Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2024

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, 2024

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

				Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2024
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		179			813,718		2,332,278		645,540		839,564		2,951,972		3,791,536		(581,128	)	1994-2023
Austin		10			12,783		52,335		12,071		12,837		64,352		77,189		(33,469	)	1994-2015
Baltimore/Washington		100			560,092		1,074,578		353,379		576,599		1,411,450		1,988,049		(298,387	)	1995-2023
Central PA		33			287,499		1,003,135		198,234		305,262		1,183,606		1,488,868		(313,112	)	2004-2023
Central Valley		41			262,046		555,484		1,023,740		283,095		1,558,175		1,841,270		(373,377	)	1999-2023
Charlotte		46			121,073		346,000		133,948		135,201		465,820		601,021		(120,019	)	1994-2023
Chicago		240			1,165,264		3,119,959		881,151		1,192,776		3,973,598		5,166,374		(1,064,495	)	1995-2024
Cincinnati		62			158,195		848,262		183,964		167,258		1,023,163		1,190,421		(170,097	)	1996-2023
Columbus		34			78,965		429,338		105,610		82,215		531,698		613,913		(144,677	)	1996-2022
Dallas/Ft. Worth		222			1,031,385		2,873,762		789,748		1,052,417		3,642,478		4,694,895		(741,755	)	1994-2024
Denver		35			97,827		295,412		151,957		97,928		447,268		545,196		(182,500	)	1993-2022
Houston		197			535,339		2,247,572		544,218		581,704		2,745,425		3,327,129		(538,599	)	1993-2024
Indianapolis		45			121,482		744,088		166,432		132,593		899,409		1,032,002		(138,284	)	1995-2023
Las Vegas		61			218,529		422,687		375,940		212,317		804,839		1,017,156		(176,768	)	1996-2024
Lehigh Valley		67			1,254,531		2,279,491		548,286		1,333,324		2,748,984		4,082,308		(471,350	)	2004-2023
Louisville		13			51,659		203,002		99,616		53,911		300,366		354,277		(101,924	)	2005-2024
Nashville		51			252,598		712,194		334,403		257,372		1,041,823		1,299,195		(142,301	)	1995-2024
New Jersey/New York City		161	(d)		2,951,128		3,972,239		873,256		3,008,971		4,787,652		7,796,623		(1,111,959	)	1996-2023
Orlando		100	(d)		293,548		838,595		292,951		297,592		1,127,502		1,425,094		(235,964	)	1994-2023
Phoenix		54			240,591		589,464		611,395		275,906		1,165,544		1,441,450		(189,145	)	1992-2024
Portland		42	(e)		131,886		302,981		239,338		189,388		484,817		674,205		(110,474	)	2006-2023
Raleigh Durham		40			125,129		469,010		50,320		129,869		514,590		644,459		(49,869	)	2020-2024
Reno		20			45,324		142,279		251,159		46,578		392,184		438,762		(118,712	)	1994-2024
San Antonio		15	(d)		22,758		81,350		44,908		22,981		126,035		149,016		(66,362	)	1994-2016
San Francisco Bay Area		240	(d)		1,244,103		1,736,829		911,140		1,254,061		2,638,011		3,892,072		(1,063,924	)	1993-2024
Savannah		27			225,576		522,311		43,808		227,478		564,217		791,695		(50,837	)	2022-2023
Seattle		111			911,333		1,429,809		506,709		939,750		1,908,101		2,847,851		(437,289	)	2008-2024
South Florida		177	(d)		1,380,890		2,118,394		503,532		1,400,314		2,602,502		4,002,816		(509,845	)	1994-2023
Southern California		440	(e)		7,195,931		8,435,505		2,716,241		7,458,614		10,889,063		18,347,677		(2,541,272	)	2005-2024
Tampa		26			92,357		244,738		36,048		99,091		274,052		373,143		(34,914	)	2020-2022
Subtotal U.S. Markets:		2,889			21,883,539		40,423,081		13,629,042		22,666,966		53,268,696		75,935,662		(12,112,808	)
Other Americas Markets
Brazil		5			-		44,890		200		-		45,090		45,090		(3,649	)	2022
Canada		37	(d)		342,100		522,680		337,621		353,899		848,502		1,202,401		(192,320	)	2008-2024
Mexico		2			2,423		2,287		18,132		3,513		19,329		22,842		(2,187	)	2011-2023
Subtotal Other Americas Markets:		44			344,523		569,857		355,953		357,412		912,921		1,270,333		(198,156	)
Europe Markets
Belgium		3			15,595		4,651		19		15,595		4,670		20,265		(801	)	2022
Czech Republic		1			3,264		-		19,946		3,264		19,946		23,210		(453	)	2023
France		2			5,187		-		52,179		4,454		52,912		57,366		(1,595	)	2023
Germany		3			35,108		6,885		1,437		35,108		8,322		43,430		(7,215	)	2011-2022
Hungary		3			7,357		-		26,760		7,357		26,760		34,117		(903	)	2022-2023
Italy		1			3,468		-		8,395		3,474		8,389		11,863		(385	)	2023
Netherlands		3			22,641		3,436		230		22,641		3,666		26,307		(1,081	)	2023
Poland		1			7,515		-		30,163		6,938		30,740		37,678		(546	)	2023
Slovakia		2			2,850		-		11,289		2,096		12,043		14,139		(981	)	2021
Spain		6			16,469		33,608		39,989		15,697		74,369		90,066		(21,639	)	2011-2023
Sweden		1			2,438		-		12,753		2,438		12,753		15,191		(305	)	2023
United Kingdom		15			251,702		25,004		124,807		266,381		135,132		401,513		(7,029	)	2019-2024
Subtotal Europe Markets:		41			373,594		73,584		327,967		385,443		389,702		775,145		(42,933	)
Asia Markets
Japan		8			29,980		8,091		119,260		28,866		128,465		157,331		(10,303	)	2019-2024
Singapore		5			-		135,306		5,576		-		140,882		140,882		(86,345	)	2011
Subtotal Asia Markets:		13			29,980		143,397		124,836		28,866		269,347		298,213		(96,648	)
Total Operating Properties		2,987			22,631,636		41,209,919		14,437,798		23,438,687		54,840,666		78,279,353		(12,450,545	)

PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2024

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

				Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2024									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		3			35,883		-		44,088		35,883		44,088		79,971
Austin		4			101,412		-		274,419		101,412		274,419		375,831
Central PA		1			13,549		-		55,476		13,549		55,476		69,025				2024
Central Valley		1			5,678		-		13,687		5,678		13,687		19,365
Chicago		1			13,710		-		38,772		13,710		38,772		52,482				2024
Dallas/Ft. Worth		4			34,324		-		8,410		34,324		8,410		42,734
Las Vegas		3			35,768		-		62,437		35,768		62,437		98,205				2024
Nashville		3			33,584		-		57,828		33,583		57,829		91,412
New Jersey/New York City		3			98,505		-		130,008		98,505		130,008		228,513				2024
Orlando		2			4,697		-		18,112		4,697		18,112		22,809
Portland		1			1,840		-		29,946		1,840		29,946		31,786
Phoenix		2			11,563		-		61,827		11,563		61,827		73,390				2024
San Francisco Bay Area		3			59,741		-		119,611		59,741		119,611		179,352				2024
Seattle		1			21,350		-		44,435		21,350		44,435		65,785				2024
South Florida		4			55,054		13,679		68,639		56,457		80,915		137,372				2024
Southern California		1			38,979		-		86,359		38,979		86,359		125,338
Subtotal U.S. Markets:		37			565,637		13,679		1,114,054		567,039		1,126,331		1,693,370
Other Americas Markets
Canada		5			85,018		-		148,192		85,018		148,192		233,210				2024
Mexico		10			104,509		-		126,592		104,509		126,592		231,101				2024
Subtotal Other Americas Markets:		15			189,527		-		274,784		189,527		274,784		464,311
Europe Markets
Belgium		1			8,953		-		37,524		8,953		37,524		46,477				2024
Czech Republic		1			64		-		5,574		64		5,574		5,638				2024
France		1			1,764		-		14,100		1,764		14,100		15,864
Germany		2			18,267		-		24,113		18,267		24,113		42,380
Italy		2			15,251		-		30,603		15,251		30,603		45,854
Netherlands		4			31,722		-		70,875		31,722		70,875		102,597				2024
Poland		2			7,132		-		15,042		7,132		15,042		22,174
Slovakia		1			2,597		-		14,533		2,597		14,533		17,130				2024
United Kingdom		9			75,016		-		60,488		75,016		60,488		135,504
Subtotal Europe Markets:		23			160,766		-		272,852		160,766		272,852		433,618
Asia Markets
Japan		8			41,548		-		185,654		41,548		185,654		227,202
India		2			10,700		-		412		10,700		412		11,112
Subtotal Asia Markets:		10			52,248		-		186,066		52,248		186,066		238,314
Total Development Portfolio		85			968,178		13,679		1,847,756		969,580		1,860,033		2,829,613
GRAND TOTAL		3,072			23,599,814		41,223,598		16,285,554		24,408,267		56,700,699		81,108,966		(12,450,545	)

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, 2024 (in thousands):

Total operating properties and development portfolio per Schedule III	$	81,108,966	(g)
Land		4,453,522
Other real estate investments (i)		5,683,688
Total per Consolidated Balance Sheets	$	91,246,176

(i)Included in other real estate investments were principally: (i) land parcels we own and lease to third parties; (ii) renewable energy assets, including solar panels and electric vehicle chargers, and energy storage systems; (iii) non-strategic real estate assets that we do not intend to operate long term; and (iv) non-industrial real estate assets that we intend to redevelop as industrial properties or data centers.

(b)The aggregate cost for federal tax purposes at December 31, 2024, of our real estate assets was approximately $68 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, 2024 (in thousands):

Total accumulated depreciation per Schedule III	$	12,450,545	(g)
Accumulated depreciation on other real estate investments (i)		307,614
Total per Consolidated Balance Sheets	$	12,758,159

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

(d)Properties with an aggregate undepreciated cost of $687.4 million secure $270.7 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 $7.6 million are secured by assessments (similar to property taxes) on various underlying real estate properties with an aggregate undepreciated cost of $507.5 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):

	2024			2023			2022
Real estate assets:
Balance at beginning of year	$	79,802,952		$	73,250,949		$	47,183,100
Acquisitions of and improvements to operating properties, development      activity and net effect of changes in foreign exchange rates and other		5,627,171			7,138,283			25,281,173
Basis of operating properties disposed of		(2,481,169	)		(404,914	)		(445,558	)
Change in the development portfolio balance, including the acquisition of      properties		(1,537,842	)		155,301			1,482,814
Assets transferred to held for sale and contribution		(302,146	)		(336,667	)		(250,580	)
Balance at end year	$	81,108,966		$	79,802,952		$	73,250,949
Accumulated depreciation:
Balance at beginning of year	$	10,654,290		$	8,815,724		$	7,451,382
Depreciation expense		1,925,386			1,837,145			1,357,180
Balances retired upon disposition of operating properties and net effect of      changes in foreign exchange rates and other		(120,513	)		7,697			9,090
Assets transferred to held for sale and contribution		(8,618	)		(6,276	)		(1,928	)
Balance at end of year	$	12,450,545		$	10,654,290		$	8,815,724