,725
Our investment balance ($) (3)		2,257			2,398			1,152			1,070			4,126			3,786			844			820			8,379			8,074
Our weighted average ownership (4)		27.3	%		26.2	%		39.3	%		41.0	%		31.9	%		31.0	%		15.2	%		15.2	%		28.1	%		27.4	%

	U.S.						Other Americas (1)						Europe (2)						Asia						Total
Operating Information:	2023		2022		2021		2023		2022		2021		2023		2022		2021		2023		2022		2021		2023		2022		2021
For the years ended:
Total revenues ($)		1,315		1,182		1,039		427		383		321		1,695		1,424		1,387		654		629		653		4,091		3,618		3,400
Net earnings ($)		344		292		312		191		137		120		341		493		1,070		74		114		160		950		1,036		1,662
Our earnings from    unconsolidated    co-investment    ventures, net ($)		95		79		82		67		47		43		112		150		214		13		19		27		287		295		366

(1)PBLV and our other Brazilian joint ventures are combined as one venture for the purpose of this table.

(2)In September 2022, PELF acquired a real estate portfolio that primarily included 125 industrial operating properties.

(3)Prologis’ investment balance is presented at our adjusted basis. The difference between our ownership interest of a venture’s equity and our investment balance at December 31, 2023, and 2022, results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018 ($534.9 million and $546.9 million, respectively); (ii) recording additional costs associated with our investment in the venture ($91.7 million and $90.4 million, respectively); (iii) receivables, principally for fees and promotes ($199.9 million and $193.7 million, respectively); and (iv) customer security deposits retained subsequent to property contributions to NPR, as discussed above.

(4)Represents our weighted average ownership interest in all unconsolidated co-investment ventures based on each entity’s contribution of total assets before depreciation, net of other liabilities.

Information About Investments in Co-investment Ventures by Property Funds

The following table summarizes our investments in the individual co-investment ventures at December 31 (dollars in thousands):

	Ownership Percentage						Investment in and Advances to
Co-Investment Venture	2023			2022			2023		2022
Prologis Targeted U.S. Logistics Fund, L.P. (“USLF”)		27.3	%		26.2	%	$	2,256,939	$	2,397,544
FIBRA Prologis (1)		45.1	%		47.9	%		959,421		888,710
Prologis Brazil Logistics Venture (“PBLV”) and other joint ventures (2)		20.0	%		20.0	%		192,987		181,354
Prologis European Logistics Fund (“PELF”)		25.1	%		23.8	%		2,098,180		1,837,615
Prologis European Logistics Partners (“PELP”) (2)		50.0	%		50.0	%		2,027,299		1,949,002
Nippon Prologis REIT, Inc. (“NPR”) (3) (4)		15.1	%		15.1	%		595,920		614,933
Prologis Japan Core Logistics Fund ("PJLF") (4) (5)		16.3	%	-				45,736		-
Prologis China Core Logistics Fund, LP (“PCCLF”)		15.5	%		15.5	%		80,229		92,863
Prologis China Logistics Venture I, LP, II, LP and III, LP      (“Prologis China Logistics Venture”) (2)		15.0	%		15.0	%		122,554		111,906
Total							$	8,379,265	$	8,073,927

(1)At December 31, 2023, we owned 520.7 million units of FIBRA Prologis that had a closing price of Ps 80.75 ($4.78) per unit on the Mexican Stock Exchange. We have granted FIBRA Prologis a right of first refusal with respect to stabilized properties that we plan to sell in Mexico.

(2)We have one partner in each of these co-investment ventures.

(3)At December 31, 2023, we owned 0.4 million units of NPR that had a closing price of ¥271,400 ($1,918) per share on the Tokyo Stock Exchange. For any properties we develop and plan to sell in Japan, we have committed to offer those properties to NPR if we determine the properties meet NPR’s investment objectives.

(4)At December 31, 2023, and 2022, we had receivables from NPR and PJLF of $161.2 million and $161.4 million, respectively, related to customer security deposits that originated through a leasing company owned by us that pertain to properties previously contributed to NPR and PJLF. We have a corresponding payable to NPR’s and PJLF's customers in Other Liabilities. These amounts are repaid to us as the leases turn over.

(5)In 2023, we formed PJLF with two investors through the initial contribution of assets for which we received cash and equity ownership. We account for our investment in PJLF under the equity method of accounting.

Summary of Strategic Capital Revenues Recognized in Consolidated Statements of Income Related to Co-Investment Ventures

The following table summarizes the Strategic Capital Revenues we recognized in the Consolidated Statements of Income related to our unconsolidated co-investment ventures for the years ended December 31 (in thousands):

	2023		2022		2021
Recurring fees	$	450,682	$	455,385	$	395,765
Transactional fees		60,467		67,048		78,552
Promote revenue (1)		674,629		503,779		77,199
Total strategic capital revenues from unconsolidated co-investment ventures (2)	$	1,185,778	$	1,026,212	$	551,516

(1)Includes promote revenue primarily earned from unconsolidated co-investment ventures in the U.S. in 2023 and Europe in 2022.

(2)These amounts exclude strategic capital revenues from other ventures.