PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2017

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

			Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2017
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 (d)

United States Markets
Atlanta, Georgia
Atlanta NE Distribution Center	14	(d)		14,559		41,096		38,852		15,165		79,342		94,507		(37,280	)	1995, 1996, 1997, 2012, 2015
Atlanta South Business Park	11			9,153		40,834		6,159		9,153		46,993		56,146		(12,197	)	2011, 2015
Atlanta West Distribution Center	4	(d)		12,311		38,291		7,719		12,311		46,010		58,321		(8,818	)	2006, 2015
Berkeley Lake Distribution Center	1	(d)		2,046		8,712		1,274		2,046		9,986		12,032		(3,009	)	2006
Buford Distribution Center	2			2,659		8,847		6,302		2,659		15,149		17,808		(2,734	)	2007, 2015
Cobb Place Distribution Center	2			2,970		12,702		2,008		2,970		14,710		17,680		(3,135	)	2012
Douglas Hill Distribution Center	4			11,599		46,826		5,169		11,677		51,917		63,594		(21,357	)	2005
Hartsfield East Distribution Center	2			1,883		9,325		1,307		1,883		10,632		12,515		(2,517	)	2011
Midland Distribution Center	1			1,919		7,679		1,636		1,919		9,315		11,234		(3,580	)	2006
Northmont Industrial Center	1			566		3,209		1,786		566		4,995		5,561		(3,798	)	1994
Park I-75 South	3	(d)		21,261		18,808		74,549		21,460		93,158		114,618		(7,627	)	2013, 2015, 2017
Park I-85	4			6,391		11,585		26,541		6,390		38,127		44,517		(2,978	)	2015
Peachtree Corners Business Center	5	(d)		1,413		4,992		6,645		1,501		11,549		13,050		(7,851	)	1994, 1997
Riverside Distribution Center (ATL)	3			2,533		13,336		4,578		2,556		17,891		20,447		(11,588	)	1999
Royal 85 Industrial Center	3			3,306		16,859		840		3,306		17,699		21,005		(1,771	)	2015
Savannah Logistics Center	2	(d)		5,114		46,844		607		5,114		47,451		52,565		(4,034	)	2015
Suwanee Creek Distribution Center	4			8,409		40,216		2,192		8,409		42,408		50,817		(6,893	)	2006, 2010, 2013, 2015
Tradeport Distribution Center	3	(d)		1,464		4,563		9,926		1,479		14,474		15,953		(9,544	)	1994, 1996
Westfork Industrial Center	3			6,216		19,382		2,476		6,216		21,858		28,074		(2,124	)	2015
Atlanta, Georgia	72			115,772		394,106		200,566		116,780		593,664		710,444		(152,835	)

Austin, Texas
MET PHASE 1 95 LTD	5			9,893		37,667		1,862		9,893		39,529		49,422		(9,460	)	2011
Montopolis Distribution Center	1			580		3,384		2,687		580		6,071		6,651		(5,118	)	1994
Riverside Distribution Center (AUS)	1			1,849		7,195		202		1,849		7,397		9,246		(714	)	2015
Walnut Creek Corporate Center	3			461		4,089		613		515		4,648		5,163		(3,641	)	1994
Austin, Texas	10			12,783		52,335		5,364		12,837		57,645		70,482		(18,933	)

Baltimore/Washington DC
1901 Park 100 Drive	1	(d)		2,409		7,227		1,347		2,409		8,574		10,983		(3,654	)	2006
Airport Commons Distribution Center	2	(d)		2,320		-		10,777		2,360		10,737		13,097		(5,891	)	1997
Beltway Distribution	1			9,211		33,922		937		9,211		34,859		44,070		(8,248	)	2011
BWI Cargo Center E	1			-		10,725		115		-		10,840		10,840		(8,458	)	2011
Corridor Industrial	10			18,600		66,872		7,514		18,600		74,386		92,986		(18,921	)	2011
Gateway Business Center	14	(d)		20,440		33,927		33,687		21,161		66,893		88,054		(21,209	)	1995, 1998, 2012, 2014
Meadowridge Distribution Center	6	(d)		9,098		31,191		12,897		9,243		43,943		53,186		(12,207	)	1998, 2011, 2012
White Marsh Distribution Center	1			4,714		6,955		2,090		4,714		9,045		13,759		(502	)	2015
Baltimore/Washington DC	36			66,792		190,819		69,364		67,698		259,277		326,975		(79,090	)

Central & Eastern, Pennsylvania
Carlisle Distribution Center	10			94,504		350,096		50,800		95,016		400,384		495,400		(57,041	)	2011, 2012, 2013, 2015
Chambersburg Distribution Center	1			4,188		17,796		1,280		4,188		19,076		23,264		(2,964	)	2013
Harrisburg Distribution Center	5			21,950		96,007		4,405		21,950		100,412		122,362		(20,688	)	2004
Harrisburg Industrial Center	1			782		6,190		1,837		782		8,027		8,809		(4,047	)	202
Lehigh Valley Distribution Center	8			41,135		104,794		54,069		41,741		158,257		199,998		(27,298	)	2004, 2010, 2011, 2013, 2015
Park 33 Distribution Center	1			13,411		-		41,585		15,698		39,298		54,996		(9,504	)	2007
PHL Cargo Center C2	1			-		11,966		93		-		12,059		12,059		(7,939	)	2011
Central & Eastern, Pennsylvania	27			175,970		586,849		154,069		179,375		737,513		916,888		(129,481	)

Central Valley, California
Arch Road Logistics Center	2	(d)		9,492		38,060		2,471		9,492		40,531		50,023		(10,255	)	2010
Central Valley Industrial Center	2	(d)		8,812		33,525		6,640		9,159		39,818		48,977		(21,050	)	1999, 2005
Manteca Distribution Center	1			9,280		27,840		2,695		9,480		30,335		39,815		(11,709	)	2005
Patterson Pass Business Center	5			15,475		19,547		106,788		18,598		123,212		141,810		(10,420	)	2007, 2012, 2015, 2016, 2017
Tracy II Distribution Center	8			30,630		54,918		162,882		36,090		212,340		248,430		(49,787	)	2002, 2007, 2009, 2011, 2012, 2013
Central Valley, California	18			73,689		173,890		281,476		82,819		446,236		529,055		(103,221	)

Charlotte, North Carolina
Charlotte Distribution Center	9	(d)		4,578		-		30,929		6,096		29,411		35,507		(18,353	)	1995, 1996, 1997, 1998
Northpark Distribution Center	2	(d)		1,183		6,707		3,716		1,184		10,422		11,606		(7,291	)	1994, 1998
West Pointe Business Center	5	(d)		9,441		26,182		21,627		10,185		47,065		57,250		(9,031	)	2006, 2012, 2014, 2015
Charlotte, North Carolina	16			15,202		32,889		56,272		17,465		86,898		104,363		(34,675	)

Chicago, Illinois
Addison Distribution Center	3			3,887		14,687		3,509		3,887		18,196		22,083		(5,627	)	1997, 2011, 2015
Arlington Heights Distribution Center	1			4,432		7,035		1,138		4,432		8,173		12,605		(669	)	2015

PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2017

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

				Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2017
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
Aurora Distribution Center	6				9,921		53,571		2,666		9,921		56,237		66,158		(6,104	)	2015
Bensenville Industrial Park	14				43,455		111,007		12,352		43,455		123,359		166,814		(30,362	)	2011, 2015
Chicago Industrial Portfolio	1				1,330		2,876		434		1,330		3,310		4,640		(1,120	)	2011
Des Plaines Distribution Center		4			10,118		22,262		2,141		10,118		24,403		34,521		(6,646	)	1996, 2011, 2015
Elk Grove Distribution Center	11		(d)		33,947		70,193		36,556		33,947		106,749		140,696		(43,818	)	1995, 1997, 1999, 2006, 2009, 2015
Elk Grove Du Page	21				14,830		64,408		15,984		14,830		80,392		95,222		(23,121	)	2012
Elk Grove Village SG	2				1,081		2,007		593		1,081		2,600		3,681		(817	)	2011
Elmhurst Distribution Center	1				1,862		3,263		525		1,862		3,788		5,650		(366	)	2015
Franklin Park Distribution Center	3				22,998		49,906		1,896		22,998		51,802		74,800		(4,093	)	2015
Glendale Heights Distribution Center	4				5,826		23,990		13,419		6,047		37,188		43,235		(7,330	)	1999, 2015, 2016
Gurnee Distribution Center	1				1,961		3,654		116		1,961		3,770		5,731		(465	)	2015
I-55 Distribution Center	19		(d)		69,397		273,462		80,014		75,799		347,074		422,873		(101,004	)	1999, 2005, 2006, 2007, 2011, 2015
Itasca Industrial Portfolio	9				9,273		19,686		2,211		9,273		21,897		31,170		(6,836	)	2011
Kehoe Industrial	2				2,975		7,876		556		2,975		8,432		11,407		(1,322	)	2011, 2015
Kenosha Distribution Center	2				14,484		117,728		778		14,484		118,506		132,990		(8,227	)	2015
McCook Distribution Center	1				1,968		6,784		282		1,968		7,066		9,034		(545	)	2015
Melrose Park Distribution Center	2				9,544		27,851		550		9,544		28,401		37,945		(2,284	)	2015
Minooka Distribution Center	2				12,240		41,745		17,968		13,223		58,730		71,953		(23,104	)	2005, 2008
NDP - Chicago	1				461		1,362		108		461		1,470		1,931		(353	)	2011
Northbrook Distribution Center	1				2,056		8,227		4,033		2,056		12,260		14,316		(4,290	)	2007
Northlake Distribution Center	1				5,015		13,569		978		5,015		14,547		19,562		(1,254	)	2015
Palatine Distribution Center	1				497		2,723		496		497		3,219		3,716		(332	)	2015
Pleasant Prairie Distribution Center	2				3,293		16,321		3,762		3,293		20,083		23,376		(8,107	)	1999, 2015
S.C. Johnson & Son	1				2,267		15,911		1,842		3,152		16,868		20,020		(4,884	)	2008
Shiller Park Distribution Center	17				17,339		33,001		4,893		17,339		37,894		55,233		(4,085	)	2015
Tower Distribution Center	1				2,050		1,279		76		2,050		1,355		3,405		(102	)	2015
Waukegan Distribution Center	1				2,451		9,438		807		2,451		10,245		12,696		(3,603	)	2007
Woodale Distribution Center	1				263		1,490		599		263		2,089		2,352		(1,524	)	1997
Woodridge Distribution Center	17		(d)		55,010		230,533		39,757		58,383		266,917		325,300		(94,312	)	2005, 2007, 2015, 2016
Yohan Industrial	3				4,219		12,306		2,123		4,219		14,429		18,648		(3,564	)	2011
Chicago, Illinois	156				370,450		1,270,151		253,162		382,314		1,511,449		1,893,763		(400,270	)

Cincinnati, Ohio
Airpark Distribution Center	2		(d)		2,958		9,894		15,828		3,938		24,742		28,680		(10,356	)	1996, 2012
DAY Cargo Center	5				-		4,749		711		-		5,460		5,460		(2,851	)	2011
Gateway International Distribution Center	1				2,676		-		18,541		2,698		18,519		21,217		(1,014	)	2015
Park I-275	2		(d)		7,109		26,097		3,930		7,109		30,027		37,136		(7,397	)	2008, 2012
Sharonville Distribution Center	2		(d)		1,202		-		16,045		2,424		14,823		17,247		(8,085	)	1997
West Chester Commerce Park I	2				1,939		8,224		2,432		1,939		10,656		12,595		(2,694	)	2012
Cincinnati, Ohio	14				15,884		48,964		57,487		18,108		104,227		122,335		(32,397	)

Columbus, Ohio
Alum Creek Distribution Center	3				3,945		33,239		482		3,945		33,721		37,666		(3,013	)	2015
Brookham Distribution Center	4		(d)		9,307		39,040		8,909		9,308		47,948		57,256		(23,968	)	1999, 2005
Capital Park South Distribution Center	7		(d)		8,484		30,385		33,368		8,876		63,361		72,237		(25,769	)	1996, 2012
International Street Commerce Center	2				1,503		6,356		886		1,503		7,242		8,745		(1,612	)	2012
Westpointe Distribution Center	2				1,446		7,601		1,811		1,446		9,412		10,858		(4,684	)	2007
Columbus, Ohio	18				24,685		116,621		45,456		25,078		161,684		186,762		(59,046	)

Dallas/Fort Worth, Texas
Arlington Corporate Center	2		(d)		6,084		28,420		962		6,084		29,382		35,466		(5,912	)	2012, 2015
Dallas Corporate Center	24		(d)		23,912		48,079		84,030		26,417		129,604		156,021		(41,745	)	1996, 1997, 1998, 1999, 2001, 2006, 2011, 2012, 2015, 2016
DFW Cargo Center 1	2				-		63,032		1,600		-		64,632		64,632		(16,496	)	2011
DFW Logistics Center 6	1				2,010		8,153		759		2,010		8,912		10,922		(691	)	2015
Flower Mound Distribution Center	1		(d)		5,157		20,991		4,825		5,157		25,816		30,973		(9,199	)	2007
Frankford Trade Center	5		(d)		7,618		31,304		2,390		7,618		33,694		41,312		(4,812	)	1999, 2015
Freeport Distribution Center	10		(d)		10,890		63,497		16,616		10,844		80,159		91,003		(25,402	)	1996, 1997, 1998, 2011, 2012, 2014
Gold Spike Distribution Center	1				3,629		-		21,167		3,629		21,167		24,796		(798	)	2015
Great Southwest Distribution Center	21		(d)		42,328		181,859		27,697		42,328		209,556		251,884		(75,063	)	1995, 1996, 1997, 1999, 2000, 2005, 2012, 2015
Heritage Business Park	9		(d)		20,153		93,145		31,467		20,142		124,623		144,765		(8,920	)	2015
Mesquite Distribution Center	1				3,692		15,473		930		3,692		16,403		20,095		(3,489	)	2012
Mountain Creek	2				13,181		-		63,365		13,217		63,329		76,546		(3,419	)	2015, 2016
Northgate Distribution Center	8		(d)		10,411		51,454		9,575		10,898		60,542		71,440		(24,736	)	1999, 2005, 2008, 2012
Park 121 Distribution Center	2				9,061		-		23,608		9,886		22,783		32,669		(692	)	2016, 2017
Pinnacle Park Distribution Center	1				2,396		7,839		2,852		2,396		10,691		13,087		(3,264	)	2011
Riverside Drive Distribution Center	1				5,107		14,919		98		5,107		15,017		20,124		(1,649	)	2015
Stemmons Industrial Center	9				1,925		12,070		7,913		1,926		19,982		21,908		(15,225	)	1994, 1995, 1996, 1999
Watersridge Distribution Center	1				1,939		11,365		103		1,939		11,468		13,407		(1,009	)	2015
Dallas/Fort Worth, Texas	101				169,493		651,600		299,957		173,290		947,760		1,121,050		(242,521	)

PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2017

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

			Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2017
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
Denver, Colorado
Pagosa Distribution Center	1	(d)		398		2,322		2,034		398		4,356		4,754		(3,452	)	1993
Stapleton Business Center	22			49,980		158,826		70,756		48,328		231,234		279,562		(81,229	)	1993, 1994, 1995, 2005, 2012, 2014, 2015, 2016
Denver, Colorado	23			50,378		161,148		72,790		48,726		235,590		284,316		(84,681	)

Houston, Texas
Blalock Distribution Center	3	(d)		5,032		21,983		3,348		5,031		25,332		30,363		(7,844	)	2002, 2012
Greens Parkway Distribution Center	1			1,246		-		15,086		1,246		15,086		16,332		(277	)	2016
IAH Cargo Center 1	1			-		13,267		546		-		13,813		13,813		(2,310	)	2012
Northpark Distribution Center	11	(d)		13,911		32,728		37,451		13,911		70,179		84,090		(13,168	)	2006, 2008, 2012, 2013, 2014
Pine Forest Business Center	9			2,665		14,132		9,872		2,665		24,004		26,669		(17,980	)	1993, 1995
Pine North Distribution Center	2			847		4,800		2,122		847		6,922		7,769		(4,230	)	1999
Pinemont Distribution Center	2			642		3,636		1,210		642		4,846		5,488		(3,167	)	1999
Post Oak Distribution Center	16			3,855		20,414		17,806		3,856		38,219		42,075		(29,874	)	1993, 1994, 1996
Satsuma Station Distribution Center	1			3,088		22,389		206		3,088		22,595		25,683		(1,646	)	2015
South Loop Distribution Center	2			418		1,943		2,469		418		4,412		4,830		(3,302	)	1994
West by Northwest Industrial Center	15			22,789		102,075		15,435		22,857		117,442		140,299		(31,402	)	1993, 1994, 1999, 2001, 2012, 2015
White Street Distribution Center	1			469		2,656		2,544		469		5,200		5,669		(4,038	)	1995
Wingfoot Distribution Center	2			1,976		8,606		3,555		1,976		12,161		14,137		(2,737	)	2012, 2013
World Houston Distribution Center	1			1,529		6,326		91		1,529		6,417		7,946		(1,187	)	2012
Houston, Texas	67			58,467		254,955		111,741		58,535		366,628		425,163		(123,162	)

Indianapolis, Indiana
Eastside Distribution Center	1			228		1,187		2,267		299		3,383		3,682		(2,383	)	1995
North by Northeast Corporate Center	1			1,058		-		9,030		1,059		9,029		10,088		(5,800	)	1995
Park 100 Industrial Center	16	(d)		9,360		38,402		25,252		9,360		63,654		73,014		(30,831	)	1995, 2012
Indianapolis, Indiana	18			10,646		39,589		36,549		10,718		76,066		86,784		(39,014	)

Jacksonville, Florida
JAX Cargo Center	1			-		2,892		211		-		3,103		3,103		(1,684	)	2011
Jacksonville, Florida	1			-		2,892		211		-		3,103		3,103		(1,684	)

Kansas City, Kansas
MCI Cargo Center 1	2			-		14,411		91		-		14,502		14,502		(7,069	)	2011
Kansas City, Kansas	2			-		14,411		91		-		14,502		14,502		(7,069	)

Las Vegas, Nevada
Ann Rd-N Sloan LN Distribution Center	1			3,609		-		26,207		4,616		25,200		29,816		(418	)	2017
Arrowhead Commerce Center	15	(d)		30,075		82,214		3,998		30,075		86,212		116,287		(7,229	)	2015
Las Vegas Beltway Distribution Center	1			7,321		-		10,791		7,956		10,156		18,112		-		2016
Montessouri Distribution Center	1			1,039		2,967		24		1,039		2,991		4,030		(277	)	2015
North 15 Freeway Distribution Center	18			51,474		122,643		81,426		44,437		211,106		255,543		(21,343	)	2011, 2013, 2014, 2015, 2016, 2017
Pama Distribution Center	1	(d)		2,223		5,695		78		2,223		5,773		7,996		(467	)	2015
Valley View Distribution Center	1			2,420		258		-		2,420		258		2,678		(258	)	2015
Warm Springs Distribution Center	6	(d)		8,897		39,055		806		8,897		39,861		48,758		(3,427	)	2015
West One Business Center	5			4,431		17,611		6,178		4,431		23,789		28,220		(14,641	)	1996, 2015
Las Vegas, Nevada	49			111,489		270,443		129,508		106,094		405,346		511,440		(48,060	)

Louisville, Kentucky
Cedar Grove Distribution Center	5			20,697		105,257		4,917		20,696		110,175		130,871		(21,090	)	2005, 2008, 2012, 2015
Commerce Crossings Distribution Center	1			1,912		7,649		404		1,912		8,053		9,965		(3,306	)	2005
I-65 Meyer Distribution Center	3			9,557		32,334		26,329		9,864		58,356		68,220		(13,725	)	2006, 2012, 2015
New Cut Road Distribution Center	1			2,711		11,694		1,045		2,711		12,739		15,450		(2,984	)	2012
River Ridge Distribution Center	1			8,102		69,329		400		8,102		69,729		77,831		(4,922	)	2015
Louisville, Kentucky	11			42,979		226,263		33,095		43,285		259,052		302,337		(46,027	)

Memphis, Tennessee
DeSoto Distribution Center	2			6,217		-		35,835		5,770		36,282		42,052		(10,165	)	2007, 2014
Olive Branch Distribution Center	1			6,719		31,134		2,129		6,719		33,263		39,982		(7,997	)	2012
Memphis, Tennessee	3			12,936		31,134		37,964		12,489		69,545		82,034		(18,162	)

Nashville, Tennessee
CentrePointe Distribution Center	6	(d)		10,302		28,492		21,336		11,795		48,335		60,130		(7,277	)	1999, 2012, 2013, 2016
Elam Farms Park	1			2,097		8,386		1,940		2,097		10,326		12,423		(2,375	)	2013
I-40 Industrial Center	4			3,075		15,333		5,683		3,075		21,016		24,091		(10,213	)	1995, 1996, 1999,2012
Southpark Distribution Center	4	(d)		11,834		47,335		1,771		11,834		49,106		60,940		(6,795	)	2013
Nashville, Tennessee	15			27,308		99,546		30,730		28,801		128,783		157,584		(26,660	)

PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2017

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

			Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2017
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
New Jersey/New York
Carteret Distribution Center	3			39,148		109,124		939		39,148		110,063		149,211		(10,093	)	2015
CenterPoint Distribution Center	2			7,227		20,899		3,337		7,227		24,236		31,463		(6,981	)	2011, 2012
Cranbury Business Park	6	(d)		25,712		97,351		12,767		25,712		110,118		135,830		(31,184	)	2005, 2012
Docks Corner SG (Phase II)	1			16,232		19,264		9,378		16,232		28,642		44,874		(11,955	)	2011
Edison Distribution Center	7	(d)		34,006		71,431		20,531		34,006		91,962		125,968		(23,497	)	1996, 1997, 2015
Exit 10 Distribution Center	9	(d)		85,713		171,031		51,732		89,747		218,729		308,476		(63,230	)	2005, 2015, 2016
Exit 7 Distribution Center	2			35,728		117,157		836		35,728		117,993		153,721		(8,269	)	2015
Interstate Distribution Center	3			30,188		76,705		1,029		30,188		77,734		107,922		(5,897	)	2015
JFK Cargo Center 75_77	2			-		35,916		5,881		-		41,797		41,797		(22,433	)	2011
Liberty Logistics Center	1			3,273		24,029		841		3,273		24,870		28,143		(4,425	)	2011
Linden Industrial	1	(d)		17,332		24,264		2,084		17,332		26,348		43,680		(1,682	)	2015
Lister Distribution Center	1			16,855		21,802		3,251		16,855		25,053		41,908		(1,413	)	2015
Maspeth Distribution Center	1	(d)		23,784		10,849		278		23,784		11,127		34,911		(668	)	2015
Meadowland Distribution Center	33	(d)		45,277		204,583		23,090		45,277		227,673		272,950		(78,690	)	1998, 2005, 2010, 2011
Meadowland Industrial Center	3	(d)		10,657		27,868		14,730		10,657		42,598		53,255		(17,618	)	1996, 2011, 2015
Meadowlands ALFII	1			1,790		8,778		1,937		1,790		10,715		12,505		(2,617	)	2011
Newwark Airport I and II	5	(d)		28,622		43,516		20,071		28,842		63,367		92,209		(9,810	)	2011, 2012, 2015
Perth Amboy Corporate Park	2	(d)		54,701		66,534		4,461		54,701		70,995		125,696		(4,687	)	2015
Port Reading Business Park	9	(d)		186,928		219,716		121,307		176,811		351,140		527,951		(34,659	)	2005, 2014, 2015
Ports Jersey City Distribution Center	1			34,133		-		61,025		34,435		60,723		95,158		(6,427	)	2014
Secaucus Distribution Center	2	(d)		9,603		-		26,930		9,603		26,930		36,533		(4,025	)	2012
Skyland Crossdock	1			-		9,831		1,318		-		11,149		11,149		(3,616	)	2011
South Jersey Distribution Center	1			6,912		17,437		216		6,912		17,653		24,565		(3,015	)	2013
Teterboro Meadowlands 15	2			18,169		34,604		226		18,169		34,830		52,999		(7,171	)	2011, 2015
New Jersey/New York	99			731,990		1,432,689		388,195		726,429		1,826,445		2,552,874		(364,062	)

Orlando, Florida
Beltway Commerce Center	4			18,835		25,526		15,384		18,840		40,905		59,745		(8,704	)	2008, 2015
Consulate Distribution Center	3			4,148		23,617		5,136		4,148		28,753		32,901		(16,531	)	1999
Crowne Pointe Park	1			3,888		7,497		1,846		3,888		9,343		13,231		(718	)	2015
Davenport Distribution Center	1			934		3,991		205		934		4,196		5,130		(928	)	2012
Orlando Airport Park	1			5,259		-		17,071		5,750		16,580		22,330		(458	)	2016
Orlando Central Park	14			12,327		58,861		11,502		12,327		70,363		82,690		(22,978	)	1994, 2011, 2012
Orlando, Florida	24			45,391		119,492		51,144		45,887		170,140		216,027		(50,317	)

Phoenix, Arizona
24th Street Industrial Center	2			503		2,852		2,388		561		5,182		5,743		(3,940	)	1994
Alameda Distribution Center	3			5,145		19,451		4,232		5,145		23,683		28,828		(10,433	)	2005
Hohokam 10 Business Center	1			1,317		7,468		1,744		1,318		9,211		10,529		(5,745	)	1999
Kyrene Commons Distribution Center	3			1,093		5,475		3,110		1,093		8,585		9,678		(5,903	)	1992, 1998, 1999
Papago Distribution Center	3			4,828		20,017		5,613		4,829		25,629		30,458		(12,836	)	1994, 2005
Phoenix Distribution Center	1			1,441		5,578		1,215		1,441		6,793		8,234		(1,285	)	2012
Watkins Street Distribution Center	2			925		4,110		2,025		925		6,135		7,060		(3,022	)	1995, 2005
Riverside Distribution Center (PHX)	2			3,729		-		33,039		3,818		32,950		36,768		(175	)	2017
Sky Harbor Distribution Center	3			-		14,023		3,353		-		17,376		17,376		(878	)	2016
Phoenix, Arizona	20			18,981		78,974		56,719		19,130		135,544		154,674		(44,217	)

Portland, Oregon
Clackamas Distribution Center	1	(d)		1,540		6,420		841		1,540		7,261		8,801		(1,417	)	2012
PDX Cargo Center Airtrans	2			-		13,697		246		-		13,943		13,943		(5,059	)	2011
PDX Corporate Center North Phase II	1	(d)(e)		5,051		9,895		1,856		5,051		11,751		16,802		(3,450	)	2008
Portland Northwest Corporate Park	10			13,666		40,999		3,078		13,666		44,077		57,743		(3,942	)	2015
Southshore Corporate Center	2	(d)		5,941		13,915		11,156		4,604		26,408		31,012		(6,138	)	2006, 2015
Portland, Oregon	16			26,198		84,926		17,177		24,861		103,440		128,301		(20,006	)

Reno, Nevada
Damonte Ranch Distribution Center	2			7,056		29,742		1,144		7,056		30,886		37,942		(6,843	)	2012
Golden Valley Distribution Center	1			940		13,686		4,317		2,415		16,528		18,943		(6,450	)	2005
Reno Aircenter	1			544		12,292		1,726		544		14,018		14,562		(925	)	2015
RNO Cargo Center 10_11	2			-		4,265		430		-		4,695		4,695		(1,976	)	2011
Sage Point Business Park	1			1,705		6,821		457		1,705		7,278		8,983		(643	)	2015
Stead Distribution Center	1	(d)		1,046		19,330		1,036		1,046		20,366		21,412		(1,541	)	2015
Tahoe-Reno Industrial Center	3			6,705		30,381		60,239		6,704		90,621		97,325		(11,116	)	2007, 2015
Vista Industrial Park	6	(d)		5,923		26,807		12,576		5,923		39,383		45,306		(22,137	)	1994, 2001
Reno, Nevada	17			23,919		143,324		81,925		25,393		223,775		249,168		(51,631	)

San Antonio, Texas
Director Drive Distribution Center	2			1,271		5,455		389		1,271		5,844		7,115		(1,547	)	2012
Interchange East Distribution Center	2			3,670		6,535		15,424		3,892		21,737		25,629		(2,967	)	2012, 2016

PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2017

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

			Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2017
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
Perrin Creek Corporate Center	2			5,454		22,689		336		5,454		23,025		28,479		(4,838	)	2012
San Antonio Distribution Center II	3			885		-		8,054		885		8,054		8,939		(5,137	)	1994
San Antonio Distribution Center III	9			11,272		48,406		10,663		11,272		59,069		70,341		(20,707	)	2002, 2006, 2012
Tri-County Distribution Center	2	(d)		3,183		12,743		2,128		3,184		14,870		18,054		(5,117	)	2007
San Antonio, Texas	20			25,735		95,828		36,994		25,958		132,599		158,557		(40,313	)

San Francisco Bay Area, California
Alvarado Business Center	12			23,417		77,354		10,262		23,417		87,616		111,033		(35,979	)	1993, 2005, 2011
Bayshore Distribution Center	1			6,450		15,049		2,696		6,450		17,745		24,195		(5,622	)	2011
Bayside Corporate Center	39			23,512		69,694		66,208		23,519		135,895		159,414		(93,373	)	1993, 1995, 1996
Cypress	1			1,065		5,103		568		1,065		5,671		6,736		(1,507	)	2011
Dublin Industrial Portfolio	1			3,241		15,951		1,071		3,241		17,022		20,263		(3,986	)	2011
East Grand Airfreight	14			95,668		152,959		15,226		101,416		162,437		263,853		(20,866	)	2011, 2015, 2016, 2017
Hayward Industrial Center	28	(d)		33,471		85,438		39,524		33,756		124,677		158,433		(56,918	)	1993, 2011, 2015, 2016
Junction Industrial Park	27	(d)		58,271		218,227		16,897		58,271		235,124		293,395		(55,505	)	2011, 2015
Livermore Distribution Center	4			8,992		26,976		4,465		8,992		31,441		40,433		(13,212	)	2005
Martin-Scott Industrial Port	2			3,546		9,717		498		3,546		10,215		13,761		(2,911	)	2011
Oakland Industrial Center	4			14,864		55,857		6,560		14,865		62,416		77,281		(22,025	)	2005, 2011
Overlook Distribution Center	1			1,573		8,915		2,622		1,573		11,537		13,110		(6,565	)	1999
Pacific Industrial Center	15			75,252		168,937		50,897		75,920		219,166		295,086		(73,641	)	2005, 2011, 2016
San Francisco Industrial Park	5			57,663		16,692		555		57,663		17,247		74,910		(5,287	)	2015, 2017
San Leandro Distribution Center	11			35,123		79,343		10,473		35,123		89,816		124,939		(24,651	)	1993, 2011, 2015
South Bay Lundy	2			6,500		33,642		2,846		6,500		36,488		42,988		(9,311	)	2011
Thornton Business Center	4			2,047		11,706		4,988		2,066		16,675		18,741		(12,724	)	1993
Yosemite Drive	10			31,304		65,674		295		31,304		65,969		97,273		(6,273	)	2011, 2015
San Francisco Bay Area, California	181			481,959		1,117,234		236,651		488,687		1,347,157		1,835,844		(450,356	)

Savannah, Georgia
Savannah Logistics Center	1			2,161		14,680		1,304		2,161		15,984		18,145		(3,350	)	2011
Savannah, Georgia	1			2,161		14,680		1,304		2,161		15,984		18,145		(3,350	)

Seattle, Washington
Auburn Distribution Center	1			2,608		5,742		33		2,608		5,775		8,383		(429	)	2015
Fife Distribution Center	1			3,245		-		13,943		3,588		13,600		17,188		(1,855	)	2013
Interurban Distribution Center	1			7,233		13,958		78		7,233		14,036		21,269		(2,476	)	2015
Kent Corporate Center	1			12,616		8,368		928		12,616		9,296		21,912		(939	)	2015
Kent-Northwest Corporate Park	36	(d)(e)		112,896		311,169		15,535		113,092		326,508		439,600		(60,096	)	2011, 2015
Park Tacoma Distribution Center	1			1,957		-		52,930		29,769		25,118		54,887		(252	)	2017
Portside Distribution Center	5			104,882		71,335		5,405		106,283		75,339		181,622		(14,051	)	2015, 2016
ProLogis Park SeaTac	2	(d)		12,230		14,170		3,877		12,457		17,820		30,277		(5,104	)	2008
Renton Northwest Corporate Park	4			5,102		17,946		1,702		5,102		19,648		24,750		(5,396	)	2011
SEA Cargo Center North	1			-		10,279		63		-		10,342		10,342		(10,287	)	2011
Sumner Landing	1	(e)		10,332		32,545		2,608		10,332		35,153		45,485		(6,318	)	2011
Seattle, Washington	54			273,101		485,512		97,102		303,080		552,635		855,715		(107,203	)

South Florida
Beacon Industrial Park	32	(d)		88,423		325,863		28,332		88,423		354,195		442,618		(73,917	)	2010, 2011, 2015
Beacon Lakes	8			44,745		24,691		81,091		46,217		104,310		150,527		(5,812	)	2012, 2014, 2015, 2017
CenterPort Distribution Center	8	(d)		12,281		33,464		4,854		12,400		38,199		50,599		(14,232	)	1999, 2011, 2012
Commerical Logistics Center	1			7,938		11,083		800		7,938		11,883		19,821		(1,503	)	2015
Gateway Center	1			1,015		1,284		18		1,015		1,302		2,317		(148	)	2015
Gratigny Distribution Center	5			15,132		30,141		4,096		15,387		33,982		49,369		(8,732	)	1998, 2011, 2017
Hollywood Park Distribution Center	7			8,676		19,789		895		8,676		20,684		29,360		(2,336	)	2015
Miami Airport Business Center	9	(d)		21,172		77,756		9,130		21,638		86,420		108,058		(23,156	)	1995, 2011
North Andrews Distribution Center	1			698		3,956		1,221		698		5,177		5,875		(3,339	)	1994
Pompano Beach Distribution Center	3			11,035		15,136		4,044		11,035		19,180		30,215		(4,770	)	2008
Port Lauderdale Distribution Center	5	(d)		10,572		16,960		10,414		11,881		26,065		37,946		(7,652	)	1997, 2012, 2015
Port Lucie West Distribution Center	2			1,131		1,412		150		1,131		1,562		2,693		(178	)	2015
ProLogis Park I-595	2	(d)		1,998		11,326		2,608		1,999		13,933		15,932		(6,373	)	2003
Sawgrass International Park	1			5,163		11,476		643		5,163		12,119		17,282		(991	)	2015
Seneca Distribution Center	3			16,357		46,738		973		16,357		47,711		64,068		(3,577	)	2015
South Florida	88			246,336		631,075		149,269		249,958		776,722		1,026,680		(156,716	)

Southern California
Activity Distribution Center	4			10,820		27,410		455		10,820		27,865		38,685		(2,410	)	2015
Anaheim Industrial Center	12			31,086		57,836		4,608		31,086		62,444		93,530		(25,893	)	2005
Anaheim Industrial Property	1			5,096		10,816		104		5,096		10,920		16,016		(2,534	)	2011
Arrow Industrial Park	2			4,840		8,120		1,164		4,840		9,284		14,124		(2,501	)	2012
Brea Industrial Center	1			2,488		4,062		562		2,488		4,624		7,112		(1,118	)	2012
Carson Industrial	1			844		2,081		1,145		844		3,226		4,070		(976	)	2011

PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2017

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

				Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2017
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
Carson Town Center	2				11,781		31,572		1,545		11,781		33,117		44,898		(6,942	)	2011
Cedarpointe Industrial Park	3				26,941		49,955		1,141		26,941		51,096		78,037		(3,871	)	2015
Chatsworth Distribution Center	2				11,713		17,569		1,018		11,713		18,587		30,300		(1,883	)	2015
Chino Industrial Center	4				850		1,274		8,338		9,178		1,284		10,462		(1,279	)	2012
Commerce Business Park	27				138,325		300,150		21,738		138,325		321,888		460,213		(67,885	)	2011, 2012, 2015
Foothill Business Center	3				5,254		8,096		902		5,254		8,998		14,252		(1,765	)	2012
Huntington Beach Distribution Center	1				14,679		22,019		1,237		14,679		23,256		37,935		(1,837	)	2015
Industry Distribution Center	9		(e)		56,835		106,831		10,132		56,835		116,963		173,798		(46,161	)	2005, 2011, 2012
Inland Empire Distribution Center	46		(d)(e)		459,211		710,183		225,408		518,042		876,760		1,394,802		(247,050	)	2005, 2007, 2008, 2010, 2012, 2014, 2015
Jack Northup Distribution Center	1				4,280		9,820		327		4,280		10,147		14,427		(798	)	2015
LAX Cargo Center	3				-		19,217		398		-		19,615		19,615		(8,887	)	2011
Los Angeles Industrial Center	2				3,777		7,015		447		3,777		7,462		11,239		(3,215	)	2005
Meridian Park	2				38,270		70,022		2,044		38,270		72,066		110,336		(11,520	)	2008, 2015
Mid Counties Industrial Center	22		(d)		60,976		119,546		21,652		60,976		141,198		202,174		(54,251	)	2005, 2006, 2010, 2011, 2012
North County Distribution Center	4				75,581		101,342		10,862		75,581		112,204		187,785		(22,350	)	2011, 2012, 2015
Ontario Distribution Center	1				18,823		29,524		482		18,823		30,006		48,829		(6,462	)	2012
Orange Industrial Center	2				19,296		9,514		728		19,296		10,242		29,538		(4,233	)	2005, 2016
Pacific Business Center	5				20,810		32,169		3,463		20,810		35,632		56,442		(7,682	)	2012
Pomona Distribution Center	1				22,361		27,898		413		22,361		28,311		50,672		(4,077	)	2015
Rancho Cucamonga Distribution Center	7		(e)		61,592		117,873		6,072		61,593		123,944		185,537		(40,087	)	2005, 2012, 2015
Redlands Distribution Center	13		(d)		203,924		88,600		271,401		202,725		361,200		563,925		(48,478	)	2006, 2007, 2009, 2012, 2013, 2014, 2015, 2017
Redondo Beach Distribution Center	1				7,455		11,223		72		7,455		11,295		18,750		(1,509	)	2015
Rialto Distribution Center	4				47,054		141,700		28,425		49,432		167,747		217,179		(32,388	)	2012, 2015
Santa Ana Distribution Center	3				27,070		32,168		1,362		27,070		33,530		60,600		(5,797	)	2005, 2015
Santa Fe Distribution Center	1				12,163		9,927		84		12,163		10,011		22,174		(1,072	)	2015
South Bay Distribution Center	12		(d)		89,207		153,654		52,850		109,637		186,074		295,711		(46,625	)	2005, 2007, 2011, 2015
South Bay Industrial Center	38		(d)		215,208		316,788		22,401		215,234		339,163		554,397		(73,610	)	2007, 2011, 2012, 2015
Torrance Distribution Center	3				56,790		109,195		5,028		56,790		114,223		171,013		(26,510	)	2011, 2012
Van Nuys Airport Industrial	4				23,455		39,916		3,338		23,455		43,254		66,709		(9,841	)	2011
Vernon Distribution Center	15				27,217		47,132		8,469		30,733		52,085		82,818		(24,124	)	2005, 2011
Vista Distribution Center	1				4,150		6,225		4,162		4,150		10,387		14,537		(4,197	)	2012
Workman Mill Distribution Center	1				32,468		56,668		776		32,467		57,445		89,912		(4,096	)	2015
Southern California	264				1,852,690		2,915,110		724,753		1,945,000		3,547,553		5,492,553		(855,914	)
Subtotal United States Markets:		1,441			5,083,384		11,737,449		3,717,085		5,240,956		15,296,962		20,537,918		(3,791,073	)

Other Americas Markets
Canada
Toronto
Airport Rd. Distribution Center	1		(d)		24,094		67,783		2,522		25,182		69,217		94,399		(13,408	)	2011
Bolton Distribution Center	1		(d)		7,365		-		23,107		7,697		22,775		30,472		(4,976	)	2009
Keele Distribution Center	1				1,145		4,593		571		1,196		5,113		6,309		(1,574	)	2011
Meadowvale Distribution Center	2		(d)		33,421		-		50,347		34,045		49,723		83,768		(3,789	)	2014
Millcreek Distribution Center	2				7,972		30,324		1,114		8,331		31,079		39,410		(6,128	)	2011
Milton 401 Business Park	1				6,219		20,374		3,308		6,500		23,401		29,901		(6,107	)	2011
Milton 402 Business Park	2		(d)		10,201		34,972		2,257		10,545		36,885		47,430		(5,648	)	2011, 2014
Milton Industrial Park	5				29,164		44,212		38,639		29,974		82,041		112,015		(10,168	)	2011, 2016
Mississauga Gateway Center	9		(d)		60,175		143,380		3,461		60,773		146,243		207,016		(18,800	)	2008, 2011, 2014, 2016
Pearson Logistics Center	2		(d)		11,588		41,538		2,235		12,111		43,250		55,361		(8,410	)	2011
Tapscott Distribution Center	3				13,359		-		25,117		12,695		25,781		38,476		(800	)	2015, 2016
Toronto	29				204,703		387,176		152,678		209,049		535,508		744,557		(79,808	)
Subtotal Canada		29			204,703		387,176		152,678		209,049		535,508		744,557		(79,808	)

Mexico
Guadalajara
Parque Opcion	1				730		2,287		1,362		730		3,649		4,379		(934	)	2011
Guadalajara	1				730		2,287		1,362		730		3,649		4,379		(934	)

Mexico City
San Jose Distribution Center	1				7,061		-		9,510		7,061		9,510		16,571		-		2016, 2017
Mexico City	1				7,061		-		9,510		7,061		9,510		16,571		-

Monterrey
Agua Fria Industrial Park	1				4,912		-		22,623		5,099		22,436		27,535		(256	)	2017
Monterrey	1				4,912		-		22,623		5,099		22,436		27,535		(256	)
Subtotal Mexico		3			12,703		2,287		33,495		12,890		35,595		48,485		(1,190	)

PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2017

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

				Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2017
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
Brazil
Sao Paulo
Cajamar II	6				85,382		173,351		23,780		85,382		197,131		282,513		(1,833	)	2017
Castelo Distribution Center	3				36,034		73,161		11,371		36,034		84,532		120,566		(519	)	2017
Dutra Industrial Park	2				12,288		24,948		3,666		12,288		28,614		40,902		(265	)	2017
Sao Paulo	11				133,704		271,460		38,817		133,704		310,277		443,981		(2,617	)

Rio De Janeiro
Caxias Industrial Park	2				13,185		35,648		3,873		13,185		39,521		52,706		(367	)	2017
Rio Guandu	1				4,881		13,198		2,229		4,881		15,427		20,308		(144	)	2017
Rio De Janeiro	3				18,066		48,846		6,102		18,066		54,948		73,014		(511	)
Subtotal Brazil		14			151,770		320,306		44,919		151,770		365,225		516,995		(3,128	)
Subtotal Other Americas Markets:		46			369,176		709,769		231,092		373,709		936,328		1,310,037		(84,126	)

Europe Markets
France
Bonneuil Distribution Center	1				-		-		13,645		-		13,645		13,645		(1,819	)	2012
Le Havre Distribution Center	1				705		-		8,621		836		8,490		9,326		(417	)	2016
LGR Genevill. 1 SAS	1				2,209		2,398		853		2,209		3,251		5,460		(589	)	2011
LGR Genevill. 2 SAS	1				1,699		3,521		51		1,699		3,572		5,271		(639	)	2011
Moissy II Distribution Center	1				5,427		4,044		441		5,433		4,479		9,912		(4,039	)	2014
France	5				10,040		9,963		23,611		10,177		33,437		43,614		(7,503	)

Germany
Hausbruch Industrial Center 4-B	2				11,143		5,784		633		11,143		6,417		17,560		(3,060	)	2011
Lauenau Distribution Center	1				2,750		6,121		374		2,750		6,495		9,245		(1,512	)	2011
Germany	3				13,893		11,905		1,007		13,893		12,912		26,805		(4,572	)

Hungary
Hegyeshalom Distribution Center	1				279		-		3,377		-		3,656		3,656		-		2015
Hungary	1				279		-		3,377		-		3,656		3,656		-

Poland
Chorzow Distribution Center	1				4,191		-		8,669		4,193		8,667		12,860		(52	)	2016
Nadarzyn Distribution Center	1				2,480		-		8,070		2,550		8,000		10,550		(1,967	)	2009
Piotrkow II Distribution Center	1				1,613		-		5,566		1,588		5,591		7,179		(1,538	)	2009, 2017
Szczecin Distribution Center	2				1,052		-		15,069		1,077		15,044		16,121		(365	)	2014, 2015
Poland	5				9,336		-		37,374		9,408		37,302		46,710		(3,922	)

Spain
Barajas MAD Logistics	4				-		38,797		1,485		-		40,282		40,282		(10,680	)	2011
Spain	4				-		38,797		1,485		-		40,282		40,282		(10,680	)

Sweden
Orebro Distribution Center	1				9,942		21,736		2,541		9,942		24,277		34,219		(8,481	)	2011
Sweden	1				9,942		21,736		2,541		9,942		24,277		34,219		(8,481	)

United Kingdom
Birmingham International Gateway Distribution Center	2				2,746		-		2,025		2,851		1,920		4,771		-		2016
United Kingdom	2				2,746		-		2,025		2,851		1,920		4,771		-
Subtotal Europe Markets:		21			46,236		82,401		71,420		46,271		153,786		200,057		(35,158	)

Asia Markets
China
Fengxian Logistics Center	3				-		12,898		1,142		-		14,039		14,039		(6,451	)	2011
Jiaxing Distribution Center	4				10,726		10,399		11,629		8,865		23,889		32,754		(3,576	)	2011, 2013
Tianjim Bonded Logistics Park	2				1,465		8,882		35		1,298		9,084		10,382		(1,907	)	2011
China	9				12,191		32,179		12,806		10,163		47,012		57,175		(11,934	)

Japan
Chiba New Town Distribution Center	1				32,659		-		139,888		32,659		139,888		172,547		(2,364	)	2016
Narita 1	1				9,848		-		24,706		9,848		24,706		34,554		(1,393	)	2015
Yoshimi Distribution Center	1				22,342		-		111,141		22,372		111,111		133,483		(3,678	)	2015
Japan	3				64,849		-		275,735		64,879		275,705		340,584		(7,435	)

PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2017

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

				Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2017
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
Singapore
Changi South Distribution Center 1	1				-		41,518		112		-		41,630		41,630		(11,138	)	2011
Changi-North Distribution Center 1	1				-		15,442		222		-		15,664		15,664		(4,082	)	2011
Singapore Airport Logistics Center	2				-		62,367		452		-		62,819		62,819		(18,305	)	2011
Tuas Distribution Center	1				-		18,738		705		-		19,443		19,443		(8,250	)	2011
Singapore	5				-		138,065		1,491		-		139,556		139,556		(41,775	)
Subtotal Asia Markets:		17			77,040		170,244		290,032		75,042		462,273		537,315		(61,144	)
Total Operating Properties		1,525			5,575,836		12,699,863		4,309,628		5,735,978		16,849,349		22,585,327		(3,971,501	)

Development Portfolio

United States Markets
Atlanta, Georgia
Augusta Distribution Center	1				3,037		-		-		3,037		-		3,037
Atlanta, Georgia	1				3,037		-		-		3,037		-		3,037

Central Valley, California
International Park of Commerce	3				10,226		-		43,902		10,226		43,902		54,128
Mustang International	1				613		-		15,373		613		15,373		15,986				2017
Patterson Pass Business Center	2				5,522		-		19,377		5,522		19,377		24,899
Central Valley, California	6				16,361		-		78,652		16,361		78,652		95,013

Chicago, Illinois
Bolingbrook Distribution Center	1				2,242		-		4,933		2,242		4,933		7,175
Woodridge Distribution Center	1				9,475		-		5,092		9,475		5,092		14,567
Chicago, Illinois	2				11,717		-		10,025		11,717		10,025		21,742

Dallas/Fort Worth, Texas
Interchange Distribution Center	1				9,587		-		32,195		9,587		32,195		41,782
Park 121 Distribution Center	3				9,761		-		16,800		9,761		16,800		26,561				2017
ST Micro Distribution Center	2				9,065		-		11,053		9,065		11,053		20,118				2017
Dallas/Fort Worth, Texas	6				28,413		-		60,048		28,413		60,048		88,461

Denver, Colorado
Park Central Distribution Center	3				14,329		-		533		14,329		533		14,862
Denver, Colorado	3				14,329		-		533		14,329		533		14,862

Las Vegas, Nevada
Ann Rd-N Sloan LN Distribution Center	1				6,523		-		26,687		6,523		26,687		33,210				2017
Las Vegas Corporate Center	2				4,783		-		10,018		4,783		10,018		14,801
Warm Springs Distribution Center	4				6,553		-		127		6,553		127		6,680
Las Vegas, Nevada	7				17,859		-		36,832		17,859		36,832		54,691

Memphis, Tennessee
DeSoto Distribution Center	1				4,304		-		29,614		4,304		29,614		33,918				2017
Memphis, Tennessee	1				4,304		-		29,614		4,304		29,614		33,918

New Jersey
Cranbury Business Park	1				25,693		-		15,254		25,693		15,254		40,947
Elizabeth Seaport	1				17,154		-		15,569		17,154		15,569		32,723				2017
Tri-Port Distribution Center	1				39,827		-		9,874		39,827		9,874		49,701
New Jersey	3				82,674		-		40,697		82,674		40,697		123,371

Reno, Nevada
Sage Point Business Park	1				869		-		11,274		869		11,274		12,143				2017
Reno, Nevada	1				869		-		11,274		869		11,274		12,143

San Francisco Bay Area, California
Oakland Logistics Park	1				992		-		24,354		992		24,354		25,346				2017
San Francisco Bay Area, California	1				992		-		24,354		992		24,354		25,346

Seattle, Washington
Park Tacoma Distribution Center	2				10,000		-		16,185		10,000		16,185		26,185				2017
Portside Distribution Center	1				29,881		-		82,214		29,881		82,214		112,095
Seattle, Washington	3				39,881		-		98,399		39,881		98,399		138,280

South Florida
Beacon Lakes	3				15,902		-		7,808		15,902		7,808		23,710
South Florida	3				15,902		-		7,808		15,902		7,808		23,710

PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2017

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

				Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2017
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
Southern California
Meridian Park	1				17,709		-		21,497		17,709		21,497		39,206		2017
Moreno Valley	4				12,841		-		2,588		12,841		2,588		15,429
Southern California	5				30,550		-		24,085		30,550		24,085		54,635
Subtotal United States Markets:		42			266,888		-		422,321		266,888		422,321		689,209

Other Americas Markets
Canada
Meadowvale Distribution Center	1				7,402		-		9,478		7,402		9,478		16,880
Canada	1				7,402		-		9,478		7,402		9,478		16,880

Mexico
Centro Industrial Center	1				1,601		-		3,692		1,601		3,692		5,293
Monterrey Airport	1				2,686		-		6,783		2,686		6,783		9,469		2017
San Jose Distribution Center	4				59,230		-		25,310		59,230		25,310		84,540		2017
Mexico	6				63,517		-		35,785		63,517		35,785		99,302
Subtotal Other Americas Market:		7			70,919		-		45,263		70,919		45,263		116,182

Europe Markets
Czech Republic
Prague Airport Distribution Center	1				3,137		-		6,338		3,137		6,338		9,475		2017
Prague Rudna Distribution Center	1				5,464		-		6,208		5,464		6,208		11,672
Uzice Distribution Center	1				2,821		-		184		2,821		184		3,005
Czech Republic	3				11,422		-		12,730		11,422		12,730		24,152

France
Le Havre Distribution Center	1				1,001		-		12,337		1,001		12,337		13,338		2017
Marly Distribution Center	1				5,084		-		9,292		5,084		9,292		14,376
Moissy II Distribution Center	1				11,554		-		12,966		11,554		12,966		24,520
France	3				17,639		-		34,595		17,639		34,595		52,234

Germany
Kerpen	1				6,963		-		17,286		6,963		17,286		24,249
Unna Distribution Center	1				8,706		-		21,092		8,706		21,092		29,798		2017
Germany	2				15,669		-		38,378		15,669		38,378		54,047

Italy
Bologna Distribution Center	3				15,349		-		14,876		15,349		14,876		30,225
Padua Distribution Center	1				649		-		276		649		276		925
Pozzuolo Distribution Center	1				8,328		-		12,549		8,328		12,549		20,877
Italy	5				24,326		-		27,701		24,326		27,701		52,027

Netherlands
Oosterhout Distribution Center	1				13,961		-		19,220		13,961		19,220		33,181		2017
Tilburg Distribution Center	1				6,004		-		9,819		6,004		9,819		15,823
Venlo Distribution Center	1				6,117		-		10,145		6,117		10,145		16,262
Netherlands	3				26,082		-		39,184		26,082		39,184		65,266

Poland
Szczecin Distribution Center	1				374		-		3,341		374		3,341		3,715		2017
Poland	1				374		-		3,341		374		3,341		3,715

Slovakia
Bratislava Distribution Center	1				1,052		-		-		1,052		-		1,052
Nitra Distribution Center	2				3,410		-		11,377		3,410		11,377		14,787
ProLogis Park Nove Mesto	1				2,013		-		8,077		2,013		8,077		10,090		2017
Slovakia	4				6,475		-		19,454		6,475		19,454		25,929

Spain
Massalaves Distribution Center	1				5,513		-		2,976		5,513		2,976		8,489
Penedes Distribution Center	2				13,657		-		13,032		13,657		13,032		26,689		2017
San Fernando Distribution Center	1				7,224		-		9,190		7,224		9,190		16,414		2017
Spain	4				26,394		-		25,198		26,394		25,198		51,592

Sweden
Gothenburg Distribution Center	1				9,864		-		16,273		9,864		16,273		26,137		2017
Sweden	1				9,864		-		16,273		9,864		16,273		26,137

PROLOGIS, INC. AND PROLOGIS, L.P.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2017

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

				Initial Cost to Prologis				Costs Capitalized		Gross Amounts at Which Carried at December 31, 2017
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
United Kingdom
Pineham Distribution Center	1				15,349		-		19,554		15,349		19,554		34,903
Wellingborough Distribution Center	1				9,342		-		7,135		9,342		7,135		16,477
United Kingdom	2				24,691		-		26,689		24,691		26,689		51,380
Subtotal Europe Markets:		28			162,936		-		243,543		162,936		243,543		406,479

Asia Markets
Japan
Higashi Matsuyama Distribution Center	1				13,937		-		71,275		13,937		71,275		85,212
Kadoma Distribution Center	1				15,296		-		3,704		15,296		3,704		19,000
Kobe Distribution Center	1				6,911		-		31		6,911		31		6,942
Koga Distribution Center	1				5,110		-		13,801		5,110		13,801		18,911
Kyo Tababe Distribution Center	1				38,382		-		62,657		38,382		62,657		101,039
ProLogis Park Sendai	1				16,657		-		9,104		16,657		9,104		25,761
Shiohama Distribution Center 1	1				36,608		-		61,710		36,608		61,710		98,318				2017
Tsukuba Distribution Center	1				9,370		-		17,066		9,370		17,066		26,436
Japan	8				142,271		-		239,348		142,271		239,348		381,619
Subtotal Asia Markets:		8			142,271		-		239,348		142,271		239,348		381,619
Total Development Portfolio		85			643,014		-		950,475		643,014		950,475		1,593,489

GRAND TOTAL		1,610			6,218,850		12,699,863		5,260,103		6,378,992		17,799,824		24,178,816		(3,971,501	)

Schedule III – Footnotes

(a)	The following table reconciles real estate assets per Schedule III to the Consolidated Balance Sheet in Item 8. Financial Statements and Supplementary Data at December 31, 2017 (in thousands):

Total per Schedule III	$	24,178,816
Land		1,154,383
Other real estate investments		505,445
Total per consolidated balance sheet	$	25,838,644	(f)

(b)	The aggregate cost for federal tax purposes at December 31, 2017, of our real estate assets was approximately $20.0 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, 25 years for depreciable land improvements, 30 years for operating properties acquired and 40 years for operating properties we develop.

The following table reconciles accumulated depreciation per Schedule III to the Consolidated Balance Sheet in Item 8. Financial Statements and Supplementary Data at December 31, 2017 (in thousands):

Total accumulated depreciation per Schedule III	$	3,971,501
Accumulated depreciation on other real estate investments		87,847
Total per consolidated balance sheet	$	4,059,348

(d)	Properties with an aggregate undepreciated cost of $2.5 billion secure $967.5 million of mortgage notes. See Note 9 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 $13.5 million are secured by assessments (similar to property taxes) on various underlying real estate properties with an aggregate undepreciated cost of $741.5 million. The assessment bonds are included in unsecured other debt in Note 9 to the Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data.

(f)	The following table summarizes our real estate assets and accumulated depreciation for the years ended December 31 (in thousands):

	2017			2016			2015
Real estate assets:
Balance at beginning of year	$	25,375,539		$	25,608,648		$	20,109,432
Acquisitions of operating properties, improvements to operating properties development activity, transfers of land to CIP and net effect of changes in foreign exchange rates and other		2,680,484			1,883,888			7,191,335
Basis of operating properties disposed of		(3,697,798	)		(1,359,186	)		(1,719,632	)
Change in the development portfolio balance, including the acquisition of properties		161,408			(440,821	)		398,923
Assets transferred to held-for-sale		(340,817	)		(316,990	)		(371,410	)
Balance at end year	$	24,178,816		$	25,375,539		$	25,608,648

Accumulated depreciation:
Balance at beginning of year	$	3,679,479		$	3,207,855		$	2,748,835
Depreciation expense		614,756			668,686			617,258
Balances retired upon disposition of operating properties and net effect of changes in foreign exchange rates and other		(313,584	)		(195,895	)		(153,621	)
Assets transferred to held-for-sale		(9,150	)		(1,167	)		(4,617	)
Balance at end of year	$	3,971,501		$	3,679,479		$	3,207,855