Unconsolidated Entities (Tables)

9 Months Ended

Sep. 30, 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):

	September 30,		December 31,
	2025		2024
Unconsolidated co-investment ventures	$	9,730,490	$	9,274,762
Other ventures		812,567		804,686
Total	$	10,543,057	$	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:	Sep 30, 2025			Dec 31, 2024			Sep 30, 2025			Dec 31, 2024			Sep 30, 2025			Dec 31, 2024			Sep 30, 2025			Dec 31, 2024			Sep 30, 2025			Dec 31, 2024
Key property information:
Ventures		1			1			2			2			2			2			4			4			9			9
Operating properties		767			767			390			391			1,047			1,037			243			241			2,447			2,436
Square feet		134			134			85			85			235			232			101			100			555			551
Financial position:
Total assets ($)		13,687			13,903			7,274			7,112			26,242			23,873			9,573			9,404			56,776			54,292
Third-party debt ($)		5,398			5,399			2,210			2,242			6,905			6,343			4,064			3,942			18,577			17,926
Total liabilities ($)		6,400			6,466			2,503			2,422			9,134			8,375			4,478			4,362			22,515			21,625
Our investment balance ($) (2)		2,984			3,023			1,189			1,168			4,807			4,371			750			713			9,730			9,275
Our weighted average ownership (3)		30.5	%		30.5	%		31.0	%		30.9	%		32.8	%		33.0	%		15.4	%		15.2	%		29.1	%		29.0	%
	U.S.						Other Americas (1)(4)						Europe						Asia						Total
Operating Information:	Sep 30, 2025			Sep 30, 2024			Sep 30, 2025			Sep 30, 2024			Sep 30, 2025			Sep 30, 2024			Sep 30, 2025			Sep 30, 2024			Sep 30, 2025			Sep 30, 2024
For the three months ended:
Total revenues ($)		411			355			206			110			527			467			164			162			1,308			1,094
Net earnings ($)		102			103			41			41			89			96			46			11			278			251
Our earnings from unconsolidated      co-investment ventures, net ($)		32			31			17			13			31			36			8			2			88			82
For the nine months ended:
Total revenues ($)		1,224			1,070			620			350			1,504			1,359			490			475			3,838			3,254
Net earnings ($)		304			322			172			150			258			259			100			48			834			779
Our earnings from unconsolidated      co-investment ventures, net ($)		96			97			54			49			90			91			17			9			257			246

(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 September 30, 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Recurring fees	$	130,425	$	117,855	$	383,914	$	345,776
Transactional fees		16,577		14,372		47,096		39,786
Promote revenue		1,245		908		1,245		25,027
Total strategic capital revenues from unconsolidated      co-investment ventures (1)	$	148,247	$	133,135	$	432,255	$	410,589

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