Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2025

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,
	2025		2024
Unconsolidated co-investment ventures	$	9,473,602	$	9,274,762
Other ventures		813,712		804,686
Total	$	10,287,314	$	10,079,448

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:	Mar 31, 2025			Dec 31, 2024			Mar 31, 2025			Dec 31, 2024			Mar 31, 2025			Dec 31, 2024			Mar 31, 2025			Dec 31, 2024			Mar 31, 2025			Dec 31, 2024
Key property information:
Ventures		1			1			2			2			2			2			4			4			9			9
Operating properties		767			767			390			391			1,046			1,037			242			241			2,445			2,436
Square feet		134			134			85			85			235			232			100			100			554			551
Financial position:
Total assets ($)		13,931			13,903			7,218			7,112			24,994			23,873			9,631			9,404			55,774			54,292
Third-party debt ($)		5,397			5,399			2,200			2,242			6,788			6,343			4,057			3,942			18,442			17,926
Total liabilities ($)		6,430			6,466			2,521			2,422			8,927			8,375			4,460			4,362			22,338			21,625
Our investment balance ($) (2)		3,005			3,023			1,176			1,168			4,554			4,371			739			713			9,474			9,275
Our weighted average ownership (3)		30.3	%		30.5	%		31.1	%		30.9	%		33.0	%		33.0	%		15.2	%		15.2	%		29.0	%		29.0	%
	U.S.						Other Americas (1)(4)						Europe						Asia						Total
Operating Information:	Mar 31, 2025			Mar 31, 2024			Mar 31, 2025			Mar 31, 2024			Mar 31, 2025			Mar 31, 2024			Mar 31, 2025			Mar 31, 2024			Mar 31, 2025			Mar 31, 2024
For the three months ended:
Total revenues ($)		407			353			214			120			470			462			160			160			1,251			1,095
Net earnings ($)		98			88			45			53			65			72			21			28			229			241
Our earnings from unconsolidated      co-investment ventures, net ($)		31			26			11			18			23			24			4			5			69			73

(1)Prologis Brazil Logistics Venture 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. The difference between our ownership interest of a venture’s equity and our investment balance at March 31, 2025 and December 31, 2024, 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.

(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.

(4)In 2024, FIBRA Prologis acquired an 89.9% ownership interest in Terrafina, a Mexican FIBRA, and began consolidating Terrafina in August 2024.

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 March 31,
	2025		2024
Recurring fees	$	122,684	$	113,142
Transactional fees		16,398		12,244
Promote revenue		-		262
Total strategic capital revenues from unconsolidated co-investment ventures (1)	$	139,082	$	125,648

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