Unconsolidated Entities (Tables)

9 Months Ended

Sep. 30, 2024

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):

	September 30,		December 31,
	2024		2023
Unconsolidated co-investment ventures	$	9,275,611	$	8,379,265
Other ventures (1)		817,154		1,164,705
Total	$	10,092,765	$	9,543,970

(1)In August 2024, we acquired our partners' interest in an unconsolidated venture and began consolidating the properties.

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 (dollars and square feet in millions):

	U.S.						Other Americas (1)						Europe						Asia						Total
At:	Sep 30, 2024			Dec 31, 2023			Sep 30, 2024 (2)			Dec 31, 2023			Sep 30, 2024			Dec 31, 2023			Sep 30, 2024			Dec 31, 2023			Sep 30, 2024			Dec 31, 2023
Key property information:
Ventures		1			1			2			2			2			2			4			4			9			9
Operating properties		748			745			285			275			1,017			1,007			240			228			2,290			2,255
Square feet		130			126			67			65			227			223			98			94			522			508
Financial position:
Total assets ($)		13,183			11,884			4,083			4,106			24,819			23,504			10,224			10,226			52,309			49,720
Third-party debt ($)		5,396			4,185			1,062			915			6,167			5,804			4,003			3,983			16,628			14,887
Total liabilities ($)		6,244			4,930			1,147			997			8,325			7,849			4,439			4,429			20,155			18,205
Our investment balance ($) (3)		2,814			2,257			1,189			1,152			4,434			4,126			839			844			9,276			8,379
Our weighted average ownership (4)		30.3	%		27.3	%		33.4	%		39.3	%		32.2	%		31.9	%		15.2	%		15.2	%		28.6	%		28.1	%
	U.S.						Other Americas (1)						Europe						Asia						Total
Operating Information:	Sep 30, 2024			Sep 30, 2023			Sep 30, 2024			Sep 30, 2023			Sep 30, 2024			Sep 30, 2023			Sep 30, 2024			Sep 30, 2023			Sep 30, 2024			Sep 30, 2023
For the three months ended:
Total revenues ($)		355			330			110			109			467			429			162			164			1,094			1,032
Net earnings ($)		103			86			41			52			96			66			11			28			251			232
Our earnings from unconsolidated      co-investment ventures, net ($)		31			24			13			18			36			23			2			5			82			70
For the nine months ended:
Total revenues ($)		1,070			983			350			314			1,359			1,255			475			491			3,254			3,043
Net earnings ($)		322			262			150			142			259			226			48			56			779			686
Our earnings from unconsolidated      co-investment ventures, net ($)		97			71			49			49			91			74			9			10			246			204

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

(2)In August 2024, FIBRA Prologis in Mexico completed a tender offer to acquire 77.1% of Terrafina, a Mexican FIBRA, through a combination of stock and cash, and began consolidating Terrafina. At June 30, 2024, Terrafina owned and managed 42.2 million square feet of industrial real estate, including 288 industrial operating properties. As a result of the transaction, our ownership percentage in FIBRA Prologis decreased to 35.5%. The assets and liabilities of Terrafina are not included in key property information as FIBRA Prologis is a publicly traded vehicle in Mexico that has not yet reported results for the third quarter of 2024.

(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 September 30, 2024 and December 31, 2023, results principally from four types of transactions: (i) deferred gains from the contribution of property to a venture prior to January 1, 2018; (ii) recording additional costs associated with our investment in the venture; (iii) receivables, principally for fees and promotes; and (iv) customer security deposits retained subsequent to property contributions to Nippon Prologis REIT, Inc. and Prologis Japan Core Logistics Fund.

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

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

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Recurring fees	$	117,855	$	113,947	$	345,776	$	340,842
Transactional fees		14,372		15,757		39,786		44,359
Promote revenue (1)		908		3,993		25,027		673,665
Total strategic capital revenues from unconsolidated      co-investment ventures (2)	$	133,135	$	133,697	$	410,589	$	1,058,866

(1)The nine months ended September 30, 2023 primarily includes promote revenue earned from our unconsolidated co-investment venture in the U.S.

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