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Unconsolidated Entities (Tables)
 9 Months Ended
Sep. 30, 2015
Schedule Of Equity Method Investments [Line Items]  
Summary of Investments in and Advances Unconsolidated Entities

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

 

 

 

September 30,

 

 

December 31,

 

 

 

2015

 

 

2014

 

Unconsolidated co-investment ventures

 

$

4,631,329

 

 

$

4,665,918

 

Other ventures

 

 

209,896

 

 

 

158,806

 

Totals

 

$

4,841,225

 

 

$

4,824,724

 

 
Earnings on Investment in Co-Investment Ventures

The following table summarizes the amounts we recognized in the Consolidated Statements of Operations as our share of the earnings from our investments in unconsolidated co-investment ventures (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Earnings from unconsolidated co-investment ventures, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

10,558

 

 

$

8,863

 

 

$

25,116

 

 

$

8

 

Europe

 

 

20,871

 

 

 

14,653

 

 

 

69,685

 

 

 

66,890

 

Asia

 

 

1,188

 

 

 

3,678

 

 

 

8,903

 

 

 

10,181

 

Total earnings from unconsolidated co-investment ventures, net

 

$

32,617

 

 

$

27,194

 

 

$

103,704

 

 

$

77,079

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Strategic capital and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Americas

 

$

14,098

 

 

$

18,449

 

 

$

45,073

 

 

$

80,004

 

Europe

 

 

20,652

 

 

 

24,713

 

 

 

60,046

 

 

 

65,866

 

Asia

 

 

8,760

 

 

 

10,603

 

 

 

26,165

 

 

 

28,810

 

Total strategic capital income

 

 

43,510

 

 

 

53,765

 

 

 

131,284

 

 

 

174,680

 

Development management income

 

 

1,847

 

 

 

1,678

 

 

 

5,033

 

 

 

3,259

 

Total strategic capital and other income

 

$

45,357

 

 

$

55,443

 

 

$

136,317

 

 

$

177,939

 

 
Summary of Remaining Equity Commitments

 

The following table summarizes the remaining equity commitments at September 30, 2015 (in millions):

 

 

 

Equity Commitments

 

 

Expiration Date

for Remaining Commitments

 

 

Prologis

 

 

Venture Partners

 

 

Total

 

 

 

Prologis Targeted U.S. Logistics Fund

 

$

-

 

 

$

277

 

 

$

277

 

 

2015 – 2016

Prologis Targeted Europe Logistics Fund (1)

 

 

-

 

 

 

411

 

 

 

411

 

 

2015 – 2017

Prologis European Properties Fund II (1)

 

 

15

 

 

 

78

 

 

 

93

 

 

2015 – 2016

Prologis European Logistics Partners Sàrl (2)

 

 

52

 

 

 

52

 

 

 

104

 

 

February 2016

Prologis China Logistics Venture

 

 

214

 

 

 

1,214

 

 

 

1,428

 

 

2015 and 2017

Totals

 

$

281

 

 

$

2,032

 

 

$

2,313

 

 

 

 

(1)

Equity commitments are denominated in euro and reported in U.S. dollars based on an exchange rate of $1.12 U.S. dollars to the euro.

 

(2)

The equity commitments for this venture are expected to fund the future repayment of debt that is denominated in British pounds sterling. The commitments will be called in euros and are reported in U.S. dollars using an exchange rate of $1.52 U.S. dollars to British pounds sterling.
Unconsolidated Co-Investment Ventures [Member]  
Schedule Of Equity Method Investments [Line Items]  
Summary of Investments in and Advances Unconsolidated Entities

The following tables summarize these unconsolidated co-investment ventures:

 

 

 

September 30,

 

 

December 31,

 

 

September 30,

 

(dollars and square feet in millions)

 

2015

 

 

2014

 

 

2014

 

Americas:

 

 

 

 

 

 

 

 

 

 

 

 

Number of ventures

 

 

3

 

 

 

3

 

 

 

4

 

Number of properties owned

 

 

602

 

 

 

590

 

 

 

814

 

Square feet

 

 

89.2

 

 

 

87.1

 

 

 

130.5

 

Total assets

 

$

6,870

 

 

$

7,063

 

 

$

9,396

 

Third-party debt

 

$

2,025

 

 

$

2,280

 

 

$

3,309

 

Total liabilities

 

$

2,166

 

 

$

2,421

 

 

$

3,513

 

Our investment balance (1)

 

$

1,480

 

 

$

1,537

 

 

$

2,371

 

Our weighted average ownership (2)

 

 

29.7

%

 

 

31.0

%

 

 

40.2

%

Europe:

 

 

 

 

 

 

 

 

 

 

 

 

Number of ventures

 

 

4

 

 

 

4

 

 

 

4

 

Number of properties owned

 

 

683

 

 

 

636

 

 

 

629

 

Square feet

 

 

158.5

 

 

 

147.4

 

 

 

145.3

 

Total assets

 

$

11,734

 

 

$

11,463

 

 

$

11,952

 

Third-party debt

 

$

2,786

 

 

$

2,644

 

 

$

2,798

 

Total liabilities

 

$

3,766

 

 

$

3,524

 

 

$

3,823

 

Our investment balance (1)

 

$

2,796

 

 

$

2,773

 

 

$

2,894

 

Our weighted average ownership (2)

 

 

39.5

%

 

 

38.8

%

 

 

38.8

%

Asia:

 

 

 

 

 

 

 

 

 

 

 

 

Number of ventures

 

 

2

 

 

 

2

 

 

 

2

 

Number of properties owned

 

 

57

 

 

 

52

 

 

 

51

 

Square feet

 

 

27.3

 

 

 

26.2

 

 

 

26.0

 

Total assets

 

$

4,248

 

 

$

4,135

 

 

$

4,366

 

Third-party debt

 

$

1,747

 

 

$

1,652

 

 

$

1,758

 

Total liabilities

 

$

1,969

 

 

$

1,749

 

 

$

1,955

 

Our investment balance (1) (3)

 

$

355

 

 

$

356

 

 

$

376

 

Our weighted average ownership (2)

 

 

15.0

%

 

 

15.0

%

 

 

15.0

%

Total:

 

 

 

 

 

 

 

 

 

 

 

 

Number of ventures

 

 

9

 

 

 

9

 

 

 

10

 

Number of properties owned

 

 

1,342

 

 

 

1,278

 

 

 

1,494

 

Square feet

 

 

275.0

 

 

 

260.7

 

 

 

301.8

 

Total assets

 

$

22,852

 

 

$

22,661

 

 

$

25,714

 

Third-party debt

 

$

6,558

 

 

$

6,576

 

 

$

7,865

 

Total liabilities

 

$

7,901

 

 

$

7,694

 

 

$

9,291

 

Our investment balance (1)

 

$

4,631

 

 

$

4,666

 

 

$

5,641

 

Our weighted average ownership (2)

 

 

32.1

%

 

 

32.0

%

 

 

35.4

%

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(in thousands)

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Americas (4):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

152,196

 

 

$

204,225

 

 

$

457,048

 

 

$

551,153

 

Net operating income

 

$

118,146

 

 

$

154,415

 

 

$

347,616

 

 

$

405,900

 

Net earnings

 

$

33,561

 

 

$

24,362

 

 

$

77,606

 

 

$

16,792

 

Europe:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

237,914

 

 

$

250,477

 

 

$

702,772

 

 

$

749,433

 

Net operating income

 

$

186,779

 

 

$

198,011

 

 

$

548,705

 

 

$

590,856

 

Net earnings

 

$

50,504

 

 

$

38,708

 

 

$

168,947

 

 

$

166,999

 

Asia:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

68,451

 

 

$

70,969

 

 

$

204,629

 

 

$

209,188

 

Net operating income

 

$

53,083

 

 

$

55,601

 

 

$

159,064

 

 

$

162,894

 

Net earnings

 

$

10,097

 

 

$

22,380

 

 

$

55,717

 

 

$

60,874

 

Total:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

458,561

 

 

$

525,671

 

 

$

1,364,449

 

 

$

1,509,774

 

Net operating income

 

$

358,008

 

 

$

408,027

 

 

$

1,055,385

 

 

$

1,159,650

 

Net earnings

 

$

94,162

 

 

$

85,450

 

 

$

302,270

 

 

$

244,665

 

 

(1)

The difference between our ownership interest of a venture’s equity and our investment balance results principally from three types of transactions: (i) deferring a portion of the gains we recognize from a contribution of a property to a venture ($411.2 million and $322.9 million at September 30, 2015, and December 31, 2014, respectively); (ii) recording additional costs associated with our investment in a venture; and (iii) advances to a venture.

 

(2)

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

 

(3)

At September 30, 2015, and December 31, 2014, we had receivables from Nippon Prologis REIT, Inc. (“NPR”) of $86.2 million and $85.9 million, respectively, related to customer security deposits that were made through a leasing company owned by Prologis that pertain to properties owned by NPR. There is a corresponding payable to NPR’s customers in Other Liabilities in the Consolidated Balance Sheets.

 

(4)

As discussed in Note 3, we formed and invested in FIBRA Prologis in June 2014. In connection with the transaction, we concluded our unconsolidated co-investment venture in Mexico. As discussed in Note 2, we began consolidating NAIF in October 2014.